• Anti-Spam Policy
  • Copyright Notice
  • DMCA Compliance
  • Earnings Disclaimer
  • Fair Use Disclaimer
  • FTC Compliance
  • Medical Disclaimer
  • Privacy Policy
  • Social Media Disclaimer
  • Terms and Conditions
NewYorkDailyNewsOnline.com
  • Home
  • US News

    20 Republican AGs Warn CVS, Walgreens Against Mailing Medication Abortion Pills

    Dow and S&P 500 updates: Stock market news

    Democrat warns Congress doesn’t ‘totally understand’ how to handle classified documents: ‘Tip of the iceberg’

    ‘Dances With Wolves’ Star Nathan Chasing Horse Arrested For Alleged Sexual Assaults On Indigenous Girls

    5 best balance transfer credit cards with a 0% APR in January 2023

  • Politics

    Old Clips Of Mister Rogers Talking About Kids And Gender Are Triggering People On The Left (VIDEO)

    It Sure Does Sound Like Biden Steamrolled Kevin McCarthy In Their Meeting

    Biden Claims ‘Climate Change’ Bigger Threat Than Nukes as He Pushes Ever Closer to WWIII

    Chris Wallace Has Worst Ratings Month Since Launch Of CNN Show

  • Business

    Deutsche Bank smashes profit expectations in fourth quarter as higher interest rates bolster revenue

    Bed Bath & Beyond Misses Interest Payments as It Weighs Chapter 11

     ‘Am I useless now?’ Aging women in the workforce face a crisis of confidence and experts say they simply deserve more 

    5 things to know before the stock market opens Wednesday, February 1

  • Technology

    Sequoia Capital India backs Freightify’s vertical SaaS platform for freight forwarders • TechCrunch

    How to Preorder Samsung’s Galaxy S23—and Which Model to Buy

    Rivian to cut another 6% of its workforce • TechCrunch

    6 Best Mesh Wi-Fi Routers (2023): For Large Homes and Small Budgets

  • Science

    The Last Drug That Can Fight Gonorrhea Is Starting to Falter

    Size, Sex and Breed May Predict Dogs’ Cancer Diagnosis

    Most of England’s sewage systems are overwhelmed, finds analysis

    Did the Seeds of Life Ride to Earth Inside an Asteroid?

  • Books

    Book Riot’s Romance Deals for February 1, 2023

    NO HOME FOR KILLERS | Kirkus Reviews

    Kerry Washington Publishing First Book This Fall

    MRS. WIGGLES AND THE NUMBERS

  • Film

    Serena Williams Speaks Out About Will Smith Oscars Slap – The Hollywood Reporter

    How Many Students Are At Hogwarts?

    Knock at the Cabin review – bracing holiday horror

    Tom Brady Walks ‘80 for Brady’ Red Carpet in L.A. – The Hollywood Reporter

  • Music

    Duval Timothy Shares New Video for “First Rain”: Watch

    Elle King Symbolizes Country’s Increasing Ability, and Willingness, to Experiment – Billboard

    Listen to Inhaler’s new song ‘If You’re Gonna Break My Heart’

    Bach Look-Alike Gets Hit With Laptop in Falling in Reverse Video

  • Television

    The Ark Season 1 Episode 1 Review: Everyone Wanted to be on This Ship

    Pedro Pascal Faces Another ‘The Last of Us’ Clicker in ‘SNL’ Promo (VIDEO)

    ‘The Blacklist’ Ending With Final Season 10, Cancelled at NBC

    Watch La Brea Online: Season 2 Episode 8

  • Style

    Kamala Harris Speaks at Tyre Nichols’ Funeral

    22 Surreal Curly Blonde Hairstyles

    Kim Kardashian’s Roma Shirt Soccer Jersey Spikes on Search

    22 Best Thrift Stores in New York City – Best Vintage Shops in NYC

  • Contact
    • About
  • Home
  • US News

    20 Republican AGs Warn CVS, Walgreens Against Mailing Medication Abortion Pills

    Dow and S&P 500 updates: Stock market news

    Democrat warns Congress doesn’t ‘totally understand’ how to handle classified documents: ‘Tip of the iceberg’

    ‘Dances With Wolves’ Star Nathan Chasing Horse Arrested For Alleged Sexual Assaults On Indigenous Girls

    5 best balance transfer credit cards with a 0% APR in January 2023

  • Politics

    Old Clips Of Mister Rogers Talking About Kids And Gender Are Triggering People On The Left (VIDEO)

