"Secret Sauce"

Lagarde Says Crypto Is ‘Worth Nothing’ and Should Be Regulated

Lagarde said she’s skeptical of crypto’s value, contrasting it with the ECB’s digital euro — a project that may come to fruition in the next four years.

“My very humble assessment is that it is worth nothing, it is based on nothing, there is no underlying asset to act as an anchor of safety,” she said.Source: 

Securities Enforcement Forum West 2022: SEC Affirms Aggressive Approach

Key Takeaways:

Throughout the Forum, SEC officials emphasized its intent to continue to take aggressive enforcement stances. The Forum participants also emphasized the Commission’s focus on regulating newer industries and issues, including cryptocurrency and cybersecurity. Those subject to the SEC’s oversight, individuals and entities alike, would be well advised to proactively consider these emerging risks and compliance concerns as the SEC continues to move full steam ahead.

Crypto Implosion Juices Senate Odd Couple’s Push to Clamp Down

Cynthia Lummis, a conservative Republican from a Wyoming ranching family, and Kirsten Gillibrand, a moderate Democrat from Albany, New York, aren’t supposed to get along — let alone work together. But with Washington riven by deep partisan division, they have bonded over one thing: crypto needing new rules.

The duo is planning to release a draft of their proposal as soon as next week that aims to prevent crises like the recent blowup of the TerraUSD stablecoin and settle some of the bureaucratic turf battles that have hobbled oversight. It’s a congressional election year in America, so it’s hard to say that a bill will become law, but their plan is already garnering a lot of attention.Source: 

Stablecoins May Not Be Part of SEC’s Jurisdiction, Commissioner Peirce Says

Peirce, known for her pro-crypto stance, said in an interview that she personally would like to see a clear SEC-initiated regulatory framework for the industry, but, at the same time, it may not be something within the authority’s jurisdiction.

“Stablecoins may or may not be within the SEC’s jurisdiction, but facts and circumstances matter… It’s something that the Congress has been looking at.”

The Washington Nationals loved Terra. Then the cryptocurrency struck out.

Fans quickly expressed anger with their favorite team pushing a plummeting cryptocurrency to its Twitter following of more than 780,000. The tweet was scheduled in advance, according to multiple people inside the organization, who also said that Terra’s collapse is stirring tension about how to proceed with the partnership.

The Nationals signed a five-year, $38.15 million deal this winter to promote Terra and received all the money up front. The internal debate, according to multiple people with knowledge of the discussions, is centered on whether the organization should honor its agreement with Terra and keep the company’s name on its luxury club behind home plate, where “Terra” is stripped across every seat, and elsewhere in the stadium.