By: Elliptic
On June 8th, the New York Department of Financial Services (NYDFS) released guidelines specifically addressing US dollar-backed stablecoins, which are applicable to virtual currency businesses regulated by the NYDFS.
This development aligns with a series of significant regulatory actions concerning stablecoins, including similar initiatives undertaken by the United Kingdom, European Union, and Japan. Moreover, it coincides with ongoing deliberations in the US Congress regarding legislative proposals governing the issuance of stablecoins.
The timing of the NYDFS guidance comes as no surprise. The recent decoupling of the Terra/UST stablecoin has heightened regulatory concerns, prompting a sense of urgency in establishing oversight over stablecoin activities. The NYDFS press release explicitly mentions its close communication with virtual currency entities under its regulatory purview, particularly in light of recent events in the stablecoin market, an obvious reference to the Terra/UST incident…
Featured News
Uruguayan Antitrust Scrutiny Puts Major Meatpacking Deal Between Marfrig and Minerva on Hold
May 19, 2024 by
CPI
Alaska Airlines Seeks Dismissal of Consumer Lawsuit Over $1.9 Billion Hawaiian Airlines Buy
May 19, 2024 by
CPI
Idaho Attorney General Orders Split of Kootenai Health and Syringa Hospital
May 19, 2024 by
CPI
Court Rejects T-Mobile’s Appeal Bid in Antitrust Case Over Sprint Merger
May 19, 2024 by
CPI
Google Requests Judge, Not Jury, to Decide on Antitrust Case
May 19, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI