UK’s Planned Stablecoin Rules Need Reworking, Crypto Advocates Say
Crypto industry groups in the U.K. say local regulators’ proposals for supervising stablecoins need reworking.
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Crypto industry groups in the U.K. say local regulators’ proposals for supervising stablecoins need reworking.
Following the success of Tether and USDC, a generation of stablecoins are offering new features for investors and holders, says Scott Sunshine, Managing Partner of Blue Dot Advisors.
The EU’s comprehensive crypto guidance does not introduce entirely new regulations for fiat backed stablecoins, former central banker Jón Egilsson writes. Instead it affirms existing rules that many current issuers are not yet following.
“A federal regulator should have the ability to decide if a stablecoin issuer should be barred from issuing such an asset,” she told lawmakers on Tuesday.
U.S. Treasury Secretary Janet Yellen is set to tell Congress that the crypto industry poses several potential hazards to the financial system, including the dangers of stablecoins, runs on crypto platforms and volatile prices, according to a brief portion of her testimony posted Monday.
Celo, which is in the midst of transforming into an Ethereum layer 2 network, increasingly positions itself as a blockchain for real-world assets.
After the 2008 global financial meltdown, Congress set up a round table of regulators who could wield a unique tool against the next emerging threats. The Financial Stability Oversight Council (FSOC) can tag companies with systemic-risk labels that saddle them with tremendous new restrictions, and the crypto sector has the council’s attention.
Venture Smart Financial Holdings is also aiming for a spot-bitcoin ETF and is involved in the discussions about the stablecoin sandbox.
Many Turkish citizens are using stablecoins to protect their wealth amid inflation, Burak Tamaç writes. (Stefan Kostoski/Unsplashed, modified by CoinDesk)
Speaking at Davos, the Cantor Fitzgerald CEO says the stablecoin issuer has the money to back USDT. Maybe it’s time we all started to believe in Tether, despite the “truthers”?