The scale of the disaster in the wake of last week’s earthquake is almost impossible to describe. For 33,000 souls to vanish from the earth in the space of a few minutes can only be conceptualized by picturing it as metaphor—“it’s like eleven 9-11s” or “it’s like the disappearance of everybody at a Yankees playoff game.” In other words, there are no words. In the modern world, where there’s a disaster, there’s money. Generous citizens from around the globe have stepped up to donate to crisis relief, especially needed since the quake affected parts of the globe already traumatized by war and terrorism. It’s been inspiring to watch—one anonymous donor…
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U.S. Senator Cynthia Lummis speaking at the 2021 Young Women's Leadership Summit at the Gaylord Texan Resort & Convention Center in Grapevine, Texas, June 11, 2021. (Photo: Gage Skidmore)Sens. Lummis and Gillibrand Issue Serious, Thoughtful Crypto Proposal
Responsible Financial Innovation Act isn’t perfect, but it’s a hell of a start
On Tuesday, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY), introduced the Responsible Financial Innovation Act, aimed at — finally— creating a real regulatory framework for digital assets. The senators stated in their press release that the goal of the legislation was to encourage “responsible financial innovation, flexibility, transparency and robust consumer protections while integrating digital assets into existing law.” This is a laudable goal. And painfully overdue. But as with any legislation—especially a groundbreaking bill in a fast-changing part of technology—it’s very tough to assess this proposal’s strengths. We read the entire 69-page bill. And there’s even a helpful 6-page summary. To our eyes, this proposed legislation is a rock-solid…
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The stablecoin Tether USDT is the third largest cryptocurrency by market cap. (Photo: DIAMOND VISUALS/Shutterstock)CoinDesk ME Lewitinn May Be Eligible for $1M Reward on Tether Transparency
Short researcher Hindenburg offered bounty to anyone who uncovers info
Anyone interested in great business journalism, or short-selling in general, must read Andrew Rice’s profile of short seller Nathan Anderson, the founder of Hindenburg research. But here at Modern Consensus, we read it and thought of its relevance to one reader in particular. Press play to hear a narrated version of this story, presented by AudioHopper. Last week I wrote about how CoinDesk has been on a jihad to shed some transparency on exactly how the stablecoin Tether funds its gigantic reserves. The company claims that those reserves are backed dollar for dollar with actual, real-world dollar and dollar equivalent investing instruments. But Tether, the world’s third-largest cryptocurrency, has a…
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CoinDesk on the Verge of Victory in Fight to FOIL Tether Records
Stablecoin has resisted sharing details of its reserves with publication it deems ‘unprofessional’
One of the biggest mysteries in crypto revolves around token issuer Tether. Crypto enthusiasts—and crypto journalists— have long tried to figure out exactly what hard assets comprise the massive reserves that tether, as a “stablecoin,” is required to keep its dollar for dollar ratio in backing bitcoin with American dollars. The question is not academic. Tether has more than $78 billion worth of tokens in circulation and is by far the largest stablecoin issuer, accounting for about half of all transactions against bitcoin on centralized exchanges. Press play to hear a narrated version of this story, presented by AudioHopper. If the market began to question the stability of those dollar…
