Day: January 27, 2023

Custodia Bank Denied Federal Reserve System Membership

“Custodia offered a safe, federally regulated, solvent alternative to the reckless speculators and grifters of crypto that penetrated the U.S. banking system with disastrous results for some banks,” Long continued. “Custodia actively sought federal regulation, going above and beyond all requirements that apply to traditional banks.” Source

Crypto Asset Aptos Soars to All-Time High, Increasing 391% in 30 Days – Altcoins Bitcoin News

boss

During the past 30 days, the layer one blockchain asset aptos (APT) has risen 391.8% against the U.S. dollar. In the past seven days, Aptos has increased 123.7% after reaching an all-time high of $19.92 per unit on Jan. 26, 2023. The Role of Decentralized Finance, Infrastructure Support, and NFTs in Aptos’ Recent Surge in Value A relatively new cryptocurrency, aptos (APT), reached an all-time high on Thursday when the token hit $19.92 per coin. Aptos, which launched in mid-Oct. 2022, was created by two developers who previously worked on…

Fed denies Custodia Bank application to join the Federal Reserve System

boss

The United State Federal Reserve Board has rejected Custodia Bank’s application to become a member of the Federal Reserve System. In its announcement, the Fed stated that the application was “inconsistent with the required factors under the law.” It also claimed Custodia had an “insufficient” management framework and cited an earlier joint declaration by the Fed with the Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency that found crypto assets to be at odds with sound banking practices.  STATEMENT FROM CUSTODIA BANK about today’s Federal Reserve…

Traditional Banks Set to Dominate Crypto Stablecoin Market as Regulatory Certainty Grows

Algorithmic stablecoins use self-regulating mechanisms to keep their private stablecoins pegged to another currency, a system that has had a rocky history. Typically, on-chain collateral consists of cryptocurrencies like BTC or ETH, fiat-backed stablecoins like USDC or USDT and a few nascent traditional financial assets brought on-chain (for example, there is a tokenized money market fund on Stellar, a tokenized green bond on Ethereum and some other efforts to tokenize traditional financial assets). Source

White House Calls on Congress to ‘Step Up Its Efforts’ on Crypto Regulation

The officials – Brian Deese, director of the National Economic Council, Arati Prabhakar, director of the White House Office of Science and Technology Policy, Cecilia Rouse, chair of the Council of Economic Advisors, and National Security Advisor Jake Sullivan – wrote that Congress “should expand regulators’ powers to prevent misuses of customers’ assets…and to mitigate conflicts of interest.” Original Source callsCongressCryptoEffortsHouseRegulationStepWhite CryptoX Portal

Polygon (MATIC) Surges Nearly 10% As zkEVM Network Update Draws Near

Amid the ubiquitous rally in the crypto market, multiple crypto assets including MATIC have climbed higher highs, thriving to reach their peak and beyond. While the catalyst behind the rally might be unclear, Polygon’s (MATIC) bullish trend could be a part of its upcoming zkEVM Network update. As the launch draws near, investors have continued to increase in numbers pouring more funds into the asset.  Polygon is a layer-2 scaling solution built on top of the Ethereum blockchain to improve the network’s scalability. The soon-to-be-launched zkEVM network update is just…