The U.S. presidential candidate has added anti-CBDC to his anti-establishment, anti-vaccination repertoire and has gained double-digit support among Democrats.
Europe ‘Ahead of the Game’ in Web3 After MiCA Law, U.S. House Finance Chair Says
Patrick McHenry is seeking to push his own stablecoin bill through Congress but faces Democrat skepticism
Do Kwon seeks SEC charges dismissal as S.Korea rules LUNA as non-security
The South Korean district court recently dismissed security violation charges against Terra co-founder Hyun-seong Shin, deeming LUNA as non-security under Korea’s Capital Markets Act.
US Crypto Firms Eye Overseas Move Amid Regulatory Uncertainty
Citing an ongoing regulatory crackdown, crypto companies are considering shifting to more favorable jurisdictions. Jeff Wilser reports.
U.S. Senate’s Warren Calls for Crackdown on ‘Sham’ Crypto Audits
Sen. Elizabeth Warren (D-Mass.) and another prominent colleague urged the U.S. auditing watchdog to take action against “sham audits” of crypto companies, citing the contribution of such audits to the recent stresses in the U.S. banking system.
Yellen defends government intervention to avoid another SVB
The U.S. Treasury Secretary Janet Yellen said the federal government would intervene if necessary to protect other small lenders.
Developed markets lagging behind in digital payments: BlackRock CEO
In a letter to investors, BlackRock CEO Larry Fink highlighted the benefits of digital assets and said developing nations like the U.S. are lagging behind in innovation.
Binance US, Alameda, Voyager Digital and SEC — the ongoing court saga
Court cases involving the U.S. SEC and some major crypto industry enterprises – Voyager Digital, Alameda Research and Biance – have continued to progress throughout 2023.
US Trustee appeals NY Judge’s approval of Voyager deal with Binance.US
The United States Department of Justice filed an appeal against an approval made by N.Y. just days before to allow a billion-dollar sale of assets from Voyager Digital to Binance.US.
Crypto Sector’s Reserve Reports Can’t Be Trusted, Says U.S. Audit Watchdog
Proof-of-reserve reports routinely touted by crypto firms to assure customers that their financial transactions are in secure hands shouldn’t be trusted, according to the U.S. organization that oversees auditing standards
SEC files objection to Binance US bid for Voyager assets
The SEC has moved to bar final approval of Binance.US’ $1 billion bid for assets belonging to bankrupt crypto lending firm Voyager Digital.
Crypto Miner CleanSpark Extends Bear-Market Strategy, Buying 20K of Bitmain’s Newest Rigs
The new Bitmain Antminer S19j Pro+ will add 37% to CleanSpark’s computing power.
Trouble brewing for the US: Two-thirds of TradFi expects a 2023 recession
Recent research from major financial institutions tied to the Federal Reserve sees the U.S. facing a “shallow” or “mild” recession in 2023.
SBF ‘willing’ to testify at Senate hearing on the FTX collapse
Despite missing a response deadline, Sam Bankman-Fried says he’s willing to testify at a U.S. Senate hearing into the collapse of FTX.
White House publishes ‘first-ever’ comprehensive framework for crypto
The fact sheet sums up the efforts of nine federal agencies’ research over the past six months.
Alexander Vinnik reportedly en route to the US after extradition
Having served two years in prison in France, accused BTC-e mastermind Alexander Vinnik has now been extradited to the U.S. to face multiple charges in California.
Semantics? Analysts unpack ‘technical recession’ as crypto markets recover
Cryptocurrency market analysts unpack the ramifications of consecutive quarters of negative GDP growth in America.
Germany and the US share the top spot in the global crypto rankings: report
The U.S. climb the rankings to join Germany at the summit as progressive regulations and institutional adoption drive cryptocurrency use in both countries.
U.S. Federal Panel Claims Cryptocurrencies Can Boost The Economy, Will It Result In Bullish Trend?
The talks to allow digital currencies to exist in U.S. economy are underway. The suggestion is to achieve this by linking cryptocurrencies to the U.S. dollar. This contemplation took place on Tuesday at a meeting held by the U.S. Fed.
At the meeting, a panel of speakers stated that the dollar status would gain more strength with crypto assets in the U.S. economy. Moreover, this will also give a boost to the digital currency industry.
Strength Of Dollar Could Improve Through Cryptocurrencies
The current state of cryptocurrencies is still posing some level of uneasiness in the mind of cryptocurrency traders. Many still doubt that the market will take a bullish turn sooner than later. Considering this, the panelists thought it wise to mention incorporating these digital currencies into the U.S. dollar.
They believe that this will improve the status of the dollar and the cryptocurrency community. The panel added that the rise would be possible as crypto traders continue to use these digital currencies, particularly the CBDCs. They stated that the dollar changes would be evident in its role in the international market.
Cryptocurrency market stands vulnerable | Source: Crypto Total Market Cap on TradingView.com
According to the Fed Chair, Jerome H. Powell, there is a tendency for altcoins and stablecoins to increase in price. He made this statement last month. This reveals that the move to link cryptocurrencies to the U.S. dollar has been in the pipeline. He added that due to the fast growth of these digital assets, the Federal Reserve is now assessing the use of CBDCs.
Related Reading | Bitcoin Weekly RSI Sets Record For Most Oversold In History, What Comes Next?
The idea behind the assessment is to know whether or not a CBDC would stand the test of domestic payment efficiency and safety. In addition, according to the U.S. Fed’s white paper, a CBDC could contribute positively to maintaining the international status of the U.S. dollar.
CBDCs As An Improvement To The U.S. Dollar
Going further in the discussions between the panelists, specific questions were addressed. One of which was whether or not the roles of the dollar can be positively affected by crypto technology. They concluded that the technological aspect alone of these digital currencies could not improve the ecosystem of this globally recognized currency.
This response had a reason backing it up; the ecosystem of these cryptocurrencies revolves only around retail investors. Also, there were steps to migrate to institutional investors, but those became abortive due to the missing regulatory framework.
Related Reading | Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom
As a result, the US CBDCs will concentrate on retail sectors. This prevents any threat to the U.S. dollar while maintaining its international status. However, they also cited that there are still restrictions on the possibility of using cross-border CBDCs.
Featured image from iStockPhoto, Charts from TradingView.com
Law Decoded, June 7–13: Lummis-Gillibrand bill is finally here
Senators confirmed that Bitcoin and Ether will be classified as commodities and regulated by the CFTC.