The regulatory environment surrounding cryptocurrencies in the United States has been fraught with ambiguity for some time. On March 8, the Chairman of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, testified before the Senate Agricultural Committee that most stablecoins are commodities. Curiously, he also includes Ethereum (ETH) in this group, and he adds that … Read more
The Wall Street Journal has published an article detailing Bitfinex and Tether’s suspected illegal activities throughout the course of 2018. Since its debut in 2014, Tether has been plagued by a number of legal disputes and scandals, including this one. Tether has had legal trouble in the past, including a restriction from doing business in … Read more
In a move that has never been seen before, Tether (USDT) has disregarded penalties imposed by the Office of Foreign Assets Control (OFAC). Because OFAC does not indicate “that a stablecoin issuer is expected to freeze secondary market addresses,” the organization has made the decision to go against the recommendations of OFAC. As a result, … Read more
Hackers took advantage of a flaw in the liquidity pool of the decentralized finance (DeFi) platform Acala, which is based in Polkadot, and caused its aUSD stablecoin to fall by 99%. This caused the list of not-so-stable stablecoins to gain a new entry. According to data provided by CoinGecko, the value of the stablecoin dropped … Read more