While DiemAssociation may have announced it's going to shut down, the project can't be laid to rest quite yet. State of Crypto newsletter by nikhileshde
both plan to hold hearings on the PWG report this month. While we don’t have a lot of details yet, it’s safe to say the hearings will be a prelude to legislation on stablecoins. Elsewhere in the world, we’re seeing regulators start to implement rules on stablecoins.
The thing is, the original Libra vision of a basket-backed stablecoin was dead long before the association rebranded to Diem. Today, one could draw a comparison to tether or US dollar coin in that they are now backed by baskets of assets, though not baskets of currencies. They aren’t quite the same, but they are probably similar enough. The chief concerns were how the libra stablecoin might affect financial stability, how it might be used and whether users were protected.
Facebook announced Libra in a carefully managed press event. Reporters flew to San Francisco for embargoed briefings, press releases and technical documents were shared under prearranged agreements not to publish before a specific time, and swarms of reporters spent time trying to unpack what was being announced.
The unhosted wallet rule first proposed in December 2020 was on the document, implying that Treasury is looking at the rule.
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