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Many within the crypto industry are outraged by Circle's lack of a response to the Drift exploit conducted this week, expressing dismay regarding the capabilities of the USDC issuer's compliance program.
What's the Scoop?
What's the Take?
Had GENIUS already been in effect, incidents like the Drift exploit may have played out differently. At a minimum, stablecoin issuers would have the information and authority to identify bad actors and quickly freeze funds — potentially limiting damage and accelerating recovery.
While the frustration with Circle's response is understandable, the reality is that a "fix" is already on the way. It, however, comes with the tradeoff of bank-like compliance systems, which could encumber on the permissionless stablecoin access enjoyed by today's blockchain users.
This article has been published in yahoo.com via Yahoo News.
Crypto Industry Dismayed By Circle's Slow Response to $280M Drift Hack
Anonymous onchain sleuth ZachXBT notes $420M+ in alleged compliance failures by the USDC issuer since 2022.
finance.yahoo.com
