Ridgewood NJ, Cryptocurrency fugitive Kwon Do-Hyung, also known as Do Kwon, was reportedly arrested yesterday by officials in Montenegro as he attempted to travel through the capital city of Podgorica’s airport with falsified documents. His detention comes almost one year after the company he cofounded, Terraform Labs, collapsed, leading to the loss of billions of dollars in digital currency markets last year.
Ridgewood NJ, a group of institutions backed by the Federal Deposit Insurance Corp. plans to offer a new stablecoin called USDF. Founding members of the group include Synovus, New York Community Bank, and Sterling National Bank. USDF will be a bank-minted alternative to USDT and USDC. It will operate on the Provenance blockchain and be redeemable for cash from any of the group’s members. USDF aims to address the consumer protection and regulatory concerns of nonbank-issued stablecoins. What could possibly go wrong with that?
Washington DC, on December 8th, the House Financial Services Committee held the first of undoubtedly many more hearings on the future of cryptocurrency and digital assets in America’s financial ecosystem.