KiaKia (OP)
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August 14, 2023, 05:44:59 PM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
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Nwada001
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August 14, 2023, 08:55:42 PM |
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How about looking at it this way: The USDT is backed up by the United States dollar, and it happens to not have a CEO that's entirely controlling it; although it's completely centralized, there are still limits to which it can be controlled. The USDT doesn't undergo some form of sale, either crowd funding, an IEO, an ICO, Private sales, or any other form that can be used to raise funds and acquire the USDT as a project token. The USDT price and value are not being controlled and manipulated by any central body, which might in turn benefit hugely when the price goes up or down.
The SEC is not after stablecoins, according to what they call them, but the said stablecoins are really not stable all the time as they always drop in value, sometimes up to a cent.
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Zlantann
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August 14, 2023, 11:11:08 PM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stablecoins?
The SEC Chairman Gensler once said that stablecoins are risky and can harm the US economy, he even referred to them as poker chips at the casino. I don't think that stablecoins are free from the SEC's attacks because they are currently under scrutiny. The recent legal action against Binance also relates to its stablecoins. Binance's stablecoin BUSD and other stablecoins are at risk if they are classified as securities. Immediately stablecoins are classified as securities they will be highly scrutinized and regulated by the SEC. But SEC seems confused because they failed to include Coinbase stablecoin USDC as a security in the suit against the crypto firm. But an unfavorable ruling against BUSD might affect stablecoins like BUSD, USDT, and others if they become securities making them fall under the regulatory jurisdiction of the SEC. How about looking at it this way: The USDT is backed up by the United States dollar, and it happens to not have a CEO that's entirely controlling it; although it's completely centralized, there are still limits to which it can be controlled.
Firms that issue stablecoins claim that each coin is backed by dollars. This claim cannot be fully proven to be true because their accounts are not audited by any authority and for now, their operations are not regulated. That's why they need to be regulated to ensure that people are not been scammed.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | | | 4,000+ GAMES███████████████████ ██████████▀▄▀▀▀████ ████████▀▄▀██░░░███ ██████▀▄███▄▀█▄▄▄██ ███▀▀▀▀▀▀█▀▀▀▀▀▀███ ██░░░░░░░░█░░░░░░██ ██▄░░░░░░░█░░░░░▄██ ███▄░░░░▄█▄▄▄▄▄████ ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀ | █████████ ▀████████ ░░▀██████ ░░░░▀████ ░░░░░░███ ▄░░░░░███ ▀█▄▄▄████ ░░▀▀█████ ▀▀▀▀▀▀▀▀▀ | █████████ ░░░▀▀████ ██▄▄▀░███ █░░█▄░░██ ░████▀▀██ █░░█▀░░██ ██▀▀▄░███ ░░░▄▄████ ▀▀▀▀▀▀▀▀▀ |
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noorman0
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August 14, 2023, 11:57:21 PM |
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Since they were founded, they have had dealings with government authorities in the past due to several liquidity scandals, transparency, or also internal issues with issuing companies such as TerraUST. We won't know exactly what those institutions are playing, if they are serious about killing crypto, they will stop at nothing. One thing to watch out for Haha to everyone saying “don’t give them ideas”, they’re not idiots - they’ve 100% already thought of this. 😂
Whether or not they (can) is another story. ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fpbs.twimg.com%2Fmedia%2FFyCCaNdaEAIl3qm%3Fformat%3Djpg%26name%3Dsmall&t=665&c=F6cDQ4OV1p-Ejw)
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This space for rent. Available in mid January 2024 - PM me
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Dr.Bitcoin_Strange
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August 15, 2023, 01:01:24 AM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Well, I think it's because they are in full compliance with the SEC and the government, if there is any reason for the SEC or government to drag any of them public, there wouldn't be any hesitation. Some of those stable coins are pegged to some physical asset or backed by some locked-up funds in fiat currency.
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adaseb
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August 15, 2023, 04:42:08 AM |
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They might be free and clear under SEC but other governments are cracking down. Here in Canada there is word that USDC might be the only approved stablecoin you can hold after that Luna stablecoin caused people to lose their entire balance pretty much.
Tether is also under their radar because of the lack of audits and all the shady stuff that they did in the past. So they might be safe from SEC but eventually they will be required to be regulated.
