This article examines the growth of stablecoins and the multitude of underlying accounting, governance, and regulatory issues they present. As of July 16, 2022, Tether was valued at $66 billion. Furthermore, none of the exchanges trading crypto tokens has registered yet as an exchange with the SEC. Earlier, in February 2021, Tether, Bitfinex, and the NYAG had entered into a settlement agreement. Regulatory Difficulties Despite cryptocurrencies’ efforts to legitimize themselves with stablecoins, significant and troubling regulatory issues remain.

Source: Wall Street Journal October 13, 2022 07:18 UTC