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Stablecoins: are they stable and will they be regulated?Shutterstock
While cryptocurrency markets continue to fall at alarming levels with almost all digital assets at historic lows, it seems that investors are rushing to the safe haven of stable money. These are proliferating as if there is no tomorrow and it will probably be only a matter of time before the SEC in the United States turns its attention to this class of digital resources.
It is quite obvious that the days of regulatory uncertainty when regulators and governments around the world were just trying to understand the concept of cryptocurrencies, not to mention the legal frameworks under which they should be regulated, have long since gone. One by one, US financial regulators seem to understand how to classify and, by extension, how to regulate cryptocurrencies.
Perhaps the most fearful of all regulators for the cryptocurrency community, the US Securities and Exchange Commission, is waging a total war on dozens of Ico at this time. About a month ago, they solved the charges against Zachary Coburn, the founder of EtherDelta, in addition to managing an unregistered stock exchange. The total amount of the fine was almost $ 400,000.
In the same month, the SEC fined two startups $ 250,000 each for not registering their ICOs as stock offers. Airfox and Paragon Coin Inc. were also ordered to return all the money they raised, respectively $ 15 and $ 12 million, to their investors. This was the first action of this entity that SEC has ever undertaken against a cryptocurrency company and was based on the 2017 regulator's report which basically classified ERC-20 tokens as digital titles. Technically, this also includes the ether.
This means that ethereum and all startups who have created their token on the Ethereum platform will now have to comply fully with the SEC regulations, request an exemption or face disastrous consequences. The SEC 2018 report already mentions "dozens" of ongoing investigations, so virtually any startup that recently had an ICO is probably currently under investigation by the regulator. As of now, the SEC can only impose fines and nothing else, but many experts seem to agree on a broader cryptocurrency that repression is inevitable.
When it comes to bitcoins and other cryptocurrencies based on the bitcoin source code, the situation is slightly different. Several court cases in the United States of this year have established that the former of altcoin and bitcoin are seen as commodities, which subjects them to the jurisdiction of the Commodity Futures Trading Commission (CFTC). Just to clarify the point at home, when Wall Street investment funds launched bitcoin futures trading, the CFTC issued a customer advisory notice, in which they clearly stated that the bitcoin is a commodity and will be regulated as such.
Clearly, regulators were eager to finally put bitcoins and ICOs – the poster children of the cryptocurrency world – in an appropriate regulatory framework for various reasons. Classifying bitcoin as a commodity clearly means that most other cryptocurrencies can be classified and regulated as such, while forcing ICOs to register as stock offers is an obvious step towards protecting investors and their funds. Frankly, everyone should have seen it coming: too many and dirty Ico have taken flight with too many investors in recent years.
Stasis Gregory Klumov and Maltese premier Joseph MuscatStasis
The odds are that the stablecoin are next. Gregory Klumov, CEO of STASIS tokenisation platform– which was the basis of much of the Maltese legal framework for digital resources – argues that new regulatory approaches are a must for this class of emerging businesses: "When cars were destroying horses 100 years ago, humanity did not he had no idea what speed limits to impose on drivers, so people were given the right to experiment and understand it. "
Klumov added that the STASIS Foundation continues to develop an institutional infrastructure for resource management. Its EURS flagship product has more than doubled its amount in circulation and monthly transactions in November with third-party custody and frequent checks will soon join the ecosystem.
We also talked to a number of stable currency officials about their projects and how, in their different ways, the cryptocurrency markets are changing and what they expect in 2019.
Ken Lang, Ndau Collective member and CTO of COSIMO Ventures
ndau is a vibrant digital currency, built by Oneiro, to optimize long-term value deposits and resources supported by a decentralized ecosystem. Unlike stablecoin, ndau is not anchored in fiat currencies or commodities, allowing in particular more desirable characteristics for long-term holders.
The history of ndau begins about five years ago, when an anonymous group of early enthusiasts and bitcoin experts – now called the ndau Collective – I saw that blockchain and Bitcoin had a great future, but some barriers prevented it from being all that could be. Some of these major obstacles were volatility, reliability and governance. In the end they decided that all these problems could be solved and this led to the development of ndau.
