Stablecoins should be treated like investment products, not banks, Jan van Eck, the CEO of the investment firm VanEck, wrote in a Barron’s op-ed on Wednesday. HeleneBraunn reports
jan_van_eck_consensus_invest_2018
Van Eck’s broadside followed just two weeks after the U.S. Undersecretary for Domestic Finance, Nellie Liang, testified before Congress that stablecoins “are bank-like products…as well as an investment-like product, which is why there was a regulatory gap.” A group of regulators called theIn her testimony, Liang said that technology companies without bank licensing should not offer stablecoins.
“Despite the similarity that stablecoins have with money market funds, the PWG suggested that stablecoin issuers be “insured depository institutions.” Stablecoins invest in securities; they don’t lend like banks do,” van Eck wrote.First, he suggested that the SEC oversee stablecoins for a four-year trial period similar to how it considers investment funds under the Investment Company Act of 1940.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Switzerland's Largest Bank UBS Suggests Alternative Ways of Investing in Cryptocurrency – Markets and Prices Bitcoin NewsSwitzerland's largest bank, UBS, has suggested some investment strategies for investors seeking to gain exposure to crypto assets with less risk than investing directly in bitcoin, ether, or other cryptocurrencies.
Read more »
IMF Chief Touts Advantages of CBDCs Over ‘Unbacked Crypto Assets’ and StablecoinsKristalina Georgieva said Wednesday that well-designed CBDCs “can potentially offer more resilience, more safety, greater availability and lower costs” than private cryptocurrencies.
Read more »
Ahead of Its First SPAC Approval, Dubai's Shuaa Capital Says It Wants to Launch More in ‘Quick Succession'Dubai-listed investment bank Shuaa Capital is still in the final stages before its first SPAC can be listed, but the bank is already eager to launch more.
Read more »
This Small Arkansas Bank Is Fueling America’s Skyscraper BoomThe most prolific lender to Manhattan property developers isn’t Wells Fargo or Citigroup or any of the other big global banks. It is Bank OZK, which not that long ago was an obscure lender from Little Rock, Ark.
Read more »
Central Bank of Ireland nixes crypto funds: Too difficult 'for a retail investor'The Central Bank of Ireland issued a report this week explaining that retail investors lack the know-how to properly invest in crypto, and it will only allow funds to offer crypto asset investments to professional investors.
Read more »
Investment firm KKR ups Animoca Brands’ newest funding to $500 millionAnimoca Brands had just come off the heels of a $358.88 million funding round on January 18, led by Liberty City Ventures.
Read more »