Regulators Jumping on Stablecoins....Hmmm We Wonder Why (Sarcasm)

Written by:
Jagajeet Chiba
Published on:

Having been covering the online gambling scene for more than two decades, we know the signs.  Let's just say we've seen the apology from TERRA's founder countless numbers of times.  It's the same 'ol script.  It never ends well and never will.

With that in mind, we can thank the greed for regulators now pounding the doors of the crypto space.

On Terra’s governance proposal portal, 80% of eligible token holders that voted are pushing to rebuild the protocol — minus the algorithmic component.  Whatever that means.

If you follow our friends at CoinGeek, you would know already that key members of Terraform Labs’ legal team resign after LUNA UST collapse and South Korea reinstates investigative unit ‘Grim Reapers of Yeoui-do’ to investigate Terra.

Let's not let reality get in the way of a good escape plan.  From CoinGeek:

South Korea is leaving no avenue unexplored to get to the bottom of the crash of Terra. The South Korean Ministry of Justice announced the revival of the previously dormant “Grim Reapers of Yeoui-do” investigative unit.

The unit, which was disbanded in 2020, is a joint financial and securities crime investigation team from the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS).

According to a report from local news outlet SBS News, the first case the unit will handle is Terra’s fall. The investigation is intended to look into the damages that the price of Terra tokens, LUNA and UST, caused to South Korean citizens.

One of the things we have learned over the years from our dealings in the onine gambling sector, too many folks have a vested interest in a positive outcome.  Translation:  They have money tied to a perpetrator and want it safely returned and are therefore willing to write glowing articles on how things will resolve themselves.

- Jagajeet Chiba,

Business/Financial News

UK Rejects Proposal to Regulate Crypto Like Gambling

"A system of gambling regulation, in isolation, would be unlikely to address these risk factors. It would also not be equipped to deal with insider dealing, market manipulation, predatory short selling and many other behaviours which can manifest themselves in both cryptoasset markets as well as traditional financial services markets."