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February 7th - U.S. Ambassador to the United Nations Mike Walz stated that the United States will pay part of the billions of dollars in arrears owed to the UN within weeks, while emphasizing the need for continued UN reform. This comes after UN Secretary-General António Guterres warned of the UNs financial situation, stating that the UN faces the risk of "imminent financial collapse" due to member states unpaid dues. In a telephone interview, Walz said the first payment would be seen soon, and while the final amount has not yet been determined, he believes it will be finalized within weeks.The China Earthquake Networks Center officially determined that a 3.2-magnitude earthquake occurred in Tengchong City, Baoshan City, Yunnan Province at 12:00 on February 7, with a focal depth of 10 kilometers.On February 7th, CNN reported that US President Trump claimed that renaming Pennsylvania Station in New York City as "Trump Station" was a proposal by Senate Majority Leader Chuck Schumer. Schumer quickly refuted this claim. "Schumer suggested to me that Pennsylvania Station be renamed Trump Station," Trump told reporters aboard Air Force One, adding that many people, including union members, Democrats, and Republicans, had made the suggestion, "but theres been no progress." Schumer immediately refuted Trumps claim, accusing him of lying about the details of their conversation. "Completely a lie," Schumer posted on social media platform X. "He knows it. Everyone knows it. Only one person can restart this project, and he can do it easily."February 7 – The World Health Organization (WHO) reported on February 6 that Bangladesh had one case of Nipah virus infection, with no other related cases identified. According to a WHO press release that day, the infected person is a woman aged 40 to 50 living in the Rajshahi district of Bangladesh. She developed fever and neurological symptoms on January 21 and was diagnosed with Nipah virus on January 29. Bangladeshi authorities notified the WHO on February 3. The woman had no recent travel history but had consumed raw date juice. Her 35 close contacts tested negative for Nipah virus.February 7th - US President Trump stated on the 6th that the US, Russia, and Ukraine held "very good" talks that day regarding resolving the Russia-Ukraine conflict. Answering reporters questions aboard Air Force One, Trump said, "We had very, very good talks with Russia and Ukraine today. Something might happen." However, he did not elaborate further. It is understood that the issue of Ukrainian territory and security guarantees remains the sticking point in the negotiations. The US and Ukraine recently discussed the possibility of reaching a Russia-Ukraine peace agreement in March, but this is proving very difficult, and the timetable may be delayed.

Peirce of the US Securities and Exchange Commission Sees Movement on Stableco in Laws

Cory Russell

May 13, 2022 10:33

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The collapse of the stablecoin TerraUSD and a destabilizing drop in Tether, the world's biggest stablecoin by market size, have given cryptocurrency markets an overall worth of almost $1 trillion this week.


Stablecoins are digital currencies that are linked to conventional assets such as the dollar.


During an online panel discussion organized by the London-based Official Monetary and Financial Institutions Forum policy think tank, SEC Commissioner Hester Peirce remarked, "One area we could see some movement is around stablecoins."


"That's an area that has certainly gained a lot of attention this week," Peirce continued, highlighting the possibility for stablecoins to be used in future marketplace constructions.


She went on to say that the SEC's wide regulatory jurisdiction allows it to catch digital currencies and the technological platforms on which they are exchanged.


The instability in crypto markets, US Treasury Secretary Janet Yellen told a Senate banking subcommittee this week, demonstrated the need for a "appropriate" regulatory structure.


In March, President Joe Biden signed an executive order mandating the government to evaluate the risks and advantages of developing a central bank digital currency, as well as other cryptocurrency problems.


Gary Gensler, the chairman of the Securities and Exchange Commission, has stated that the agency should address stablecoin risks because asset-linked cryptocurrencies raise concerns about financial stability and monetary policy because they have features that are similar to and potentially compete with bank deposits and money market funds.


He also said that there are concerns about their potential for illegal usage.


Peirce, the SEC's lone Republican commissioner, said on Thursday that possible regulation should allow for a "trial-and-error" regulatory framework, adding that "some people have indicated it should be at the SEC; others want it to be the banking regulators."


There are many possible approaches to addressing stablecoins.


We also need to provide space for failure when it comes to experimenting."

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