US lawmakers from both political parties have introduced a bipartisan bill called the Power of the Mint Act to block the Federal Reserve from issuing a central bank digital currency (CBDC). The bill was introduced by Republican Representative French Hill of Arkansas and Democratic Representative Jake Auchincloss of Massachusetts. Hill stated that it was the
Blockchain
The Texas legislature has passed a bill that requires cryptocurrency exchanges to provide a “proof of reserves.” This move is the latest by the state to regulate the digital asset industry. Details of the Bill The bill, known as HB-1666, was co-sponsored by state Republicans Rep. Giovanni Capriglione and Sen. Tan Parker. It applies to
After the recent controversy surrounding Ledger, a hardware wallet specialist, competitors have taken the opportunity to address the concerns expressed by some users. One such competitor is Trezor, a hardware producer, who aims to capitalize on Ledger’s troubles by offering a discount to buyers. Trezor’s website boldly promotes “Open Source security you can verify” and
Senator Cynthia Lummis expressed disappointment with Signature Bank’s former Chairman Scott Shay and former President Eric Howell at a Senate Banking Committee hearing on Tuesday. Lummis, a Wyoming Republican and crypto advocate, criticized Shay’s supposed deflection of blame for the bank’s failure and his wordiness about crypto. Signature Bank was one of three banks to
According to CoinShares’ latest crypto fund flows report, crypto-backed investment funds experienced net outflows for the fourth week in a row, with a total outflow of $200 million over the four-week period. Last week, outflows totaled $53.8 million, a similar amount to the previous week’s outflow of $53.7 million. The outflows were primarily driven by
Brad Garlinghouse, CEO of Ripple, took to Twitter to express his frustration with the US Securities and Exchange Commission (SEC) for its “hypocrisy” in public statements about the cryptocurrency industry. Using a meme from The Office, Garlinghouse criticized the SEC for issuing statements from its “bully pulpit” without providing clear guidance to the industry. He
The European Union has given its final approval for the world’s first comprehensive set of rules to regulate crypto assets, known as the Markets in Crypto-Assets (MiCA) regulation. This decision has put pressure on countries like the United States and the United Kingdom to follow suit. The regulations, which are expected to take effect from
The crypto industry is no longer just a backlash to traditional finance as it has recreated both fractional reserve banking and a shadow banking crisis. While people in crypto were initially distrustful of traditional banks, they still wanted the benefits of maturity transformation, hence the rise of crypto shadow banks. However, these companies operate without
China has announced plans to train 500,000 blockchain professionals through the newly launched National Blockchain Research Center. In 2018, Chinese President Xi Jinping identified blockchain as a growth sector, leading to a surge in blockchain salaries in the country. However, Chinese blockchain activities have since slowed down. To reinvigorate the sector, Beijing has established the
Florida Governor Ron DeSantis recently signed a new bill, SB-7054, which effectively bans the use of central bank digital currencies (CBDCs) in the state. The bill prohibits the use of CBDCs as a form of currency within Florida, as well as any CBDCs issued by other governments. It also calls on other states to follow