• German finance minister pans libra name
    Libra,  Politics,  Regulation

    German finance minister pans Libra’s new name

    Olaf Scholz called the Facebook-founded stablecoin project ‘a wolf in sheep’s clothing” that threatens governments’ control over the economy

    “It is clear to me that Germany and Europe cannot and will not accept its entry into the market while the regulatory risks are not adequately addressed," Scholz said. “We must do everything possible to make sure the currency monopoly remains in the hands of states.”

  • STABLE Act would destabilize stablecoins
    Cryptocurrencies,  Opinion,  People,  Regulation

    STABLE Act could destabilize stablecoins

    Industry leaders say the proposed legislation would cripple innovation by subjecting the fiat-backed cryptocurrencies to traditional banking regulations

    The Stablecoin Tethering and Bank Licensing Enforcement—or STABLE—Act seeks to “protect consumers from the risks posed by emerging digital payment instruments, such as Facebook’s Libra and other Stablecoins currently offered in the market, by regulating their issuance and related commercial activities,” its sponsors said.

  • Libra renamed Diem Association
    Cryptocurrencies,  Regulation

    Libra Association dumps ‘Libra’ for Diem

    The rebranded Diem Association will still pursue the launch of a global stablecoin, but in slower baby steps as regulatory hostility continues to grow

    First Facebook tried to distance its toxic name from the Libra stablecoin project it launched and championed by renaming its Calibra wallet Novi in May. Now the Libra Association is following suit, renaming itself the Diem Association in hopes of starting a “new day” for the much-opposed project.