OPINION: Congress has never been as close as it is now to providing much-needed rules to protect consumers and support responsible innovation – in terms of legislative solutions that would regulate digital asset exchanges and stablecoins.
The public has experienced two damaging shocks this year from the digital asset industry that are a reminder of how a lack of regulatory clarity can harm U.S. consumers and U.S. economic competitiveness.
These incidents overshadow the fact that many developers, entrepreneurs and companies are using blockchain technology to catalyze major innovations in finance, among other areas. What’s more, neither incident caused contagion in the broader economy. But the next one might — if U.S. regulators do not act now.
As a co-founder of Circle Internet Financial, issuer of payment stablecoin USD Coin USDCUSD, , I’ve been helping to build this industry for 10 years and testified at the first-ever hearing on digital currency in the U.S. Senate in 2013. While today I’m surprised by the speed of these incidents, I stand by what I said almost a decade ago:
Circle’s payment stablecoin, USD Coin , simply changes the form factor of a U.S. dollar DXY, -0.24% from one that is physical to one that is digital. It is pegged to the dollar and is always redeemable for $1. Period. In contrast, many offshore businesses operate from undisclosed locales and are not subject to U.S. regulatory oversight, subjecting U.S. consumers to unnecessary risk. Federal regulators should be armed with more tools to ensure the safety and soundness of any stablecoin issuer that does business with Americans.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FTX's demise part 4: Bankruptcy experts weigh in on next steps for FTXThe fourth installment of The Scoop’s continued coverage of FTX’s demise examines the legal underpinnings of FTX’s bankruptcy and restructuring process with attorneys Dan Besikof and Mark Shapiro.
Read more »
FTX collapse drives curiosity around Sam Bankman-Fried, Google data showsGoogle Trends data show that searches for SBF are 185.7% more than they were for Do Kwon when Terra (LUNA) collapsed in May 2022.
Read more »
Singaporean Crypto Exchange Next to Close Doors After FTX CollapseSingaporean-based crypto exchange announces its closure Cryptocurrency Bitcoin BITFRONT LINE
Read more »
FTX collapse put the Singapore government in a parliamentary hot seatFTX collapse has put the Singapore government in a hot seat as state-backed investor Temasek marked down the entire $275M investment in the collapsed crypto exchange.
Read more »
Small Bitcoin Holders Buy BTC in Droves in Spite of FTX CollapseBitcoin shrimps have recorded an aggressive balance increase following the implosion of the FTX exchange, according to Glasssnode data
Read more »
FTX under 'active' civil and criminal investigation: Bahamas AGThe Attorney General of The Bahamas, Ryan Pinder has confirmed FTX is the subject of ongoing criminal and civil investigations from authorities, which will be looking to uncover “any potential violations of Bahamian law.'
Read more »