The most major financial officials from the Group of Seven (G7) of top-tier, advanced industrial economies have reportedly urged the Financial Stability Board to fast-track regulations supporting crypto. 

Specifically, the officials from Canada, France, Germany, Italy, Japan, the UK and the US will reportedly gather in Koenigswinter, Germany, as a follow-up for a G7 foreign ministers’ meeting took place this month. 

“In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB [Financial Stability Board] […] to advance the swift development and implementation of consistent and comprehensive regulation.”

The “recent turmoil” appeared in the remarks was reportedly related to the de-pegging of the TerraUSD (UST) stablecoin, which started out on May 8th and shook the entire crypto world. 

Bank of France Governor François Villeroy de Galhau, during his speech at the Emerging Market Forum in Paris on May 17th, reportedly shared his belief in crypto’s ability to create disruption to the global financial infrastruture, if regulations are not set properly, oversight is not applied and ensure consistent and appropriate operability throughout jurisdictions. 

“We will probably […] discuss these issues among many others at the G7 meeting in Germany this week.”

The Financial Stability Board reportedly functions as an advisory entity related to the Bank of International Settlements. Its members represent institutions from 24 nations and different global organizations. It possesses zero enforcement authority.

The downfall of the Terra algorithmic stablecoin has reportedly created repercussing consequences in legislatures throughout the globe.

United States Treasury Secretary Janet Yellen reportedly reiterated her previous calls for a “consistent federal framework” on stablecoins via a Senate Banking Committee on May 10th.