Connect with us

Cryptocurrency

Stablecoins’ recent depegging is not a ‘real threat to financial stability,’ says Janet Yellen

Published

on


Stablecoins’ recent depegging is not a ‘real threat to financial stability,’ says Janet Yellen

According to United States Treasury Secretary Janet Yellen, the stablecoin market is not at the scale at which the drop in the price of TerraUSD (UST) and Tether (USDT) below $1 would present a threat to the country’s financial stability.

In a Thursday hearing of the House Financial Services Committee on the Financial Stability Oversight Council’s Annual Report to Congress, Yellen hinted that the stablecoin market was not yet at a size in which UST dropping to under $0.40 and USDT — the largest stablecoin by market capitalization — briefly depegging from the dollar to hit $0.96 would create a “real threat to financial stability.” The Treasury Secretary cited a November report from the President’s Working Group on Financial Markets and said the council was currently analyzing “potential financial stability risks” in the digital asset space.

U.S. Treasury Secretary Janet Yellen addressing members of the House Financial Services Committee on Thursday

Continue Reading on Coin Telegraph

Cryptocurrency

Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

Published

on


Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

United States Commodity Futures Trading Commission (CFTC) commissioner Kristin N. Johnson was named the sponsor of the agency’s Market Risk Advisory Committee (MRAC) on Tuesday. She replaced CFTC chair Rostin Behnam in that role.

Johnson was nominated to be a CFTC commissioner by U.S. President Joe Biden in September 2021, concurrent to the nominations of commissioner Christy Goldsmith Romero and acting chairman Behnam as the permanent chair. Johnson was sworn in on March 30. She moved into the position after spending over a decade as a law professor. Johnson is the author of academic papers in which she has advocated for stricter controls over cryptocurrency. Johnson said in a statement:

Continue Reading on Coin Telegraph

Continue Reading

Cryptocurrency

Crypto users react to Terraform Labs legal team purportedly leaving company

Published

on


Crypto users react to Terraform Labs legal team purportedly leaving company

The ongoing saga with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn following a supposed change in employment status for many on the firm’s legal team.

According to their LinkedIn profiles, Terraform Labs general counsel Marc Goldich, chief litigation and regulatory counsel Noah Axler and chief corporate counsel Lawrence Florio have all stopped working for the blockchain firm as of May 2022. Goldich started at Terraform Labs in August 2021 while Axler and Florio joined in January 2022.

Continue Reading on Coin Telegraph

Continue Reading

Cryptocurrency

Do Kwon proposes Terra hard fork to save ecosystem

Published

on


Do Kwon proposes Terra hard fork to save ecosystem

On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA).

However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC). Under Kwon’s plan, if passed, the new LUNA blockchain will go live on May 27.

Continue Reading on Coin Telegraph

Continue Reading

News

Stock Markets23 mins ago

Glass Lewis backs McDonald’s directors in boardroom fight with Carl Icahn

2/2 © Reuters. FILE PHOTO: A sign with the logo is on display near a McDonald’s restaurant in Moscow, Russia...

Economy23 mins ago

Australian banks enter tech arms race as rising rates squeeze profit

4/4 © Reuters. FILE PHOTO: A view of a Commonwealth Bank of Australia branch in Sydney, Australia, April 18, 2018....

Stock Markets23 mins ago

China Eastern crash probe eyes intentional action – sources

© Reuters. FILE PHOTO: Rescue workers work at the site where a China Eastern Airlines Boeing 737-800 plane flying from...

Stock Markets24 mins ago

U.S. accuses casino tycoon Wynn of acting as Chinese agent

2/2 © Reuters. FILE PHOTO: Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference...

Cryptocurrency24 mins ago

Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee United States Commodity Futures Trading Commission (CFTC) commissioner Kristin N....

World24 mins ago

Pollution killing 9 million people a year, Africa hardest hit – study

5/5 © Reuters. FILE PHOTO: A boy swims in the polluted water of the Makoko community in Lagos, Nigeria March...

Politics53 mins ago

McConnell urges Biden administration to ensure sustained aid to Ukraine

© Reuters. FILE PHOTO: U.S. Senate Minority Leader Mitch McConnell (R-KY) listens as another Republican senator speaks to reporters following...

Stock Markets53 mins ago

Prominent hedge funds invested in Twitter before Musk unveiled plans

© Reuters. FILE PHOTO: The Twitter logo and trading information is displayed as a trader works on the floor of...

World54 mins ago

N.Korean leader Kim slams officials’ ‘immature’ response amid COVID outbreak

© Reuters. FILE PHOTO: People wearing protective face masks walk amid concerns over the new coronavirus disease (COVID-19) in front...

