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A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

• The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
  • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
    • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
      • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
        • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

          See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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          Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

          December 18, 2023

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          December 3, 2024

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          >

          Follow The Distributed

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          ADVERTISEMENT
          \n

          Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

          A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

          • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
            • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
              • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                  • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                    See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                    Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                    December 18, 2023

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                    Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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                    December 3, 2024

                    Subscribe To Our Newsletter

                    By subscribing, you agree with our privacy and terms.

                    Type your email here

                    >

                    Follow The Distributed

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                    ADVERTISEMENT
                    \n

                    The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                    Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                    A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                    • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                      • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                        • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                          • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                            • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                              See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                              Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                              December 18, 2023

                              Artificial Intelligence

                              Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                              December 19, 2024

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                              Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                              August 15, 2024

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                              Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                              November 24, 2024

                              Artificial Intelligence

                              Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                              December 3, 2024

                              Subscribe To Our Newsletter

                              By subscribing, you agree with our privacy and terms.

                              Type your email here

                              >

                              Follow The Distributed

                              Twitter Instagram Youtube LinkedIn Facebook RSS

                              

                              ADVERTISEMENT
                              \n

                              Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                              The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                              Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                              A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                              • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                  • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                    • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                      • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                        Most Read

                                        Cryptocurrencies

                                        Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                        December 18, 2023

                                        Artificial Intelligence

                                        Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                        December 19, 2024

                                        Artificial Intelligence

                                        Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                        August 15, 2024

                                        Artificial Intelligence

                                        Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                        November 24, 2024

                                        Artificial Intelligence

                                        Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                        December 3, 2024

                                        Subscribe To Our Newsletter

                                        By subscribing, you agree with our privacy and terms.

                                        Type your email here

                                        >

                                        Follow The Distributed

                                        Twitter Instagram Youtube LinkedIn Facebook RSS

                                        

                                        ADVERTISEMENT
                                        \n

                                        Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                        Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                        The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                        Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                        A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                        • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                          • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                            • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                              • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                  See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                  Most Read

                                                  Cryptocurrencies

                                                  Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                  December 18, 2023

                                                  Artificial Intelligence

                                                  Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                  December 19, 2024

                                                  Artificial Intelligence

                                                  Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                  August 15, 2024

                                                  Artificial Intelligence

                                                  Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                  November 24, 2024

                                                  Artificial Intelligence

                                                  Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                  December 3, 2024

                                                  Subscribe To Our Newsletter

                                                  By subscribing, you agree with our privacy and terms.

                                                  Type your email here

                                                  >

                                                  Follow The Distributed

                                                  Twitter Instagram Youtube LinkedIn Facebook RSS

                                                  

                                                  ADVERTISEMENT
                                                  \n

                                                  The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                  Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                  Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                  The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                  Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                  A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                  • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                    • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                      • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                        • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                          • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                            See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                                            Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                            December 18, 2023

                                                            Artificial Intelligence

                                                            Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

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                                                            Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

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                                                            November 24, 2024

                                                            Artificial Intelligence

                                                            Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                            December 3, 2024

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Type your email here

                                                            >

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS

                                                            

                                                            ADVERTISEMENT
                                                            \n

                                                            \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                            The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                            Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                            Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                            The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                            Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                            A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                            • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                              • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                  • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                    • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                      See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                                            Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                            December 18, 2023

                                                            Artificial Intelligence

                                                            Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                            December 19, 2024

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                                                            Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                            August 15, 2024

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                                                            Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                            November 24, 2024

                                                            Artificial Intelligence

                                                            Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                            December 3, 2024

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Type your email here

                                                            >

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS

                                                            

                                                            ADVERTISEMENT

                                                            \n

                                                            See Related:<\/em><\/strong> Cryptocurrency Statistics And Insights (2022)<\/a><\/p>\n\n\n\n

                                                            \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                            The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                            Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                            Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                            The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                            Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                            A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                            • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                              • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                  • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                    • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                      See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                            Most Read

                                                            Cryptocurrencies

                                                            Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                            December 18, 2023

                                                            Artificial Intelligence

                                                            Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                            December 19, 2024

                                                            Artificial Intelligence

                                                            Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                            August 15, 2024

                                                            Artificial Intelligence

                                                            Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                            November 24, 2024

                                                            Artificial Intelligence

                                                            Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                            December 3, 2024

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Type your email here

                                                            >

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS

                                                            

                                                            ADVERTISEMENT

                                                            \n

                                                            Furthermore, Tether has committed to aligning with the Office of Foreign Assets Control's Specially Designated Nationals List as a step to extend sanctions controls, ensuring comprehensive security measures in the secondary market.<\/p>\n\n\n\n

                                                            See Related:<\/em><\/strong> Cryptocurrency Statistics And Insights (2022)<\/a><\/p>\n\n\n\n

