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Stablecoin legislation may come this year, Bitwise exec says

Bitwise Chief Compliance Officer Kathrine Dowling is optimistic on stablecoin regulation in the US in 2023. According to Dowling, stablecoins will the first to be regulatory as what needs to be done is mostly straightforward. The US is looking to align with the global regulatory community. Stablecoins are likely to be the first to get […]

The post Stablecoin legislation may come this year, Bitwise exec says appeared first on CoinJournal.

  • Bitwise Chief Compliance Officer Kathrine Dowling is optimistic on stablecoin regulation in the US in 2023.
  • According to Dowling, stablecoins will the first to be regulatory as what needs to be done is mostly straightforward.
  • The US is looking to align with the global regulatory community.

Stablecoins are likely to be the first to get regulated in the US in 2023, according to Katherine Dowling, the general counsel and chief compliance officer at cryptocurrency investment firm Bitwise.

Easier to work out stablecoin regulations

In an interview with CoinDesk TV on Monday, Dowling said the move towards a stablecoin legislation this year is more likely because the sub-industry represents a sector that’s not so complex. Stablecoin regulation is a “narrower issue,” she said. 

Speaking during an appearance on the crypto media outlet’s ‘First Mover’, the Bitwise compliance officer said regulators can easily get hold of issues around stablecoins “a little bit better” than what the broader crypto market represented.

While the events of the past few months, and whose effects continue to be felt across crypto –including the collapse of FTX –derailed the sector. However, with regulatory spotlight on the broader industry, the aftermath could have offered a platform for a rebuilding.

According to Dowling, the issue of proper legislation is an outcome that Congress is keen on.

And legislation, not just for the stablecoin market but also for the broader digital assets space, would entail clarity. This will in turn help rebuild trust in and across the ecosystem, with clear rules key to the US’ plans to keep up with the global regulatory landscape.

While some experts have warned about the potential impact of regulation to crypto innovation, Dowling says having the laws in place is critical. For the United States, these could even see it become a global regulatory standard, a scenario likely to provide the foundation for dialogue on crypto regulation on a global level. 

As reported last week, the European Union is looking to finally ratify its comprehensive crypto regulations, the Markets in Crypto-Assets (MiCA). A final vote on the regulation was recently delayed to April.

The post Stablecoin legislation may come this year, Bitwise exec says appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Altcoins

Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens

FLOKI’s price has rallied by over 100% in the past week. It has hit a daily high of $0.00002973 today rallying on the news of the passed proposal. The passed proposal will see Floki Inu burn about 4.97 trillion FLOKI tokens. The Floki Inu DAO has finally passed the “Remove the FLOKI transaction tax and […]

The post Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens appeared first on CoinJournal.

  • FLOKI’s price has rallied by over 100% in the past week.
  • It has hit a daily high of $0.00002973 today rallying on the news of the passed proposal.
  • The passed proposal will see Floki Inu burn about 4.97 trillion FLOKI tokens.

The Floki Inu DAO has finally passed the “Remove the FLOKI transaction tax and burn the bridge tokens” proposal. As reported in our earlier news, the proposal was opened for voting on January 27 causing significant price movements immediately after it was announced.

The voting proses was concluded on January 29 with 99.97% of the participants voting in favour of the proposal.

Screenshot of how Floki Inu DAO voted. Source: snapshot.org

 The price of FLOKI token has surged slightly because of the news, with the token gaining about 8% at press time to trade at $0.00002415.

What next after approving the proposal?

According to the information provided by Floki Inu, the proposal determined the future of two things for the Floki Inu community which are:

  • The original Floki cross-chain bridge.
  • The 3% tax on the FLOKI token.

The proposal sought to have the original cross-chain bridge disabled and the tokens in the bridge burned since the bridge posed some vulnerability threats. Floki Inu narrowly dodged a bullet last year when the cross-chain bridge was briefly exploited forcing the team to quickly disable the bridge to limit the exploit’s impact.

Now that the DAO has voted to pass the proposal, the team will go ahead and disable the main cross-bridge and embark on burning the FLOKI tokens that were in the bridge. The 3% buy and sell FLOKI transaction tax will also be drastically reduced to a 0.3% tax which is the default tax/fee on most decentralized exchanges like Uniswap (UNI/USD).

On timelines, the FLOKI transaction tax will be lowered to 0.3% effective 8 PM UTC on February 3, 2023, while the 4.97 trillion tokens will be permanently burnt at 8 PM UTC on February 9, 2023. As of the price of FLOKI today, the planned token burn is worth about $100 million.

The post Floki Inu DAO approves proposal to burn over $100M worth of FLOKI tokens appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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