    It Sure Does Sound Like Biden Steamrolled Kevin McCarthy In Their Meeting

    Biden Claims ‘Climate Change’ Bigger Threat Than Nukes as He Pushes Ever Closer to WWIII

    Chris Wallace Has Worst Ratings Month Since Launch Of CNN Show

  • Business

    Deutsche Bank smashes profit expectations in fourth quarter as higher interest rates bolster revenue

    Bed Bath & Beyond Misses Interest Payments as It Weighs Chapter 11

     ‘Am I useless now?’ Aging women in the workforce face a crisis of confidence and experts say they simply deserve more 

    5 things to know before the stock market opens Wednesday, February 1

  • Technology

    Sequoia Capital India backs Freightify’s vertical SaaS platform for freight forwarders • TechCrunch

    How to Preorder Samsung’s Galaxy S23—and Which Model to Buy

    Rivian to cut another 6% of its workforce • TechCrunch

    6 Best Mesh Wi-Fi Routers (2023): For Large Homes and Small Budgets

  • Science

    The Last Drug That Can Fight Gonorrhea Is Starting to Falter

    Size, Sex and Breed May Predict Dogs’ Cancer Diagnosis

    Most of England’s sewage systems are overwhelmed, finds analysis

    Did the Seeds of Life Ride to Earth Inside an Asteroid?

  • Books

    Book Riot’s Romance Deals for February 1, 2023

    NO HOME FOR KILLERS | Kirkus Reviews

    Kerry Washington Publishing First Book This Fall

    MRS. WIGGLES AND THE NUMBERS

  • Film

    Serena Williams Speaks Out About Will Smith Oscars Slap – The Hollywood Reporter

    How Many Students Are At Hogwarts?

    Knock at the Cabin review – bracing holiday horror

    Tom Brady Walks ‘80 for Brady’ Red Carpet in L.A. – The Hollywood Reporter

  • Music

    Duval Timothy Shares New Video for “First Rain”: Watch

    Elle King Symbolizes Country’s Increasing Ability, and Willingness, to Experiment – Billboard

    Listen to Inhaler’s new song ‘If You’re Gonna Break My Heart’

    Bach Look-Alike Gets Hit With Laptop in Falling in Reverse Video

  • Television

    The Ark Season 1 Episode 1 Review: Everyone Wanted to be on This Ship

    Pedro Pascal Faces Another ‘The Last of Us’ Clicker in ‘SNL’ Promo (VIDEO)

    ‘The Blacklist’ Ending With Final Season 10, Cancelled at NBC

    Watch La Brea Online: Season 2 Episode 8

  • Style

    Kamala Harris Speaks at Tyre Nichols’ Funeral

    22 Surreal Curly Blonde Hairstyles

    Kim Kardashian’s Roma Shirt Soccer Jersey Spikes on Search

    22 Best Thrift Stores in New York City – Best Vintage Shops in NYC

  • Contact
    • About
No Result
View All Result
NewYorkDailyNewsOnline.com
No Result
View All Result
Home Technology

US Treasury Secretary Janet Yellen pushes for stablecoin regulation by end of year – TechCrunch

by admin
May 10, 2022
in Technology


Stablecoins have been a hot topic both on and off Capitol Hill. Earlier today, US Treasury Secretary Janet Yellen pushed for regulation during an annual testimony in front of the Senate Banking Committee, at a time where Terra’s algorithmic stablecoin UST struggles to retain its peg.

“New products and technology may present opportunities to promote innovation and increase efficiencies,” Yellen said. “However, digital assets may present risks to the financial system and increased and coordinated regulatory attention is necessary.”

In response to questions from Senator Pat Toomey and Senator Catherine Cortez Mastro, Yellen said it would be “highly appropriate” for stablecoin regulation to occur by the end of 2022 because there are “many risks associated with cryptocurrencies.”

“We really need a consistent federal framework,” Yellen commented. “I really look forward to working with [Toomey] and members of congress to devise legislation that would accomplish that.”

Stablecoins by definition are supposed to be stable and hold their value through a 1:1 ratio that is fixed to an external peg like the US dollar or it can be tied to other assets like UST, which is backed by dollars, but also cryptocurrencies like bitcoin and Avalanche.

While every stablecoin in circulation is backed by $1 equivalent in a reserve, there have been concerns recently about the validity of some stablecoins. For example, the algorithmic-based stablecoin UST fell as much as 35% from its 1:1 dollar peg on May 9, when it should technically never be away from the $1 amount.

“A stablecoin known as TerraUSD experienced a run and declined in value,” Yellen said. “I think that this simply illustrates that this is a rapidly growing product and there are rapidly growing risks.”