"Some of these solutions have taken the form of integrated economic structures to incentivize the holding of assets over a long period of time.A structure is called the Ecosystem Alignment Incentive (EAI), which rewards the owners with further ndau based on the duration of their waiting time.There is also a stabilization Incentive Burn (SIB), which deters holders from selling their ndau during downward markets by attacking an additional cost to sell or move ndau from the ndau blockchain.This additional tax is removed from permanently circulating supply or "burned out". "adds Lang
ndau also has a price-driven regime that rises over time, making this digital currency "lively". While stablecoins are useful for crypto holders who want to make daily purchases and avoid downward volatility, they are not ideal for conserving value. With digital currencies anchored in legal currencies, such as the dollar, the holders run the risk of inflation each year which depreciates the value of the assets over time. ndau is a reserve of higher value because its monetary policy can help keep the price stable while ensuring an appreciation over time.
It is ideal for retirement accounts, pension funds, guarantee accounts, bank reserves and other purposes that would require a reliable long-term value reserve that could increase over time. ndau is also a safer means of buying tokens during an ICO for companies and investors. Its lower volatility compared to BTC and ETH makes it an ideal long-term repository for post-ICO blockchain projects.
"We are getting closer to going to our native blockchain and being quoted on the stock exchange so that anyone can have access to buy and keep ndau," concludes Glover.
Eiland Glover, CEO of Kowala
The Kowala protocol represents the next iteration of the development of cryptocurrency. It is a stable algorithmic monetary protocol that is not asset-backed, a key distinguishing feature in space at this time.
"In reality, the drastic difference between a stable currency supported by assets and a stable algorithmic currency, in our opinion, is the removal of the need for trust, rather than relying on the existence of assets in a bank vault, The miners of our model create the stablecoins that are produced in times of greater market demand, so they become, essentially, the issuers of new alloy stablecoins under our model – on the contrary have a centralized authority to emit those stablecoins " , Explains Glover.
Glover explains that from a technical point of view, the protocol is a fork of the Ethereum codebase with an updated version and a modified version of the Tendermint consent protocol. There are two tokens: on the one hand, there is a stable cryptocurrency like the KUSD, designed to track the value of a US dollar. Then, on the other hand, you have a mining token. Mining tokens actually represent the ownership of data mining rights and give users the ability to associate these tokens within a node, since they are actually able to extract from the network.
"So we have a truly decentralized stable currency, combined with a separate and fast blockchain.We think this is a winning combination.Our currency is thought of as a means of payment more than anything else, and we hope to meet the initial promise of the white paper. Satoshi, which was to create a truly decentralized payment platform ".
Charles Manning, CEO of Kochava
"Kochava is a 7-year technology platform that measures advertising for the digital ecosystem. We monitor impressions, clicks, conversions and post-conversion activities – we are, in effect, a provider that is the registration system on behalf of advertisers. to verify and validate the publication of the advertisements purchased ".
"I was very interested in how distributed ledger technology (DLT) could be used in digital advertising – our thinking process was – unlike a small startup trying to change the world by entering this transformation technology as a blockchain – we have a unique position where we can facilitate the transformation of large companies using blockchain for digital advertising ", explains Glover.
Glover states that the token is used in three areas that some of the biggest global brands already use: utility to buy and sell media, earn transaction fees because they are a delegated system of game testing and governance.
"We are thrilled to sell tokens as a utility to show the value & efficiency of our platform through the ecosystem We want players across the board in digital advertising space – view providers, suppliers on the supply side, data management providers, publishers, affiliates and others – to possess tokens, so that they have a say in the participation and can be part of the guide the direction of the exchange goes on, "he concludes.
Vladislav Kiselev, CEO and founder, Joy:
"From a short-term perspective, Stablecoin is undoubtedly the key to mass implementation of cryptocurrencies in everyday life." That said, I think scalability and trust will be the biggest problem in 2019. This because the Stablecoins have patrimonial support, but ironically they do not have enough resources behind them to grow in. To grow up I mean where we see volumes on a medium scale with state currencies.The biggest, Tezos, claims to have billions on his account but he did not provide any structure to prove it ".
Kiselev states that on the other hand, countries or rather governments are generally by definition much more transparent. Not only do they have the assets but also the power to sculpt the appropriate legal conditions to launch their Stablecoins.
"As a result, in 2019 we can expect to see the emergence of the first state-supported Stablecoin with a specifically designed regulatory framework that regulates the use of cryptocurrencies," he concludes.
Hosam Mazawi, Alprockz
Alrpockz AG is the company behind ROCKZ (RKZ), the first stable currency with Swiss franc. Founded by a group of experts Regulators and Banking & amp; The finance professionals have recently formed a partnership with companies such as Geneva Swiss Bank, Swisscom and Wisekey to bring their products to the market by the end of the year.
Mazawi states that ROCKZ (RKZ) offers the highest degree of stability and security provided that each ROCKZ (RKZ) is supported by the equivalent amount in Swiss francs (CHF) – 1 RKZ = 1 CHF
Some interesting points about Alprockz are the following:
Swiss franc reserves will be held off-line as the guarantee with third-party custodians in Switzerland will never be made accessible to Alprockz AG
Up to 90% of reserves will be held as physical banknotes in high security deposits in the Swiss Alps, 10% with Swiss banks to provide liquidity
Funds held as collateral for ROCKZ (RKZ) will be reviewed on a monthly basis by an independent third party
ROCKZ (RKZ) may be redeemed for its underlying assets at any time in time in a legally enforceable manner
ROCKZ (RKZ) is considered a cash equivalent because its intrinsic value is found in the fiat currencies underlying collateralized & nbsp;
ROCKZ AG has been recognized as a financial intermediary in Switzerland by VQF. VQF will check and control the company to ensure that it fully follows the regulatory framework in terms of compliance and anti-money laundering
"Compared to other stablecoin on the market, we give full ownership to the underlying asset. & Nbsp; ROCKZ (RKZ) is considered a cash equivalent because its intrinsic value is in the legal currencies underlying it guaranteed." If you compare it to USDT, Paxos , USDC, GUSD, none of them counts as cash or can be used as money, they are only there to facilitate trading couples, nothing else, "says Mozawi.
Mazawi explains that today there is no ideal way for traders and crypts investors to raise their profits securely without returning to the legal currency. Investors wishing to temporarily profit from the system before entering a new position incur high fees every time they leave and return. The alternative is to keep assets on a stock exchange or portfolio, where they face the inherent security and counterparty risks of the exchange, or the market risks of holding the major currencies such as Bitcoin or Ethereum.
The project was initially funded by private investors from Switzerland, with 2 rounds of raising capital in 2018 and recently opened the doors for funding through their utility token APZ, which will eventually provide the & rsquo; access to the ROCKZ platform.
Where are you stable in 2019?
Stablecoin was one of the main topics of discussion for the cryptocurrency community in 2018 and could be the driving force behind the new regulatory standards, especially in light of Tether, the most popular stable currency, losing its alleged stability and returning to $ 0.91 in October. For a stable currency, the point is to maintain parity with the price of traditional goods. The cable is presumably supported by the US dollar, but the company behind Tether has never allowed independent control of its reserves. As of December 2018, the Tether token cash supply is more than 1,850,000,000 and it is really hard to believe that a company that changed banks immediately after the fall of its "stable" token and transferred to the Bahamas has almost $ 2 billion dollars in its reserves.
However, Tether remains the most popular stablecoin on the cryptocurrency market. But his recent fall has pushed many of them to expand their stablecoin options. In particular, Binance, which claims to be the world's largest cryptocurrency exchange by volume, recently added TrueUSD (TUSD), USD Coin (USDC) and Paxos Standard Token (PAX) to the platform. The Paxos standard token has also been recently added as a base pair, which means that it can be exchanged with every single cryptocurrency on Binance.
Considering how popular stablecoin has become recently and the fact that it is closely related to the fiat, it is clear that US financial regulators will soon find the legal framework they deem appropriate for stablecoins, particularly those anchored to the US dollar. Experts are currently speculating on which particular agency will regulate stablecoins, but some insiders are confident that very soon they will be classified as commodities, which means that the stablecoins will fall under the jurisdiction of the CFTC. We'll just have to wait and see what happens.
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Stablecoins: are they stable and will they be regulated?Shutterstock
While cryptocurrency markets continue to fall at alarming levels with almost all digital assets at historic lows, it seems that investors are rushing to the safe haven of stable money. These are proliferating as if there is no tomorrow and it will probably be only a matter of time before the SEC in the United States turns its attention to this class of digital resources.
