A Stablecoin ‘Death Spiral’
Summary
“What’s happened with UST isn’t surprising and lends a sense of urgency for Congress to act decisively to set clear rules of the road for stablecoin issuers,” Jeremy Allaire, a founder and C.E.O. Senator Pat Toomey of Pennsylvania, a crypto champion and a ranking member of the banking committee who is drafting stablecoin legislation, said he also hoped Congress would act fast. Yesterday, Rivian, the electric vehicle start-up backed by Amazon and Ford, announced that it had produced 5,000 E.V.s and was on track to meet its production goal of 25,000 by the end of the year. One reason for the delays is because G.M., unlike rivals, is building a modular battery that can fit into its future vehicles, from compact cars to four-door pickups. (Bloomberg) • None Philip Jefferson, a Biden nominee, was confirmed to the Federal Reserve’s Board of Governors, and Lorie Logan was announced as the next leader of the Dallas Fed.
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