Holpop News

The U.K. government has published a consultation document outlining a risk mitigation strategy for investors holding stabelcoins.
The proposal follows the collapse of the algorithmic TerraUSD (UST) stabelcoin.
The government recommends changing existing legislation to give the Bank of England the power to appoint administrators to oversee bankrupt steiblocoin issuers.
“Since the initial commitment to regulate certain types of stablocoins, events in the crypto-asset markets have further underscored the need for appropriate regulation that will help reduce risks to consumers, market integrity and financial stability,” the Treasury Department proposal states.
The consultation document will be reviewed until August 2, after which it will be considered by Parliament in due course.