⚖️ US Treasury Report Calls For Stricter Oversight of Stablecoins

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US Treasury Report Calls For Stricter Oversight of Stablecoins

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U.S. president Biden’s administration has submitted a report suggesting that stablecoin issuers in the United States should be subject to “appropriate federal oversight” akin to that of banks.

The report titled “Report on Stablecoins” from the President’s Working Group on Financial Markets, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency said that the Congress should “act promptly to enact legislation to ensure that payment stablecoins and payment stablecoin arrangements are subject to a federal prudential framework on a consistent and comprehensive basis.”

In addition, the government agencies said that stablecoin issuers should be held to the same standards as insured depository entities along with state and federally chartered banks and savings associations as they protect deposits of customers, and “limits any potential negative systemic impacts in the event of bank failure.”

The report did not mention under which federal agency, stablecoin and digital asset trading fell.

However, the report states that the SEC (Securities and Exchange Commission), as well as the CFTC (Commodity Futures Trading Commission), had broad enforcement, rulemaking, and oversight authorities to address such companies and transactions within the crypto environment.

Zillow Plans to Sell 7,000 Homes For $2.8 Billion

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Zillow, the leading real estate marketplace, is looking to unburden itself and planning to sell about 7,000 homes as it looks to recover from a fumble in its high-tech home-flipping business.

The company plans to seek around $2.8 billion for these homes, which are mostly being targeted to institutional investors.

It is also reported that the company will probably sell the properties to a multitude of buyers rather than packaging them in a single transaction.

Zillow’s move to unburden itself of these homes comes as it looks to recover from an operational fall that saw it purchase too many houses, with several of them being listed for less than what it paid.

Usually, Zillow offers smaller numbers of houses to single-family landlords; however, the ongoing sales efforts are much larger than normal.

The company also said that it would stop making fresh offers in home-flipping operation for the rest of the year, but it will continue to close on properties that were already under contract.

Tesla to Allow Non-Tesla EVs Use Its Supercharger Network

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Electric vehicle giant, Tesla, has rolled out a pilot program in the Netherlands in which non-Tesla electric vehicles will be allowed to use its Supercharger network.

This is the first time that Tesla is opening up its proprietary charging stations to EVs from other companies.

One of the major trump cards for Tesla in the EV market is its Supercharger network, which is often regarded as the best possible example of an EV charging network with its fast and reliable features.

It is a big move considering that Tesla’s charging network is also exclusive to owners of Tesla EV’s, which means if you are driving any other company electric vehicle, you won’t be able to use it. However, it is starting to change now.

The pilot program starting from November 1, will involve ten Supercharger locations in the Netherlands. Owners of other EVs will be able to use the chargers through the Tesla smartphone app.

But, the program is only open to drivers that reside in the Netherlands and not allowed for visitors. Tesla EV owners will still be able to use the chargers in the trial project as normal.

Coinbase Acquires AI Customer Support Startup Agara For Over $40 Million

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Leading crypto exchange platform, Coinbase has acquired Agara, a startup that operates an AI-powered customer support platform.

Although the companies did not disclose the financial details of the transaction, the size of the deal is estimated between $40 million to $50 million.

Founded in 2017 by Abhimanyu Singh and Arjun Maheswaran, Agara is an autonomous voice conversation agent designed to handle customer support calls without human assistance.

The platform is built for consumer products, financial services, and retail industries, helping them to enhance customer experience and cut support costs.

Agara’s tech team, which is mainly based in India, will join Coinbase as part of the transaction. The two companies are expected to complete the deal later this year.

This move comes months after the crypto exchange platform laid out its strategy to build a tech hub in India.

Through this acquisition, Coinbase plans to leverage Agara’s powerful technology to automate and enhance its customer experience tools.

Additionally, it also plans to provide its customers with new personalized, intelligent, and real-time support options.

Around The Web

📌 Pinterest Launches ‘Pinterest TV’ Shoppable Live-Stream Series: Pinterest is looking to dive deeper into the e-commerce market with its upcoming initiative called “Pinterest TV,” a shoppable live series that is set to get debuted on November 8. The new series of shopping-focused live streams will offer Pinners the opportunity to take up exclusive deals in the app via engaging in live-stream broadcasts.

💻 China’s HR Tech Startup Moka Raises $100 Million: Moka, a Chinese HR startup that aims to make human resources management easier with software, has raised $100 million in its Series C funding round. The funding was led by Tiger Global and saw participation from Blue Lake Capital, GL Ventures — the early-stage arm of the storied Hillhouse Capital, GSR Ventures, and GGV Capital.


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