ECB Skepticism on Bitcoin, Tether's Silence on Tron Issue, and Do Kwon's Extradition
Summary:
Despite the recent approval of Bitcoin ETFs in the U.S., the European Central Bank remains wary of Bitcoin. Tether hasn't confirmed whether it'll discontinue supporting the Tron network following rival firm Circle's decision to stop minting its stablecoin on the same blockchain. Terraform Labs co-founder Do Kwon is set to be extradited to the U.S. to face fraud charges.
Despite the recent green light for exchange-traded funds (ETFs) in the U.S., the European Central Bank (ECB) remains a skeptic of Bitcoin (BTC). No clear position has been taken by Tether's creators on the proposition of dumping Tron, in the light of rival Circle discontinuing its blockchain minting. Concurrently, Terraform Labs co-founder, Do Kwon, is slated for extradition to the U.S. on charges of fraudulent activities as Ripple's chief vocalizes his perspective on ETFs.
Contrary to the enthusiasm in America, the ECB is not swayed by the latest U.S. approvals of BTC ETFs. A blog penned by Ulrich Bindseil, from the ECB's Market Infrastructure and Payments division, and Jürgen Schaaf, his divisional colleague, refutes the assertion that U.S's nod to BTC ETFs solidifies the investment safety of BTC. While acknowledging the role the awaited ETF approvals played in BTC price surge, they suggest the possibility of it being just fleeting. The blog indicates that ECB's work in regulating Bitcoin is far from over, emphasizing the need for authorities to stay on guard against financial crimes, protect the less-knowledgeable from financial losses, and limit environmental harm.
Meanwhile, Tether has refrained from commenting on the probability of it terminating support for the Tron network after its contender, Circle, stopped minting its stablecoin on the blockchain. In response to queries on this matter, Tether commented that its tokens are issued on multiple blockchains, serving just as transport layers. They further remarked that Tether continues to oversee the safety of all supported transport layers to maintain the highest norms for its community. Tron currently houses over half of 101 billion USDT tokens across various blockchains.
In other news, Do Kwon, the co-founder of Terraform Labs, is reported to be deported to the United States to stand trial on fraud charges. His impending extradition follows a rejection by the High Court of Podgorica to a petition requesting his deportation to South Korea. Kwon and Terra face a pending lawsuit from the U.S. Securities and Exchange Commission on charges of executing a massive crypto-asset securities fraud.
This news piece is devoid of investment counsel or suggestions. Every investment entails risks, and hence readers are advised to undertake their own study before making decisions.
Geraint Price, Sam Bourgi, and Felix Ng have contributed to this report.
Published At
2/22/2024 4:03:08 PM
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