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US Treasury Secretary reiterates necessity for stablecoin regulation

Janet Yellen ,the US Secretary of the Treasury called on U.S. legislators to develop a reliable federal framework on stablecoins to address risks towards financial stability.

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Janet Yellen ,the US Secretary of the Treasury called on U.S. legislators to develop a reliable federal framework on stablecoins to address risks towards financial stability.

In the recent hearing of the Senate Banking Committee on the Financial Stability Oversight Council Annual Report to Congress, she reiterated on her prior position calling for a regulatory framework on stablecoins and citing a November report from the President’s Working Group on Financial Markets.

She went on to comment on TerraUSD, the third largest stablecoin by market capitalization which dropped to $0.67 in the last 24 hours. She reiterated the risk for financial stability and that a proper framework is suitable moving forward.

Senator Pat Toomey also pointed out that UST was an algorithmic stablecoin which is not backed by cash or securities. The Treasury Secretary added it would be highly appropriate to aim for a stable federal framework on stablecoins by the end of 2022 given the growth of the market.

In her written testimony for the hearing, the secretary  stated the Financial Stability Oversight Council was working on a report in compliance with United States President executive order on digital assets, recognizing potential risks to financial stability as well as any breaches in regulatory oversight.

The order called for several government agencies to coordinate and consolidate policies as part of efforts to develop a national framework on crypto.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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