The allegations and who stands to gain The complaint, which was filed in the Northern District Court of California on April 14, accuses three entities affiliated with Maker of negligence and intentional misrepresentation before investors, or “collateralized debt position holders.” According to the complaint, collateralized debt position holders lost $8.325 million when the value of the Ethereum (ETH) that Maker held in collateral plummeted relative to the dollar-pegged stablecoin DAI in which...

A United States congresswoman has said that she will keep working to brand Facebook’s planned stablecoin Libra a security. Facebook and the Libra Association may well have to deal with the SEC In an April 16 announcement, Representative Sylvia Garcia (D-TX) denied that recent updates to Libra’s whitepaper had substantively changed the yet-to-be-released stablecoin’s status as a security. Garcia contends that the newly proposed version of Libra still derives value from a “basket of currencies”...

The ABCs of aid during crisis On April 16, Representative Rashida Tlaib (D-MI) introduced the “Automatic Boost to Communities Act,” or the ABC Act in the House of Representatives. The bill looks to extend monthly payments of $2,000, called BOOST payments, until at least next March, and further requires the development of digital dollar wallets for citizens to receive them. The bill reads: “No later than January 1, 2021, the Secretary shall offer all recipients of BOOST payments the option to...

The digital dollar has been the talk of the crypto world this week. Drafts of the COVID-19 stimulus bill first included and then discarded the creation of digital dollar wallets; a digital distribution method that would enable direct aid to citizens. The version of the “Coronavirus Aid, Relief, and Economic Security Act” that became law on March 27 features no mention of the digital dollar. While the proposed digital dollar lives on in at least one bill sponsored by Senator Sherrod Brown...

United States authorities have arrested a Russian national under allegations of money laundering — using his Instagram that promoted his rap career as evidence against him. Per court filings unsealed on March 30, an FBI investigator alleged that Maksim Boiko laundered money using cryptocurrencies, including via disgraced exchange BTC-e. The authorities also say that Boiko conspired with transnational organized crime organization QQAAZZ. Initial detainment in Miami airport in January Seemingly...