Call for Stablecoin Legislation by Ex-Comptroller of Currency
An opinion piece by Brian Brooks, former CEO of Binance.US and U.S. Comptroller of the Currency, and Queens College economics dean Charles Calomiris, emphasises the urgency of implementing rational stablecoin regulation in the US. This piece was published in The Wall Street Journal on August 9.
Both Brooks and Calomiris made a case for how the expansion of stablecoins could become pivotal in sustaining the U.S. dollar’s worldwide reserve status. They opined that the growth of stablecoins might drive global demand for dollars, irrespective of the political choices of other countries. If the expansion of stablecoins is not encouraged, it might lead to de-dollarization, endangering the American economy and diminishing consumer purchasing power.
The Clarity for Stablecoins Act proposed in July by House Financial Services Committee Chairman Patrick McHenry has not attracted bipartisan backing in Congress.
Biden’s Administration Gambles on AI for Cybersecurity
The Biden administration has set aside $20 million in prize money for AI enterprises to bolster the security of the nation’s vital infrastructure. The initial level of competition will shortlist up to 20 top-performing groups to compete in the semifinals of the global hacker convention, DEF CON 2024, all standing a chance to win up to $2 million each and proceed to the DEF CON 2025 finals.
The contestants will be obliged to disclose their system’s operational details, promoting wider application of their techniques. Furthermore, the competition guidelines are supplied by the Open Source Security Foundation, an offshoot of the Linux Foundation.
The Defense Advanced Research Projects Agency (DARPA) — the competition's overseeing body — is providing seven small businesses with financial assistance, totaling up to $1 million, to participate in the contest, ensuring a diverse set of players.
SEC Plans to Contest Ripple Case Decision
Following its lawsuit against Ripple Labs, the SEC plans to challenge an earlier court verdict that determined that XRP is not a security when marketed to everyday investors.
In a letter to Judge Analisa Torres, who is adjudicating the case, dating August 9, the SEC expressed its intention to have her decision reviewed anew by an appellate court. This means it wishes to get the court's recognition that Ripple's XRP offerings and sales on digital currency exchanges and individually were not securities.
The SEC took this step almost a month after securing a partial victory over Ripple concerning the securities status of XRP.
Judge Torres proclaimed that XRP is not a security in itself, but in specific circumstances, like when trading to institutional investors and not on exchanges to retail investors, XRP token sales can be considered securities.
This article offers general information and is not intended as investment advice or recommendations. Investments and trading are risky; individuals should conduct their own research before making a decision.