If Stablecoins Are Going to Be Regulated Like Banks, They Should Enjoy All th...
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 and blockchain technology have outgrown their humble beginnings, gradually positioning themselves as challengers of brick and mortar finance’s existing hegemony. With the market capitalization of stablecoins expanding at....
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Federal Reserve Board Governor Christopher Waller says that stablecoins do not need to be regulated with all the same rules as banks. He disagrees with some of the recommendations on stablecoin regulation by the President’s Working Group on Financial Markets. He explained that while banks should be able to issue stablecoins, not all stablecoin issuers need to be banks. Fed’s Waller Disagrees That Stablecoins Need to Be Regulated With Full Banking Regulation Federal Reserve Board Governor Christopher Waller talked about stablecoin regulation Wednesday during a virtual....
Paxos, a regulated blockchain company, recently presented the basket of resources that back its stablecoins. Paxos Standard (PAX) and Binance USD (BUSD) are reportedly backed almost 100% by cash and cash equivalents. Dan Burstein, CCO of Paxos, harshly criticized Tether and Circle, issuers of other stablecoins, stating their products we’re not really stablecoins. Paxos Reveals Stablecoin Backing Basket Paxos, a blockchain-regulated company, revealed the basket of assets backing their issued stablecoin on Wednesday. The company, which issues Paxos Standard and Binance USD, two....
PRESS RELEASE. EQIFI, a regulated and licensed decentralized platform for pooled lending, borrowing and investing Ethereum-based cryptocurrencies, stablecoins and select fiat currencies, has announced that its native token, EQX, has been enlisted on the Bloomberg Terminal under the EQX ticker symbol. Bloomberg’s influential audience of financial and business decision-makers will now enjoy access to the price data of EQIFI’s fungible ERC-20 EQX token, which bestows numerous benefits and rewards to users on the platform. Jason Blick, Chairman of EQIFI, said: “We are....
The top banking regulator in the U.S. has announced that national banks and savings associations in the country can use public blockchains and stablecoins for payment activities. Experts say this is good for bitcoin and its importance should not be understated. Banks Can Use Public Blockchains and Stablecoins The Office of the Comptroller of the Currency (OCC) published an interpretive letter on Monday “clarifying national banks’ and federal savings associations’ authority to participate in independent node verification networks (INVN) and use stablecoins to conduct....
Banks can act as nodes on a blockchain or conduct payments using stablecoins, the OCC said Monday.