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"Stop Making Ponzi Schemes": Treasury Renews Call for Regulation of Stablecoins

Written by:
Aaron Goldstein
Published on:
May/13/2022

“Stop making Ponzi schemes”—is just one of the many pleas of digital asset holders after TerraUSD collapses this week prompting Treasury Secretary Janet Yellen to renew calls for stablecoin regulation.

UST, a stablecoin pegged to the U.S. dollar, along with its sister token Luna, plunged to its lowest value—dropping as low as below $0.30 and losing about $40 billion of its market cap in 48 hours. This is one of the biggest disappointments in the industry’s history prompting investors to sell and regulators to push for regulations targeting stablecoins.

Plus, NFTs are now coming to Instagram as Meta announces support.

Facebook and Instagram owner Mark Zuckerberg announced that they will begin NFT integration test on the social media platform this week. The platform aims to encourage creators and collectors to express their art and display their NFTs on their profile. The test will start with a small group of creators and collectors in the U.S., who will be able to upload NFTs on Instagram. Zuckerberg also announced that similar features will soon be rolled out on Facebook in the future.

These stories and more updates on this week’s  CGPulse.

- Aaron Goldstein, Gambling911.com

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