According to reports, 'endogenously collateralized stablecoins,' which rely on the value of an attached cryptocurrency from the same inventor to maintain a stable price, will be covered by the definition of the bill.
Bitfinex and Tether's attorneys also want the law firm to return or destroy all defendant-issued documents and confirm that they have not been disseminated.
According to Alex Fowler and Patrick Murck of Transparent Systems, the issuers of stablecoins like Tether and USDC constitute a new rentier class that is sapping value from the DeFi system.
The SEC followed its own guidelines for serving subpoenas, according to the court.
The resurrected luna token is already available for purchase on exchanges. However, its value is plummeting.
Following the collapse of cryptocurrency terra (LUNA) and stablecoin terrausd, the South Korean government is proposing stricter rules, including a common listing requirement, for all cryptocurrency exchanges in the nation (UST).
LUNA classic and UST classic holders got an airdrop of fresh LUNA 2.0 tokens based on two blockchain snapshots on Saturday, May 28, 2022. The crypto asset's initial recorded value was $14.31 per unit at 5 a.m. (ET), and it reached an all-time high (ATH) of $18.87 per LUNA 20 minutes later. At 11:00 a.m. on Saturday, LUNA was trading for $4.20 per unit, down more than 70%.
The search for the ideal 'stand-in' for the US dollar continues. The crash of UST, however, implies that algo stables are 'inherently weak.'
According to the FCA's executive director for markets, market instability in stablecoins must be considered.
'It was evident to me, it was clear to many that I knew it was a horrible idea,' said Paolo Ardoino, CTO of Tether and Bitfinex.