Overall, ETHUSD price is stable around $3,000. If ETHUSD pulls back lower, it could get support near $2,900 in the short term. Instead, it could rise to the $3300-3600 level.
The U.S. may come closer to regulating stablecoins.
The proposed bill would introduce a new "qualified" designation for stablecoins that could be converted to U.S. dollars on a one-to-one basis as needed. These qualified stablecoins could only be issued by banks or non-bank institutions that meet certain requirements, including rules set by the Office of the Comptroller of the Currency.
Issuers of eligible stablecoins must maintain at least 100% reserve asset backing, which will take the form of U.S. dollars or other assets in cash equivalents as deemed appropriate by the OCC. In most cases, these include highly liquid, short-term U.S. dollar-denominated debt instruments, such as U.S. Treasuries.
One of the biggest concerns regulators have about stablecoins and stablecoin issuers is the quality of their backing and the potential for a "bank run" that could threaten the stability of the broader financial system. Under Gottheimer's bill, stablecoin issuers would either have to obtain a banking license or keep their reserves in segregated accounts at regulated banks. This would significantly reduce risk to users and the system as a whole, but it would also increase centralization and limit competition in the space.
Interestingly, why do all the so-called "innovations" need to be tied to dollars? Oil, gold, cryptocurrencies, web 3.0, etc. Will you think deeply about it!
The U.S. may come closer to regulating stablecoins.
The proposed bill would introduce a new "qualified" designation for stablecoins that could be converted to U.S. dollars on a one-to-one basis as needed. These qualified stablecoins could only be issued by banks or non-bank institutions that meet certain requirements, including rules set by the Office of the Comptroller of the Currency.
Issuers of eligible stablecoins must maintain at least 100% reserve asset backing, which will take the form of U.S. dollars or other assets in cash equivalents as deemed appropriate by the OCC. In most cases, these include highly liquid, short-term U.S. dollar-denominated debt instruments, such as U.S. Treasuries.
One of the biggest concerns regulators have about stablecoins and stablecoin issuers is the quality of their backing and the potential for a "bank run" that could threaten the stability of the broader financial system. Under Gottheimer's bill, stablecoin issuers would either have to obtain a banking license or keep their reserves in segregated accounts at regulated banks. This would significantly reduce risk to users and the system as a whole, but it would also increase centralization and limit competition in the space.
Interestingly, why do all the so-called "innovations" need to be tied to dollars? Oil, gold, cryptocurrencies, web 3.0, etc. Will you think deeply about it!
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