@zasad@. I am not quite certain why hehehe. I also do not know what would be the best financial decision to manage $72 billion. However, if Tether and Paypal have trust the in American government and also have trust in their ability to once again get out of another economic crisis then for them it would be a good financial decision because they earn yield.
It is very much similar to us DeFi enjoyers who farm our stablecoins for yield but also taking the risk that the platform might be hacked or might be a rugpull hehehehe.
Topic: More Regulation Incoming! - page 3. (Read 1843 times)
@zasad@. It appears that you were correct. However, I do not think that this is a condition imposed by the American government. Paypal might be following the business model of Tether. On July 31, Tether has reported that they have $72 billion in treasuries all earning yield.
PayPal USD is “100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents,” according to a Monday press release. Additionally, PayPal’s stablecoin is redeemable 1:1 for U.S. dollars, which means one PayPal USD can be redeemed for one U.S. dollar and vice versa.
Source https://www.cnbc.com/2023/08/10/paypal-launches-its-own-dollar-backed-stablecoin.html
PayPal USD is “100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents,” according to a Monday press release. Additionally, PayPal’s stablecoin is redeemable 1:1 for U.S. dollars, which means one PayPal USD can be redeemed for one U.S. dollar and vice versa.
Source https://www.cnbc.com/2023/08/10/paypal-launches-its-own-dollar-backed-stablecoin.html
US Treasuries yield
https://www.bloomberg.com/markets/rates-bonds/government-bonds/us
Do you agree that the best way to protect investments is to diversify the company's funds?
If you agree with me, then you must agree that such companies should not buy US Treasuries for a large share of their assets.
I am not opposed to US Treasuries, but why buy these assets with most of the reserves?
@zasad@. It appears that you were correct. However, I do not think that this is a condition imposed by the American government. Paypal might be following the business model of Tether. On July 31, Tether has reported that they have $72 billion in treasuries all earning yield.
PayPal USD is “100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents,” according to a Monday press release. Additionally, PayPal’s stablecoin is redeemable 1:1 for U.S. dollars, which means one PayPal USD can be redeemed for one U.S. dollar and vice versa.
Source https://www.cnbc.com/2023/08/10/paypal-launches-its-own-dollar-backed-stablecoin.html
PayPal USD is “100% backed by U.S. dollar deposits, short-term U.S. Treasuries and similar cash equivalents,” according to a Monday press release. Additionally, PayPal’s stablecoin is redeemable 1:1 for U.S. dollars, which means one PayPal USD can be redeemed for one U.S. dollar and vice versa.
Source https://www.cnbc.com/2023/08/10/paypal-launches-its-own-dollar-backed-stablecoin.html
@zasad@. Agreed and it appears Paypal's entry in the stablecoin market might encourage other leaders in the traditional payment processor industry to create their own stablecoins also, which will certainly be enough to take away the influence of Tether and takeover much of the volume in the cryptospace market.
I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.
I have studied PYUSD.I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.
https://coinmarketcap.com/community/articles/64d3a7987491e75ef9a15c6d
The prospect is very doubtful due to the risk of high fees for ERC-20 tokens. USDC capitalization has fallen by 30 billion over the past year because the crypto community does not trust the American regulator and companies. Tether looks more secure, but they will also have problems due to new regulations.
___
💩💩💩
https://twitter.com/pashovkrum/status/1688591468498239496
It might be why Paypal has entered the stablecoin market. They know stricter regulations are coming and uncle Gensler might begin cracking them down. We should research on Paypal's latest hirings in the legal department hehe. They might have hired exgovernment employees and experts in regulatory compliance. Also, with Paypal being one of the biggest and well connected companies in America, they might be exempted from uncle Gary's crackdowns because of fear of long legal battles that they might not win.
However, agree on ERC20 and high fees but this is very easy to fix, very much similar to Tether when it transferred from Omni to Ethereum and presently now in Tron.
I will wait for the first audit of this stablecoin, but I am sure that most of the users' money will be used to buy US Treasuries. Without this condition, no company in the United States will be allowed to make their own stablecoin.
@zasad@. Agreed and it appears Paypal's entry in the stablecoin market might encourage other leaders in the traditional payment processor industry to create their own stablecoins also, which will certainly be enough to take away the influence of Tether and takeover much of the volume in the cryptospace market.
I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.