                                                            \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                            The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                            Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                            Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                            The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                            Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                            A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                            • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                              • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                  • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                    • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                      See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                            Most Read

                                                            Cryptocurrencies

                                                            Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                            December 18, 2023

                                                            Artificial Intelligence

                                                            Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                            December 19, 2024

                                                            Artificial Intelligence

                                                            Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                            August 15, 2024

                                                            Artificial Intelligence

                                                            Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                            November 24, 2024

                                                            Artificial Intelligence

                                                            Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                            December 3, 2024

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Type your email here

                                                            >

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS

                                                            

                                                            ADVERTISEMENT

                                                            \n

                                                            One of the initiatives outlined, according to the statement shared by the company<\/a> on its website, is the implementation of stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards. <\/p>\n\n\n\n

                                                            Furthermore, Tether has committed to aligning with the Office of Foreign Assets Control's Specially Designated Nationals List as a step to extend sanctions controls, ensuring comprehensive security measures in the secondary market.<\/p>\n\n\n\n

                                                            See Related:<\/em><\/strong> Cryptocurrency Statistics And Insights (2022)<\/a><\/p>\n\n\n\n

                                                            \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                            The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                            Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                            Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                            The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                            Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                            A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                            • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                              • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                  • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                    • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                      See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                            Most Read

                                                            Cryptocurrencies

                                                            Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                            December 18, 2023

                                                            Artificial Intelligence

                                                            Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                            December 19, 2024

                                                            Artificial Intelligence

                                                            Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                            August 15, 2024

                                                            Artificial Intelligence

                                                            Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                            November 24, 2024

                                                            Artificial Intelligence

                                                            Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                            December 3, 2024

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Type your email here

                                                            >

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS

                                                            

                                                            ADVERTISEMENT

                                                            \n

                                                            Money Laundering And Tether<\/h2>\n\n\n\n

                                                            One of the initiatives outlined, according to the statement shared by the company<\/a> on its website, is the implementation of stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards. <\/p>\n\n\n\n

                                                            Furthermore, Tether has committed to aligning with the Office of Foreign Assets Control's Specially Designated Nationals List as a step to extend sanctions controls, ensuring comprehensive security measures in the secondary market.<\/p>\n\n\n\n

                                                            See Related:<\/em><\/strong> Cryptocurrency Statistics And Insights (2022)<\/a><\/p>\n\n\n\n

                                                            \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                            The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                            Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                            Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                            The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                            Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                            A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                            • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                              • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                  • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                    • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                      See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                                            Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                            December 18, 2023

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                                                            November 24, 2024

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                                                            December 3, 2024

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Type your email here

                                                            >

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS

                                                            

                                                            ADVERTISEMENT

                                                            \n

                                                            Paolo Ardoino, the CEO of Tether, said: \"Tether is grateful for the opportunity to address the concerns raised by US lawmakers, and we are committed to continuing Tether's close work with law enforcement in the US and globally. Tether seeks to be a world-class partner to the US as we continue to assist law enforcement and expand dollar hegemony globally.\"<\/em><\/p>\n\n\n\n

                                                            Money Laundering And Tether<\/h2>\n\n\n\n

                                                            One of the initiatives outlined, according to the statement shared by the company<\/a> on its website, is the implementation of stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards. <\/p>\n\n\n\n

                                                            Furthermore, Tether has committed to aligning with the Office of Foreign Assets Control's Specially Designated Nationals List as a step to extend sanctions controls, ensuring comprehensive security measures in the secondary market.<\/p>\n\n\n\n

                                                            See Related:<\/em><\/strong> Cryptocurrency Statistics And Insights (2022)<\/a><\/p>\n\n\n\n

                                                            \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                            The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                            Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                            Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                            The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                            Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                            A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                            • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                              • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                  • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                    • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                      See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                                            Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                            December 18, 2023

                                                            Artificial Intelligence

                                                            Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                            December 19, 2024

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                                                            August 15, 2024

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                                                            November 24, 2024

                                                            Artificial Intelligence

                                                            Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                            December 3, 2024

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Type your email here

                                                            >

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS

                                                            

                                                            ADVERTISEMENT

                                                            \n

                                                            Tether has publicly shared letters addressed to the US Congress, highlighting insight against Illicit crypto usage in the crypto space. Addressed to the Senate Committee on Banking, Housing, and Urban Affairs and the US House Financial Services Committee, these letters offered a detailed insight into Tether's stance against illicit crypto use.<\/p>\n\n\n\n

                                                            Paolo Ardoino, the CEO of Tether, said: \"Tether is grateful for the opportunity to address the concerns raised by US lawmakers, and we are committed to continuing Tether's close work with law enforcement in the US and globally. Tether seeks to be a world-class partner to the US as we continue to assist law enforcement and expand dollar hegemony globally.\"<\/em><\/p>\n\n\n\n

