Free Republic

While the world was distracted by the Epstein debacle, legislators introduced the GENUIS Act that would permit the US government to regulate stablecoins. The GENUIS (Guiding and Establishing National Innovation for U.S. Stablecoins Act), primarily sponsored by Senator Bill Hagerty (R-Tennessee), permits the government to oversee, regulate, and define the $250 billion stablecoin market. Now, stablecoins differ from cryptocurrencies as they are pegged to a stable asset such as a fiat currency or commodity. Cryptocurrencies are allegedly allowed to freely operate on the market based on supply and demand. The GENIUS Act will peg stablecoins to the US dollar and...

Are you ready for the Circle IPO? The “stablecoin” giant just filed to go public. It’s aiming for a valuation between $4 billion and $5 billion and plans to list on the NYSE as early as June under the ticker CRCL. It will be the biggest crypto IPO since Coinbase (COIN) went public back in 2021. Circle is the company behind USD Coin (USDC)— the world’s second-biggest stablecoin. I’ll share my favorite way to profit from the rise of stablecoins in a minute. First, let me quickly break down what stablecoins are and why they’re a huge disruption to the...

FOR IMMEDIATE RELEASE Wednesday, March 15, 2023 Ho Wan Kwok, A/K/A “Miles Guo,” Arrested For Orchestrating Over $1 Billion Dollar Fraud Conspiracy Over $630 Million of Alleged Fraud Proceeds Seized by U.S. Government Damian Williams, the United States Attorney for the Southern District of New York, and Michael J. Driscoll, Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced the unsealing of a twelve-count Indictment charging HO WAN KWOK, a/k/a “Miles Guo,” a/k/a “Miles Kwok,” a/k/a “Guo Wengui,” a/k/a “Brother Seven,” a/k/a “The Principal,” and KIN MING JE, a/k/a “William Je,”...

As the crypto industry struggles in the wake of FTX’s collapse, the question of how the SEC will react is unanswered. Here’s what past investigations tell us about how the SEC sees cryptocurrency and may regulate it moving forward. Illustration: Ali Larkin The company behind the tether stablecoin has increasingly been lending its own coins to customers rather than selling them for hard currency upfront. The shift adds to risks that the company may not have enough liquid assets to pay redemptions in a crisis. Tether Holdings Ltd. says it lends only to eligible customers and requires that borrowers post...

Do Kwon is the founder of Terraform Labs, the company was behind the algorithmic stablecoin TerraUSD and Luna...South Korean authorities have sought his arrest and claim that Interpol has issued a "Red Notice," which is effectively a global arrest warrant...Kwon's Twitter location says he is in Singapore. But earlier this month, the Singapore Police Force said that Kwon was not in the city-state.