I have studied PYUSD.I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.
https://coinmarketcap.com/community/articles/64d3a7987491e75ef9a15c6d
The prospect is very doubtful due to the risk of high fees for ERC-20 tokens. USDC capitalization has fallen by 30 billion over the past year because the crypto community does not trust the American regulator and companies. Tether looks more secure, but they will also have problems due to new regulations.
___
💩💩💩
https://twitter.com/pashovkrum/status/1688591468498239496
It might be why Paypal has entered the stablecoin market. They know stricter regulations are coming and uncle Gensler might begin cracking them down. We should research on Paypal's latest hirings in the legal department hehe. They might have hired exgovernment employees and experts in regulatory compliance. Also, with Paypal being one of the biggest and well connected companies in America, they might be exempted from uncle Gary's crackdowns because of fear of long legal battles that they might not win.
However, agree on ERC20 and high fees but this is very easy to fix, very much similar to Tether when it transferred from Omni to Ethereum and presently now in Tron.
@zasad@. Agreed and it appears Paypal's entry in the stablecoin market might encourage other leaders in the traditional payment processor industry to create their own stablecoins also, which will certainly be enough to take away the influence of Tether and takeover much of the volume in the cryptospace market.
I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.
I have studied PYUSD.I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.
https://coinmarketcap.com/community/articles/64d3a7987491e75ef9a15c6d
The prospect is very doubtful due to the risk of high fees for ERC-20 tokens. USDC capitalization has fallen by 30 billion over the past year because the crypto community does not trust the American regulator and companies. Tether looks more secure, but they will also have problems due to new regulations.
___
💩💩💩
https://twitter.com/pashovkrum/status/1688591468498239496
@zasad@. Agreed and it appears Paypal's entry in the stablecoin market might encourage other leaders in the traditional payment processor industry to create their own stablecoins also, which will certainly be enough to take away the influence of Tether and takeover much of the volume in the cryptospace market.
I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.
I have speculated that Tether might bring the crypto edition of the Big Short, however, should we really celebrate if Paypal and other traditional payment processors have taken over the stablecoin market? This might be a similar situation as Binance and the take over of traditional finance, the real criminals.
Another good news article for people who think that the government are creating laws to serve the people better and protect the consumers hehehe.
After you read the news, if your argument is that the government is only treating cryptocoins similar to the laws that they have created for cash, then it appears that because of this law, the government has been surveilling on everyone who has made a $10k cash transaction or more.
Time is running out for the crypto industry to fight a new law that will force US businesses to collect personal information on people who use digital assets worth more than $10,000 to buy stuff.
The new rules will snap into action on January 1, 2024.
Last year, crypto think-tank Coin Center sued the Treasury Department and Treasury Secretary Janet Yellen, which have been charged with implementing the regulation, arguing the new rules are tantamount to “unconstitutional financial surveillance.”
Source https://www.dlnews.com/articles/regulation/crypto-privacy-battle-started-by-words-inserted-in-2021-law/
This is a predictable move. The most dangerous regulation could start with stablecoins, and all address holders with more than $10,000 could be given a deadline to go through the Know Your Customer process. Circle is an American company, and its stablecoins are used all over the world.After you read the news, if your argument is that the government is only treating cryptocoins similar to the laws that they have created for cash, then it appears that because of this law, the government has been surveilling on everyone who has made a $10k cash transaction or more.
Time is running out for the crypto industry to fight a new law that will force US businesses to collect personal information on people who use digital assets worth more than $10,000 to buy stuff.
The new rules will snap into action on January 1, 2024.
Last year, crypto think-tank Coin Center sued the Treasury Department and Treasury Secretary Janet Yellen, which have been charged with implementing the regulation, arguing the new rules are tantamount to “unconstitutional financial surveillance.”
Source https://www.dlnews.com/articles/regulation/crypto-privacy-battle-started-by-words-inserted-in-2021-law/
It is also dangerous to store savings in stablecoins now.
Another good news article for people who think that the government are creating laws to serve the people better and protect the consumers hehehe.
After you read the news, if your argument is that the government is only treating cryptocoins similar to the laws that they have created for cash, then it appears that because of this law, the government has been surveilling on everyone who has made a $10k cash transaction or more.
Time is running out for the crypto industry to fight a new law that will force US businesses to collect personal information on people who use digital assets worth more than $10,000 to buy stuff.
The new rules will snap into action on January 1, 2024.
