Stablecoin bill: expert reaction varies from ‘benefit the digital token economy’ to ‘stifle innovation’

Stablecoin bill: expert reaction varies from ‘benefit the digital token economy’ to ‘stifle innovation’
фото показано с : invezz.com

2023-4-20 20:11

Stablecoin regulation in the US could require stablecoin providers to maintain reserves that would back their coin on “at least one-to-one basis.” While major stablecoin entities like Tether (USDT) and USD Coin (USDC) already abide by this guideline, those that don’t risk a $1 million fee or up to five years in prison.

The bill also includes discussions on a pause on new stablecoins that are backed by other cryptocurrencies. It also includes a discussion on central bank digital currencies.

Naturally, expert reaction to a potential step forward in the regulatory space is mixed.

Tether: Stabelcoin bill ‘will benefit the digital token economy’

Tether, perhaps the most well known stablecoin and third largest cryptocurrency by market cap, said in a statement that a bill could provide “much-needed clarity” for fintech and other institutions looking to enter the crypto space.

Regulatory authorities should “articulate the larger goal of modernizing our payments system,” the statement added. If such is the case, improved regulatory clarity “will benefit the digital token economy.”

Stefan Rust: lawmakers need to ‘refocus its attention’

Truflation CEO Stefan Rust said in a statement that US lawmakers are framing the cryptocurrency bill as a consumer protection effort. However, there is “very, very little” in the bill that provides superior protection to users. 

Instead, it will merely “stifle innovation” by guaranteeing existing financial powerhouses keep “power and wealth concentrated” and ensure “tax collectors keep collecting,” Rust added

It seems “clear” that lawmakers in the US and elsewhere in the world are “coming for crypto” as stablecoins represent a potential threat to the US dollar and Euro dominance. He writes:

As both the US and the EU are spending innumerable hours on legislating against an innovative sector that as yet accounts for only a fraction of the market value of gold, though, the BRICs nations (Brazil, Russia, India, and China) are looking for new currency solutions. And with this global powerhouse having now surpassed the G7 in economic growth, China opening its borders to crypto, and the UAE now accepting Renminbi for liquid natural gas deals, the West may do better to refocus its attention.

Mike Colonnese: a ‘positive for the industry’

Mike Colonnese, H.C. Wainwright & Co managing director and senior crypto analyst, commented in a research note the stablecoin bill represents the first major crypto legislation proposed in 2023.

He writes that clarity for stablecoin providers is a “positive for the industry” and will “enable more investors to get comfortable with the sector.”

The post Stablecoin bill: expert reaction varies from ‘benefit the digital token economy’ to ‘stifle innovation’ appeared first on Invezz.

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USDx stablecoin (USDX) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.62 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 1.2368 (-100%)

stablecoin coin usdt five usd usdc tether

stablecoin coin → Результатов: 126


Фото:

USDC’s supply has plunged $21 billion from peak as banking turmoil scares crypto investors

Until a week ago, USD Coin was seen as the world’s safest stablecoin.  BUSD, one of its chief rivals, was shut down last month by US regulators. Tether, the only stablecoin currently ahead of USD Coin, has long been plagued by questions over its reserves (I interviewed Tether’s Paolo Ardoino on this and other stablecoin […] The post USDC’s supply has plunged $21 billion from peak as banking turmoil scares crypto investors appeared first on Invezz.

2023-3-19 13:42


Another Stablecoin Announced, First on Stellar Network in Aussie Dollars

Stablecoin popularity continues to grow, and ever since Tether (USDT) started the trend, numerous other stablecoins have emerged around the world. Despite the recent Tether controversy that has seen the pegged coin’s value drop below $1 — which should never happen, since each coin is supposedly backed by a buck — other stablecoins continue to.

2018-10-24 17:30


Фото:

Circle & Coinbase Partner Up For a Better Stablecoin, But There’s a Catch

Circle and Coinbase, two of the largest and most popular cryptocurrency companies, are partnering to improve the stablecoin concept, but there’s a catch.   The CENTRE Consortium for a Better Stablecoin On Tuesday, both companies announced the CENTRE Consortium, a joint venture that aims to speed up adoption of cryptocurrencies backed by actual fiat currencies like US dollars.

