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US Senator Asks Coinbase, Gemini, Binance, Tether How They’re Defending Customers – Regulation Bitcoin Information


U.S. Senator Sherrod Brown has despatched letters to cryptocurrency exchanges and stablecoin issuers, together with Coinbase, Gemini, Binance, and Tether, asking how they’re defending shoppers and traders. “I’ve vital considerations with the non-standardized phrases relevant to redemption of specific stablecoins,” the senator stated.

US Senator Raises Issues Concerning Stablecoins

U.S. Senator Sherrod Brown (D-Ohio), chair of the U.S. Senate Committee on Banking, Housing, and City, introduced Tuesday that he has despatched letters to quite a lot of crypto exchanges and stablecoin issuers.

Among the many recipients of his letters are Coinbase, Gemini, Paxos, Trusttoken, Binance.us, Centre, and Tether.

The senator requested these crypto corporations how they “are defending shoppers and traders amid the dangers highlighted within the latest report by the President’s Working Group on Monetary Markets.”

The announcement provides: “Senator Brown emphasised the difficulties shoppers and traders could face in understanding how stablecoins work and their potential dangers, citing the difficult phrases and circumstances that many corporations cover within the superb print.” The senator wrote in considered one of his letters:

I’ve vital considerations with the non-standardized phrases relevant to redemption of specific stablecoins, how these phrases differ from conventional property, and the way these phrases will not be constant throughout digital asset buying and selling platforms.

The senator asserted that “the acquisition of stablecoins by a buying and selling platform could not present clients with the identical rights and entitlements as a direct buy from an issuer.”

Moreover, he famous: “Prospects could have totally different rights based mostly on the quantity of stablecoins owned or transacted.” Senator Brown additionally requested six extra questions in his letters which might be discovered right here.

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Binance, Binance.us, Circle, Coinbase, crypto exchanges, cryptocurrency exchanges, Gemini, Sherrod Brown, stablecoin issuers, Stablecoins, Tether, us senator, USDC, USDT

What do you consider Senator Sherrod Brown asking crypto exchanges and stablecoin issuers about how they’re defending shoppers and traders? Tell us within the feedback part beneath.

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