Last year, crypto think-tank Coin Center sued the Treasury Department and Treasury Secretary Janet Yellen, which have been charged with implementing the regulation, arguing the new rules are tantamount to “unconstitutional financial surveillance.”
Source https://www.dlnews.com/articles/regulation/crypto-privacy-battle-started-by-words-inserted-in-2021-law/
After you read the news, if your argument is that the government is only treating cryptocoins similar to the laws that they have created for cash, then it appears that because of this law, the government has been surveilling on everyone who has made a $10k cash transaction or more.
Time is running out for the crypto industry to fight a new law that will force US businesses to collect personal information on people who use digital assets worth more than $10,000 to buy stuff.
The new rules will snap into action on January 1, 2024.
Last year, crypto think-tank Coin Center sued the Treasury Department and Treasury Secretary Janet Yellen, which have been charged with implementing the regulation, arguing the new rules are tantamount to “unconstitutional financial surveillance.”
Source https://www.dlnews.com/articles/regulation/crypto-privacy-battle-started-by-words-inserted-in-2021-law/
I think this is one of the things that the Binance is struggling with now and it is making things hard for them. The SEC is currently not smiling and had been in a contention with both Binance and Coinbase and I think Coinbase is planning to leave the US if things does not tlstoll work out the way it ought to. The SEC had been very strict currently fighting against illegal and unregistered exchanges and cryptocurrency projects that is not abiding by the rules that is regulating them. I hope more of these regulations will not be enforced by the government of other countries against cryptocurrency exchanges and projects.
The government cannot actually regulate bitcoin because it is decentralized. Therefore, it will regulate what it is very familiar with, centralized companies, among which are CEXs like Binance or Coinbase. And I wouldn't bet a farthing that governments (short of some offshore financial centres) won't heavily regulate centralized companies that are intermediaries for decentralized projects like bitcoin.
All these regulation that is hitting exchanges, project owners and mixers is moving towards bitcoin. I perceive that the main target is bitcoin and they cannot get bitcoin directly, that is why they are beating around the bush.
It is in the USA that the SEC still cannot figure out which Utility token and which Security token, that is, a share ..
The cryptocurrency market is big and it will be hard for the government to try and enforce laws against the whole market that is why they are bringing out tough rules gradually do that it will not sound like they are coming for the while market but gradually regulating the crypto market. There is no way we can avoid that since the government has authority to determine how things will go all together. The regulation of the market is something we can't stop and prevent, all we need to do is to prepare for when that time will come and make necessary preparation.
And we the masses are just lucky because it is not just one government that is controlling the whole world. While for instance the government of China will decided to be very strict in their regulation of cryptocurrency, the government of the United States might be lenient. This therefore means that there will be different approaches and degrees of regulations across the countries.If the government can approach the regulation with a clean mind and not intending to victimise the innocent, regulation will in no doubt bring stability and transparency in the cryptocurrency industry.
I think this is one of the things that the Binance is struggling with now and it is making things hard for them. The SEC is currently not smiling and had been in a contention with both Binance and Coinbase and I think Coinbase is planning to leave the US if things does not tlstoll work out the way it ought to. The SEC had been very strict currently fighting against illegal and unregistered exchanges and cryptocurrency projects that is not abiding by the rules that is regulating them. I hope more of these regulations will not be enforced by the government of other countries against cryptocurrency exchanges and projects.
The government cannot actually regulate bitcoin because it is decentralized. Therefore, it will regulate what it is very familiar with, centralized companies, among which are CEXs like Binance or Coinbase. And I wouldn't bet a farthing that governments (short of some offshore financial centres) won't heavily regulate centralized companies that are intermediaries for decentralized projects like bitcoin.
All these regulation that is hitting exchanges, project owners and mixers is moving towards bitcoin. I perceive that the main target is bitcoin and they cannot get bitcoin directly, that is why they are beating around the bush.
I think this is one of the things that the Binance is struggling with now and it is making things hard for them. The SEC is currently not smiling and had been in a contention with both Binance and Coinbase and I think Coinbase is planning to leave the US if things does not tlstoll work out the way it ought to. The SEC had been very strict currently fighting against illegal and unregistered exchanges and cryptocurrency projects that is not abiding by the rules that is regulating them. I hope more of these regulations will not be enforced by the government of other countries against cryptocurrency exchanges and projects.
