Anaisomari
Sunday, May 28, 2023
Ledger - Crypto Beginners Pack
  • Crypto News
  • Bitcoin
  • Ethereum
  • NFT
  • DeFi
  • Blockchain
  • Metaverse
  • Altcoin
    • Tether
    • Solana
    • Binance Coin
    • Dogecoin
    • Polkadot
    • Terra
    • Cardano
    • Safemoon
    • Avalanche
    • Chainlink
    • Shiba Inu
    • Litecoin
    • Bitcoin Cash
  • Live Rates
  • Shop
No Result
View All Result
  • Crypto News
  • Bitcoin
  • Ethereum
  • NFT
  • DeFi
  • Blockchain
  • Metaverse
  • Altcoin
    • Tether
    • Solana
    • Binance Coin
    • Dogecoin
    • Polkadot
    • Terra
    • Cardano
    • Safemoon
    • Avalanche
    • Chainlink
    • Shiba Inu
    • Litecoin
    • Bitcoin Cash
  • Live Rates
  • Shop
No Result
View All Result
Anaisomari
No Result
View All Result

Latest Draft of US Crypto Law Would Temporarily Ban Terra-Like Stablecoins

September 21, 2022
in Terra
0

Leaders of the House Financial Services Committee continue to negotiate the terms of a proposed bill to regulate cryptocurrency, even as the window to act draws increasingly narrow heading into the midterm elections.

According to Bloomberg, the latest draft legislation would ban algorithmic stablecoins like TerraUSD (UST) for two years, while regulatory agencies conduct a study of “endogenously collateralized” tokens.

“Endogenously” means something produced or synthesized within the organism or system. Before TerraUSD and Luna imploded in May, its creators relied on an algorithm to mint or burn Luna to keep the value of TerraUSD stable at $1.

Over $40 billion in value evaporated within days, and the collapse has become Exhibit A in the crypto critic’s playbook, and has intensified the interest of lawmakers and regulators.

Prior versions of the bill required stablecoin issuers to maintain 1:1 liquid reserves for all stablecoins in circulation and would also limit the types of assets that could back them.

The latest draft—which Bloomberg notes is currently sitting with committee chair Rep. Maxine Waters (D-CA), and may need to be reviewed by ranking member Rep. Patrick McHenry (R-NC)—goes even further.

The stablecoin bill now provides a path for banks and other financial institutions to issue stablecoins, working with their existing network of regulators. But that network would now also include regulators at the state level, providing state-approved stablecoin issuers a 180-day fast track to a federal green light.

The business news service says the committee could bring the bill up for a vote as soon as next week.

The stablecoin bill has been in the works for months, and has been delayed in the past, in part over concerns raised by Treasury Secretary Janet Yellen. Yellen has repeatedly cited the TerraUSD collapse when calling for more regulation of the crypto space.


Similarly, Rep. Waters highlighted the risks of stablecoins earlier this year, saying, “investigations have shown that many of these so-called stablecoins are not, in fact, backed fully by reserve assets,” and that a lack of investor protections could even “threaten U.S. financial stability.”

Stay on top of crypto news, get daily updates in your inbox.

This news is republished from another source.

Previous Post

Cardano’s Vasil Hard Fork Presents ‘Massive Opportunities’ for $ADA, Says Popular Crypto Analyst

Next Post

Margot Robbie stepped out in the ultimate polkadot dress to promote Amsterdam on Jimmy Fallon in New York

Next Post

Margot Robbie stepped out in the ultimate polkadot dress to promote Amsterdam on Jimmy Fallon in New York


Name Price
bitcoin
Bitcoin (BTC)
$27,179.00
ethereum
Ethereum (ETH)
$1,850.71
USDEX
USDEX (USDEX)
$1.08
tether
Tether (USDT)
$1.00
binancecoin
BNB (BNB)
$308.71
usd-coin
USD Coin (USDC)
$1.00
ripple
XRP (XRP)
$0.472291
cardano
Cardano (ADA)
$0.372880
staked-ether
Lido Staked Ether (STETH)
$1,845.32
dogecoin
Dogecoin (DOGE)
$0.072788


Crypto News

Blue Wallet: The Cryptocurrency Wallet Now Available Cross Platform – Digital Journal

May 28, 2023

Ethereum to break $2K, Tradecurve a new hybrid exchange shows … – Crypto News Flash

May 27, 2023

Q3 Investment Opportunities | Bitcoin, Ethereum and DogeMiyagi – Euro Weekly News

May 27, 2023

Bitcoin

DogeMiyagi, Bitcoin and Ethereum: Leading the Way for Crypto … – BSC NEWS

May 27, 2023

No Result
View All Result

Pages

  • Latest Crypto News
  • Live Rates
  • Privacy Policy
  • Shop
  • Terms of Service

Tether

This Week in Coins: Bitcoin and Ethereum See Fourth Flat Week as TRON and Tether Surge – Decrypt

May 28, 2023

Solana

Dogecoin and Solana Set to Break Crucial Resistance Level; Will … – Crypto News Flash

May 28, 2023

Solana (SOL) Receives a Neutral Rating Saturday: Is it Time to Get on Board? – InvestorsObserver

May 27, 2023

Advertisement

  • Latest Crypto News
  • Shop
  • Privacy Policy
  • Terms of Service

© 2022 Anaisomari.com

Knife Sharpening in North Vancouver

No Result
View All Result
  • Crypto News
  • Bitcoin
  • Ethereum
  • NFT
  • DeFi
  • Blockchain
  • Metaverse
  • Altcoin
    • Tether
    • Solana
    • Binance Coin
    • Dogecoin
    • Polkadot
    • Terra
    • Cardano
    • Safemoon
    • Avalanche
    • Chainlink
    • Shiba Inu
    • Litecoin
    • Bitcoin Cash
  • Live Rates
  • Shop

© 2022 Anaisomari.com

Knife Sharpening in North Vancouver

  • bitcoinBitcoin(BTC)$27,179.001.52%
  • ethereumEthereum(ETH)$1,850.710.84%
  • USDEXUSDEX(USDEX)$1.080.27%
  • tetherTether(USDT)$1.00-0.04%
  • binancecoinBNB(BNB)$308.710.38%
  • usd-coinUSD Coin(USDC)$1.00-0.01%
  • rippleXRP(XRP)$0.472291-0.26%
  • cardanoCardano(ADA)$0.3728801.76%
  • staked-etherLido Staked Ether(STETH)$1,845.320.63%
  • dogecoinDogecoin(DOGE)$0.0727881.53%
  • matic-networkPolygon(MATIC)$0.930.41%
  • solanaSolana(SOL)$20.454.64%
  • tronTRON(TRX)$0.0773952.00%
  • polkadotPolkadot(DOT)$5.381.58%
  • litecoinLitecoin(LTC)$89.701.54%
  • binance-usdBinance USD(BUSD)$1.00-0.07%
  • shiba-inuShiba Inu(SHIB)$0.0000092.47%
  • avalanche-2Avalanche(AVAX)$14.721.76%
  • daiDai(DAI)$1.000.02%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,205.001.51%
  • uniswapUniswap(UNI)$5.071.18%
  • chainlinkChainlink(LINK)$6.512.09%
  • leo-tokenLEO Token(LEO)$3.50-0.36%
  • cosmosCosmos Hub(ATOM)$10.610.13%
  • ToncoinToncoin(TON)$1.941.50%
  • okbOKB(OKB)$46.980.63%
  • moneroMonero(XMR)$151.530.05%
  • ethereum-classicEthereum Classic(ETC)$18.291.43%
  • stellarStellar(XLM)$0.0885100.23%
  • bitcoin-cashBitcoin Cash(BCH)$114.400.67%
  • internet-computerInternet Computer(ICP)$4.940.35%
  • true-usdTrueUSD(TUSD)$1.00-0.08%
  • filecoinFilecoin(FIL)$4.541.71%
  • lido-daoLido DAO(LDO)$1.99-0.12%
  • hedera-hashgraphHedera(HBAR)$0.052556-0.25%
  • AptosAptos(APT)$8.301.49%
  • ArbitrumArbitrum(ARB)$1.202.35%
  • crypto-com-chainCronos(CRO)$0.0604740.49%
  • nearNEAR Protocol(NEAR)$1.641.86%
  • vechainVeChain(VET)$0.0204225.41%
  • quant-networkQuant(QNT)$101.920.69%
  • GGTKNGGTKN(GGTKN)$0.107978-5.63%
  • apecoinApeCoin(APE)$3.250.64%
  • algorandAlgorand(ALGO)$0.1516740.19%
  • the-graphThe Graph(GRT)$0.1211531.89%
  • paxos-standardPax Dollar(USDP)$1.00-0.03%
  • fraxFrax(FRAX)$1.00-0.02%
  • EdgecoinEdgecoin(EDGT)$1.00-0.05%
  • eosEOS(EOS)$0.890.54%
  • the-sandboxThe Sandbox(SAND)$0.531.60%