3 ms·
I fully think there's something shady going on, but the best “devil's advocate” opinion I can come up with is that stablecoins are in a pretty precarious legal
by paulgb 4y ago
I fully think there's something shady going on, but the best “devil's advocate” opinion I can come up with is that stablecoins are in a pretty precarious legal position wrt. money laundering laws, and knowing which institutions they bank with gives the US government more parties to put pressure on.
- divs1210 4y agoBut fully audited and regulated stablecoins like USDC and BUSD exist and operate freely, so this doesn’t seem likely.
- pjc50 4y agoWho handles the banking for USDC again?
- ceejayoz 4y agoUSDC is not audited. https://www.centre.io/usdc-transparency https://www.centre.io/usdc-transparency > Top five accounting services firm Grant Thornton LLP issues attestations each month on the US dollar denominated reserves that back the USDC tokens in circulation. Same for BUSD: https://paxos.com/busd/ https://paxos.com/busd/ > A top auditing firm will attest to the matching supply of BUSD tokens and underlying U.S. dollars on a monthly basis. Attestations are not audits, in significant and important ways.
- nly 4y agoThey already disclosed the details to the NY office in question...the government know