The government cannot actually regulate bitcoin because it is decentralized. Therefore, it will regulate what it is very familiar with, centralized companies, among which are CEXs like Binance or Coinbase. And I wouldn't bet a farthing that governments (short of some offshore financial centres) won't heavily regulate centralized companies that are intermediaries for decentralized projects like bitcoin.
@zasad@. I am very worried what kind of storylines and doubts the SEC and the mainstream news media might create after this case. It is very important that we must not lose the idea of what the judge's ruling really implies.
From the information that I have read from the ruling, it appears the judge has clearly said that the tokens are not by themselves a contract, transaction that embodies the howey requirements. Read in page 15 of the ruling.
https://www.dropbox.com/e/scl/fi/bk1n1qn1tgscrcrrfldr8/SEC-v.-Ripple-Ruling-on-Motions-for-Summary-Judgment.pdf?dl=0&rlkey=cjyfdw5rl58diqxyi3qfgix7s
I am not the best specialist in American law, but with tokens there are still a lot of questions about the processes of their distribution among investors and the community. If someone knew a 100% legal way, they would have done it a long time ago. From the information that I have read from the ruling, it appears the judge has clearly said that the tokens are not by themselves a contract, transaction that embodies the howey requirements. Read in page 15 of the ruling.
https://www.dropbox.com/e/scl/fi/bk1n1qn1tgscrcrrfldr8/SEC-v.-Ripple-Ruling-on-Motions-for-Summary-Judgment.pdf?dl=0&rlkey=cjyfdw5rl58diqxyi3qfgix7s
I think this is one of the things that the Binance is struggling with now and it is making things hard for them. The SEC is currently not smiling and had been in a contention with both Binance and Coinbase and I think Coinbase is planning to leave the US if things does not tlstoll work out the way it ought to. The SEC had been very strict currently fighting against illegal and unregistered exchanges and cryptocurrency projects that is not abiding by the rules that is regulating them. I hope more of these regulations will not be enforced by the government of other countries against cryptocurrency exchanges and projects.
The government cannot actually regulate bitcoin because it is decentralized. Therefore, it will regulate what it is very familiar with, centralized companies, among which are CEXs like Binance or Coinbase. And I wouldn't bet a farthing that governments (short of some offshore financial centres) won't heavily regulate centralized companies that are intermediaries for decentralized projects like bitcoin.
All these regulation that is hitting exchanges, project owners and mixers is moving towards bitcoin. I perceive that the main target is bitcoin and they cannot get bitcoin directly, that is why they are beating around the bush.
@zasad@. I am very worried what kind of storylines and doubts the SEC and the mainstream news media might create after this case. It is very important that we must not lose the idea of what the judge's ruling really implies.
From the information that I have read from the ruling, it appears the judge has clearly said that the tokens are not by themselves a contract, transaction that embodies the howey requirements. Read in page 15 of the ruling.
https://www.dropbox.com/e/scl/fi/bk1n1qn1tgscrcrrfldr8/SEC-v.-Ripple-Ruling-on-Motions-for-Summary-Judgment.pdf?dl=0&rlkey=cjyfdw5rl58diqxyi3qfgix7s
From the information that I have read from the ruling, it appears the judge has clearly said that the tokens are not by themselves a contract, transaction that embodies the howey requirements. Read in page 15 of the ruling.
https://www.dropbox.com/e/scl/fi/bk1n1qn1tgscrcrrfldr8/SEC-v.-Ripple-Ruling-on-Motions-for-Summary-Judgment.pdf?dl=0&rlkey=cjyfdw5rl58diqxyi3qfgix7s
@zasad@. However, was it not mentioned by the judge that XRP is very much like a digital token and not something similar to an investment contract or a transaction that requires XRP to go through the howey test?
We cannot be certain who really has the correct interpretation, however, I very much agree with this statement.
Because the @SECGov and @GaryGensler refused to write clear rules for crypto, a judge just did it for them.
Source https://twitter.com/cameron/status/1679552793705578496?s=12&t=fx2RmsbaS0qNJTJTdpNu2w
In this process, many points have not yet been set.We cannot be certain who really has the correct interpretation, however, I very much agree with this statement.
Because the @SECGov and @GaryGensler refused to write clear rules for crypto, a judge just did it for them.
Source https://twitter.com/cameron/status/1679552793705578496?s=12&t=fx2RmsbaS0qNJTJTdpNu2w
A sale on an exchange is not a sale of a security, but the sale of tokens at a public sale and a private round to investors will most likely not pass the howey test, so there is a temporary positive moment on the market and companies have many questions about how to properly distribute tokens so that they don’t have problems in court.
