The Responsible Financial Innovation Act will establish guardrails “to prevent another FTX-style event from occurring” in the wake of the 2022 market crash and bankruptcies.
The group raised concerns over Prometheum’s changing position on crypto regulatory clarity and under what circumstances the firm obtained a special purpose broker-dealer license.
Attackers of this kind are supposedly “big game hunting” large-scale organizations with deep pockets to extract ”the most money possible” out of these firms.
EBA officials anticipate a surge in stablecoin issuance in the coming months and have urged businesses to use its guiding principles before restrictions are implemented.