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2023-02-25 18:51:29 ​​SEC is not the appropriate regulator for stablecoins: Circle CEO.

Circle boss Jeremy Allaire maintains that "payment stablecoins" are payment systems, not securities.

The United States Securities and Exchange Commission is not the appropriate agency to regulate stablecoins, according to Circle founder and CEO Jeremy Allaire.

In an interview with Bloomberg on Feb. 24, the Circle chief executive aired his views on the SEC and its recent moves to clamp down on the crypto industry, including stablecoin issuer Paxos.

Allaire appears to have taken issue with the SEC's focus on stablecoins, arguing that dollar-pegged “payment stablecoins” should be under the oversight of a banking regulator, rather than the SEC.

“I don’t think the SEC is the regulator for stablecoins,” said Allaire, adding:

“There is a reason why everywhere in the world, including the U.S., the government is specifically saying payment stablecoins are a payment system and banking regulator activity.”

Circle confirmed last week that it had not been targeted by the SEC following the issuance of a Wells notice to Binance USD-issuer Paxos.

“There are lots of flavors, as we like to say, not all stablecoins are created equal,” Allaire said, adding, “But, clearly, from a policy perspective, the uniform view around the world is this is a payment system, prudential regulator space.”

The Circle CEO however said that he was generally in favor of a recent SEC proposal on crypto custody that would make it much harder for exchanges to become custodians.

“We think having qualified custodians that can provide the appropriate control structures and bankruptcy protections and the other things is a very important market structure and very valuable.”

Circle is the issuer of the world’s second-largest stablecoin, USD Coin. It has a circulating supply of $42.2 billion which gives it a market share of 31%. Tether remains the dominant stablecoin with a supply of $70.6 billion and a market share of 52%, according to CoinGecko.

On Feb. 23, Allaire agreed with SEC Commissioner Hester Peirce, who said that the agency should refer to Congress. Due to the lack of legislation, some believe the SEC has been taking things into its own hands concerning crypto regulations and enforcement. Open / Comment

2023-02-25 12:46:48 US Regulators Caution Banks On The Risks Of Crypto Liquidity

US regulators have issued a warning to banks regarding the potential liquidity risks associated with cryptocurrencies, particularly in times of market stress. The warning comes amid growing interest in cryptocurrencies among banks and other financial institutions.

According to a joint statement from the Federal Reserve and other US financial regulators, crypto creates serious liquidity risks, further supporting their drive to discourage lenders from lending on digital assets in general. For the first time ever, a warning regarding stablecoin reserves was included in the letter that was released by the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency. The latest in a series of formal warning pronouncements makes it obvious that any institution playing.

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2023-02-25 01:44:01 Commodity Strategist Mike McGlone Predicts a Recession as Top Catalyst for Gold's Rise Above $2,000

This week, Bloomberg Intelligence Senior Macro Strategist Mike McGlone shared his March outlook and noted that the “top catalyst” that could push gold above the $2,000-per-ounce range is a recession. McGlone further explained in an update about bitcoin and the Nasdaq that a key ingredient to force the U.S. Federal Reserve to pivot its stance is “a sharp drop in the stock market.”

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2023-02-24 19:19:25 Costa Rican congresswoman proposes bill to regulate, recognize cryptocurrency

Costa Rican Congresswoman Johana Obando proposed a bill titled “Cryptoassets Market Law (MECA),” to regulate and recognize cryptocurrency in the Central American country. Costa Rica to foreign investors and fintech companies as well as create job opportunities for Costa Ricans.

The bill was proposed alongside Congressmen Luis Diego Vargas and Jorge Dengo, who also mentioned the government should not tax cryptocurrency profits generated from mining, but that profits from crypto trading should be taxed. Additionally, the bill aims to preserve individual virtual assets, self-custody of crypto assets.

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2023-02-24 00:33:59 ​​FTX poked the bear and the bear is pissed — O’Leary on the crypto crackdown.

Kevin O’Leary believes U.S. lawmakers are “fatigued” and “pissed” with the cryptocurrency industry after having to deal with one blowup after another.

Shark Tank investor and venture capitalist Kevin O’Leary has urged crypto exchanges to “get on board with regulation” if they want to “stay out of the way” of Gary Gensler and the United States Securities Exchange Commission.

