New Stablecoin Bill Introduced, Ronin Onboards Ragnarok

Apr 17, 2024
Market Update Equities and crypto assets are selling off in tandem today as inflation and geopolitical fears have spooked risk assets. The SPY and QQQ have decreased by 0.46% and 0.92%, respectively, while crypto is selling off more aggressively. $BTC (-5.49%) has tested the high $59,000s and $ETH (-4.42%) is trading below $3,000. Among a sea of red, $SUI is showing relative strength, gaining 6.44% on the back of a partnership announcement with TikTok's parent company ByteDance to explore web3 use cases for the social media behemoth. TikTok boasts over 1.7 billion users worldwide, and ByteDance reported $120 billion in 2023 revenues. A successful partnership between the two could significantly impact Sui’s users and network activity.U.S. Senators Cynthia Lummis and Kirsten Gillibrand have proposed a new stablecoin bill to define a regulatory framework in the United States. Any dollar-pegged digital asset designed for payments would fall under the stablecoin definition, and stablecoins would not be considered securities. Tokens would have to be fully backed by reserve assets with clear disclosure of reserves. Issuers must be a non-depository trust company registered with the Federal Reserve Board of Governors or a depository institution authorized as a national payment stab

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