Crypto Meltdown Could Speed Stablecoin Regulations
By Elise Hansen (May 13, 2022, 9:21 PM EDT) -- The multibillion-dollar collapse of stablecoin TerraUSD and its sister cryptocurrency, Luna, could light a fire under lawmakers and regulators who have already been pushing for greater stablecoin regulation, attorneys told Law360.
Digital asset TerraUSD, which was supposed to hold a consistent price of $1, plunged this past week amid a frantic sell-off, hitting a low of about 13 cents on Friday morning. Its sister cryptocurrency, Luna, which was intended to help keep TerraUSD's price steady, entered a "death spiral" that wiped billions in value from the market in a matter of days.
The whole episode is likely to intensify the spotlight...
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