Janet Yellen Wants Stablecoin Legislation By EOY, Cites UST Drama – May 10

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $31,655

Bitcoin price briefly broke below the key $30,000 level yesterday, however has managed to hold its ground as it range in the $31,000s Tuesday.

Top-20 altcoins have mostly had small relief bounces from the recent drop, as Ethereum recovers 4%, BNB bounces back 5% and Polygon recovers 13% over the last 24 hours.

Top Stories for May 10, 2022 πŸ”₯

πŸ‘‰ Janet Yellen Wants Stablecoin Legislation By EOY, Cites UST Drama

US Treasury Secretary Janet Yellen has once again called for stablecoin legislation, this time citing yesterday’s issues arising with Terra USD (UST).

UST is an algorithmic stablecoin with an $18 billion market cap, which experienced a de-pegging yesterday triggered by market volatility – tumbling in price from $1 to as low as 60 cents per token.

Yellen described the need for the stablecoin legislation as “important, even urgent”, emphasising that it should be created and passed by the end of the year.

πŸ‘‰ Flow Blockchain Secures $725M Ecosystem Fund From Notable Investors

The Flow blockchain has secured $725 million in funding from Andreessen Horowitz, Coatue, Dapper Ventures and others for ecosystem development.

The development fund will be used for FLOW token grants, office spaces, incubator programs and much more. Each investor will individually deploy its support, rather than having the entire fund centrally operated by one party.

πŸ‘‰ UK Legislation To Facilitate Crypto Adoption, But Also Crypto Seizure

The UK will be introducing legislation this year that will both support the “safe adoption of cryptocurrencies” as well as enable authorities to more easily “seize and recover crypto assets”.

A civil forfeiture power will also be implemented for those who cannot be criminally prosecuted – potentially seizing cryptocurrency under mere suspicion of involvement in illegal activity.