As you probably know by now, the US has been seeing a lot of crypto businesses come under stricter regulatory scrutiny. Just think about what’s been going on with Ripple these days.
More agencies told companies that they have to tighten protection against money laundering. AMBCrypto also brings up the issue of stablecoin regulation.
Stable coins regulations addressed by Charles Hoskinson
Regulators made a statement which says that stablecoins should be used in a way that “effectively manages risk and maintains the stability of the U.S. domestic and international financial and monetary systems.”
The notes also said the following:
“The statement reflects a commitment to both promote the important benefits of innovation and to achieve critical objectives related to national security and financial stability. Regulators will continue to look closely at stablecoin arrangements, and look forward to a future dialogue on these issues.”
A lot of important people in the crypto space had furious reactions, but IOHK CEO Charles Hoskinson believes that there is not much to worry about, even if they regulate it as a security.
During a recent AMA, the Founder of Cardano Hoskinson argued that the regulation of stablecoins would require either an act of Congress or the next administration to deal with it.
“I’m not worried at all about where the stablecoins regulations sits. And frankly, if they regulate them like they do securities, that’s not as problematic. Especially when you are talking about asset-backed stablecoins,” he said.
Hoskinson talks about Ripple lawsuit
Not too long ago, he dropped a video about what’s been going on with Ripple.
We already reported that Ripple Inc. said that it would defend itself against a lawsuit from the SEC that is claiming the company violated investor protection laws when they sold XRP.
He posted a video about what happened to Ripple, and he was not biased at all.