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Yellen noted that in its updated guidance, the FATF clarified that its intent was not to regulate as virtual asset providers (VASPs) people or providers that “provide only ancillary services or products to a virtual asset network, including hardware manufacturers, providers of unposted wallets, software developers, or miners that are
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“I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins, how those terms differ from traditional assets, and how those terms may not be consistent across digital asset trading platforms,” Brown wrote in several of the letters. Source
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A great number of digital currencies have swelled in value this year and as the end of 2021 approaches, the market capitalization of all 11,000+ crypto assets in existence is roughly $2.6 trillion. These days, it’s safe to say that dollar-pegged tokens, otherwise known as stablecoins, have a strong presence
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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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The governor of the Bank of England (BoE), Andrew Bailey, said that exploring a central bank digital currency (CBDC) would be better for financial stability than asset-backed stablecoins, which the banking chief said he was “skeptical” about.Speaking at a House of Lords’ Economic Affairs Committee on Tuesday, Bailey said a
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This episode is sponsored by NYDIG.Download this episodeIn today’s Long Reads Sunday, NLW goes back to read excerpts from two Nic Carter pieces that seem particularly prescient today, as the U.S. weighs the opportunities and risks of stablecoins.Policymakers Shouldn’t Fear Digital Money: So Far It’s Maintaining the Dollar’s StatusThe Crypto-Dollar
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Monetary authorities are finally taking crypto seriously – perhaps too seriously.The idea of fiat currency is something of a historical anomaly. Around 5,000 years ago, shiny metals became a store of value for goods and services. Those were soon fabricated into standardized tokens, becoming media of exchange. It wasn’t for
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The U.S. Treasury Department proposed regulating stablecoin issuers as banking institutions, which may be a great idea if stablecoin issuers are offered the same privileges as regulated banks. US Treasury Department Report: Stablecoins Regulation Is Urgently Needed The rise of stablecoins within the crypto ecosystem serves as a glaring reminder that cryptocurrencies
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FATF warns regulators to not blindly accept the crypto industry marketing that loosely calls various platforms “decentralized.” In function, these platforms typically have a natural, if not legal, person somewhere who controls or influences their activities. The term “controls or influences” is key and offers a framework to analyze who
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Singaporean central bank Monetary Authority of Singapore (MAS) has ramped up efforts to research and develop a central bank digital currency (CBDC) for retail use under the Project Orchid initiative. According to MAS managing director Ravi Menon, Singapore’s retail CBDC will be developed in partnership with private entities, which “would be
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