The Discussion Held By The U.S. And South Korean Officials Could Further Affect The Stablecoin Projects.
The meeting held by the U.S. and South Korean officials with the aim of “information sharing” could further affect the stablecoin project.
The officials of the two countries met this week to talk about May’s Terra collapse.
The meeting was done on Tuesday 6th June, in attendance was the chief of the U.S. Securities and Commodities Fraud Task Force, Scott Hartman. The objective of the meeting was to formalize an agreement between the two interested countries on sharing information and strengthening cooperation in investigations surrounding major securities fraud and financial crimes.
During the meeting, two-way obligations in exchanging on-hand data about investigations on high-profile cryptocurrency market issues which include the TerraUSD crash and the Whole Luna Ecosystem.
Notably, the crash of the Terra in May recorded a 98% within 24 hours which leveled $40 billion worth of assets within the protocol. It came as a shock to the community.
Crypto Industry To Expect Serious Watch Ahead
This crash has exposed the crypto market and the Terra-like implosions in the future have attracted a serious watch from the government regulatory bodies. More also, some experts already expected this level of legal investigation.
The general crypto industry should expect a serious watch ahead. For instance, the U.S. recently launched an investigation on Terra and its founder, Kwon as well as South Korea has been aiming its scrutiny looking for pieces of evidence that could support allegations of fraud, tax evasion, and market manipulation all because of the Terra collapse.
More also, Korean politicians have been pushed to create a new crypto oversight body to analyze new crypto projects listed on cryptocurrency exchanges.
Many analysts hope to see that the TerraUSD Classic (USTC) collapse would lead authorities to choose centralized stablecoins over algorithmic ones.
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