In a Feb. 20 interview with TraderTV Live, O’Leary said that U.S. lawmakers are “fatigued” over crypto collapses and that they’re only going to get more ruthless if companies continue to not comply:

“You got to get on board with regulation, you got to stay out of the way of Gensler at the SEC and other regulators. Those hombres men in Washington are not happy. FTX poked the bear, the bear is awake, and it is pissed.”

“These senators are really fatigued, they’re really tired of gathering every six months when the next crypto company blows up and goes to zero,” he said, adding “because they’re totally unregulated and they keep issuing tokens that are worthless.”

O’Leary said the SEC whacking Kraken for $30 million and ordering them to immediately cease its staking services should put the industry on alert and to comply by all means.

In light of the recent regulatory crackdowns, the Shark Tank investor predicted that regulated trading platforms will be better investments than their unregulated counterparts over the next few years:

”I think the value of regulated exchanges is going to go up over the next few years, while the unregulated ones get put out of business or go to zero by the regulators.”

O’Leary recently confessed to losing basically 100% of the $15 million that FTX paid him to be its official spokesperson. Open / Comment

2023-02-23 10:18:57 TUSD Leverages Chainlink Proof of Reserve for Real-Time Verification of Stablecoin Minting

On Wednesday, the stablecoin project Trueusd announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for the minting of trueusd tokens. The trueusd crypto asset has a circulating supply of over 968 million tokens and is the sixth-largest stablecoin by market capitalization.

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2023-02-23 07:01:55 ​​Lebanon Financial Crisis: Banks Torched After Pound Taps New Low Versus the US Dollar

The Lebanese pound’s fall to its lowest ever versus the U.S. dollar, 80,000 to 1, has piled more misery on residents whose local currency-denominated savings have been decimated by inflation. The ongoing strike by banks demanding the passage of capital control legislation has compounded matters for residents.

According to several local media reports, Lebanon’s currency recently plunged to a new all-time low of 80,000 per U.S. dollar on the unofficial foreign exchange market. The Lebanese pound’s fall on the parallel market came less than a month after it was devalued by more than 90% on the official market.

Although the currency’s devaluation from 1,507 to 15,000 per dollar was seen as monetary authorities’ attempt to unify the pound’s multiple exchange rates, some experts have argued that the new official exchange rate is pegged way below the rates where most trade takes place.

The currency’s latest plunge meanwhile has piled more misery on Lebanese residents who have already seen the country’s high inflation rate decimate their pound-denominated savings.

To compound matters for residents, the country’s banks recently went on strike and are demanding the passage of capital control laws that restrict foreign and local currency withdrawals. The International Monetary Fund (IMF), which reached a bailout deal with the Lebanese government in April 2022, has reportedly asked for capital control reforms to be carried out before it releases funding.

However, in response to the move by banks as well as the pound’s latest plunge, Lebanese residents reportedly attacked the closed banking outlets. In one video shared on social media, angry Lebanese protesters are seen attempting to set on fire the home of the president of the Association of Lebanese Banks.

On Twitter, some users shared pictures and videos of burning bank buildings while crypto enthusiasts used the Lebanese banks’ ability to block clients’ access to funds to highlight the risks of using a digital currency issued by central banks. Open / Comment

2023-02-22 23:41:59 US Federal Trade Commission Investigates Marketing Schemes of Crypto Firm Voyager

According to a court document filed recently in the Voyager Digital bankruptcy case, the U.S. Federal Trade Commission (FTC) is investigating the marketing of the crypto firm. Like the U.S. Securities and Exchange Commission (SEC), the FTC has objected to Binance US purchasing Voyager’s assets.

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2023-02-22 18:21:45 $500 billion asset manager Apollo launches Bitcoin custody for institutional clients

Apollo Global Management Inc., with $515 billion of assets under management, has begun storing crypto on behalf of its clients via a relationship with the digital asset platform Anchorage Digital. After that, Apollo became involved in Anchorage’s Series D fundraising round, which concluded in December 2021.

Interestingly, the decision comes amid a challenging year for the crypto sector, with Bitcoin (BTC), the flagship digital asset, down more than 50% since the beginning of 2022, as investors have grown increasingly concerned about macroeconomic conditions such as rising inflation, interest hikes, and foreign exchange rates, Reuters reported on October 31. Apollo, which neglected to reveal the sorts of crypto assets it owns.


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