Tag: Stablecoins

USDT, USDC, DeFi Likely to Be SEC’s Next Targets in U.S. Crypto Crackdown: Berenberg

Stablecoins and decentralized finance (DeFi) are likely to become the next targets in the U.S. Securities and Exchange Commission (SEC)’s crackdown on the crypto industry, Berenberg said in a research report on Tuesday. The investment bank said the SEC may now focus on bringing stablecoins, including the two largest by market cap, tether (USDT) and USD Coin (USDC), and decentralized…

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Guest Post: What D&O Professionals Need to Know About CBDCs and Stablecoins | The D&O Diary

In the wake of the introduction of CBDCs in about 5 years from now, D&O-Policyholders may increasingly request alternative (optional) payment methods for both premium payments and claims payments. In times of high inflation asset-backed Stablecoins, such as gold-backed cryptocurrencies, may serve Policyholders better for the purpose of D&O asset protection than CBDCs linked to fiat currencies. The D&O insurance…

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Stablecoins Attract Scrutiny in SEC’s Drive to Control Crypto – WSJ

Washington’s battle to rein in crypto has a new front: stablecoins. The Securities and Exchange Commission is investigating whether stablecoins, cryptocurrencies that maintain a price of $1, are among the products that were issued in violation of investor-protection laws. SEC enforcement lawyers have told Paxos Trust Co. that regulators plan to take enforcement action over its stablecoin, BUSD, although that…

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House Stablecoin Bill Would Put Two-Year Ban on Terra-Like Coins (XUT) – Bloomberg

Legislation to regulate stablecoins that’s being drafted in the House would place a two-year ban on coins similar to TerraUSD, the algorithmic stablecoin that collapsed earlier this year. Under the latest version of the bill, it would be illegal to issue or create new “endogenously collateralized stablecoins,” according to a copy obtained by Bloomberg. The definition would kick in for…

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Acala’s Stablecoin Falls 99% After Hackers Issue 1.3B Tokens

Polkadot-based decentralized finance (DeFi) platform Acala’s native stablecoin, aUSD, depegged on Sunday, plummeting 99% after hackers exploited a bug in a newly deployed liquidity pool to mint 1.28 billion tokens. Acala developers said the bug was caused by a misconfiguration of the iBTC/aUSD liquidity pool shortly after it went live on Sunday. A liquidity pool is a digital pile of…

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Stablecoins would get federal supervision under emerging House deal – The Washington Post

Top House lawmakers are nearing bipartisan agreement on a proposal to regulate stablecoins, a type of cryptocurrency frequently pegged to the dollar and the subject of intense scrutiny in Washington since last year. The bill — the product of negotiations between House Financial Services Committee Chair Maxine Waters (D-Calif.) and Rep. Patrick T. McHenry (R-N.C.), the panel’s top Republican —…

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Japan Passes Crypto Stablecoin Bill That Enshrines Investor Protection – Bloomberg

Japan’s parliament passed a bill on Friday that clarified the legal status of stablecoins, defining them essentially as digital money. Stablecoins must be linked to the yen or another legal tender and guarantee holders the right to redeem them at face value, according to the new law. The legal definition effectively means stablecoins can only be issued by licensed banks,…

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