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Billionaire Mark Cuban Wants to Regulate Stablecoins After Collapse of Titanium Token

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Thu, 06/17/2021 - 15:46
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Alex Dovbnya
DeFi remains crypto’s Wild West, and billionaire Mark Cuban wants to change that
Billionaire Mark Cuban Wants to Regulate Stablecoins After Collapse of Titanium Token
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Billionaire Mark Cuban believes that the real lesson that can be taken from the implosion of algorithmic stablecoin protocol Iron Finance is that the industry needs more oversight.

The Dallas Mavericks owner told Bloomberg that it’s up to regulators to define the term “stablecoin” and set out the terms of collateralization:

There should be regulation to define what a stable coin is and what collateralization is acceptable. Should we require $1 in us currency for every dollar or define acceptable collateralization options, like us treasuries or?

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As reported by U.Today, Iron Finance’s Titanium (TITAN) token—which was mentioned by Cuban in his recent blog post—collapsed nearly 100 percent earlier today following a “bank run.” The undercollateralized Iron stablecoin lost its peg.

The “Shark Tank” host says that his investment in the project “wasn’t so big.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.