Stablecoin Bill Unlikely To Push Through This Year

A draft stablecoin bill in the United States House of Representatives is in progress that focuses on regulating stablecoins that would impact its issuers and collateralization. However, it is unlikely that the United States House of Representatives could pass the bill to regulate stablecoins by year-end. 

Court Orders Tether USDT To Prove Its Backing

Tether has been ordered by New York Judge Katherine Polk Failla, to come forward with documents proving their Tether USDT backing. The lawsuit claims this unbacked cryptocurrency was used for price manipulation in Bitcoin (BTC) currently valued at $370 billion according to the Coinmarketcap data which caused no less than $1.4 trillion damage to crypto markets as well.