20 May

“The Chicago outpost of Sam Bankman-Fried’s trading empire said it will begin testing stock trading functionality for a handful of U.S. users on Thursday. The launch comes as FTX makes an aggressive push into the traditional financial ecosystem.

Our goal is to offer a holistic investing service for our customers across all asset classes.

The exchange also plans to let its customers fund their accounts in the stablecoin USDC. This effectively means that the same go-between asset for crypto traders can enter the stock market.”

Tether reduced its commercial paper holdings by 17% from $24.2 billion to $20.1 billion in the first quarter, according to its latest attestation report. The reduction in commercial paper has continued with a further 20% cut since April 1, which will be reflected in the second-quarter report, Tether announced Thursday.

The majority of this $20.1 billion (around $18 billion) is comprised of A-1 and A-2 paper, which qualify as investment grade. The geographic location of the commercial paper issuers was also not found in the report.”

Sellers using the Crypto.com Pay feature can allow customers to settle their accounts with over 20 tokens. Shopify merchants also have access to Jack Mallers’ Strike, Coinbase Commerce and BitPay.

Our growing blockchain ecosystem demonstrates our commitment to supporting merchants with alternative payment methods on their storefronts, helping to further expand what’s possible in commerce.”

“If the proposal is passed, CRV emissions from all pools involving UST would be ended, effectively ending all incentives for anyone to provide their UST to Curve. And the consensus seems to agree as 100% of all voters have voted to end CRV emissions from UST-related pools at writing time.

Due to the current circumstances, i.e., UST trading 90% off-peg and Terra ecosystem having approx. $9B in bad debts, there is currently no prospect of a sustainable recovery of the peg.

The proposal further pointed out that Curve pools involving UST could act as a way for opportunistic investors to attract exit liquidity for their failed investments.”

See Also: South Korean watchdog reportedly fines Terraform Labs $78M for tax evasion
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“In light of the recent turmoil in the crypto-asset market, the G7 urges the FSB (Financial Stability Board) … to advance the swift development and implementation of consistent and comprehensive regulation.

The FSB, an international body based in Basel that was responsible for generating many of the post-2008 financial norms, had previously promised a report on the regulation, supervision and oversight of global stablecoins for October of this year.

The FSB’s leader, Klaas Knot, has already volunteered to write a crypto rulebook that could cover financial stability and investor protection issues.”

See Also: US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials
See Also: Commerce Dept. Asks for Public Comments on Framework for US Crypto Competitiveness