Breaking the Law: Long Waves After May 16-23 UST Collision


Two weeks have passed since the shock of the TerraUSD (UST) defegging, but the long wave of this event is still coming. The Congressional Research Service describes the UST crash as a “run-like” scenario, and the crypto industry has not reached the level of “adequate regulation” of traditional financial markets.

Michael Barr, a former advisor to Ripple Labs and chosen by US President Joe Biden as Vice-Chairman of Federal Reserve Oversight, agrees. At the hearing, he specifically mentioned “some significant risks” that innovative technologies and cryptocurrencies pose.

It’s not just the United States that regulators are concerned about stablecoins. Sarah Pritchard, market director for the UK’s Financial Conduct Authority (FCA), reassured reporters that the FCA would “absolutely” consider the case. payment method.

The recent turmoil has even put the Group of Seven on strain, with the Financial Stability Board spurring crypto asset regulations to accelerate. Officials from Canada, France, Germany, Italy, Japan, Great Britain and the United States had to convene a special meeting in the town of Koenigswinter, which had a population of 40,000. On the other hand, South Korea’s Conservative Party even made a request. Parliamentary hearings on this issue.

17 questions about encryption

How can the US strengthen the economic competitiveness of its digital assets? The US Department of Commerce believes 17 other questions will help answer this question. The department will publish a series of 17 questions in a request for comment through the Bureau of International Trade. Hopefully, public response will help the department develop a comprehensive regulatory framework.

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The war for 401(k) continues

To summarize a discussion that took place a few weeks ago, Congressman Byron Donalds of Florida introduced the Fiscal Freedom Act in the US House of Representatives. The bill’s primary mission is to prevent the U.S. Department of Labor from limiting the types of investments that can be included in Americans’ self-directed 401(k) retirement plans that seek to ban retirees from embedding cryptocurrency in their 401(k). plan.

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Launch of Chainabuse

Binance, Circle, TRM Labs, and four other major crypto companies have launched Chainabuse, a community-based fraud reporting tool aimed at self-regulation. The platform helps users to actively report and discuss cases of fraud and benefit from a database of illicit activity that is available free of charge to investigate projects before investing.

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