Senators Criticize Lummis & Bankers Blaming Crypto & Making Millions
The post Senators Criticize Lummis & Bankers Blaming Crypto & Making Millions appeared first on Coinpedia Fintech News
During a Senate banking committee hearing on May 16, former Signature Bank executive Scott Shay was criticized by Senator Synthia Lummis. Shay blamed the bank’s collapse on cryptocurrency while benefiting from hefty bonuses and stocks. Shay admitted that the bank accepted digital asset deposits in 2018 but reduced them in 2022 due to market volatility. Lummis accused Shay of shifting blame, which he denied during the hearing.
G20 Central Bankers: Stablecoins Are Not “Stable,” Suggests Action Against Crypto
The post G20 Central Bankers: Stablecoins Are Not “Stable,” Suggests Action Against Crypto appeared first on Coinpedia Fintech News
The Financial Stability Board, a group of G20 central bankers and financial regulators, has emphasized that stablecoins are not stable.
No stablecoin currently satisfies the parameters set for the digital asset category by the world’s major central bankers, and many stablecoins “do not have credible systems to guarantee their claim of price stability,” according to a report released today by the Financial Stability Board.
The board also questioned how “stable” stablecoins really are.
The board also issued high-level recommendations for governing digital currencies, with a more thorough report due by the middle of next year.