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claim

The U.S. banking industry claims that the stablecoin provisions of the CLARITY Act still have loopholes

According to Cointelegraph, several major banking organizations in the United States have jointly stated that despite senators attempting to prohibit stablecoins from generating yields through the CLARITY Act, the latest wording in the bill still contains loopholes that fail to effectively prevent the outflow of bank deposits and do not adequately protect bank deposits.In a joint statement released, the American Bankers Association, the Bank Policy Institute, the Consumer Bankers Association, the Financial Services Forum, and the Independent Community Bankers of America pointed out that Section 404 of the bill allows crypto platforms to pay users interest or yields similar to bank deposits outside traditional rules, which is a significant loophole that needs to be addressed.Bank representatives warned that if the loophole is not closed, the large-scale adoption of stablecoins could lead to the loss of trillions of dollars in deposits from the U.S. banking system, particularly community banks, and could reduce loans to consumers, small businesses, and agriculture by more than one-fifth.Senator Thom Tillis responded that the current text has reached a compromise: it prohibits rewards on idle balances of stablecoins while allowing crypto platforms to offer other forms of customer rewards, believing this provides a possibility for bipartisan passage of the bill.However, the banking industry stated that it will submit specific amendment proposals to lawmakers in the coming days. The current text of the CLARITY Act was made public last Friday, and the crypto industry, including Coinbase, is pushing for a vote in the Senate next week.

The main culprit of the Meta-1 Coin scam has been sentenced to 23 years in prison, having claimed a return rate of 224923% and forged a gold reserve of 44 billion dollars

According to Forbes, a U.S. court sentenced Robert Dunlap, the operator of the cryptocurrency scam Meta-1 Coin, to 23 years in prison. He was accused of defrauding approximately 1,000 investors through a fraudulent cryptocurrency investment project from 2018 to 2023, with the amount involved exceeding $20 million.According to the U.S. Department of Justice, Dunlap claimed that the "Meta-1 Coin" he issued was backed by $44 billion in gold reserves and $1 billion worth of artworks by Picasso, Dali, Van Gogh, etc., and promised a maximum return rate of 224,923%, while providing investors with forged audit documents and insurance materials.Investigations revealed that the so-called gold and art assets did not exist, and the "Meta Exchange" website he built used automated trading bots to create the illusion of profits. The related tokens were never actually issued on-chain. Investor funds were subsequently used to purchase luxury items, including Ferraris.It is worth noting that the U.S. Securities and Exchange Commission had already filed a civil fraud lawsuit against Dunlap in 2020, but he continued to operate the project until he was criminally charged in 2024. The FBI stated that the case "destroyed the wealth and trust accumulated by many victims over the years."
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