Category: Cryptocurrency News

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Paxos, a blockchain services and tokenization firm has added Coinbase Ventures, FTX, Bank of America, and Founders Fund as backers in its Series D funding round that started last April. These institutions were listed as “strategic investors,” but the amounts of their contributions were not disclosed. Paxos has now raised more than $540 million in […]

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Tether has been facing a lot of pressure from regulatory authorities. Now, the attention of the watchdogs has shifted to its commercial paper reserve. As a result, this week has been very hot for the company. The regulators focus their attention on what makes up the Tether reserves. Related Reading | Cardano Aims To Facilitate Users With Smart Contracts A report disclosed that Tether’s Michael Hsu said that the US regulators focus their attention on the paper to know if every Tether Token is actually backed by $1 as the company claims. US Regulators Scrutinize Tether From what we learned, the regulators investigating Tether are led by Janet Yellen, the US Treasury Secretary. Before now, Yellen has held some meetings about the possible risks of stablecoins. Now, the ” President’s Working Group on Financial Market” aims to know if Tether really holds large amounts of commercial papers as it claims. Commercial papers usually represent debt instruments that companies issue to investors for short-term funds. However, the Working Group does not believe the claims as it compares it to a mutual fund that can lose its investors in one day. Presently, the total USDT in circulation is 62 billion. So, there seems to be a legitimate cause for alarm. The crypto market is back in the bullish mode as BTC climbs above the $40k mark | Source: Crypto Total Market Cap on TradingView.com Last two months, Tether had revealed the composition of its total reserves. According to the stablecoin, it had more instruments that were not just cash or cash equivalents, such as bonds, secured loans, bitcoin, and a larger portion comprising of commercial papers. Related Reading | Tether To Conduct An Audit To Negate Claims Concerning Transparency While talking with sources, Stuart Hoegner, the Tether general counsel, revealed that the company is planning a thorough audit in some months to come. Let’s recall that Tether hasn’t carried out such audits before now, and the announcement helped a lot of investors to breathe easier. However, on July 19, Yellen was heard asking lawmakers to establish rules that will guide stablecoins in the financial market. More Calls on Crypto regulations After calling for regulations on stablecoins, Yellen received a letter nine days later from Senator Elizabeth Warren asking her to push for greater regulation for the cryptocurrency industry as a whole. During a hearing of the “Senate Banking Committee,” Warren also stated her negative position about the crypto industry. According to her, it was better to hand over the financial systems to giants banks than some nameless and faceless, shadowy miners and super-coders. Related Reading | Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives However, during the hearing, an Anderson Kill Law partner, Preston Byrne, stated that the most frightening of all is that Elizabeth Warren is in control of the financial system. Elizabeth is a democrat who has been serving as a United States Senator since 2013. Featured image from Pixabay, chart from TradingView.com

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The amount of people who are too lazy to research about the topic and prefer to make assumptions off of thin air is immense. I heard one person say "Bitcoin is worth a lot cause its physically heavy" and that right there made me lose a few brain cells. submitted by /u/TwistedFluke [link]…
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