It is quite obvious that the days of regulatory uncertainty when regulators and governments around the world were just trying to understand the concept of cryptocurrencies, not to mention the legal frameworks under which they should be regulated, have long since gone. One by one, US financial regulators seem to understand how to classify and, by extension, how to regulate cryptocurrencies.
Perhaps the most fearful of all regulators for the cryptocurrency community, the US Securities and Exchange Commission, is waging a total war on dozens of Ico at this time. About a month ago, they solved the charges against Zachary Coburn, the founder of EtherDelta, in addition to managing an unregistered stock exchange. The total amount of the fine was almost $ 400,000.
In the same month, the SEC fined two startups $ 250,000 each for not registering their ICOs as stock offers. Airfox and Paragon Coin Inc. were also ordered to return all the money they raised, respectively $ 15 and $ 12 million, to their investors. This was the first action of this entity that SEC has ever undertaken against a cryptocurrency company and was based on the 2017 regulator's report which basically classified ERC-20 tokens as digital titles. Technically, this also includes the ether.
This means that ethereum and all startups who have created their token on the Ethereum platform will now have to comply fully with the SEC regulations, request an exemption or face disastrous consequences. The SEC 2018 report already mentions "dozens" of ongoing investigations, so virtually any startup that recently had an ICO is probably currently under investigation by the regulator. As of now, the SEC can only impose fines and nothing else, but many experts seem to agree on a broader cryptocurrency that repression is inevitable.
When it comes to bitcoins and other cryptocurrencies based on the bitcoin source code, the situation is slightly different. Several court cases in the United States of this year have established that the former of altcoin and bitcoin are seen as commodities, which subjects them to the jurisdiction of the Commodity Futures Trading Commission (CFTC). Just to clarify the point at home, when Wall Street investment funds launched bitcoin futures trading, the CFTC issued a customer advisory notice, in which they clearly stated that the bitcoin is a commodity and will be regulated as such.
Clearly, regulators were eager to finally put bitcoins and ICOs – the poster children of the cryptocurrency world – in an appropriate regulatory framework for various reasons. Classifying bitcoin as a commodity clearly means that most other cryptocurrencies can be classified and regulated as such, while forcing ICOs to register as stock offers is an obvious step towards protecting investors and their funds. Frankly, everyone should have seen it coming: too many and dirty Ico have taken flight with too many investors in recent years.
Stasis Gregory Klumov and Maltese premier Joseph MuscatStasis
The odds are that the stablecoin are next. Gregory Klumov, the CEO of the STASIS tokenisation platform, which underpins much of the Maltese legal framework for digital assets, argues that new regulatory approaches are a must for this emerging business class: "When cars they were destroying horses 100 years ago, humanity did not have a clue as to what speed limits impose on drivers, so people have had the right to experiment and understand it. "
Klumov added that the STASIS Foundation continues to develop an institutional infrastructure for resource management. Its EURS flagship product has more than doubled its amount in circulation and monthly transactions in November with third-party custody and frequent checks will soon join the ecosystem.
We also talked to a number of stable currency officials about their projects and how, in their different ways, the cryptocurrency markets are changing and what they expect in 2019.
Ken Lang, Ndau Collective member and CTO of COSIMO Ventures
ndau is a vibrant digital currency, built by Oneiro, to optimize long-term value deposits and resources supported by a decentralized ecosystem. Unlike stablecoin, ndau is not anchored in fiat currencies or commodities, allowing in particular more desirable characteristics for long-term holders.
The history of ndau begins about five years ago, when an anonymous group of early enthusiasts and bitcoin experts – now called the ndau Collective – I saw that blockchain and Bitcoin had a great future, but some barriers prevented it from being all that could be. Some of these major obstacles were volatility, reliability and governance. In the end they decided that all these problems could be solved and this led to the development of ndau.
"Some of these solutions have taken the form of integrated economic structures to incentivize the holding of assets over a long period of time.A structure is called the Ecosystem Alignment Incentive (EAI), which rewards the owners with further ndau based on the duration of their waiting time.There is also a stabilization Incentive Burn (SIB), which deters holders from selling their ndau during downward markets by attacking an additional cost to sell or move ndau from the ndau blockchain.This additional tax is removed from permanently circulating supply or "burned out". "adds Lang
ndau also has a price-driven regime that rises over time, making this digital currency "lively". While stablecoins are useful for crypto holders who want to make daily purchases and avoid downward volatility, they are not ideal for conserving value. With digital currencies anchored in legal currencies, such as the dollar, the holders run the risk of inflation each year which depreciates the value of the assets over time. ndau is a reserve of higher value because its monetary policy can help keep the price stable while ensuring an appreciation over time.
