CoinDesk, a well-known name in the world of cryptocurrency media, announced a difficult decision it had to make on Monday in a mournful start to this week’s newsletter. 24 employees had to leave the company as a result of the severe obstacles it faced in the media revenue landscape for cryptocurrencies. These departures were mostly from CoinDesk’s editorial departments. Each of these people had been essential in ensuring that CoinDesk continued to uphold the high standards of journalism that have made it well-known in the cryptocurrency industry.
In addition to important accomplishments like winning a Polk award, a New York Press Club award, and being listed as a finalist for this year’s Loeb awards, CoinDesk’s brilliant team made significant contributions to the platform’s growth. Working at CoinDesk was fascinating and fulfilling because of their commitment to teamwork. These people’s departure has created a hole, and they are already sorely missed. CoinDesk sends them its best wishes and anticipates potential future partnerships with them.
Unfavorable news is also contained in this Money Reimagined email. This version serves as the last one until 2023. The newsletter is going on break so that the author can devote more time to writing a book and dealing with personnel issues at CoinDesk. The weekly Money Reimagined podcast will continue unabated and Money Reimagined will resume in January.
The founder of Project Liberty and construction magnate Frank McCourt was interviewed for a recent episode of the podcast, which focused on the urgent topic of decentralized storage solutions and how they can lessen society’s reliance on data-intensive internet services.
Global Stablecoin Regulation Advancement Points to U.S. Gap
The global panorama reveals that other jurisdictions are far forward in this process, despite the fact that the U.S. Congress is still divided over a proposed law to regulate stablecoins. The future role of the U.S. dollar in the financial industry may be affected by this delay in U.S. regulation.
A thorough regulatory framework for stablecoins, which includes minimum capital requirements for issuers, was just unveiled by the Monetary Authority of Singapore. With this action, Singapore is now positioned to become a potentially alluring centre for these more common crypto payment instruments.
Calvin Cheng, a former member of the Singaporean parliament, has also introduced stablecoins linked to the euro and the Swiss franc through his Zug, Switzerland-based business, Anchored Coins. In accordance with Swiss regulatory control, the corporation is permitted to issue these coins.
Since 2018, the Bermuda Monetary Authority has begun issuing licenses to digital asset businesses. In December 2022, Jewel Bank became the first to do so, enabling them to launch JUSD, a stablecoin backed by the dollar.
Since the formation of the Emirate’s Virtual Assets Regulatory Authority (VARA) in March 2022, stablecoin issuing regulations have existed in Dubai.
Canadian securities regulators have provided criteria for custody arrangements, reserve management, and audits for stablecoins in guidelines to authorized crypto exchanges. This strategy, which places more emphasis on exchanges than issuers, creates a special regulatory hurdle.
The New York Department of Financial Services has since 2015 awarded Paxos a trust charter, which it has used to develop a regulated stablecoin with PayPal in conjunction with Paxos. U.S. Representative Maxine Waters criticized this action and voiced her concerns about the absence of federal consideration.
While there is still disagreement in the U.S. Congress on stablecoin regulation, other nations are making great strides in this quickly developing industry. The lag in American regulation may give other countries a chance to catch up and threaten the dominance of the dollar in the bitcoin market.
It is unclear how the future of stablecoins and the U.S.’s influence on this new financial technology will be impacted by this global regulatory environment.