Stock Markets54 mins ago

Architect of Allianz fraud made $60 million as he lied to investors, U.S. says

3/3 © Reuters. FILE PHOTO: Allianz Global Investors logo is pictured at the company’s headquarters in Frankfurt, Germany August 16,...

Cryptocurrency1 hour ago

Crypto users react to Terraform Labs legal team purportedly leaving company

Crypto users react to Terraform Labs legal team purportedly leaving company The ongoing saga with Terraform Labs, the blockchain developer...

World1 hour ago

Michigan judge blocks enforcement of state’s pre-Roe v. Wade abortion ban

© Reuters. FILE PHOTO: Pro-Choice supporters of Planned Parenthood rally outside a Planned Parenthood clinic in Detroit, Michigan, U.S. February...

Stock Markets1 hour ago

U.S. sues to compel former casino magnate Wynn to register as agent of China

2/2 © Reuters. FILE PHOTO: Steve Wynn, Chairman and CEO of Wynn Resorts, speaks during the Milken Institute Global Conference...

World1 hour ago

Burkina Faso rescuers find no survivors in flooded mine’s rescue chamber

© Reuters. A view shows one of the galleries during a rescue operation inside Perkoa mine where water is still...

Politics1 hour ago

U.S. lawmakers unveil FDA emergency funds bill to address baby formula shortage

2/2 © Reuters. Empty shelves show a shortage of baby formula at a Target store in San Antonio, Texas, U.S....

Commodities1 hour ago

Oil falls 2% on Powell comments, hopes for Venezuela supply

© Reuters. FILE PHOTO: Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the...

Commodities1 hour ago

Venezuela’s Maduro, opposition expected to talk; U.S. eases some sanctions -sources

© Reuters. FILE PHOTO: Venezuela’s President Nicolas Maduro and his wife Cilia Flores dance during the May Day celebrations in...

Stock Markets2 hours ago

U.S. Senator Manchin backs Michael Barr for top Fed regulatory job

© Reuters. FILE PHOTO: The Federal Reserve building is seen before the Federal Reserve board is expected to signal plans...

Sports & General2 hours ago

Dallas hair salon shooting suspect had delusions about Asians, police say

2/2 © Reuters. An image shows the suspect in the shooting at the Hair World Salon in Dallas on May...

Commodities2 hours ago

Oil Inventories Unexpectedly Drop by 2.4M Barrels Last Week: API

© Reuters. By Yasin Ebrahim Investing.com — U.S. crude oil inventories unexpectedly dropped last week, the API reported Tuesday, following a...

Cryptocurrency2 hours ago

Do Kwon proposes Terra hard fork to save ecosystem

Do Kwon proposes Terra hard fork to save ecosystem On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain,...

Stock Markets2 hours ago

Elon Musk’s SpaceX is poised to become the most valuable U.S. startup

3/3 © Reuters. FILE PHOTO: A SpaceX Falcon 9 rocket lifts off carrying three NASA astronauts and one ESA astronaut...

Forex2 hours ago

U.S. considering move to block Russian debt payments -Treasury

© Reuters. FILE PHOTO: Russian Rouble coins are seen in front of displayed U.S. Dollar banknote in this illustration taken,...

Sports & General2 hours ago

Key moments in the Johnny Depp and Amber Heard defamation trial

© Reuters. Actor Johnny Depp walks into the courtroom after a break at the Fairfax County Circuit Courthouse in Fairfax,...

Stock Markets2 hours ago

Tesla stops taking orders for Cybertruck outside North America -website

2/2 © Reuters. Tesla’s Cybertruck is displayed at Manhattan’s Meatpacking District in New York City, U.S., May 8, 2021. REUTERS/Jeenah...

Stock Markets2 hours ago

Cisco Earnings, Lowe’s Outlook, Target Reports: 3 Things to Watch

By Liz Moyer Investing.com — U.S. stocks roared back after a strong retail sales report and reassurances from Federal Reserve...

Sports & General2 hours ago

Depp lawyer questions Heard about drugs, love notes in defamation case

2/2 © Reuters. Actors Amber Heard and Johnny Depp watch as the jury leaves the courtroom at the end of...

Stock Markets2 hours ago

What happened with Abbott baby formula that worsened a U.S. shortage?

2/2 © Reuters. FILE PHOTO: Abbott Laboratories logo is displayed on a screen at the New York Stock Exchange (NYSE)...

Stock Markets2 hours ago

Where’s the beef? McDonald’s, Wendy’s are sued over burger sizes

2/2 © Reuters. FILE PHOTO: The McDonald’s logo is seen outside the fast-food chain McDonald’s in New York, U.S., October...

Stock Markets2 hours ago

Slovak finance minister sets up battle with proposed tax on Russian oil processing

© Reuters. FILE PHOTO: Slovakia’s finance minister, Igor Matovic, speaks to the media as refugees fleeing from Ukraine arrive in...

Trending