Former Crypto Adviser Michael Barr Confirmed as Top US Financial Watchdog

Barr will have an influential voice in global standard-setting organizations and at home on the U.S. Financial Stability Oversight Council. If that council formally declares the tokens a systemically important financial activity, it can push member agencies such as the Securities and Exchange Commission to regulate them. Barr will also be arriving in the wake of the terraUSD implosion, which could lend some fuel to the government’s efforts to put up guardrails, the report says. The report comes out in the aftermath of the collapse of the first stablecoin, which is now worth $1.2 billion. It's unclear whether stablecoins will be regulated by the SEC or the Federal Reserve, or the Treasury Department, for the first time. Source