It is ideal for retirement accounts, pension funds, guarantee accounts, bank reserves and other purposes that would require a reliable long-term value reserve that could increase over time. ndau is also a safer means of buying tokens during an ICO for companies and investors. Its lower volatility compared to BTC and ETH makes it an ideal long-term repository for post-ICO blockchain projects.
"We are getting closer to going to our native blockchain and being quoted on the stock exchange so that anyone can have access to buy and keep ndau," concludes Glover.
Eiland Glover, CEO of Kowala
The Kowala protocol represents the next iteration of the development of cryptocurrency. It is a stable algorithmic monetary protocol that is not asset-backed, a key distinguishing feature in space at this time.
"In reality, the drastic difference between a stable currency supported by activity and a stable algorithmic currency, in our opinion, is the removal of the need for trust, rather than relying on the existence of assets in a bank vault, the miners in our model create the stablecoins that are produced in times of increasing market demand, so that they become, in essence, issuers of brand new stivecoin under our model – as opposed to having a centralized authority to emit those stablecoins, "explains Glover.
Glover explains that from a technical point of view, the protocol is a fork of the Ethereum codebase with an updated version and a modified version of the Tendermint consent protocol. There are two tokens: on the one hand, there is a stable cryptocurrency like the KUSD, designed to track the value of a US dollar. Then, on the other hand, you have a mining token. Mining tokens actually represent the ownership of data mining rights and give users the ability to associate these tokens within a node, since they are actually able to extract from the network.
"So we have a truly decentralized stable currency, combined with a separate and fast blockchain, we think it is a winning combination: our currency is meant as a means of payment more than anything else, and we hope to fulfill the initial promise of Satoshi's Whitepaper , which was to create a truly decentralized payment platform ".
Charles Manning, CEO of Kochava
"Kochava is a 7-year technology platform that measures advertising for the digital ecosystem. We monitor impressions, clicks, conversions and post-conversion activities – we are, in effect, a provider that is the registration system on behalf of advertisers. to verify and validate the publication of the advertisements purchased ".
"I was very interested in how distributed ledger technology (DLT) could be used in digital advertising. Our thinking process was – unlike a small startup trying to change the world by entering this transformation technology as a blockchain – we a unique position where we can facilitate the transformation of large companies using blockchain for digital advertising, "explains Glover.
Glover states that the token is used in three areas that some of the biggest global brands already use: utility to buy and sell media, earn transaction fees because they are a delegated system of game testing and governance.
"We are thrilled to sell tokens as a tool to show the value and efficiency of our platform across the ecosystem, and we want players across the board in digital advertising space – vision providers, suppliers on the side of the ecosystem. offer, data management providers, publishers, affiliates and others – to possess tokens, so that they have a say in the participation and can be part of the guide the direction of the exchange goes on, "he concludes.
Vladislav Kiselev, CEO and founder, The Joy:
"From a short-term perspective, Stablecoin is undoubtedly the key to mass implementation of cryptocurrencies in everyday life, but I think that scalability and trust will be the biggest problem in 2019. That's because Stablecoins are supported by resources, but ironically they do not have enough resources behind them to grow, to grow I mean where we see volumes on a medium scale with state currencies.The largest, Tezos, claims to have billions on his account but did not provide any framework to prove it ".
Kiselev states that on the other hand, countries or rather governments are generally by definition much more transparent. Not only do they have the assets but also the power to sculpt the appropriate legal conditions to launch their Stablecoins.
"As a result, in 2019 we can expect to see the emergence of the first Stablecoin supported by the state with a specifically designed regulatory framework that regulates the use of cryptocurrencies," he concludes.
Hosam Mazawi, Alprockz
Alrpockz AG is the company behind ROCKZ (RKZ), the first stable currency with Swiss franc. Founded by a group of experienced Regulators and professionals from the banking and financial sector, the company recently formed a partnership with companies such as Geneva Swiss Bank, Swisscom and Wisekey to bring their products to the market by the end of the year.
