Ex-commodities chairman Timothy Massad calls for more regulation of tether, stablecoins

SourceCNBC
SectorTechnology
CountryMiddle east

A former Commodity Futures Trading Commission chairman is calling for more regulation of stablecoins, or cryptocurrencies created to be pegged to other assets like fiat money. Timothy Massad, who led the commission during much of the Obama administration’s second term, told CNBC’s Jim Cramer that investors would benefit from more transparency in the wake of Tether Limited’s settlement with the New York attorney’s general office in February. Tether Limited is the company that issues tether, the most valuable stablecoin and third-most valuable cryptocurrency behind bitcoin and ethereum.

“We need a better framework of regulation for tether and other stablecoins,” Massad, a senior fellow at Harvard’s Kennedy School of Government, said Wednesday on ” .” “We need a better framework so that we can just be sure that there can’t be a run on something like this.” Tether and a related company, Bitfinex, with prosecutors to close a probe into allegations that the firms, owned by Ifinex, moved money to cover...read more...