Crypto’s meltdown refocuses regulator attention on the industry

“Terra is throwing everything including the sink here, but the market is down on them,” said Ed Moya, a crypto analyst at the trading firm OANDA. Moya said the coin’s meltdown, and the broader crypto sell-off it helped provoke, appears to have soured investors on digital assets for now. “There’s been a lot of damage across both retail and institutional traders, and the crypto trade is not looking appealing just yet.

A number of stablecoin regulation proposals are circulating in Congress, but none follow the approach suggested by the Treasury-led group. Crypto industry leaders are turning their attention to a more comprehensive bill for establishing a crypto regulatory framework that Sens. Cynthia M. Lummis and Kirsten Gillibrand are expected to introduce soon.

Lummis said the proposal could snuff out coins like UST, known as algorithmic stablecoins for the trading mechanism designed to keep their price at a dollar. “We continue to evaluate that issue and others after our bill draft passes because our draft contemplates consumer safety provisions that would render an algorithmic stablecoin less attractive, even to an issuer,” Lummis said. “We continue to evaluate that issue and others.

PonziCoin PonziScheme

Why? They didn’t want the Government to regulate the instruments that would make them super wealthy. They shouldn’t want the Government to step in now that they’re losing everything. We shouldn’t pay for their greed. They didn’t pay for insurance against this financial failure.

Ponzi schemes, even if you dress them up in tech, and call it a cool name like 'crypto' SHOULD BE BANNED. NOT REGULATED, BANNED!

Ya think? Money from nothing except for burning energy to mine, what? This from a bunch of couch potatoes just burning through thier CPU. You want to mine? Get off your ass and go to an actual mine. Get a ride a mile underground and use pneumatic chisels and explosives.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

$1.9T wipeout in crypto risks spilling over to stocks, bonds — stablecoin Tether in focusThe dangers posed by stablecoin to the traditional market cannot be dismissed due to Tether's exposure to the U.S. credit system. There's only one safehaven Stop spreading fud 🤮🤦‍♂️💩 yes
Source: Cointelegraph - 🏆 562. / 51 Read more »

New York crypto company CEO arrested by FBI, charged with fraudA criminal complaint charged that Eddy Alexandre solicited funds from hundreds of individual investors after making false representations in connection with his trading platform. Why everybody is silent about this If you invest millions into an unheard of “crypto exchange” where a “CEO” tells you an algorithm to his yield farming strategy is “secret technology that can’t be disclosed” you deserve to get Ponzi’d.. 🤣 Some months back I had no way of taking care of my kids , had no job or money also struggling through the pandemic,so I decided to try Bitcoin trading with the help of Allison_Grillo I was able to earn $50,000 now am financially stable.
Source: TheBlock__ - 🏆 464. / 53 Read more »