                                                            Money Laundering And Tether<\/h2>\n\n\n\n

                                                            One of the initiatives outlined, according to the statement shared by the company<\/a> on its website, is the implementation of stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards. <\/p>\n\n\n\n

                                                            Furthermore, Tether has committed to aligning with the Office of Foreign Assets Control's Specially Designated Nationals List as a step to extend sanctions controls, ensuring comprehensive security measures in the secondary market.<\/p>\n\n\n\n

                                                            See Related:<\/em><\/strong> Cryptocurrency Statistics And Insights (2022)<\/a><\/p>\n\n\n\n

                                                            \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                            The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                            Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                            Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                            The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                            Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                            A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                            • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                              • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                  • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                    • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                      See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                            Most Read

                                                            Cryptocurrencies

                                                            Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                            December 18, 2023

                                                            Artificial Intelligence

                                                            Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                            December 19, 2024

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                                                            Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                            August 15, 2024

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                                                            November 24, 2024

                                                            Artificial Intelligence

                                                            Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                            December 3, 2024

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Type your email here

                                                            >

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS

                                                            

                                                            ADVERTISEMENT

                                                            \n

                                                            One of the plans is the implementation of proper KYC and AML procedures.<\/li>\n<\/ul>\n\n\n\n

                                                            Tether has publicly shared letters addressed to the US Congress, highlighting insight against Illicit crypto usage in the crypto space. Addressed to the Senate Committee on Banking, Housing, and Urban Affairs and the US House Financial Services Committee, these letters offered a detailed insight into Tether's stance against illicit crypto use.<\/p>\n\n\n\n

                                                            Paolo Ardoino, the CEO of Tether, said: \"Tether is grateful for the opportunity to address the concerns raised by US lawmakers, and we are committed to continuing Tether's close work with law enforcement in the US and globally. Tether seeks to be a world-class partner to the US as we continue to assist law enforcement and expand dollar hegemony globally.\"<\/em><\/p>\n\n\n\n

                                                            Money Laundering And Tether<\/h2>\n\n\n\n

                                                            One of the initiatives outlined, according to the statement shared by the company<\/a> on its website, is the implementation of stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards. <\/p>\n\n\n\n

                                                            Furthermore, Tether has committed to aligning with the Office of Foreign Assets Control's Specially Designated Nationals List as a step to extend sanctions controls, ensuring comprehensive security measures in the secondary market.<\/p>\n\n\n\n

                                                            See Related:<\/em><\/strong> Cryptocurrency Statistics And Insights (2022)<\/a><\/p>\n\n\n\n

                                                            \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                            The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                            Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                            Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                            The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                            Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                            A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                            • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                              • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                  • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                    • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                      See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

                                                            Most Read

                                                            Cryptocurrencies

                                                            Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                            December 18, 2023

                                                            Artificial Intelligence

                                                            Introducing Gemini 2.0: Google’s Most Capable Model That Can Power AI Agents

                                                            December 19, 2024

                                                            Artificial Intelligence

                                                            Introducing Gemini Live: Google’s New AI Feature That Allows Real-Time Conversations

                                                            August 15, 2024

                                                            Artificial Intelligence

                                                            Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

                                                            November 24, 2024

                                                            Artificial Intelligence

                                                            Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                            December 3, 2024

                                                            Subscribe To Our Newsletter

                                                            By subscribing, you agree with our privacy and terms.

                                                            Type your email here

                                                            >

                                                            Follow The Distributed

                                                            Twitter Instagram Youtube LinkedIn Facebook RSS

                                                            

                                                            ADVERTISEMENT

                                                            \n

                                                            The company has highlighted its commitment to combat illegal crypto usage.<\/li>\n\n\n\n

                                                            One of the plans is the implementation of proper KYC and AML procedures.<\/li>\n<\/ul>\n\n\n\n

                                                            Tether has publicly shared letters addressed to the US Congress, highlighting insight against Illicit crypto usage in the crypto space. Addressed to the Senate Committee on Banking, Housing, and Urban Affairs and the US House Financial Services Committee, these letters offered a detailed insight into Tether's stance against illicit crypto use.<\/p>\n\n\n\n

                                                            Paolo Ardoino, the CEO of Tether, said: \"Tether is grateful for the opportunity to address the concerns raised by US lawmakers, and we are committed to continuing Tether's close work with law enforcement in the US and globally. Tether seeks to be a world-class partner to the US as we continue to assist law enforcement and expand dollar hegemony globally.\"<\/em><\/p>\n\n\n\n

                                                            Money Laundering And Tether<\/h2>\n\n\n\n

                                                            One of the initiatives outlined, according to the statement shared by the company<\/a> on its website, is the implementation of stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards. <\/p>\n\n\n\n

