U.S. Securities and Exchange Commission Chair Gary Gensler said cryptocurrency trading platforms should be willing to be regulated by his agency to ensure their longevity, according to an interview published in the Financial Times on Sept. 1. He said the $2 trillion industry needs to operate within a public policy framework to have relevance in the future.
Separately, cryptocurrency firm Circle said on Aug. 22 that reserves for its USD Coin would be in cash and Treasury bonds. The so-called stablecoin, which are meant to be pegged to a fiat currency like the U.S. dollar, had 60% of its reserves in cash, while debt securities and bonds backed the remaining portion. About $27 billion worth of USDC are in circulation, according to CoinMarketCap.
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