Stabelecoins Archives

U.S. Federal Court Rules It’s OK to Serve A Legal Notice via NFT

Jack J. Kelly Law, Lawsuit, NFT, Stabelecoins March 15, 2023

A Florida judge has declared that it is legally permissible for an individual to serve a legal notice to another party via non-fungible tokens (NFTs) in a landmark case in a federal court. It is the first case in the United States where a ...Read More

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Ethereum Developers in Conference at the “Wild West” are Warming to Compliance

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission, Stabelecoins March 9, 2023

“Compliance” would seem like an unlikely buzzword at ETHDenver, one of Ethereum’s largest conferences, set literally in the “Wild West.” But developers and founders have warmed up to the idea that crypto projects will need to comply with rules and regulations in order to ...Read More

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Crypto industry distances itself from Silvergate as bank collapses

Jack J. Kelly Cryptocurrency, Stabelecoins March 2, 2023

On Thursday several crypto firms made statements meant to distance themselves from crypto-friendly bank Silvergate, which saw shares free fall on Thursday after the company delayed its annual report and said it would report further losses. Coinbase, Paxos, Galaxy Digital, Gemini, BitStamp, Crypto.com and Circle each ...Read More

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Binance Can’t Keep Its Story Straight on Misplaced $1.8B USDC

Jack J. Kelly Cryptocurrency, Stabelecoins March 2, 2023

A new and detailed investigation by Forbes has raised significant questions about the management and custody of customer assets and stablecoin collateral by Binance. There are many possible explanations for the nature and intent of certain on-chain transactions highlighted by Forbes, and they could be ...Read More

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Paxos Says It’s ‘Prepared to Vigorously’ Fight SEC Lawsuit

Jack J. Kelly Cryptocurrency, Securities and Exchange Commission, Stabelecoins February 16, 2023

Paxos confirmed Monday it received a Wells Notice from the Securities and Exchange Commission, stating it’s prepared to take on the agency and any enforcement actions related to stablecoin Binance USD. A Wells Notice is an official letter from the SEC that informs recipients ...Read More

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SEC to Sue Crypto Trust Co. Paxos Over Binance Stablecoin

Jack J. Kelly Cryptocurrency, SEC, Securities and Exchange Commission, Stabelecoins February 13, 2023

The U.S. Securities and Exchange Commission (SEC) intends to sue stablecoin issuer Paxos, which is behind the Pax dollar (USDP) and Binance USD (BUSD) tokens, over the latter stablecoin, the Wall Street Journal reported Sunday. An SEC spokesperson told CoinDesk the commission does not ...Read More

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Top US regulators say crypto poses financial stability risks

Jack J. Kelly Cryptocurrency, Stabelecoins October 4, 2022

Top regulators on Monday recommended a series of new safeguards to ensure that a growing and unregulated cryptocurrency market doesn’t imperil U.S. financial stability. Among seven major recommendations, regulators called on Congress to pass legislation that would address the systemic risks caused by the ...Read More

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President Biden Gives Crypto a Bitter Taste of What Lies Ahead

Jack J. Kelly Bitcoin, Cryptocurrency, Scam, Stabelecoins September 19, 2022

The crypto industry had been asking for the menu. But based on the appetizer, it’s not sure it’s going to like the main course. The White House has just published its first-ever comprehensive framework to regulate the young financial services industry, the hallmark of which is ...Read More

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There’s No Future for DeFi Without Regulation

Jack J. Kelly Blockchain, Compliance, Cryptocurrency, DeFi, Federal Reserve, Finance, Stabelecoins September 12, 2022

America’s first experiment with DeFi didn’t end well and the second one is going badly, too. Can we learn the lessons of history to make the third try a success? Believe it or not, the blockchain era is really America’s second experiment with decentralized ...Read More

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The head of the SEC says most cryptocurrencies are operating illegally

Jack J. Kelly Cryptocurrency, Regulation, Securities and Exchange Commission, Stabelecoins September 9, 2022

There’s a legal test US regulators use to determine what qualifies as an investment contract, and therefore should be regulated by the US Securities and Exchange Commission. And the head of the SEC says most cryptocurrencies pass it. “Of the nearly 10,000 tokens in ...Read More

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