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2022-11-24 05:24:02 Stablecoins could offer central banks a shortcut, says New York Fed advisor

Stablecoins could offer central banks a shortcut to having their own digital currencies, a New York Federal Reserve advisor said at an event in London on Tuesday. Martin previously wrote that stablecoins are unlikely to have a place in the traditional finance system.

Martin drew a comparison between stablecoins and the Chinese payment platforms Alipay and Tenpay, describing them as “very close cousins.” When users of those services transfer money, the platforms need to hold the equivalent yuan in the Chinese central bank, much like stablecoins could. The comment suggested a possible shift in thinking on stablecoins, as the New York Fed advisor.

Source

https://t.me/Cash_Blockchain_News Open / Comment

2022-11-23 10:14:02 Senators warn of SoFi consumer risks amid crypto crash

Democrats on the Senate Banking Committee are worried that trading activities by SoFi Digital Assets could pose consumer risks, and warned that taxpayers “may be on the hook” to bail out the firm’s parent company if things go wrong. SoFi is under scrutiny by Senate Democrats, months after it received approval to be considered a bank holding company.

SoFi’s digital assets branch is hit by contagion in the crypto markets, lawmakers warned that taxpayers may foot the bill if the firm’s parent company or an affiliated national bank is impacted. SoFi received approval to be considered a bank holding company earlier this year, which would allow it to seek assistance from the Federal Reserve during a liquidity crisis. cost taxpayers if the firm’s parent company seeks assistance from the Federal Reserve.

Source

https://t.me/Cash_Blockchain_News Open / Comment

2022-11-22 05:36:02 US Senator Demands Answer Over SBF ‘Lavish’ Donations to Democrats

Crypto bigwigs have spent millions of dollars funding recent U.S. election campaigns, including those for the 2024 U.S. presidential elections. One name echoing here is former FTX CEO Sam Bankman-Fried (SBF). After the exchange went bust, U.S. Senators voiced concerns over some “lavish” donations.

A week ago, one of the largest crypto exchanges, FTX, went bankrupt, and the former CEO, popularly known as ‘SBF,’ resigned. Following the collapse, his net worth dropped from about $16 billion to a nominal rate (of zero). A week ago, one of the largest crypto exchanges, FTX, went bankrupt, and the former CEO, popularly known as ‘SBF,’ resigned. Following the collapse, his net worth dropped from about $16 billion to a nominal rate (of zero).

Source

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2022-11-21 08:31:02 CFTC Commissioner Mersinger says the time has come for action on crypto regulation

United States Commodity Futures Trading Commission (CFTC) commissioner Summer Mersinger suggested that the time to act on cryptocurrency regulation may have arrived. Speaking at the Texas Blockchain Summit on Nov. 18, Mersinger considered what it may take for effective crypto regulation in the United States.

The CTFC and Securities and Exchange Commission will work out jurisdictional issues eventually, Mersinger continued. “There’s a role for both, we just have to figure out to make it work,” she said. Real-time proof of reserves may be part of digital asset regulation in the future. “We expect that from our regulated entities. We don’t ask for it every day, but we can. And I think that’s fair,” Mersinger said.

Source

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2022-11-20 10:31:02 Arbitrum Usage Spikes by Almost 500% in 90 days

Natascha Che of Tascha Labs, well-known strategist, angel investor and advisor, tracked two crucial metrics: the number of daily active addresses and daily transactions.The first network is "killing it," as per the analyst: the number of its daily active addresses has jumped by 152%.

Optimism's daily active addresses have added over 231%, while the daily transactions have more than doubled. These statistics say that both networks are actively onboarding new users while increasing the engagement of existing ones. Solana, the worst L1 sufferer of the ongoing FTX/Alameda drama, is seeing both metrics bleed. It has lost one third of its users, while its daily transactions have dropped by 42%.

Source

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2022-11-19 09:58:02 US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would've Prevented FTX Bankruptcy

U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.”

U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin.

Source

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2022-11-18 14:51:16 Cash Blockchain News pinned «New comfort zone in crypto? After FTX crushed, the crypto market revealed a liquidity problem. Regulators are turning their eyes to the overflow of liquidity from many major crypto exchanges to stabilize their reputation on the eve of reporting periods. …» Open / Comment

2022-11-18 14:51:10 New comfort zone in crypto?

After FTX crushed, the crypto market revealed a liquidity problem. Regulators are turning their eyes to the overflow of liquidity from many major crypto exchanges to stabilize their reputation on the eve of reporting periods.

This turbulence leads to game-changing strategies and offers, and big market players start considering new sources of investments and even changes of beneficiaries. Experienced investors are taking advantage of this. Today we discovered the noteworthy proposal of $200M investments into a global crypto exchange from the European crypto millionaire and founder of two short video platforms – Cheelee and NUTSon.

This way Roman Alekseev intends to “diversify his crypto market presence and create a new comfort and secure zone for storing and managing digital assets of a multi-million audience that has absolutely no confidence in any crypto exchange now”.

Read more on Cointelegraph. Open / Comment

2022-11-18 09:11:02 Binance.US to bid for bankrupt crypto lender Voyager: CoinDesk

Binance.US — the American arm of the largest crypto exchange by volume, Binance — is preparing to bid for bankrupt lender Voyager Digital, CoinDesk reported Thursday, citing a person familiar with the plans. Binance had previously made a $50 million bid for Voyager but lost it to FTX.US. But since FTX Group filed for bankruptcy protection last week, Voyager began another round of bidding for its assets.

Voyager was founded in 2019 and went public that year via a reverse merger. It filed for bankruptcy protection in July due to its over $650 million exposure to the collapsed crypto hedge fund Three Arrows Capital. It remains to be seen who emerges as a new winning bidder for Voyager. The firm hadn't transferred any assets to FTX.US in connection with the previously proposed transaction. FTX.US had submitted Voyager a $5 million "good faith" deposit as part of the auction process, which is held in escrow.

Source

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