Earlier this week, the United States took its first significant step towards controlling stablecoin issuers.

The US President's Financial Markets Working Group (PWG) has released a long-awaited report on the topic of stablecoins, stating the "urgent need" for their regulation. The group includes the Minister of Finance and the heads of all leading financial regulators, writes ttrcoin.

The authors of the document are concerned about the possible insufficient provision of stablecoins and the opacity of their reserves. In this regard, the authorities plan to limit the list of companies that have the right to issue their own stablecoins.

The group proposes to allow only insured depository institutions with compulsory deposit insurance to issue stablecoins, which will put them on a par with banks.

The report also talks about the need for restrictions on the affiliation of issuers with other commercial organizations (this primarily concerns the Bitfinex and Tether tandem).

Given the divisions in both houses of Congress, it is unlikely that such a law will be passed quickly. The US presidential administration has confirmed its willingness to appeal to the Financial Stability Oversight Board if Congress does not support the proposed regulation.

Meanwhile, the advancement of altcoins in recent days has pushed the total cryptocurrency market capitalization to new all-time highs in excess of $ 2.77 trillion (according to CoinGecko).

“The broad front of the attack on altcoins and the historic highs of the cryptocurrency market capitalization are all signs that the upward movement is only gaining momentum. In fact, in this rally, we have not even seen an episode of FOMO, so the sharpest part of the rise in this momentum is yet to come, ”said GravityPlus analysts.