Tag Archives: stablecoin

The Terra ecosystem completely unraveled last week, taking much of the cryptocurrency market down with it. Its algorithmic stablecoin TerraUSD (UST) crashed far below its $1 peg, and its sister token Luna collapsed to nearly zero. Though the overall market is now recovering, the demise of UST and Luna wiped out many cryptocurrency investors’ life savings. This left the Terra community, including its creator Do Kwon, proposing plans to somehow fix the damage done. One proposal on the Terra… Source link

Securities and Exchange Commission (SEC) Chairman Gary Gensler said on Wednesday hopes this will be the year the . As lawmakers and the crypto industry’s major players , Washington’s regulatory agencies have been at the forefront of those discussions. A number of proposals are floating around Congress and the Executive branch, yet it’s unclear whether 2022 will see any of them get implemented. “You shouldn’t put timelines on yourself, but I will say I sure hope so,” Gensler told… Source link

Senator Sherrod Brown, Chairman of the Senate Banking Committee isn’t convinced stablecoins will offer what they intend, voicing concerns that lax oversight could result in a repeat of a financial crisis. But in an interview with Yahoo Finance, the Ohio Democrat described himself as open-minded on how to , and doesn’t want to kill innovation. “My job is not to resist or say no to cryptocurrency generally, but to make sure that they follow rules, that they are regulated, and transparency… Source link