MahaDAO to Launch ARTH Algorithmic Stablecoin on Ethereum and Matic
January 15, 2021
/ Cross-chain defi protocol MahaDAO has unveiled plans for the mainnet launch of ARTH, the algorithmic stablecoin at the heart of its decentralized platform. Using a seigniorage share model to control the price of ARTH, MahaDAO will ensure relative price stability while incentivizing defi users to pool cross-chain assets and mint the protocol s native valuecoin.
ARTH is the world s first valuecoin, described as such due to its ability to maintain its purchasing power over time, unlike fiat currencies that erode due to inflation. The MahaDAO mainnet will launch on Ethereum initially, before being followed by a corresponding launch on Matic.
December 23, 2020, 10:14PM EST
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3 min read
The price of XRP has been in a tailspin since news broke that the Securities and Exchange Commission would sue Ripple for conducting an initial coin offering of the digital asset.
In the wake of the suit, which Ripple has described as an affront to the entire cryptocurrency market, a number of firms have begun cutting services tied to XRP, which Ripple has tried for years to get banks to adopt. The suit was released just a day before SEC chairman Jay Clayton announced he would resign.
Now, a former commissioner of the regulator is crying foul, describing the suit as unprecedented, given the upcoming change in power among the SEC s top ranks and presidential administration next month. In a letter to Clayton obtained by The Block, former SEC commissioner Joseph Grundfest said: no pressing reason compels immediate enforcement action.
December 23, 2020, 5:30PM EST
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1 min read
The White House has released a statement on regulatory considerations for stablecoins and it includes the potential for limitations on multi-currency stablecoins.
The statement comes from the President s Working Group on Financial Markets, which is a Treasury-centric working group that makes recommendations to the president and federal regulators.
The group highlighted the importance of anti-money laundering and counter financial terrorism measures, including on-chain know-your-customer (KYC) verification among all parties, even unhosted wallets. This comes after the Financial Crimes Enforcement Network unveiled a proposed rule that would also create heightened KYC requirements for transactions between money service businesses and unhosted wallets.