The Chairman of the Banking Committee of the US Senate sent a letter to stablecoin operators such as Circle, calling for disclosing the coin minting and redemption process - Aliens: AI Crypto News & Markets Updates

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The Chairman of the Banking Committee of the US Senate sent a letter to stablecoin operators such as Circle, calling for disclosing the coin minting and redemption process

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Aliens

Wed, Nov 24, 2021

According to The Block, on November 23, the Chairman of the US Senate Banking Committee, Sherrod Brown, sent a letter to Coinbase, Gemini, Paxos, TrustToken, Binance.US, Circle, and Centre, calling on stablecoin operators to disclose their processes. In the letter, Sherrod Brown stated that consumers are increasingly using stablecoins, which are essential in influencing digital asset transactions, and emphasized the need better to understand the basic operations and limitations of USDC. However, it is worth noting that Sherrod Brown did not write to Tether. Instead, Sherrod Brown set the response date as December 3 and asked stablecoin issuers to explain their minting and redemption processes in "clear, straightforward terms," as well as their special arrangements with specific trading platforms.

Source: The Blockcrypto

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