EU MiCA rules pose ‘systemic’ banking risks for stablecoins — Tether CEO
Europe’s MiCA framework will enforce new bank reserve requirements for stablecoin issuers, raising concerns about systemic risks and stability. Go to Source
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Swiss regulator FINMA targets stablecoin issuers in new proposal
As stablecoins continue to gain traction globally, regulatory initiatives such as FINMA’s guidance are likely to influence policies in other jurisdictions. Go to Source
HK bank supports nation’s regulatory goals with reserve services
This development aligns with the city’s regulatory goals and represents a forward-thinking approach to integrating traditional banking with cutting-edge financial technologies. Go to Source
Hong Kong Monetary Authority Launches Stablecoin Issuer Sandbox
On March 12, the Hong Kong Monetary Authority (HKMA) launched what is known as the stablecoin issuer sandbox arrangement. The HKMA stated that applicants interested in establishing a stablecoin business in Hong Kong should have a sound business plan. The regulator also clarified that admission into the sandbox does not imply endorsement or support for … Read more
US Accounting Watchdog Issues Warning on Crypto Proof-of-Reserve Audits: Investors Urged to Exercise Caution
According to a recent warning by the U.S. Public Company Accounting Oversight Board (PCAOB), crypto proof-of-reserve (POR) audits have limitations, and the board believes that investors should exercise caution when dealing with companies using POR audits. PCAOB Calls for Investor Caution and Due Diligence When Using Proof-of-Reserve Reports The U.S. accounting watchdog recently issued an … Read more
Paxos Receives Wells Notice from SEC, NYDFS Orders Issuer to Stop Minting BUSD
According to a report published on Feb. 12, 2023, the New York-based financial institution and technology company, Paxos, has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) regarding alleged violations of investor protection laws. Paxos revealed the following day that it would no longer mint BUSD and it was ending its … Read more
Stablecoin Issuer Tether Won’t Freeze Tornado Cash Addresses, Says Premature Freezing Could Jeopardize Investigations
While the crypto community is still talking about the U.S. government banning the ethereum mixing platform Tornado Cash, the stablecoin issuer Tether Holdings Limited revealed on Wednesday that the company would not “freeze Tornado Cash addresses.” Tether’s recently published blog post about the subject says the company is waiting for instructions from law enforcement. Tether … Read more
US Senate Banking Chief Criticizes Super Bowl Crypto Ads, Claims ‘Big Crypto Companies Are Desperate’
The United States senator from Ohio and Senate Banking Committee chief Sherrod Brown is not a fan of cryptocurrencies. This week during Tuesday’s stablecoin hearing, Brown criticized all the cryptocurrency companies who advertised during the Super Bowl this past weekend and stressed that he’s “never seen the Federal Reserve buy a multimillion-dollar commercial for U.S. … Read more
US Senator Asks Coinbase, Gemini, Binance, Tether How They’re Protecting Consumers
U.S. Senator Sherrod Brown has sent letters to cryptocurrency exchanges and stablecoin issuers, including Coinbase, Gemini, Binance, and Tether, asking how they are protecting consumers and investors. “I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins,” the senator said. US Senator Raises Concerns Regarding Stablecoins U.S. Senator Sherrod Brown (D-Ohio), … Read more
Southeast Asia’s Largest Bank DBS Plans to Launch a Cryptocurrency Exchange
The Singaporean multinational banking and financial services corporation DBS published an announcement revealing it was launching a cryptocurrency exchange. The announcement was later removed by the company but crypto proponents have learned about the upcoming support for assets like bitcoin, ethereum, and bitcoin cash. DBS Bank Ltd is Southeast Asia’s largest bank in terms of … Read more
