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The former comptroller of the currency in the United States believes a stablecoin is essential for maintaining the dollar’s status as the global reserve currency. Meanwhile, the Biden administration allotted $20 million in rewards for artificial intelligence (AI) companies to help secure the country’s critical infrastructure, and the U.S. Securities and Exchange Commission (SEC) wants to appeal a July decision in its case against Ripple regarding programmatic sales of XRP.
Former comptroller of the currency urges stablecoin legislation
Former Binance.US CEO and U.S. Comptroller of the Currency Brian Brooks has penned an op-ed with economics dean Charles Calomiris about the need to push through sensible stablecoin regulation in the United States.
In an Aug. 9 article published by The Wall Street Journal, Brooks and Calomiris argued that stablecoin development could be instrumental in maintaining the U.S. dollar’s global reserve status. “If stablecoins flourish, citizens of other countries will increase the demand for dollars independent of (and perhaps contrary to) their governments’ political decisions,” the authors wrote.
A failure to promote stablecoin development could ultimately lead to de-dollarization — a process that could undermine the U.S. economy and weaken consumers’ purchasing power.
House Financial Services Committee Chairman Patrick McHenry proposed the Clarity for Stablecoins Act in July, but the legislation has lacked bipartisan support in Congress.
Biden administration launches AI cybersecurity challenge to “protect Americans”
The Biden administration allotted $20 million in rewards for AI companies to help secure the country’s critical infrastructure. A preliminary phase will select up to 20 high-performing teams to progress to the semifinals of DEF CON 2024, all eligible to win up to $2 million each and move on to the DEF CON 2025 finals.
Participants will be required to publicly share the inner workings of their systems, enabling broader utilization of their solutions. Additionally, guidance for the challenge is provided by the Open Source Security Foundation, a division of the Linux Foundation.
The organizing body of the competition — the Defense Advanced Research Projects Agency (DARPA) — has committed up to $1 million in financial support to seven small enterprises aiming to join the competition in an effort to ensure a diverse range of participants.
SEC to seek an interlocutory appeal in Ripple case
The SEC is planning to appeal a July court decision from its lawsuit against Ripple Labs that found the sale of XRP is not a security when sold to retail investors.
In an Aug. 9 letter to Judge Analisa Torres — the presiding judge in the case — the SEC said it believed her decision warrants a fresh look by an appellate court.
The SEC seeks to certify the court’s decision that Ripple’s programmatic XRP offers and sales on crypto exchanges and individual sales were not securities.
The SEC’s letter comes nearly a month after Ripple scored a partial victory over the SEC in regard to the securities status of XRP.
Torres ruled that the XRP token was not, in itself, security. She said, however, sales of XRP tokens can be securities in certain circumstances, such as when sold to institutional investors but not when sold on exchanges to retail traders.
Source: Cointelegraph
