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Stablecoin
SEC Sues Terraform Labs, CEO Do Kwon For Defrauding Investors
On Thursday, the U.S. Securities and Exchange Commission (SEC) sued Terraform Labs, the firm behind the failed TerraUSD stablecoin, and its co-founder, Do Kwon. The SEC is charging Terraform and Kwon with fraud, selling unregistered securities, selling unregistered security-based swaps and other related claims. CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses the charges in the aftermath of a collapse that triggered a wave of bankruptcies in the crypto industry.
Former CFTC Chairman Massad Reacts to SEC Suing Terraform Labs, Do Kwon for Misleading Investors
The U.S. Securities and Exchange Commission (SEC) sued Terraform Labs, the company behind the failed TerraUSD stablecoin, and its co-founder, Do Kwon. Former CFTC Chair and Harvard Kennedy School Research Fellow and Director of the Digital Assets Policy Project Timothy Massad discusses his outlook on stablecoins and crypto regulation in the U.S. Plus, the significance of a clearer regulatory framework for government agencies to protect investors better.
Former Paxos Head of Portfolio Management on 'Noise and Confusion' Around Stablecoins
Former Paxos Head of Portfolio Management and Columbia Business School Adjunct Professor Jesse Austin Campbell discusses the case for stablecoins and how it is a "very simple instrument." Campbell added, "One of the things that's always been a little bit confounding to me is the extreme sort of noise and confusion around [stablecoins] when really, they work very similarly to the things we're already familiar with and quite frankly had a great deal of reform in."
Stablecoin Issuer Paxos Burns $700M Binance USD Amid Regulatory Pressure
Paxos, the issuer of the $16 billion Binance USD (BUSD) stablecoin, has burned more than $700 million of BUSD tokens since Monday. That was when Paxos announced it would stop issuing the cryptocurrency amid mounting regulatory pressure, blockchain data shows. Jesse Austin Campbell, Former Paxos Head of Portfolio Management and Columbia Business School Adjunct Professor, discusses his outlook for the stablecoin market and crypto regulation.
Paxos to Stop Minting Stablecoin BUSD: What Happens Next?
Stablecoin issuer Paxos will stop minting new Binance USD (BUSD) tokens at the direction of the New York Department of Financial Services (NYDFS), with the news coming just after a report of the threat of legal action from the U.S. Securities and Exchange Commission (SEC). Former Paxos Head of Portfolio Management and Columbia Business School Adjunct Professor Jesse Austin Campbell weighs in. "The lesson showing people here is that over the last few years, the greatest mistake is to be an on shore regulated company in the crypto space," Campbell said.
Stablecoin Issuer Paxos ‘Categorically Disagrees’ With SEC That BUSD Is a Security
Paxos acknowledged it received a Wells Notice from the SEC, indicating a possible enforcement action is forthcoming based on the charge that its Binance USD (BUSD) stablecoin constitutes an unregistered security, according to a Monday press release. But the stablecoin issuer said it "categorically disagrees with the SEC staff because BUSD is not a security under the federal securities laws." CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discusses what we know so far and the larger implications for crypto regulation.
Paxos To Stop Minting BUSD After Regulatory Action; IMF Issues Warning Over El Salvador’s Bitcoin Experiment
Stablecoin issuer Paxos will stop minting new Binance USD (BUSD) tokens at the direction of the New York Department of Financial Services (NYDFS), with the news coming just after a report of the threat of legal action from the U.S. Securities and Exchange Commission (SEC). The International Monetary Fund (IMF) has warned that bitcoin's risks in El Salvador should be addressed. Shares of Hut 8 Mining continue to slide after agreeing to merge with U.S. Bitcoin Corp last week.