Mazawi states that ROCKZ (RKZ) offers the highest degree of stability and security provided that each ROCKZ (RKZ) is supported by the equivalent amount in Swiss francs (CHF) – 1 RKZ = 1 CHF
Some interesting points about Alprockz are the following:
Swiss franc reserves will be held off-line as the guarantee with third-party custodians in Switzerland will never be made accessible to Alprockz AG
Up to 90% of reserves will be held as physical banknotes in high security deposits in the Swiss Alps, 10% with Swiss banks to provide liquidity
Funds held as collateral for ROCKZ (RKZ) will be reviewed on a monthly basis by an independent third party
ROCKZ (RKZ) may be redeemed for its underlying assets at any time in time in a legally enforceable manner
ROCKZ (RKZ) is considered a cash equivalent because its intrinsic value lies in the fiat currencies underlying collateralized
ROCKZ AG has been recognized as a financial intermediary in Switzerland by VQF. VQF verificherà e controllerà la società al fine di garantire che segua pienamente i quadri normativi in termini di conformità e antiriciclaggio
"Rispetto agli altri stablecoin sul mercato, diamo piena proprietà agli utenti del bene sottostante. ROCKZ (RKZ) è considerato un equivalente in denaro poiché il suo valore intrinseco si trova nelle monete legali sottostanti garantite. Se lo paragoni a USDT, Paxos, USDC, GUSD, nessuno di loro conta come denaro contante o può essere usato come denaro, sono lì solo per facilitare le coppie di trading, nient'altro ", dice Mozawi.
Mazawi spiega che oggi non esiste un modo ideale per i commercianti e gli investitori cripto di raccogliere i loro profitti in modo sicuro senza tornare alla moneta legale. Gli investitori che desiderano momentaneamente trarre profitto dal sistema prima di entrare in una nuova posizione, incorrono in commissioni elevate ogni volta che escono e rientrano. L'alternativa è di mantenere le attività su una borsa o portafoglio, dove si trovano ad affrontare i rischi intrinseci di sicurezza e di controparte dello scambio, o i rischi di mercato di detenere le principali monete come Bitcoin o Ethereum.
Il progetto è stato inizialmente finanziato da investitori privati provenienti dalla Svizzera, con 2 round di raccolta di capitali nel 2018 e di recente hanno aperto le porte per il finanziamento tramite il loro gettone di utilità APZ, che alla fine fornirà l'accesso alla piattaforma ROCKZ.
Dove sei stabile nel 2019?
Gli Stablecoin sono stati uno dei principali argomenti di discussione per la comunità di criptovaluta nel 2018 e potrebbero essere la forza trainante dietro i nuovi standard normativi, specialmente alla luce di Tether, la moneta stabile più popolare, perdendo la sua presunta stabilità e tornando a $ 0,91 in ottobre. Per una moneta stabile patavolo, il punto è mantenere la parità con il prezzo del bene tradizionale. Il cavo è presumibilmente supportato dal dollaro USA, ma la società dietro Tether non ha mai consentito un controllo indipendente delle sue riserve. A partire da dicembre 2018, la fornitura circolante di token Tether è superiore a 1.850.000.000 ed è davvero difficile credere che una società che ha cambiato banca immediatamente dopo la caduta del suo token "stabile" e trasferita nelle Bahamas abbia quasi $ 2 miliardi di dollari nelle sue riserve .
Tuttavia, Tether rimane lo stablecoin più popolare sul mercato delle criptovalute. Ma la sua recente caduta ha spinto molti di loro ad ampliare le loro opzioni di stablecoin. In particolare, Binance, che dichiara di essere lo scambio di criptovalute più grande del mondo per volume, ha recentemente aggiunto TrueUSD (TUSD), USD Coin (USDC) e Paxos Standard Token (PAX) alla piattaforma. Il token standard Paxos è stato anche inserito di recente come coppia base, il che significa che può essere scambiato con ogni singola criptovaluta su Binance.
Considerando quanto gli stablecoin popolari siano diventati di recente e il fatto che siano strettamente collegati alla fiat, è chiaro che i regolatori finanziari degli Stati Uniti troveranno presto il quadro legale che ritengono appropriato per gli stablecoins, in particolare quelli ancorati al dollaro statunitense. Experts are currently speculating on which particular agency will regulate stablecoins, but some insiders are confident that very soon they will be classified as commodities, meaning that stablecoins will fall under the CFTC’s jurisdiction. We’ll just have to wait and see what happens.
