US Senator Asks Coinbase, Gemini, Binance, Tether How They’re Protecting Consumers – Regulation Bitcoin News

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

U.S. Senator Sherrod Brown has despatched letters to cryptocurrency exchanges and stablecoin issuers, together with Coinbase, Gemini, Binance, and Tether, asking how they’re defending customers and buyers. “I’ve important issues with the non-standardized phrases relevant to redemption of specific stablecoins,” the senator mentioned.

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, introduced Tuesday that he has despatched letters to a lot of crypto exchanges and stablecoin issuers.

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

The senator requested these crypto firms how they “are defending customers and buyers amid the dangers highlighted within the current report by the President’s Working Group on Financial Markets.”

The announcement provides: “Senator Brown emphasised the difficulties customers and buyers might face in understanding how stablecoins work and their potential dangers, citing the sophisticated phrases and situations that many firms disguise within the effective print.” The senator wrote in one among his letters:

I’ve important issues with the non-standardized phrases relevant to redemption of specific stablecoins, how these phrases differ from conventional belongings, and the way these phrases is probably not constant throughout digital asset buying and selling platforms.

The senator asserted that “the acquisition of stablecoins by means of a buying and selling platform might not present prospects with the identical rights and entitlements as a direct buy from an issuer.”

Furthermore, he famous: “Customers might have totally different rights primarily based on the quantity of stablecoins owned or transacted.” Senator Brown additionally requested six extra questions in his letters which could be discovered here.

Tags on 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 concentrate on Senator Sherrod Brown asking crypto exchanges and stablecoin issuers about how they’re defending customers and buyers? Let us know within the feedback part under.

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