Gate.io Blog Daily Flash | The United States will conduct a bank supervision on stablecoins；Former Ethereum co-founder jailed for Aiding North Korea

Daily Flash | The United States will conduct a bank supervision on stablecoins；Former Ethereum co-founder jailed for Aiding North Korea

13 April 12:22

Today's Topic - Morgan Stanley: the United States is preparing to supervise the stablecoin banking system

Morgan Stanley said in a recent research report that the US Treasury and Congress are preparing to supervise the stablecoin or related issuers, which may be similar to bank supervision.

The report also mentioned that U.S. officials recognize the currency competition from other CBDC countries and believe that it is necessary to take the most urgent action to "make the US dollar continue to be a popular and dominant payment mechanism", and controlling the US dollar stablecoin will be an important means, which may have a far-reaching impact on the crypto market.

Today's Chart - USDC overtakes USDT, with a market cap of more than $40 billion

According to CryptoRank data, the market cap of USDC, the stablecoin on Ethereum network, has exceeded USD40 billion, surpassing USDT. USDC is issued by Circle invested by Bitmain, Goldman Sachs Group, IDG, CICC, Everbright and Baidu. It is a fully mortgaged dollar stablecoin. Grant Thornton, a professional service company, publicly reports the financial status of USDC issued by Circle every month.

Although USDT is still the largest stablecoin in the world, its market share is much lower than before, and USDC has risen rapidly because of its transparency and security, becoming the main stablecoin on the Ethereum chain.

Today's Influencer - Virgil Griffith, the former Ethereum developer, was sentenced to 63 months in prison and fined $100000

Virgil Griffith, born on March 6, 1983, known as Romanpoet, is a well-known programmer in the United States. He is famous for developing wikiscanner and is the co-founder of Ethereum.

Recently, Kevin Castel, a district judge for the Southern District of New York, has ruled on Virgil Griffith, a former Ethereum core developer. Griffith was sentenced to 63 months in prison and paid a fine of $100000. The sentence was lower than the sentencing standard recommended by the prosecution.

It was previously reported that Virgil Griffith was arrested in November 2019 after giving a speech on cryptocurrency and blockchain technology in North Korea in November 2019. U.S. prosecutors accused Virgil Griffith of teaching North Koreans how to evade sanctions, saying it violated the International Emergency Economic Powers Act (IEEPA). Virgil Griffith pleaded guilty last September to conspiracy to violate international sanctions against North Korea.

Author: Gate.io Observer Byron B.,Translator: Joy Z.
Disclaimer:
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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Daily Flash | The United States will conduct a bank supervision on stablecoins；Former Ethereum co-founder jailed for Aiding North Korea

Daily Flash | The United States will conduct a bank supervision on stablecoins；Former Ethereum co-founder jailed for Aiding North Korea

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