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Hester Peirce Supports Stablecoin Regulations With Room For Failure

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Hester Peirce Supports Stablecoin Regulations With Room For Failure

    • “Crypto mom”, Hester Pierce, is showing her support for a regulatory framework for stablecoins that allows “room for there to be failure.”
    • Pierce stated that one place we might see some movement is around stablecoins.
    • She has made an effort to urge the SEC to use its regulatory powers to provide exemptions to particular technologies.

The United States Securities and Exchange Commission’s (SEC) “crypto mom”, Hester Peirce, is showing her support for a regulatory framework for stablecoins that allows “room for there to be failure.”

On Thursday, while speaking at an online panel hosted by financial think-tank the Official Monetary and Financial Institutions Forum (OMFIF), Pierce was asked to shed some light on the actions that are being taken by U.S. regulatory bodies with regard to cryptocurrencies.

Peirce answered that “one place we might see some movement is around stablecoins.” She mentioned that this was an area that received a lot of attention throughout this week.

Peirce added that “it’s been one area within crypto that’s really had quite a moment and there’s a lot of stablecoin use and therefore people are thinking down the road, if this gets even bigger do we want to have some kind of regulatory framework?”

The “crypto mom” also stated that she has made an effort to urge the SEC to use its regulatory powers to provide exemptions to particular technologies which she says would allow for important experimentation.

“We need to allow room for there to be failure because that obviously is part of trying new things and our framework really does allow for that kind of trial and error.”

The United States Secretary of the Treasury, Janet Yellen,mentioned the depegging of the USD stablecoin TerraUSD (UST) this week and used the incident as a reason for creating a “consistent federal framework” on stablecoins.

Peirce concluded by saying that the regulations”try to cover what exists today”, but also “what is going to exist tomorrow and that’s not easy to do.”

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Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

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Candidate supported by Bankman-Fried-linked PAC loses Oregon primary

Andrea Salinas has won the Democratic primary election for the newly created Oregon 6th District seat in the United States House of Representatives. Practically since it started, the election race was the object of intensive media attention, which most often centered around Salinas’ opponent Carrick Flynn, whose campaign was generously funded by the Protect Our Future political action committee (PAC) backed by billionaire FTX CEO Sam Bankman-Fried. The PAC paid for a flood of advertising supporting Flynn.

Salinas won the seat with 38% of the vote, while Flynn came in second at 19%, with the remaining votes split among seven other candidates.

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Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

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Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan

In times of high stress and market turmoil, sports entertainment has served as a valuable escape for people around the world as they get a chance to root for their favorite players and teams while briefly forgetting about the worries of the world.

Amid the ongoing market volatility and falling crypto prices, sports fans have cause to rejoice as multiple fan tokens have bucked the downtrend on May 18 to post 40% plus gains.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

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Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

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Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?

The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider.

While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where they also lost their dollar peg due to the market-wide panic.

USDT/USD last week from May. 8–14th. Source: CoinMarketCap
FRAX, MIM, FEI and LUSD price from May. 9 – 15th. Source: CoinMarketCap

Asset-backed stablecoins were in favor during downturn, except for USDT

USDT, USDC and DAI hourly price. Source: CoinGecko API
Curve DAI/USDC/USDT 3Pool proportion. Source: @elenahoo Dune Analytics
Curve DAI/USDC/USDT/sUSD 4Pool proportion. Source: @elenahoo Dune Analytics

Are algorithmic stablecoins finished?

Curve FRAX/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics
Curve MIM/3CRV 3Pool proportion. Source: @elenahoo Dune Analytics

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