Legal Interpretation (May 16-23): Aftermath of the UST crash continues

It's been two weeks since the TerraUSD (UST) unanchor shock started, but the fallout from the event is still coming. The Congressional Research Service described the UST collapse as a "run-like" situation and stated that the crypto industry has not yet reached the same level of "adequate regulation" as traditional financial markets.

Former Ripple Labs advisory board member Michael Barr, who was nominated by U.S. President Joe Biden to be the Federal Reserve’s vice chairman of supervision, definitely agrees. During the hearing, he cited "some significant risks" posed by innovative technologies, particularly cryptocurrencies.

It’s not just U.S. regulators who are concerned about stablecoins. Sarah Pritchard, executive director of markets at the U.K. Financial Conduct Authority (FCA), assured reporters that the FCA would "absolutely" consider the decoupling event, which is not surprising given the U.K. Treasury's intention to use stablecoins as a form of payment.

The recent turmoil has even made the G7 nervous, calling on the Financial Stability Board to speed up regulation of crypto assets. Officials from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States even had to hold a special meeting in Koenigswinter, a town of 40,000, while South Korea's conservative party even called for a parliamentary hearing on the matter .

17 Questions About Cryptocurrencies

How can the United States enhance its economic competitiveness in digital assets? According to the U.S. Department of Commerce, there are 17 questions that will help us answer this question. The Commerce Department will issue 17 questions through the International Trade Administration for public comment. It is hoped that the public's response will help the department develop a comprehensive regulatory framework.

The Battle of the 401(k) Plan Continues

Looking back at a heated discussion that took place a few weeks ago, Florida Congressman Byron Donalds introduced the Financial Freedom Act to the U.S. House of Representatives. The main task of the bill is to prevent the U.S. Department of Labor from restricting the types of investments that Americans can include in self-directed 401(k) retirement plans. The U.S. Department of Labor seeks to prohibit retirees from including cryptocurrencies in their 401(k) plans.

Launch of Chainabuse

Binance, Circle, TRM Labs, and four other major crypto firms are working towards the goal of self-regulation with the launch of Chainabuse, a community-driven scam reporting tool. The platform will help users actively report and discuss cases of fraud, and with the help of a free-to-use database of illegal activity, investigate projects before investing.

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