Stablecoin Exodus: Liquidity Continues to Drain as Capital Leaves Crypto Space.
Since the collapse of FTX in November 2020, nearly $24 billion of stablecoins have left exchanges, causing the total marketcap of stablecoins to dip by $16 billion.
Stablecoin Issuers Spend Over a Million Dollars Lobbying Lawmakers on Capitol Hill for Regulatory Framework
Stablecoin issuers, including Tether and Circle, have spent over a million dollars lobbying lawmakers on Capitol Hill since the beginning of 2022. This comes as pressure mounts to establish a regulatory framework for dollar-pegged digital assets. Tether has spent around $600,000 on lobbying efforts so far this year, while Circle has spent at least $560,000. The lobbying efforts have focused on educating policymakers on stablecoin and cryptocurrency issues and monitoring cryptocurrency proposals.
Hearing lays bare deepening partisan cracks in the wake of FTX and Terra scandals
A hearing on stablecoin regulation held by a subcommittee of the House Financial Services Committee showed deepening partisan cracks between Republicans and Democrats. While both parties agree on the need for stablecoin rules, they clashed over key details of what such a framework should look like. A major sticking point is who should regulate stablecoin issuers, with Democrats favouring giving the Federal Reserve the role of primary regulator, while Republicans say they should be primarily regulated at state level. Despite this rift, there is hope for recovering bipartisanship on stablecoins, as there is broad agreement in Congress that the US needs stablecoin regulation.
House Democrats Propose Alternative Stablecoin Bill, Highlighting Differences with Republicans
House Democrats are working on their own version of a stablecoin bill, which differs from the Republican effort. The Democrats' proposal focuses more on consumer protection and gives the Federal Reserve veto power over stablecoin issuers' registration. The bill defines "payment stablecoins" as a specific classification of digital assets, and the Democrats' version calls for a moratorium on algorithmic stablecoins. The committee is set to hold another hearing on stablecoins legislation on May 18.
MakerDAO Unveils AI-Powered Governance Model and New Tokens in Bid To Become Top Stablecoin Project
MakerDAO has unveiled a governance model that will utilize artificial intelligence (AI) and introduce new crypto tokens under a new brand. The AI tools will create a "governance equilibrium" that guides development, while the new tokens will unite the Maker governance token (MKR) and the Dai stablecoin (DAI).
TrueUSD Announces Plan for International Expansion of Management Services
TrueUSD, a leading stablecoin provider, has announced plans for an international transition of its management services in line with the industry trend of global expansion. TrueUSD has been a trusted stablecoin during recent market volatility and disruption to the US banking sector. The expansion and transition of TrueUSD's operations were part of its acquisition plan in 2020, and the conditions are now appropriate to begin the next phase of portfolio review, consolidation and growth.
DEUS's Stablecoin DEI Hacked, PeckShield Estimates Losses Exceed $6.3 Million
May 6 (Cointime) - DEUS, the DeFi protocol that recently suffered a hack on its stablecoin DEI, is calling on all white hat hackers who were able to rescue funds during the exploit to get in touch with the DEUS team.
DEUS's Stablecoin DEI Hacked, PeckShield Says Losses Exceed $6.3 Million
The hack appears to have been a public burn vulnerability, resulting in a loss of over $1.3 million on the Binance Smart Chain (BSC) alone.
New York AG’s Office Seeks Additional Authority Over Crypto Firms
In a May 5 announcement, the NY AG’s office planned to submit a bill called the Crypto Regulation, Protection, Transparency and Oversight Act, or CRPTO, in the state's 2023 legislative session.
Curve Finance Deploys Native Stablecoin on Mainnet
Decentralized finance (DeFi) protocol Curve Finance deployed its highly anticipated native stablecoin called crvUSD on the Ethereum mainnet Wednesday afternoon.
