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Sherrod Brown, the chair of the Senate Committee on Banking, Housing and Urban Affairs, has called on several crypto firms to release information related to consumer and investor protection on stablecoins.According to a Nov. 23 announcement, Brown sent notices to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, Centre, and Tether requesting
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Brown also sent letters to cryptocurrency exchanges Coinbase, Gemini, Binance.US as well as blockchain infrastructure firm Paxos, which operates the Pax dollar stablecoin, decentralized finance company TrustToken, which operates the TUSD stablecoin, and Centre, the Coinbase- and Circle-founded project that oversees the USDC stablecoin. Source
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“There are other, safer ways of achieving the same objectives. For example, we could require 100% of stablecoin reserves to be maintained off-balance sheet, or require stablecoin reserves to be maintained at a Federal Reserve Bank, which is, by definition, risk-free. We already have a case study in this –
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The Biden administration is reportedly considering a new legal framework for stablecoin issuers that would put them in the same category as banks, raising questions about the future of crypto regulation in the country.Citing people familiar with the matter, The Wall Street Journal reported Friday that the administration is looking
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A senior administration official confirmed to CryptoX that the report is accurate and that the federal government is looking at two different pathways. The first is the congressional pathway outlined by the WSJ, though the official did not provide specifics. The second is through the Financial Stability Oversight Council (FSOC),
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A group of leading U.S. financial regulators has released a new statement on stablecoins. One of the headlining topics of crypto regulation news this year, stablecoins were the main topic of a Dec. 23 statement the President’s Working Group on Financial Markets, or PWG. The PWG includes representation from the Treasury,
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A new U.S. Congressional bill would require stablecoin issuers to secure bank charters and secure regulatory approval prior to circulating any stablecoins.U.S. Representatives Rashida Tlaib (D-Mich.), Jesús “Chuy” García (D-Ill.) and Stephen Lynch (D-Mass.) introduced the Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act on Wednesday, writing in a press
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The $1 billion in deposit growth from digital asset banking at crypto-friendly Signature Bank was driven in part by the bank holding the dollars backing stablecoins, CEO Joseph DePaolo said on a third-quarter earnings call Tuesday.Prominent stablecoins like USDC, PAX and TUSD are backed by actual dollars held in bank
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An executive member at the European Central Bank says a digital euro could protect the Eurozone's monetary sovereignty from outside influence. Source
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Blockstation, a Canadian digital asset trading systems firm, has built a fast-track disclosure filing process for companies hoping to list security tokens on the Jamaican Stock Exchange (JSE).Announced Tuesday alongside JSE’s launch of a tokenized Initial Public Offering (IPO) platform, Blockstation’s new tool, called the Smart Listing Accelerator Process (SLAP),
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