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‘Anything But Stable’: Class Action Alleges Coinbase, GMO Trust Withheld GYEN Volatility Info from Investors

Everyday giveaways up to 100 ETH, Lucky Spins. Deposit BONUS 300% and Cashbacks! Gyen crypto suspended Meanwhile, in the House of Representatives, a bipartisan group has re-introduced the Digital Commodity Exchange Act.49 The bill, which is an updated version of a similar bill introduced in 2020, seeks to extend the authority of the Commodity Futures Trading Commission to regulate cryptocurrencies, including stablecoins, and their issuers.50 Notably, the bill seeks to ensure that stablecoin issuers have enough assets on hand to redeem stablecoins for fiat currency.51

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Whenever wealth is lost on this scale, people not only need parties to blame, but calls for increased regulation also become abundant. Due to the novelty and complexity of blockchain technology, governments are still playing catch-up with products that are changing every day. Malekan thinks that if regulations are applied without considering how decentralized a blockchain is, it can adversely impact the growth of blockchain technologies. According to him, if a blockchain is fully decentralized and community controlled, regulators can leave it alone. All About GYEN They allege that Coinbase and the stablecoin's issuer, GMO-Z Trust, described the gyen as pegged 1:1 in value to the Japanese yen, even when they knew that peg was prone to break. This information was withheld from investors, they claimed in their filing.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at Suggest an event for GMO & Coinbase (GYEN Tokens)'s Factual Timeline Investors placed orders believing the coin’s value was, as advertised, equal to the Yen, but the tokens they were purchasing were worth up to seven times more than the Yen. Just as suddenly, the GYEN’s value plunged back to the peg, falling 80 percent in one day.

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Coinbase then froze customer accounts and disabled trading in the stablecoin, citing technical reasons and unusual market conditions, CNBC reported. Yencoin This page is intentionally left ugly ;-)