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Tag: Treasury

What The Sanctioning Of Tornado Cash Means For Bitcoin

This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Dylan LeClair...

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MakerDAO May Invest in Bonds

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc....

UK Outlines Plan for BNPL Regulation

The Treasury Department in the UK today announced its plan to protect millions of Buy Now Pay Later (BNPL) customers in the country through...

Federal Reserve highlights ‘structural fragilities’ in stablecoin market in new report

The US Federal Reserve is pointing to the recent collapse of TerraUSD and other algorithmic stablecoins as examples of financial stability risks.  In its June...

Pro-crypto SEC commissioner foresees faster stablecoin regulations after Terra crash

Pro-crypto commissioner of the Securities and Exchange Commission (SEC) Hester Peirce, popularly known as crypto mom, said there might be some developments towards stablecoin...
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US Treasury Secretary Expresses ‘Skepticism’ on Crypto Financial Stability Impact

Janet Yellen remains cautious of crypto’s threats around financial stability, consumer protection, and illicit finance.

UK retail sales, German Ifo business survey on the agenda in Europe today

Risk tones are keeping firmer from yesterday, with US futures pointing slightly higher ahead of European trading.After the early week selloff in bonds, the mood is a bit more measured now though Treasury yields are ticking a little higher still on the day. 2-year yields are up over 3 bps to near 2.1

Spot Bitcoin ETFs could become reality by mid-2023

The US SEC wants to expand the definition of “exchanges” to allow it to bring crypto exchanges under its purview.

The post Spot Bitcoin ETFs could become reality by mid-2023 appeared first on CryptoSlate.

Fed Chair Powell Says Crypto Requires New Rules, Citing ‘Threats’ To US Financial System

Federal Reserve Chairman Jerome Powell emphasized on Wednesday that technology transformation is here to stay in the financial sector and that new regulations will be required. Powell revealed some insight into how the United States would govern the market during a presentation at the Bank of International Settlements Innovation Summit on central bank digital currencies. The digital age was not taken into consideration when establishing our current regulatory structures, the Fed official said. “There will be revisions to current laws and regulations, as well as the creation of wholly new rules and structure, if central banks, stablecoins, and digital currencies are to be implemented,” he said during a roundtable discussion on CBDCs at the BISI Summit. Is There A Threat? Powell noted that emerging forms of digital money, like cryptocurrencies and stablecoins, pose threats to the US financial system and will necessitate the adoption of additional consumer protection measures. Powell reaffirmed his position that cryptocurrency should adhere to the “same activity, same regulation” premise. He proposed regulating stablecoin issuers, such as banks, in October 2021. “Stablecoins function similarly to money market funds. They’re similar to bank deposits… and it is reasonable for them to be controlled similarly, same activity, same regulation,” he concluded. Powell Says DeFi Can Improve Finance Sector Despite this, the Fed chairman acknowledged that distributed technology and DeFi have the potential to improve the payment system’s efficiency and foster a more competitive financial sector. This is an impressive recognition from the director of one of the country’s premier financial institutions. Other agencies and their personnel have embraced crypto and blockchain technology as well, albeit they all appear to advocate for some level of regulation. Crypto total market cap at $1.94 trillion on the daily chart | Source: TradingView.com Suggested Reading | Fiat – Not Crypto – Still The Top Choice For Financial Crimes, US Treasury Says Stablecoins are a type of cryptocurrency that are typically backed by the dollar or a commodity such as precious metal. CBDCs are digital representations of dollars or other fiat currencies that governments issue. The Fed is exdigital currencies but has not yet decided whether to issue them. In January, it published a study on stablecoins. Biden’s Executive Order US President Joe Biden signed an executive order earlier this month directing the Treasury Department and other federal agencies to conduct a study on the impact of cryptocurrency on economic stability and national security. Biden’s directive comes as many Democratic legislators, notably Massachusetts’ Elizabeth Warren, have expressed worry that cryptocurrency could be used to circumvent US sanctions against Russia. As part of the executive mandate, the Treasury is leading a report on a CBDC in consultation with the Departments of Justice, Commerce, and State, as well as the Office of Management and Budget, Homeland Security, and the Director of National Intelligence, to determine whether the US should pursue a digital dollar. Suggested Reading | Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum? Featured image from CryptoSlate, chart from TradingView.com
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