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After the IronFinance disaster: Mark Cuban calls for regulation of stablecoins



Mark Cuban is rich, the billionaire is also known to be an outspoken supporter of Ethereum, non-fungible tokens and decentralized finance. Now it happened that as an investor he had to bite the bullet and, together with many other investors, suffered a total loss.

A rug pull could have been the reason why the price for TITAN collapsed without further ado. The Iron Titanium Token is the in-house token of Iron.Finance, a decentralized stablecoin protocol. The token lost 100% of its value within a very short time.

The development team has a completely different explanation and is assuming a run on the liquidity reserves, which was tantamount to a bank run and caused the crash. In the end, the cause has not been conclusively clarified. The fact is that the token dropped from $ 65 to $ 0.000000036150. A brutal loss that can no longer be compensated.

Cuban calls for regulation

Cuban was initially optimistic about the media and took his loss, which he called minor, athletically, but then asked Bloomberg to regulate stablecoins and thus indirectly that of the DeFi sector. This not only caused a lot of commercials on social media, but also raises the question of how regulators should intervene in this environment at all.

Compared to Bloomberg , Cuban called for better regulation of stablecoins and clearer definitions of how they should be covered. In his opinion, there is too much ambiguity here. A question that should also concern Cuban, because the project in which he lost money is a decentralized stablecoin solution.

If protocols are actually supported and maintained by developers around the world open source, it looks rather bleak. In particular, decentralized stablecoin projects that are not directly covered by fiat currency seem particularly difficult to grasp. The situation is different with projects that have an identifiable team and company.

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