Fun

US Senator Asks Coinbase, Gemini, Binance, Tether How They’re Protecting Consumers

News Feed - 2021-11-26 08:11:55

US Senator Asks Coinbase, Gemini, Binance, Tether How They"re Protecting Consumers


U.S. Senator Sherrod Brown has sent letters to cryptocurrency exchanges and stablecoin issuers, including Coinbase, Gemini, Binance, and Tether, asking how they are protecting consumers and investors. “I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins,” the senator said. US Senator Raises Concerns Regarding Stablecoins


U.S. Senator Sherrod Brown (D-Ohio), chair of the U.S. Senate Committee on Banking, Housing, and Urban, announced Tuesday that he has sent letters to a number of crypto exchanges and stablecoin issuers.


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


The senator asked these crypto companies how they “are protecting consumers and investors amid the risks highlighted in the recent report by the President’s Working Group on Financial Markets.”


The announcement adds: “Senator Brown emphasized the difficulties consumers and investors may face in understanding how stablecoins work and their potential risks, citing the complicated terms and conditions that many companies hide in the fine print.” The senator wrote in one of his letters: I have significant concerns with the non-standardized terms applicable to redemption of particular stablecoins, how those terms differ from traditional assets, and how those terms may not be consistent across digital asset trading platforms.


The senator asserted that “the purchase of stablecoins through a trading platform may not provide customers with the same rights and entitlements as a direct purchase from an issuer.”


Furthermore, he noted: “Customers may have different rights based on the amount of stablecoins owned or transacted.” Senator Brown also asked six more questions in his letters which can be found here. Tags in this story Binance, Binance.us, Circle, Coinbase, crypto exchanges, cryptocurrency exchanges, Gemini, Sherrod Brown, stablecoin issuers, Stablecoins, Tether, us senator, USDC, USDT


What do you think about Senator Sherrod Brown asking crypto exchanges and stablecoin issuers about how they are protecting consumers and investors? Let us know in the comments section below. Jailed Onecoin Mastermind Accused of Using Contraband Mobile Phone to Move $20 Million REGULATION | 8 hours ago Hillary Clinton Calls on Biden Administration to Regulate Cryptocurrency — Warns of Manipulation by Russia, China REGULATION | 23 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleGAIMIN Releases Platform to Create a Global Data Processing Network With “Supercomputer” Performance Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRussian Nationalists Prepare Bill to Regulate Cryptocurrency Mining


Lawmakers from the Liberal Democratic Party of Russia are gearing up to introduce a draft law designed to regulate crypto mining. The nationalists say the legislation will benefit both Russian citizens and the state, as well as those who want ... read more.Hong Kong Company Onedegree to Offer Insurance for Cryptocurrencies Indonesia"s Islamic Authority Declares Cryptocurrency Haram, Forbidden for Muslims Over 3 Million Customers Can Earn Bitcoin Points Dining at 500 Restaurants via Landry"s Rewards Program Ripple Launching Liquidity Hub Despite SEC Lawsuit Over XRP

News Feed

SEC radio silence on Ethereum ETF ‘not a good sign’ — Bloomberg analyst
Tom Mitchelhill5 hours agoSEC radio silence on Ethereum ETF ‘not a good sign’ — Bloomberg analystSenior Bloomberg ETF analyst Eric Balchunas says the chances of an ETH ETF approval grow slimmer every day the SEC ma
Helen Partz13 hours agoBinance head of product quits as executive exodus continuesBinance product lead Mayur Kamat says he is passing the baton to “next-gen leaders” to take some time off after years of product work.
Nigeria’s tax watchdog proposes comprehensive crypto bill
Amaka Nwaokocha12 hours agoNigeria’s tax watchdog proposes comprehensive crypto billThe Federal Inland Revenue Service’s initiative to regulate cryptocurrency and update tax laws reflects a broader trend in Nigeria t
Second Largest Israeli Bank Leumi Launching Cryptocurrency Trading
Second Largest Israeli Bank Leumi Launching Cryptocurrency Trading Israel’s second-largest bank, Leumi, is launching a cryptocurrency trading service to allow customers of i
Voters weigh in on US presidential debate — Will Trump or Biden mention crypto?
Turner Wright9 hours agoVoters weigh in on US presidential debate — Will Trump or Biden mention crypto?Many crypto users are calling on CNN moderators Jake Tapper and Dana Bash to ask the two candidates at least one qu
BitYard Officially Partners With Mercuryo to Enhance Crypto Payment Solutions
BitYard Officially Partners With Mercuryo to Enhance Crypto Payment Solutions press release PRESS RELEASE.Mercuryo is an international fintech company based in London founded in 201
Chris Jones14 hours agoA new age in investing: The transformative power of asset tokenizationFrom real estate to franchising, and from renewable energy to Hollywood, tokenization has the potential to transform the way we
Biden Administration Reported to Be Lining up a Former Ripple Advisor as the Next Bank Regulator
Biden Administration Reported to Be Lining up a Former Ripple Advisor as the Next Bank Regulator Micheal Barr, the former member of Ripple’s board of advis
Arijit Sarkar40 minutes agoAustralia to impose capital gains tax on wrapped cryptocurrency tokensDelivering a major hit to Australian crypto investors, the ATO stated that wrapping or unwrapping tokens — irrespective o
Over 80% of recent Binance token listings are bleeding red
Zoltan Vardai12 hours agoOver 80% of recent Binance token listings are bleeding redMost of the newly launched tokens function as “exit liquidity” for insiders capitalizing on the lack of retail access due to their hi
Whales Accumulate 40 Million XRP In 48 Hours – Where’s The Price Headed?
Este artículo también está disponible en español. Popular crypto analyst Ali Martinez shared data suggesting an interesting accumulation trend among XRP investors despite
Spanish Treasury Introduces New Crypto Tax Model Featuring Balance Reports
Spanish Treasury Introduces New Crypto Tax Model Featuring Balance Reports The Spanish treasury has introduced a new series of requirements regarding the reporting and taxation of