Altcoins Talks - Cryptocurrency Forum
Further Discussions => Banks & Cryptos => Topic started by: Tnoy30 on June 18, 2021, 03:04:11 PM
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After a bank run on the Iron Finance protocol cost him dearly, Mark Cuban is calling for regulation to define “what a stablecoin is and what collateralization is acceptable.”
Billionaire investor and DeFi proponent Mark Cuban has called for stablecoin regulation after losing money on what he dubbed as a “rug pull” on the Iron Finance protocol.
According to Iron Finance, the partially collateralized stablecoin project was the subject of a “historical bank run” that resulted in the price of the IRON stablecoin moving off peg. As a consequence, the price of Iron’s native token TITAN crashed by almost 100% over two days from its all-time high of $64.04.
Source: Mark Cuban calls for stablecoin regulation in wake of Iron Finance 'bank run (https://cointelegraph.com/news/mark-cuban-calls-for-stablecoin-regulation-in-wake-of-iron-finance-bank-run)