LONDON (Reuters – On Thursday, a top Wall Street official with the Securities and Exchange Commission indicated that more stringent rules regarding crypto “stablecoins”, could be on the horizon.

The collapse of TerraUSD stablecoin and a destabilising plunge by, the current world’s biggest stablecoin in market value, has caused cryptocurrency markets to reach $1 trillion.

During an OMFIF-sponsored online debate, SEC Commissioner Hester Perce stated that while tighter regulations are a concern, stablecoins could be a place where there is some movement.

“That is an area which has clearly received a lot attention this week.”

Janet Yellen, former Federal Reserve head and U.S Treasury Secretary Janet Yellen spoke to a Senate Banking Committee session about how the volatility in the crypto market highlighted the need for a “appropriate” regulatory structure.