EU crypto rules would allow terra, just not as a stablecoin
Final laws set to prevent algorithmic coins from styling themselves as “stable”, says insider
It was stable until it really, really wasn’t. The collapse of terraUSD rocked crypto markets in May, wiping out many of its retail investors and hurting confidence in the structure of so-called algorithmic stablecoins.
The European Union is the closest major jurisdiction in establishing its own laws to protect investors in the wild west of crypto, but would the soon-to-be-agreed laws have protected investors from a European version of terra?
Yes and no. A digital provider could market a
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