SEC Chairman Gary Gensler: stock tokens and stablecoins backed by securities “are implicated by the securities laws and must work within our securities regime”
CoinDesk Nikhilesh De
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Discussion
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@jimcramer
Jim Cramer
on x
Gensler gunning for the Stablecoins? https://www.sec.gov/...
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@paxosglobal
Paxos
on x
There are big differences between regulated #stablecoins that are backed 1:1 by cash & US T-Bills and unregulated “stablecoins” backed by various financial instruments. Understand the nuance from our GC and Chief Compliance Officer Dan Burstein https://www.paxos.com/...
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@jp_koning
John Paul Koning
on x
Paxos's General Counsel throws down the gauntlet on what the “regulated” in “regulated stablecoin” means. Tether doesn't qualify (obviously), but he also says USDC doesn't: https://www.paxos.com/... ht @mdudas 🔥🔥
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@mayazi
@mayazi
on x
it's antithetical to the entire point of building DeFi on a decentralized infrastructure. Other than that he clearly stated the other requirements: * Chied compliance officers * Counterparty protections * capital requirements * Retail trade restrictions
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@mdudas
Mike Dudas
on x
“Neither $USDC nor @Tether_to is a regulated digital asset, for the simple reason that neither token has a regulator. In fact, both @Circlepay's $USDC and Tether are materially backed by illiquid and risky debt obligations.” ~ @PaxosGlobal https://www.paxos.com/... https://twitte…
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@mayazi
@mayazi
on x
Not a coincidence that Gensler chose a speech on Credit Default Swaps & post 2008 reforms to introduce new language regarding stablecoins, derivatives & synthetic securities. The most significant requirement was central clearing - not sure how that fits https://www.sec.gov/...
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@jseyff
James Seyffart
on x
More regulation/enforcement is coming to the crypto world. And I think it will be a good thing long term. https://twitter.com/...
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@degenomix
@degenomix
on x
SEC Chariman Gensler says not even stablecoins like $USDC is safe from US Securities laws https://www.sec.gov/... https://twitter.com/... https://twitter.com/...
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@nathandeandc
Nathan Dean
on x
SEC Chairman Gensler's speech today gives a good preview of what is coming. Security-based swaps, SEFs, transparency and this little nugget on #cryptocurrency https://www.sec.gov/... https://twitter.com/...
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@nikhileshde
Nikhilesh De
on x
Folks are focusing on @SECGov Chair Gary Gensler warning about stock tokens, but to me, his addition of “stable value tokens” may be a bit more immediately significant. My latest for @CoinDesk: https://www.coindesk.com/...
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@coindesk
@coindesk
on x
Stablecoins backed by securities might be treated as securities under U.S. law, @SECGov Chair Gary Gensler hinted on Tuesday. @nikhileshde reports https://www.coindesk.com/...
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@mdudas
Mike Dudas
on x
Yes, there is a question as to whether some stablecoins may be securities. https://www.coindesk.com/...