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

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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 however they are protecting consumers and investors. “I person important concerns with the non-standardized presumption applicable to redemption of peculiar stablecoins,” the legislator said.

US Senator Raises Concerns Regarding Stablecoins

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

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

The legislator asked these crypto companies however they “are protecting consumers and investors amid the risks highlighted successful the caller study by the President’s Working Group connected Financial Markets.”

The announcement adds: “Senator Brown emphasized the difficulties consumers and investors whitethorn look successful knowing however stablecoins enactment and their imaginable risks, citing the analyzable presumption and conditions that galore companies fell successful the good print.” The legislator wrote successful 1 of his letters:

I person important concerns with the non-standardized presumption applicable to redemption of peculiar stablecoins, however those presumption disagree from accepted assets, and however those presumption whitethorn not beryllium accordant crossed integer plus trading platforms.

The legislator asserted that “the acquisition of stablecoins done a trading level whitethorn not supply customers with the aforesaid rights and entitlements arsenic a nonstop acquisition from an issuer.”

Furthermore, helium noted: “Customers whitethorn person antithetic rights based connected the magnitude of stablecoins owned oregon transacted.” Senator Brown besides asked six much questions successful his letters which tin beryllium recovered here.

What bash you deliberation astir Senator Sherrod Brown asking crypto exchanges and stablecoin issuers astir however they are protecting consumers and investors? Let america cognize successful the comments conception below.

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