66 fake cryptocurrencies on the market!

Bitcoin miner Genesis prepares for an IPO in the US

66 fake cryptocurrencies on the market

PayPal, the US-based payment services provider, announced earlier this week that it has launched a US dollar-indexed stablecoin called PYUSD to be used in payment and money transfer processes. Following this development, a warning was issued against fake cryptocurrencies produced under the name PYUSD.

The ongoing regulatory debate on cryptocurrencies and dollar-indexed stablecoins has reignited after PayPal's decision. US House of Representatives Congresswoman Maxine Waters noted that it is alarming that PayPal is offering its own cryptocurrency while there is still no legal framework for the regulation, oversight and enforcement of stablecoins. In the news on the subject, names such as Senator Elizabeth Warren and Senator Sherrod Brown, known for their distant attitude towards crypto, expressed concern about the effects of a large-scale, dollar-indexed cryptocurrency on the US banking system in the event of a major crisis. Stating that the issue may attract the attention of regulators, especially the US central bank Fed and the US Securities and Exchange Commission SEC under Gary Gensler, Sevcan Dedeoğlu said, "After the first comments, the markets are waiting for the next regulatory move.