Billionaire Mark Cuban has called for stablecoin regulations after investing in the Titanium token, which in one day went from $60 to $0. The token was part of an algorithmic stablecoin project called Iron Finance, which used a dual-currency structure to hold its peg.

The National Republican Congressional Committee (NRCC), a lobbyist organization aimed at supporting the election of Republicans to the U.S. congress, is set to start accepting cryptocurrency donations.

CryptoCompare has secured a strategic investment from MV Index Solutions (MVIS), a subsidiary of New York-based asset manager VanEck.

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Top stories in the Crypto Roundup today:

• Mark Cuban Calls For Stablecoin Regulations After Iron Finance Crash
• Republican Campaign Committee to Accept Cryptocurrency Donations
• VanEck Subsidiary Makes Strategy Investment in CryptoCompare
• Sponsored: Meet European Football Championship 2020 with 1xBit!

Mark Cuban Calls For Stablecoin Regulations After Iron Finance Crash

Billionaire Mark Cuban has called for stablecoin regulations after investing in the Titanium token, which in one day went from $60 to $0. The token was part of an algorithmic stablecoin project called Iron Finance, which used a dual-currency structure to hold its peg.

The crash was the latest in a growing trend of algorithmic stablecoin projects losing their peg and crashing. What triggered Titanium’s collapse was apparently its quick price appreciation. As it rose so fast investors started selling their tokens for a profit, which led to a high amount of volatility and overwhelmed arbitraged opportunities.

As the price tanked, investors started moving their funds out in a “bank run” that wiped the cryptocurrency’s price. Mark Cuban has acknowledged he was affected by the crash even though his investment was a small part of his cryptocurrency portfolio.

Cuban added the risks he took aren’t too different from those he takes in angel investing, and blamed himself for the loss as he “took a flyer and lost” and did not do the math “to determine what the key metrics were.” He added stablecoins may be a very lucrative business in the future, but called for regulators to act:

“There should be regulation to define what a stable coin is and what collateralization is acceptable. Should we require $1 in us currency for every dollar or define acceptable collateralization options, like U.S. treasuries or?”

The billionaire also questioned whether the math of the risks should be clearly defined if a stablecoin isn’t fully collateralized.

Republican Campaign Committee to Accept Cryptocurrency Donations

The National Republican Congressional Committee (NRCC), a lobbyist organization aimed at supporting the election of Republicans to the U.S. Congress, is set to start accepting cryptocurrency donations.

The NRCC has revealed it is now accepting cryptocurrency donations via BitPay, but will convert the funds into U.S. dollars as soon the donations are received, so it will only hold USD in its treasury. Rep. Tom Emmer (R-Minn.), a representative who has spoken about the crypto economy on various occasions in the past, said the move will help Republicans hinder the Democrats’ efforts.

The organization is the first party committee to accept cryptocurrency donations using BitPay, but a number of politicians from both parties have in the past accepted cryptocurrency donations for their campaigns.

 The NRCC was founded in 1866 to help Republicans’ visibility grow and boost their chances in federal elections. The Federal Election Commission (FEC) has expressed concerns about the anonymous nature of cryptoasset transactions.

VanEck Subsidiary Makes Strategy Investment in CryptoCompare

CryptoCompare has secured a strategic investment from MV Index Solutions (MVIS), a subsidiary of New York-based asset manager VanEck.

VanEck’s CEO Jan Van Eck said:

“We are seeking to partner with leading firms in digital assets and blockchain technology and are happy to deepen that relationship by investing, when appropriate.”

As a leading digital asset data provider, CryptoCompare has been working closely with MVIS on crypto index products since 2017 when the MVIS CryptoCompare Digital Assets 100 Index was launched.

Earlier this year, the MVIS CryptoCompare Ethereum Benchmark Rate and the MVIS CryptoCompare Bitcoin Benchmark Rate indices were licensed to 3iQ, a Canadian cryptoasset investment manager that recently launched the first exchange-traded fund in the country.

Compound Crash Analysis

We can see that before the rapid falls of May 19, more than half of supplied collateral and more than 90% of supplied loans on Compound were denominated in stablecoins. This means that about 50% of the loan book suffered an increase in collateralization as a result of the May 19 drops.

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