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Kakmakr
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August 15, 2023, 06:08:03 AM |
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The SEC is just a government tool that are controlled by Banks, just look how the SEC were clueless prior to the 2008 global economic crisis to detect it and to prevent it. The powers from the top even diminished a whole section to one person to make sure that the investigations into the complex derivatives were almost impossible. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) The whole Banking system are corrupt.... and they will kill all competition, so that they can profit. They rigged the rating agencies, so that they could get AAA ratings ....where most of those investment options were total shit...... so you know what they will do with other stable coins. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)
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EarnOnVictor
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August 15, 2023, 07:01:00 AM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
These are many questions and the summary is that the US government currently has no issue with stablecoins because their values are pegged to the USD and other verifiable commodities and assets and have those assets practically backing them. Meaning that they can truly prove their value/worth and make backed settlements to investors/holders, unlike other cryptocurrencies. This arrangement is happening in fiats as well but they tagged theirs in $(USD) which is why people do not suspect it that way. Just like PayPal, Skrill, Perfectmoney and others, the number you see on the screen is not the real money but has the power to settle deals on their platform like the real money while the real money is in the bank or stored as other assets. That arrangement is the same with the stablecoins but its own is just in the blockchain mechanism. In addition, most stablecoins are centralized, and the USDT which is leading them by a wide margin is also centralised. Although some face scrutiny and lawsuits by regulators, it's minimal as I don't see a reason why the government will clamp down heavily on such an arrangement.
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mu_enrico
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August 15, 2023, 07:11:30 AM |
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Stablecoins aren't free from the regulator, but it's a slightly different case than the common security token with all the ICO and stuff. I'd say the severity of harming the common consumer is way higher in these security tokens since the price can go to the moon and rekt down to oblivion. In "real" stablecoins, it didn't happen, well TUSD is an exception since it's algorithmically determined. It's just a matter of priority IMO, so SEC will come after them as well "soon"... https://www.forbes.com/sites/joshuagarcia/2023/06/06/the-sec-is-coming-for-stablecoin-issuers-like-binance/?sh=4ab6d7044a88
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slapper
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August 15, 2023, 08:05:09 AM |
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Why the hell has the SEC been so harsh on other crypto assets while being so "kind" with stablecoins? Which game are they playing?
There's more to it, I've gone down this rabbit hole. Those in charge are manipulating the entire crypto world. It is about control, not simply the currency. These stablecoins are centralized, which undoubtedly gives the major players and governments some backdoor control and ensures their supremacy
And is the White House attempting to exclude stablecoins from debates? What the heck are they cooking up behind the scenes, really? They may be using this time to prepare their CBDC before destroying anything that stands in their way
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flyingcarpet
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August 15, 2023, 09:45:58 AM |
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They might be free and clear under SEC but other governments are cracking down. Here in Canada there is word that USDC might be the only approved stablecoin you can hold after that Luna stablecoin caused people to lose their entire balance pretty much.
Tether is also under their radar because of the lack of audits and all the shady stuff that they did in the past. So they might be safe from SEC but eventually they will be required to be regulated.
Stable coins should be regulated because there should be a guarantee that what happens in Luna will not happen in another coin. I don't think there is any institution trying to end crypto. If there was such an institution, they would attack stable coins at first. Stable coins should be an element of trust in the crypto market. When people wake up one day, they should not see their stablecoins, which are equal to 1 dollar, at a lower value. Therefore, the regulation of stable coins and the elimination of risks are of great importance for the crypto market.
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Yamane_Keto
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August 15, 2023, 10:36:24 AM |
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SEC is an acronym for the U.S. Securities and Exchange Commission It is an independent federal agency and from its name we will find that its focus is on Securities and Exchange. Stablecoins are usually seen as gateways that provide crypto exchanges with services that are no different from those provided by financial institutions in traditional markets in terms of liquidity and the ability to fix prices, but they need to open bank accounts or invest in the proceeds of US Treasury bonds to provide this liquidity and therefore these stable currencies need entities Provides financial services subject to regulation in one of the US states. BUSD coin was operating under the entity Paxos private regulation in the New York Department of Financial Services (NYDFS) so the cooperation between the SEC and NYDFS leads to regulatory restrictions on the BUSD stablecoin. Paxos customers holding BUSD stablecoins will be able to redeem them through at least February 2024, per the press release announcing the company's response to the regulatory probe.
Binance and Paxos partnered to launch the BUSD stablecoin product in 2019, and the stablecoin was approved then by the NYDFS.
