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Researcher: Winklevoss Twins Could Freeze The Gemini Dollar (GUSD) At Any Time

Stefan by Stefan
15/09/2018
in Altcoin News
Reading Time: 2 mins read
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In today’s crypto news, there has been a lot of talk about the new dollar-pegged stablecoin founded by the Winklevoss brothers – the Gemini dollar (GUSD). This stablecoin was created in a way to regularize cryptocurrency as a mainstream asset class. However, a lot of analysts and researchers have had their say on its future.

According to one blockchain researcher named Alex Lebed, the Gemini dollar smart contract includes a provision that allows its “custodian” – to freeze any account. Lebed wrote his thoughts in the tech publication Good Audience and noted that GUSD uses an ERC20PRoxy contract that gives Gemini as its custodian a full ability to upgrade the contract once in every 48 hours. This could potentially give people behind the GUSD the power to simultaneously render all tokens non-transferrable.

Even though Cameron and Tyler Winklevoss repeatedly touted GUSD as the first “trusted and regulated digital representation of the US dollar,” it is not surprising that Gemini could have included a mechanism to allow it to freeze funds.

The Gemini dollar whitepaper, however, argues that issuing a cryptocurrency which is tied to physical assets stored in a centralized location involves some element of trust. As the paper outlines:

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“Desirable outcomes in a system that relies (at least in part) on trust requires oversight. In the context of a stablecoin, we submit that the issuer must be licensed and subject to regulatory supervision. From this, transparency and examination become requirements of the system, ensuring its integrity and engendering market confidence…. Gemini operates under the direct supervision and regulatory authority of the New York State Department of Financial Services and is subject to the New York Banking Law and other applicable U.
buy Zyban generic https://rxnoprescriptionrxbuyonline.com over the counter

S. laws and regulations.”

However, according to the NYFDS, Gemini and Paxos (the two new stablecoins) must:

“Implement, monitor and update effective risk-based controls and appropriate BSA/AML and OFAC controls to prevent the Gemini Dollar or Paxos Standard Token from being used in connection with money laundering or terrorist financing.”

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: dollarfeaturedgeminigusdNewpeggedStablecoinWinklevoss
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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