The draft bill states a two-year interval on issuing stablecoins and access to central bank borrowing and deposit accounts but made no mention of appropriate audits on proper backing of reserves.
FedNow gives users an instant 24/7 settlement service—part of the key appeal of a CBDC—and is fully endorsed by the Fed and commercial banks, unlike a CBDC.
Christopher Giancarlo, who served as the 13th chair of the Commodity Futures Trading Commission, has called for accelerated digital dollar efforts but warned against using it to surveil users or levy fines.
The impact of FTX's collapse may be largely restricted to the digital asset industry, but one effect the crisis had outside of the space was to put the concept of systemic risk back onto the agenda.
The two joined the FDIC in issuing a statement saying 2022’s events exposed the vulnerabilities of the sector, urging banks to keep digital currencies at arm’s length.
The Federal Reserve’s decision to raise interest rates is a reaction to the current market condition, which is facing headwinds, including inflation, stimulus checks, and the new pandemic work-from-home culture.
The U.S. Federal Reserve’s monetary policy has taken a toll on the digital asset industry, as observed in the sharp drop in retail activity and space participation.
The exploration is part of Project Cedar, an experiment conducted by the BIS to test the worthiness of wholesale CBDC in cross-border transactions.
In his Messy Times guesting, Joshua Henslee bares the negativity surrounding CBDCs, the original Bitcoin protocol on BSV, and how mainstream Bitcoin will destroy firms that overstep their mark.
James Powell, backed by prominent financial regulators, highlights the need to enforce appropriate directives to deal with "issues" concerning DeFi before they snowball and create a big mess.
In a last-ditch effort to restore democracy, Myanmar's ousted government seeks the help of the U.S. to use frozen funds as digital assets, while the ruling junta shows no signs of giving up power.
The risks of investing in the digital currency industry remain high as Fed continues to tighten its policies to counter inflation, while fear spreads among potential investors caused by manipulative platforms.
