The Securities and Exchange Commission is considering new firewalls for custody and market-making businesses at crypto firms and pushing for more SEC oversight of stablecoins.to the University of Pennsylvania's law school, SEC chair Gary Gensler said:
"Unlike traditional exchanges, currently centralized crypto trading platforms generally take custody of their customers’ assets. Last year, more than $14 billion of value was stolen. I’ve asked staff how to work with platforms to get them registered and regulated and best ensure the protection of customers’ assets, in particular whether it would be appropriate to segregate out custody."
Gensler continued to apply similar logic to crypto exchanges' market-making functions, many of which trade with users on their own platforms from their own accounts. Elsewhere in the speech, Gensler expressed concerns about stablecoins, appearing to call out USDT and USDC in all but name for their lack of redemption rights:
"The three largest stablecoins were created by trading or lending platforms themselves, and U.S. retail investors have no direct right of redemption for the two largest stablecoins by market capitalization. There are conflicts of interest and market integrity questions that would benefit from more oversight."
Check out Kiba. The contract has a built in burn function making it deflationary (4% burnt to date), on April 8th they will be announcing their next huge marketing move plus on April 8th they will be announcing their next huge marketing move CRYPTO KIBAKREW
💳 DYOR on $MTV 💳 this one suppose to be the next bsc moonshot.It is also verified by Certik
Fk GaryGensler He needs to control congress and their inside trading habits....SpeakerPelosi just made a cool $50 million front running Tesla stock split news.
Are you doing business in Russia?
Gensler needs to be regulated :)