                                                            Furthermore, Tether has committed to aligning with the Office of Foreign Assets Control's Specially Designated Nationals List as a step to extend sanctions controls, ensuring comprehensive security measures in the secondary market.<\/p>\n\n\n\n

                                                            See Related:<\/em><\/strong> Cryptocurrency Statistics And Insights (2022)<\/a><\/p>\n\n\n\n

                                                            \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                            The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                            Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                            Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                            The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                            Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                            A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                            • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                              • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                  • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                    • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                      See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                                            Follow The Distributed

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                                                            \n

                                                            \n
                                                            • The company has highlighted its commitment to combat illegal crypto usage.<\/li>\n\n\n\n
                                                            • One of the plans is the implementation of proper KYC and AML procedures.<\/li>\n<\/ul>\n\n\n\n

                                                              Tether has publicly shared letters addressed to the US Congress, highlighting insight against Illicit crypto usage in the crypto space. Addressed to the Senate Committee on Banking, Housing, and Urban Affairs and the US House Financial Services Committee, these letters offered a detailed insight into Tether's stance against illicit crypto use.<\/p>\n\n\n\n

                                                              Paolo Ardoino, the CEO of Tether, said: \"Tether is grateful for the opportunity to address the concerns raised by US lawmakers, and we are committed to continuing Tether's close work with law enforcement in the US and globally. Tether seeks to be a world-class partner to the US as we continue to assist law enforcement and expand dollar hegemony globally.\"<\/em><\/p>\n\n\n\n

                                                              Money Laundering And Tether<\/h2>\n\n\n\n

                                                              One of the initiatives outlined, according to the statement shared by the company<\/a> on its website, is the implementation of stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) policies and standards. <\/p>\n\n\n\n

                                                              Furthermore, Tether has committed to aligning with the Office of Foreign Assets Control's Specially Designated Nationals List as a step to extend sanctions controls, ensuring comprehensive security measures in the secondary market.<\/p>\n\n\n\n

                                                              See Related:<\/em><\/strong> Cryptocurrency Statistics And Insights (2022)<\/a><\/p>\n\n\n\n

                                                              \nhttps:\/\/twitter.com\/Tether_to\/status\/1735786734380626202\n<\/div><\/figure>\n\n\n\n

                                                              The stablecoin issuer has also partnered with law enforcement agencies, including the US Department of Justice and the US Secret Service, and ongoing efforts to collaborate with the Federal Bureau of Investigation. These partnerships aim to combat illegal activities, aid in the recovery of funds, and establish new industry benchmarks.<\/p>\n\n\n\n

                                                              Mounting Regulatory Scrutiny<\/h2>\n\n\n\n

                                                              Recently, Tether and Bitfinex decided to stop resisting a New York Freedom of Information Law (FOIL) request<\/a>, marking a pivotal shift in their stance towards regulatory transparency, The Distributed reported.<\/p>\n\n\n\n

                                                              The FOIL request, led by journalists, including Zeke Faux from Bloomberg Businessweek, sought crucial insights into Tether's reserves backing its USDT stablecoin. This step happened amid regulatory probes, including allegations by the Commodity Futures Trading Commission regarding misleading statements about Tether's reserves.<\/p>\n\n\n\n

                                                              Tether's previous attempt to block a similar FOIL request, delving into the adequacy of reserves backing USDT between mid-2019 and early 2021, resulted in a settlement following an investigation.<\/p>\n","post_title":"Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-unveils-detailed-anti-illicit-crypto-plans-in-letters-to-us-congress","to_ping":"","pinged":"","post_modified":"2023-12-18 02:43:58","post_modified_gmt":"2023-12-17 15:43:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14680","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n

                                                              A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n

                                                              • The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
                                                                • Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
                                                                  • The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
                                                                    • Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
                                                                      • There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n

                                                                        See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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                                                              Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

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                                                              November 24, 2024

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                                                              December 3, 2024

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                                                              Type your email here

                                                              >

                                                              Follow The Distributed

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                                                              US Congress

                                                              

                                                              Cryptocurrencies

                                                              Tether Unveils Detailed Anti-Illicit Crypto Plans In Letters To US Congress

                                                              The company has highlighted its commitment to combat illegal crypto usage. One of the plans is the implementation of proper ...

                                                              by The Distributed Team

                                                              December 18, 2023

                                                              

                                                              Regulation

                                                              Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill

                                                              A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. ...

                                                              by Olusegun Adesua

                                                              September 23, 2022

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                                                              November 24, 2024

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                                                              Amazon Commits $4 Billion Investment In Anthropic To Power The Generation Of AI Development

                                                              December 3, 2024

                                                              Subscribe To Our Newsletter

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                                                              Follow The Distributed

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