2018-10-24 12:00


Regulators Approve Coinbase to Offer Custody Services in New York State

Coinbase has secured approval from New York state regulators to act “as a limited purpose trust company” in the state, a press release reveals. According to the release, the New York Department of Financial Services (DFS) has officially signed off on an application for the Coinbase Custody Trust Company, a subsidiary of Coinbase Global, Inc.

2018-10-24 00:55


Coinbase to List Competitor-Backed Stablecoin Amidst Growing Interest

Coinbase will reportedly list a stablecoin initially backed by one of its closest competitors after joining the consortium behind the USD-pegged cryptocurrency. Coinbase Joins CENTRE Consortium, Will List USD Coin San Francisco-based cryptocurrency exchange Coinbase recently listed decentralized exchange protocol utility token 0x (ZRX) to the list of cryptocurrencies it offers to consumers for trading.

2018-10-23 22:00


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Bitcoin Payments Provider BitPay Adds Gemini Dollar and USD//Coin as Settlement Options

Cryptocurrency payments provider BitPay added two stablecoins for fiat-equivalent settlements at merchant-level on Oct. 15, according to a press release. Stablecoin Usage Gaining Traction Seeing a significant demand for the usage of credible stablecoins in the cryptocurrency market, BitPay added Circle’s Centre USD//Coin (USDC) and the Gemini Dollar (GUSD) – both pegged on a 1-to-1 basis […] The post Bitcoin Payments Provider BitPay Adds Gemini Dollar and USD//Coin as Settlement Options appeared first on CryptoSlate.

2018-10-17 16:00


Tether (USDT) Stablecoin Attempts to Calm Instability Concerns with Latest Statement

Tether Attempts to Calm Instability Concerns Tether recently released a statement attempting to calm the market concerning the seeming instability of its coin in the past 36 hours. The statement, made by Tether’s Leonardo Real, was: “Tether is the leading provider of tokenized fiat currencies and is listed on many exchanges worldwide. We would like […]

2018-10-16 19:18


Биткоин-биржа Huobi добавила поддержку четырех стейблкоинов

Четвертая по суточному объему торгов криптовалютная биржа Huobi добавила поддержку сразу четырех стейблкоинов: TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD) и Paxos Standard Token (PAX). $PAX, $TUSD, $USDC and $GUSD Will Be Listed on Huobi Global.

2018-10-16 13:28


Криптобиржа OKEx провела листинг четырех стейблкоинов

Криптовалютная биржа OKEx добавила поддержку четырех стейблкоинов: TrueUSD (TUSD), Gemini Dollar (GUSD), USD Coin (USDC) и Paxos Standard Token (PAX). We're excited to announce the 4 new listings of OKEx.

2018-10-16 23:02


Биржа OKEx добавила поддержку четырех стейблкоинов

Третья по объемам торгов биткоин-биржа OKEx сообщила в понедельник, 15 октября, о начале поддержке сразу четырех стейблкоинов: TrueUSD (TUSD), USD Coin (USDC), Gemini Dollar (GUSD) и Paxos Standard Token (PAX).

2018-10-15 13:47


Фото:

Circle Announces Launch of Native Stablecoin “USDC”

Circle has become the latest in a recent series of crypto platforms and exchanges to launch a stable coin as the market increasingly looks to diversify from Tether. Announced on September 26, 2018, in a post on the official Circle blog, USD Coin (USDC), developed in partnership with CENTRE enables users to cash out their exchange holdings into fiat using...The post %%POSTLINK%% appeared first on %%BLOGLINK%%.

2018-9-27 21:00


Circle решила не отставать от других: компания выпустила свой стейблкоин

Американская компания Circle, занимающаяся производством одноранговых платежей, анонсировала выпуск собственного стейблкоина. Монета, привязанная к американскому доллару (что уже традиционно), получила название USD Coin (USDC).

2018-9-27 13:36