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In a later interview with CryptoX Campbell said while unintentional, "I think the problem is that it is the world [federal regulators] have created, and it's important to surface that point." While U.S.-licensed companies are getting "smacked around," offshore companies like Tether, the issuer of the USDT stablecoin, are "just
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Stablecoins Are Not New. So Why Are Regulators Attacking Paxos? Original Source
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CZ said Binance will continue working with other stablecoin issuers, and noted he’s skeptical about claims Circle raised alarm bells with regulators. Original Source
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“Banking regulators have long been skeptical of allowing non-traditional activities into the banking system because doing so introduces risk and that risk, ultimately, is borne by the public when things go south,” Chris Odinet, a professor of commercial law at the University of Iowa College of Law, told CryptoX. Source
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During the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin. At the time, an executive at Paypal stated that if the company moved forward, it would work closely with financial regulators. However, on Feb. 10, a source noted that Paypal has
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“I'm supportive of prudent innovation in the financial system, while at the same time concerned about banks engaging in activities that present a heightened risk of fraud and scams, legal uncertainties, and the prevalence of inaccurate and misleading financial disclosures,” he said. A bank that wants to involve itself in
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Paxos Trust Company — the New York-based stablecoin issuer behind Binance USD (BUSD) and Paxos Dollar (USDP) — is reportedly being investigated by the New York Department of Financial Services (NYDFS). A “person familiar with the matter” told Bloomberg in a Feb. 10 report that the exact motive behind the probe
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Three financial watchdogs in the United States have issued a warning to investors considering certain individual retirement accounts with exposure to cryptocurrencies.In a Feb. 7 notice, the United States Securities and Exchange Commission’s Office of Investor Education and Advocacy, the North American Securities Administrators Association, and Financial Industry Regulatory Authority
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U.S. Senator Elizabeth Warren has called on Congress to ensure regulators, such as the Securities and Exchange Commission (SEC), have the tools to regulate the crypto industry effectively and crack down on crypto money laundering activities. “The current legal structure essentially holds up a giant sign over crypto that says,
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While this is a broad-brush approach with echoes of Operation Choke Point, it’s hard to argue their fears are unjustified after the events of last year, even if it is ultimately unworkable to keep open, public and/or decentralized networks segregated from other areas of financial services for long. As Somerset
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