Although UST has almost fully rebounded from its steep drop on May 9, back near its $1 levels to about $0.91, it’s still not fully back to its “stable” state. Do Kwon, the founder of Terraform Labs, which the organization behind UST, cryptocurrency LUNA, and Luna Foundation Guard (LFG), tweeted that he was “close to announcing a recovery plan for $UST,” but hasn’t provided further details by the time of publication.

“The stablecoin sector continued to grow rapidly and remains exposed to liquidity risks,” the US Federal Reserve said in a report on May 9.

The aggregate value of stablecoins spiked over the past year to about $180 billion in March 2022 and the three largest stablecoins – Tether, USD Coin (USDC) and Binance USD – make up over 80% of the total market value, the report added.

The US Treasury plans to release a report on cryptocurrencies and stablecoins “shortly” and plans to create “highly appropriate” legislation for the pegged asset by the end of 2022, Yellen said.



Original Source Link

Previous Post

DNA mystery may be crystal clear

Next Post

The Sadness of Kevin Samuels’ Life and Death

admin

admin

Next Post

The Sadness of Kevin Samuels' Life and Death

The Quiet Girl review – A raw portrayal of silent suffering

Governor Kathy Hochul Announces $35 Million to Protect Abortion Providers in New York if Roe Overturned

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

PopularPosts

Rocket Woes Delay Launch of NASA’s Artemis I Mission

August 29, 2022

Tier Mobility-owned Spin lays off about 10% of workforce, exits two markets • TechCrunch

October 3, 2022

Star Wars Concept Artist Was 90 – The Hollywood Reporter

May 22, 2022

Republican Don Bolduc EXPANDS His Lead In New Hampshire Senate Race

November 4, 2022

Pink Has a Message for Supporters of Overturning Roe v. Wade – Billboard

June 26, 2022

Shameless’ Emmy Rossum Devastated When She Didn’t Get Fantastic 4 Role

May 30, 2022
Genius Dog 336 x 280 - Animated

Categories

  • Books (1,800)
  • Business (2,633)
  • Events (10)
  • Film (2,612)
  • Interviews (3)
  • Music (2,650)
  • Politics (2,584)
  • Science (2,032)
  • Style (1,943)
  • Technology (2,587)
  • Television (2,645)
  • Uncategorized (1)
  • US News (2,630)

RecentPosts

Book Riot’s Romance Deals for February 1, 2023

by admin
February 2, 2023

Romance Deals Deals Feb 1, 2023 This content contains affiliate...

Serena Williams Speaks Out About Will Smith Oscars Slap – The Hollywood Reporter

by admin
February 2, 2023

Almost one year after the Slap that was heard around...

The Ark Season 1 Episode 1 Review: Everyone Wanted to be on This Ship

by admin
February 2, 2023

The Ark opened with impressive effects but a tired story....

Kamala Harris Speaks at Tyre Nichols’ Funeral

by admin
February 2, 2023

At the Wednesday funeral of 29-year-old Tyre Nichols, Vice President...

Duval Timothy Shares New Video for “First Rain”: Watch

by admin
February 2, 2023

Duval Timothy has shared a new video capturing a live...

Deutsche Bank smashes profit expectations in fourth quarter as higher interest rates bolster revenue

by admin
February 2, 2023

A statue is pictured next to the logo of Germany's...

Editor's Picks

Market players are starting to fear a major policy error from a central bank

September 1, 2022

Emmy Nominations: No One Knows How to Watch TV Anymore

July 15, 2022

Florence + The Machine Unearths “Never Let Me Go” at Mad Cool: Watch

July 11, 2022

Browse by Category

  • Books (1,800)
  • Business (2,633)
  • Events (10)
  • Film (2,612)
  • Interviews (3)
  • Music (2,650)
  • Politics (2,584)
  • Science (2,032)
  • Style (1,943)
  • Technology (2,587)
  • Television (2,645)
  • Uncategorized (1)
  • US News (2,630)

Don't Miss!

Market players are starting to fear a major policy error from a central bank

September 1, 2022

Emmy Nominations: No One Knows How to Watch TV Anymore

July 15, 2022

Florence + The Machine Unearths “Never Let Me Go” at Mad Cool: Watch

July 11, 2022

© 2022 Copyright - NewYorkDailyNewsOnline.com - All Rights Reserved

No Result
View All Result
  • Home
  • US News
  • Politics
  • Business
  • Technology
  • Science
  • Books
  • Film
  • Music
  • Television
  • Style
  • Contact
    • About

© 2022 Copyright - NewYorkDailyNewsOnline.com - All Rights Reserved

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT