![]() ![]() This is huge progress in the acceptance of stablecoins and provides a path for their adoption as fundamental infrastructure for financial and economic activity in the coming decade,” he added. “The rapid scaling and strategic importance of this to dollar competitiveness in the age of crypto and blockchains is critical. “We are fully supportive of the call for Congress to act and establish federal banking supervision for stablecoin issuance,” said Allaire in a statement. Other market participants like Circle co-founder, CEO and Chairman Jeremy Allaire see the writing on the wall, and want to at least make sure they get to choose the ink. Yahoo Finance’s Jennifer Schonberger, who’s been pursuing this story for weeks, noted that the inter-agency recommendations “are intended to curtail risks posed to the financial system,” and that regulators are calling on Congress to mandate that issuers “become banks subject to oversight by the Federal Reserve and the Comptroller of the Currency.”Īs one might expect, crypto players like the Chamber of Digital Commerce (which also spoke to Schonberger last week) are pushing back against the idea that an asset whose very existence is predicated upon being stable could pose systemic risk. government released a long-awaited set of recommendations on how regulators and lawmakers should treat stablecoin, a slice of the digital coin market where values are tied to fiat currencies like U.S. SHIB’s sudden rise and the commensurate drop in squid couldn't have arrived at a more auspicious time. To crib a phrase from that chef from Seinfeld, “no soup for you.” In a matter of days, the squid coin went supernova - then crashed and burned as developers yanked the rug out from aspiring crypto fortune-hunters. Last week, with market players transfixed by the rise of Shiba Inu ( SHIB), another memecoin based on the hugely popular “Squid Game” Netflix series came from nowhere. While bitcoin sucks up the most oxygen in the crypto world, there are other digital coins that investors and policymakers are just starting to wrap their heads around. ![]()
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