"All BUSD tokens issued by Paxos Trust have and always will be backed 1:1 with U.S. dollar-denominated reserves, fully segregated and held in bankruptcy remote accounts," the company said https://www.pymnts.com/cryptocurrency/2023/sec-and-nydfs-heat-puts-binance-branded-paxos-stablecoin-on-ice/
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avikz
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August 15, 2023, 03:02:07 PM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
SEC might not be going after the stablecoins now, but that doesn't mean they won't ever. I am sure SEC will go after the stablecoins when they are done with decentralised coins. The current ignorance of SEC should not be considered for future planning. Also stablecoins are usually launched by a centralized business. So it is always easier to catch and control them. The real challenge for SEC is to get hold of decentralised coins. Once they will get fed up, they will run after easy catches.
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Sayeds56
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stead.builders
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August 15, 2023, 04:17:16 PM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
To the best of my knowledge, stable coins are not exempt from oversight of Security and Exchange Commission(SEC) of USA. However, due to their direct pegging to fiat currencies like US dollar or Euro, they are less likely to be categorized as securities. It is important to highlight that regulatory approaches can indeed differ between jurisdictions.
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Husires
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August 16, 2023, 07:13:44 AM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
which stable coins you mean? If you didn't know, all the regulatory tightening from the SEC was caused by FTX platform and the loss of thousands of investors in the stablecoin LUNA, which prompted many citizens in the United States to put pressure on lawmakers to regulate cryptocurrency exchnages, and therefore you find all these investigations into the platforms and force them to leave or pay penalties Financial and commitment to guarantee the funds of depositors. Look at the headlines of the articles that forced the SEC to act THE SUN TERRA ATTACK I’m a Terra Luna investor – I’ve lost my entire £400,000 life savings after cryptocurrency crashed 98% overnightindependent I lost my life savings’: Terra Luna cryptocurrency collapses 98% overnightEuronews Terra Luna crash: 'I alone am responsible,' says CEO Do Kwon in first interview since collapse
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icalical
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August 16, 2023, 07:29:43 AM |
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If what you mean by 'free from SEC' was that stable coin is never considered as a security then it is because stable coin is backed by USD it can't be considered as a security because the price is always 1:1 to USD. Therefore it can't be used as an investment by US citizen and can't give them any profit. Security is something that you can speculate and look for profit.
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Despairo
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August 16, 2023, 08:00:06 AM |
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Actually SEC have sued many stablecoins, you need to be more active reading in Altcoins discussion and Legal sections where it were this topic discussed before.
But even though they got sued, they're centralized, no privacy, and stable price, this make them easier to convince SEC. It's different if we talk about privacy coins where SEC and centralized exchanges are working together to fight and delist them from the market.
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Minor Miner
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August 16, 2023, 08:20:34 AM |
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If what you mean by 'free from SEC' was that stable coin is never considered as a security then it is because stable coin is backed by USD it can't be considered as a security because the price is always 1:1 to USD. Therefore it can't be used as an investment by US citizen and can't give them any profit. Security is something that you can speculate and look for profit.
Not true, even though we often think of stable coins as always 1:1 to USD, there have been many cases where USDT or BUSD also fell or rose creating a disparity with USD. It's just that their volatility is so small and we don't care about them, but they obviously also have volatility risks. I think the SEC has their plan and will attack the market step by step, most likely exchanges and altcoins being their first target. If they succeed, the rest of the market will be their next target. And I believe even bitcoin will be their goal and their ultimate goal is to regulate and control the whole market.
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gunhell16
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August 16, 2023, 08:47:36 AM |
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Have anyone wonder why stable coins are safe all this while from Gensler and SEC, even the government? Why hasn't there any hunt on those centralized stablecoins? Is there something we don't know? Are stable coins somehow settled with the government and SEC behind the curtain?
Because if stable coins was target it will be a enormous hit to the whole crypto market, why haven't such thing happened yet? I also read where the former Binance.US said that the White House is trying to keep stable coins "out of discussions" like they know something.
Is this all about saving their USD? Or they are waiting to create CBDC successfully first before they go after stable coins?
What stablecoins you are referring with dude to do this topic anyway? As far as I know, I'm not just sure if the SEC really is after Stablecoins, or because they are planing something we don't know to enter that they want to benefit more or their government. Because we know that the SEC has recently been hurting cryptocurrencies and others have even closed it as harassment and abuse of their power. So I don't think it's as good as you think dude. It is in my opinion that there is nothing else.
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