@zasad@. However, was it not mentioned by the judge that XRP is very much like a digital token and not something similar to an investment contract or a transaction that requires XRP to go through the howey test?
We cannot be certain who really has the correct interpretation, however, I very much agree with this statement.
Because the @SECGov and @GaryGensler refused to write clear rules for crypto, a judge just did it for them.
Source https://twitter.com/cameron/status/1679552793705578496?s=12&t=fx2RmsbaS0qNJTJTdpNu2w
We cannot be certain who really has the correct interpretation, however, I very much agree with this statement.
Because the @SECGov and @GaryGensler refused to write clear rules for crypto, a judge just did it for them.
Source https://twitter.com/cameron/status/1679552793705578496?s=12&t=fx2RmsbaS0qNJTJTdpNu2w
Did Ripple and Brad Garlichouse save much of the projects in the cryptospace from uncle Gary? They won against lawsuit that the SEC started against them. XRP is now officially not a security.
It also appears the Hinman documents has helped persuade the judge that XRP is not an illegal security which might make a precedent that many projects in the cryptospace accused of being illegal securities are not really securities hehehe.
Ripple Labs notches landmark win in SEC case over XRP cryptocurrency
Source https://www.reuters.com/legal/us-judge-says-sec-lawsuit-vs-ripple-labs-can-proceed-trial-some-claims-2023-07-13/
This is an excellent precedent, but it is too early to put an end to this matter.It also appears the Hinman documents has helped persuade the judge that XRP is not an illegal security which might make a precedent that many projects in the cryptospace accused of being illegal securities are not really securities hehehe.
Ripple Labs notches landmark win in SEC case over XRP cryptocurrency
Source https://www.reuters.com/legal/us-judge-says-sec-lawsuit-vs-ripple-labs-can-proceed-trial-some-claims-2023-07-13/
SEC leaves door open for appeal in Ripple case
https://www.theblock.co/post/239537/sec-leaves-door-open-for-appeal-in-ripple-case
"Following a partial defeat in its longstanding case against Ripple Labs over the company's sale of its native token XRP, a spokesperson for the Securities and Exchange Commission left the door open for a possible appeal of the decision."
Did Ripple and Brad Garlichouse save much of the projects in the cryptospace from uncle Gary? They won against lawsuit that the SEC started against them. XRP is now officially not a security.
It also appears the Hinman documents has helped persuade the judge that XRP is not an illegal security which might make a precedent that many projects in the cryptospace accused of being illegal securities are not really securities hehehe.
Ripple Labs notches landmark win in SEC case over XRP cryptocurrency
Source https://www.reuters.com/legal/us-judge-says-sec-lawsuit-vs-ripple-labs-can-proceed-trial-some-claims-2023-07-13/
It also appears the Hinman documents has helped persuade the judge that XRP is not an illegal security which might make a precedent that many projects in the cryptospace accused of being illegal securities are not really securities hehehe.
Ripple Labs notches landmark win in SEC case over XRP cryptocurrency
Source https://www.reuters.com/legal/us-judge-says-sec-lawsuit-vs-ripple-labs-can-proceed-trial-some-claims-2023-07-13/
@zasad@. Yes, not yet at present. However, if a project is declared as a security, it would be forced to either leave the American jurisdiction or register with the US SEC for compliance which, under securities laws, might force those projects to use government approved custodians and transfer agents.
This important information is presently being left unnoticed by much of the people in the cryptospace and it will be the most damaging on the greatest innovation that decentralized ledgers and database has brought us.
I think this is one of the things that the Binance is struggling with now and it is making things hard for them. The SEC is currently not smiling and had been in a contention with both Binance and Coinbase and I think Coinbase is planning to leave the US if things does not tlstoll work out the way it ought to. The SEC had been very strict currently fighting against illegal and unregistered exchanges and cryptocurrency projects that is not abiding by the rules that is regulating them. I hope more of these regulations will not be enforced by the government of other countries against cryptocurrency exchanges and projects. This important information is presently being left unnoticed by much of the people in the cryptospace and it will be the most damaging on the greatest innovation that decentralized ledgers and database has brought us.
Binance and Coinbase have cooperated with all regulators, they do not need to be destroyed. Enough to write clear legislation.
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