USDC, one of the popular altcoin projects, temporarily lost its peg at 1 dollar. On the other hand, Jeremy Allaire, CEO of USDC issuing company Circle, made various statements. Here are the details of what happened…
SEC should not be commissioned on stablecoins, Circle CEO says
Circle CEO Jeremy Alliare argues that the US financial regulator, the SEC, should not regulate stablecoins. On the other hand, the stablecoin USD Coin (USDC), issued by Circle, temporarily lost the 1 dollar parity with the US dollar. Circle CEO Jeremy Allaire told Bloomberg in a recent interview that the US Securities and Exchange Commission (SEC) should not be tasked with stablecoin regulation. Allaire argues that stablecoins are payment systems, not “securities.” Allaire quoted:
I don’t think the SEC is a suitable regulator for stablecoins. There is a reason why governments say payment stablecoins in particular are a payment system and banking regulatory activity.
cryptocoin.com As we reported, Circle maintained its stance that “not all stablecoins are created equal” when the SEC issued a Wells Statement to Paxos, which issued the stablecoin Binance USD (BUSD). According to Circle, since stablecoins like USDC are payment systems, it “tacitly” excludes stablecoins from classification as securities. However, the CEO of Circle said he favors a recent proposal from the SEC on crypto oversight that would make it much more difficult for exchanges in general to offer custody services. He drew attention to the importance of providing quality custody services.
Popular altcoin loses dollar peg
The stablecoin USDC, issued by Circle, has temporarily lost its 1 dollar parity with the US Dollar. USDC dropped to a 24-hour low of $0.9961 before returning to the $1 level. The stablecoin has experienced a temporary de-peg event several times since February 23, as the chart below shows. The US SEC has yet to comment on its stance on Circle’s stablecoin.
Circle is the issuer of USD Coin (USDC), the second largest stablecoin in the world. It has a circulating supply of $42.2 billion, providing a market share of 31 percent. Tether remains the dominant stablecoin with a supply of $70.6 billion and a market share of 52 percent, according to CoinGecko. The US financial regulator recently launched its crackdown on stablecoin issuers and cryptocurrency exchange platforms. On February 23, Allaire announced that he was joining SEC Commissioner Hester Peirce, who said the agency should appeal to Congress. Due to the lack of legislation, some believe the SEC has taken over its responsibilities regarding crypto regulation and enforcement.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.