The collapse of crypto’s most visible bank could be an opportunity for stablecoins and other financial services providers.
Stablecoins and Ether are ‘going to be commodities,’ reaffirms CFTC chair
In the tug-of-war between the US regulators over control of crypto assets, the CFTC chair has triple-downed his stance — that Ether and stablecoins are commodities.
Signature Bank, Stablecoins Might Benefit From Silvergate Exchange Network’s Demise
The bank’s exchange network, SEN, had a simple premise and played a crucial role from its inception in 2018 through its shutdown on Friday. Analysts and experts are handicapping who might fill the void.
Federal Reserve’s Powell: We Don’t Want to Strangle Crypto Innovation, but Sector Is a Mess
If the crypto industry was looking for a silver lining in Federal Reserve Chair Jerome Powell’s testimony in a U.S. Senate hearing on Tuesday, the best he could offer was that he’s hoping there’s something useful and innovative amidst crypto’s mayhem.
Stablecoin Issuer Tether Used Bank Accounts Opened With Falsified Documents in Past: WSJ
Tether, the company behind the world’s largest stablecoin, accessed bank accounts by way of falsified documents and intermediaries, a new report says.
Bitcoin leverage ramps up as BTC’s margin long-to-shorts ratio hits a record $2.5B high
BTC traders at Bitfinex and OKX are unwilling to use margin markets for bearish bets, creating an alarming imbalance that investors should pay close attention to.
TrueUSD Becomes 5th-Largest Stablecoin as Binance Mints $130M TUSD in a Week
Blockchain data shows exchange giant Binance has been relying increasingly on TUSD after regulators clamped down on its Binance USD stablecoin.
Cryptocurrencies Resilient Despite Weaker Equity Markets, Increased Regulatory Activity: Citi
Stablecoin market caps have stabilized while the percentage of ether in smart contracts continues to rise, the report said.
IMF prefers to regulate crypto than banning it outright: Report
On the sidelines of the G20 meeting in India, IMF managing director Kristalina Georgieva said the agency would prefer to regulate crypto than an outright ban.
SEC is not the appropriate regulator for stablecoins: Circle CEO
Circle boss Jeremy Allaire maintains that “payment stablecoins” are payment systems, not securities.
The SEC’s Stablecoin Hammer, Courtesy Terraform Labs and Do Kwon
The U.S. Securities and Exchange Commission sued Terraform Labs and Do Kwon last week, alleging the terraUSD stablecoin was a security, alongside various other tokens and products. This feels pretty important.
Frax Finance to retire algorithmic backing amid stablecoin crackdown
The vote was passed to fully collateralize Frax Finance’s native stablecoin, thus phasing out its algorithmic backing.
Israel’s Central Bank Proposes Rules for Stablecoins Including 100% Reserve Requirement
The recommendations target consumer protection, risk management and prudential requirements, the Bank of Israel said.
Chainlink, TrueUSD Start Real-Time ‘Mint Lock’ Verification of Stablecoin Reserves
The key is to get information from the bank account where the stablecoin’s reserves are kept to the blockchain-based smart contract that controls issuance of new TUSD.
2022 Events Cast ‘Serious Doubts’ on Stablecoins as Money: BIS Chief
Agustin Carstens, who has previously criticized stablecoins, said they do not benefit from the regulatory requirements and protections that apply to bank deposits.
Ethereum derivatives data suggests $1,700 might not remain a resistance level for long
ETH derivatives data shows bullish traders becoming more comfortable with the $1,700 price level, creating an opportunity for further rallies.
How Hong Kong Is Gearing Up to Regulate Stablecoins
Requiring foreign entities who have already issued stablecoins to set up a Hong Kong entity for issuing stablecoins might throw up complications.
Existing Stablecoins Won’t Meet Forthcoming Global Standards: FSB
The Financial Stability Board’s recommendations for regulating crypto and stablecoins are set to be released in July 2023.
Yield platform Stablegains sued for promoting UST as a ‘safe’ investment
The stablecoin yield platform is being sued for customer losses following exposure to the Anchor Protocol and UST collapse last year.
Former CFTC Chairman: SEC Was ‘Absolutely Right’ to Sue Terraform Labs, Do Kwon
Timothy Massad, now a research fellow at Harvard’s Kennedy School of Government, says the government was right in issuing the complaint, adding that while stablecoins present risks, they also open the door to opportunities.