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On April 4, the regulator issued a statement that ”collateralized” stablecoins pegged to the U.S. dollar are not considered securities. This means that companies issuing and redeeming such assets may not have to register those transactions with the financial regulator. What are ”secured” stablecoins? As defined by the SEC, ”secured” stablecoins are cryptocurrency assets that: maintain a stable value backed by real reserves easily redeemable The tokens issued by the two largest issuers of stablecoins, Tether (USDT) and Circle (USDC), fall into just such a category. Their combined market supply exceeds $200 billion. Why it matters The regulator`s announcement comes at a time when the use of stablecoins is ready to reach a new level. Traditional financial institutions are increasingly interested in this market segment. For example, Bank of America CEO Brian Moynihan stated back in February, ”If they make stackablecoins legal, we will get into the business.” Many experts believe that if giants like Bank of America start issuing their own stablecoins, the total supply could grow to trillions of dollars. Legislative support In parallel to the SEC`s announcement, U.S. lawmakers are pushing forward new legislation to regulate stablecoins. This week, the House Financial Services Committee voted to advance a related bill called STABLE. This document proposes to create a regulatory framework for U.S. dollar-denominated stablecoins. It also includes reserve and capital requirements, including 100 percent collateralization and anti-money laundering standards. The clarity provided by the SEC on secured stablecoins could strengthen legislative initiatives and create a more favorable environment for the development of this segment of the cryptocurrency market.
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$4,400 Drained From Bank of America Account After Owner Is Violently Robbed of His Unlocked Phone – Now the Bank Is Refusing To Reimburse: Report
Bank of America is reportedly refusing to reimburse a customer whose account was drained of thousands of dollars after thieves stole his unlocked phone. BofA customer Brandon Wilson was leaving a bar in Chicago on Labor Day in September of 2024 when he was accosted by thugs, reports ABC 7 Chicago. “As I was waiting for my Uber outside, a group of people surrounded me. They threatened me. They asked me to empty my wallet, to give them my phone, to unlock my phone… I was beyond terrified. I followed what they said, because I thought I was going to have my life taken from me.” After getting home and finding $4,446 had been transferred out of his Bank of America account via multiple Zelle transactions, Wilson called the trillion-dollar lender and reported the fraudulent activity. Bank of America temporarily credited his account and Wilson assumed that would be the end of it. “At that point I thought I was good.” The week after, however, Bank of America sent Wilson a letter claiming he had authorized or permitted the transactions. “Brandon, we’re unable to approve your recent claim. The charge was authorized by you or made by someone who has permission to use the card or account.” Wilson, who has been with Bank of America since he was 14, submitted another fraud claim but the trillion-dollar lender again rejected his claim. After ABC 7 Chicago reached out to Bank of America, a spokesperson for second-largest bank in the US after JPMorgan Chase said the case would be reviewed. Wilson is now hoping Bank of America will reimburse him. “It’s clear as day that I didn’t make these charges.” Follow us on X , Facebook and Telegram Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post $4,400 Drained From Bank of America Account After Owner Is Violently Robbed of His Unlocked Phone – Now the Bank Is Refusing To Reimburse: Report appeared first on The Daily Hodl . Coinpaper
From Trillions to Billions: TradFi’s Historic $6T Crash Dwarfs Crypto’s $30B Retreat
Over the past seven days, bitcoin exhibited steadfast stability, hovering near its prior valuation, yet the digital asset ecosystem contracted by $30 billion in tandem. The most pronounced setbacks emerged from IMX and IP, which relinquished 22.8% and 20.1% of their value, respectively. Bitcoin Holds Firm as Crypto Market Sheds $30B This week delivered a Coinpaper
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XRP whale moves $143M – Is a rally to $2.60 inevitable?
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