The White House released its first comprehensive framework this month for the Responsible Development of Digital Assets following President Joe Biden’s March 9 executive order. The order called for regulators to assess the industry and develop recommendations to safeguard investors while simultaneously promoting innovation. While more work is needed, the framework is a step in the right direction as it…
Just over two months or approximately 83 days ago, the stablecoin usd coin (USDC) had a market valuation of around $55.52 billion and since then, USDC’s market capitalization has lost 12.05%. For most of 2022, the second largest stablecoin by market capitalization, USDC has been above the $50 billion mark, but this week the crypto asset’s market valuation is around…
Binance conversions of Circle’s USDC, Paxos’s Pax Dollar, and TrueUSD to the exchange’s own stablecoin, Binance USD, have begun. And the effects on the stablecoin market are already being felt. Since Binance’s announcement that it would discontinue support for competing stablecoins on its exchange, the world’s largest by volume, USDC outflows from Binance—that is, the number of USDC stablecoins leaving…
Circle, the company behind the world’s second largest stablecoin, announced on Wednesday that it will soon be making USDC available on five additional blockchains. By early next year, USDC will be compatible with Arbitrum, Cosmos, NEAR, Optimism, and Polkadot, the company’s Chief Product Officer Nikhil Chandhok revealed today to a live audience at Circle’s Converge22 conference. Stablecoins are cryptocurrencies pegged…
On Wednesday, Matthew Ballensweig, managing director of cryptocurrency broker Genesis, announced via Linkedin that he was formally leaving his post after over five years of tenure. Ballensweig is also the co-head of sales and trading. As told by Ballensweig, he has been transitioning his core responsibilities to a handful of trusted colleagues who will be taking the front-line role. “I…
JPMorgan Chase’s CEO Jamie Dimon feels threatened by how the crypto space is disrupting the payment systems, stated the Shark Tank host and multi-millionaire venture capitalist Kevin O’Leary speaking at a Converge22 panel on Sept 28. O’Leary made his remarks after Dimon declared himself as a “major skeptic” on “crypto tokens, which you call currency, like Bitcoin,” referring to them…
Google has set its sights on becoming the backbone of Web3. While it might come as a surprise to Web3 natives, Richard Widmann—Google’s head of strategy, Web3, and cloud—sees the Web2 giant as ideologically aligned with many of crypto’s core values, including open-source development and decentralization. Prior to jumping headfirst into Google’s crypto initiatives, Widmann worked as legal counsel for…
United States Senators Marsha Blackburn and Cynthia Lummis have introduced proposed changes to a 2015 bill that would allow “voluntary information sharing of cyber threat indicators among cryptocurrency companies.” According to a draft bill on amending the Cybersecurity Information Sharing Act of 2015, Blackburn and Lummis suggested U.S. lawmakers allow companies involved with distributed ledger technology or digital assets to…
The United States Commodity Futures Trading Commission (CFTC) Market Risk Advisory Committee (MRAC) held its first meeting with its new membership Sept. 28. In her opening statement, the committee’s sponsor, Commissioner Kristin N. Johnson, ran through a laundry list of issues for consideration, but spent the bulk of her time talking about digital assets. This is the first MRAC meeting under…
Brazil’s securities regulator has ordered Latin America’s biggest cryptocurrency exchange Mercado Bitcoin to provide information on digital tokens it issued. Mercado Bitcoin, the biggest cryptocurrency exchange in the region by volume, needs to give information to Brazil’s Securities and Exchange Commission (CVM) on fixed-income tokens it has sold over the past two years, Estadão newspaper first reported Tuesday. The exchange…
