{"id":17948,"date":"2025-11-13T15:13:51","date_gmt":"2025-11-13T14:13:51","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=17948"},"modified":"2025-11-13T15:13:51","modified_gmt":"2025-11-13T14:13:51","slug":"singapore-explores-the-landscape-of-unregulated-stablecoins","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/11\/13\/singapore-explores-the-landscape-of-unregulated-stablecoins\/","title":{"rendered":"Singapore Explores the Landscape of Unregulated Stablecoins"},"content":{"rendered":"

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This day in cryptocurrency, the Monetary Authority of Singapore (MAS) indicates that solely fully regulated, reserve-supported stablecoins will be eligible as settlement assets as Singapore advances legislation. Meanwhile, US President Donald Trump has authorized a contentious US funding bill, concluding the longest government shutdown in history, and US attorneys are seeking a retrial for two siblings accused of utilizing MEV bots to take advantage of $25 million in digital assets. <\/p>\n

Singapore cautions that unregulated stablecoins represent systemic dangers as new regulations approach<\/h2>\n

The central bank of Singapore has indicated an impending shakeout<\/a> of unregulated stablecoins as the nation seeks to safeguard the integrity of assets within its financial landscape.\u00a0<\/p>\n

In a keynote address at the Singapore FinTech Festival on Thursday, Monetary Authority of Singapore Managing Director Chia Der Jiun cautioned<\/a> that \u201cunregulated stablecoins have an inconsistent record of maintaining their peg.\u201d<\/p>\n

\u201cThere has been considerable focus on stablecoins. They are marketed as open platforms with the ability to function across numerous applications and scenarios,\u201d said Chia. \u201cWhile flexibility is a benefit, stability must be strengthened.\u201d<\/p>\n

Chia likened depeggings to the money-market fund runs of 2008 and stated that unregulated stablecoins are \u201cinappropriate as secure settlement assets for significant wholesale transactions.\u201d This indicates that Singapore aims to create a clear distinction between thoroughly regulated tokens and all other stablecoins.\u00a0<\/p>\n

Chia mentioned that the forthcoming stage of digital currency requires not only speed and programmability but also stability. <\/p>\n

While stablecoins are marketed as open, composable platforms that engage across applications and borders, he asserted this must be accompanied by reliable backing and redemption rights.<\/p>\n

Trump approves bill ending US government shutdown<\/h2>\n

US President Donald Trump has authorized a funding bill that was approved by the House of Representatives on Wednesday, officially concluding the 43-day government shutdown. <\/p>\n

The funding bill passed through the Senate<\/a> on Monday and successfully went through<\/a> the House of Representatives on Wednesday, with Trump signing the bill just hours later to reboot the government.<\/p>\n

The recent shutdown, which has become almost a yearly occurrence, lasted an unprecedented 43 days.\u00a0<\/p>\n

The bill itself provides funding to sustain government operations until Jan. 30, 2026, and allocates more time for Democrats and Republicans to negotiate a deal for broader funding strategies for 2026.\u00a0<\/p>\n

House of Representatives deliberating the bill on Wednesday. Source: <\/em>Bloomberg <\/em><\/a><\/figcaption><\/figure>\n

Prosecutors seek February or March retrial for MEV bot siblings<\/h2>\n

Anton and James Peraire-Bueno, two brothers charged for their purported involvement in money laundering and fraud tied to a $25 million breach of the Ethereum blockchain, might encounter a second trial<\/a> as soon as February.<\/p>\n

In a Monday submission to the US District Court for the Southern District of New York, attorneys representing the US government sought<\/a> for a federal judge to arrange a retrial for the Peraire-Bueno brothers \u201cat the earliest opportunity in late February or early March 2026.\u201d<\/p>\n

The request emerged approximately three days after a judge declared a mistrial<\/a> in the matter, due to the jurors\u2019 failure to reach a conclusion.<\/p>\n

The brothers faced charges of conspiracy to commit wire fraud, money laundering, and conspiracy to receive stolen property pertaining to their involvement in employing maximal extractable value (MEV) bots to exploit $25 million in digital assets in 2023.<\/p>\n

The case attracted significant attention from many in the cryptocurrency sector due to the potential impacts of a guilty verdict on trading on Ethereum. The siblings could still confront decades in incarceration if found guilty at retrial.<\/p>\n