The United States is preparing to crack down on cryptocurrencies, and the first target is not Bitcoin or Ethereum

In recent weeks, the cryptocurrency market has become hot again. Bitcoin recently rebounded to $53,000, but then fell sharply. The rise and fall of cryptocurrencies lack regulation. It is reported that the United States is preparing to rectify the cryptocurrency market, but the first regulatory target is not Bitcoin or Ethereum, but stablecoins.

U.S. Treasury officials have reportedly concluded the most pressing risks posed by Tether and other stablecoins and are preparing recommendations for strengthening cryptocurrency regulation.

The work is not over yet, and some Treasury officials involved in drafting the policy framework, which is expected to be released in the coming weeks, say the biggest concern is ensuring that investors can reliably move money into and out of the tokens.

U.S. Treasury officials who drafted the policy framework believe the biggest concern is ensuring that investors can reliably put money into and transfer money out of tokens, according to anonymous sources.

Officials also worry that a broad sell-off in crypto assets could threaten financial stability and that some stablecoins could grow too big too fast and too dangerously.

The Treasury's recommendations could serve as a roadmap for next steps.

Officials are also said to be discussing launching a formal review by the Financial Stability Oversight Council to assess whether stablecoins pose an economic threat, a process that could lead to tougher regulation.

Stablecoins, which are pegged to currencies such as the U.S. dollar, are a crucial force in the cryptocurrency market because they are used to buy other digital tokens.

Data shows that there are currently more than $120 billion in stablecoins in circulation.