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Binance’s native stablecoin — Binance USD (BUSD) — was the third-largest stablecoin pegged to the United States dollar, minted by blockchain infrastructure platform, the Paxos Trust Company, through a transfer of technology agreement between the two firms. However, on Feb. 13, the New York Department of Financial Services ordered Paxos to
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Firms are actively searching for new banking partners as the regulatory climate in the US has now turned sour. Top American crypto exchange Coinbase is presently weighing its options regarding the creation of a new crypto trading platform. According to a Bloomberg report, the platform will be located outside the
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Recent turmoil in the traditional banking sector, culminating in USD Coin (USDC) losing its peg, could negatively affect stablecoin adoption and potentially increase calls for regulation, argued credit rating agency Moody’s Investors Service. In its latest “Sector Comment” report published on March 16, Moody’s says fiat-backed stablecoins could face new resistance
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The full list of banks that held cash for Circle’s USDC are Bank of New York Mellon, Citizens Trust Bank, Customers Bank, New York Community Bank (a division of Flagstar Bank, N.A.), Signature Bank, Silicon Valley Bank and Silvergate Bank. Circle also keeps some part of USDC reserves in a
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But developers are typically less aware of regulatory considerations that also need to be designed around, particularly when it comes to what the dapp’s code is and isn’t programmed to do. For example, dapps may have regulatory issues if the code could have been written to stop a user from
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This week on The Market Report, the resident experts at Cointelegraph discuss why the United States Securities and Exchange Commission is going after crypto staking and why stablecoins have been in the news recently.We start off this week’s show with the latest news in the markets:SEC lawsuit against Paxos over BUSD
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Crypto brokers and investment advisors offering or giving advice about cryptocurrencies will be put under the scope of the United States' securities watchdog this year.A Feb. 7 statement from the Securities and Exchange Commission’s (SEC) Division of Examinations outlined its priorities for 2023, suggesting brokers and advisers dealing in crypto
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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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According to reports, the founders of the now-defunct crypto hedge fund Three Arrows Capital (3AC) are seeking to raise $25 million from investors to start a new crypto exchange called GTX. This solicitation for new capital comes after 3AC co-founders Su Zhu and Kyle Davies were subpoenaed over the social
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U.S. law enforcement officials are reportedly scrutinizing Nishad Singh, the former director of engineering at FTX, according to a report citing people familiar with the matter. Another report, published on Jan. 10, 2023, details that Singh met with federal prosecutors at an alleged proffer session held at the U.S. attorney’s
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