Day: March 13, 2023

CFTC Names Executives From Circle, TRM, Fireblocks Among Others to New Tech Advisory Group

“To protect our markets from increasingly-sophisticated cyber attacks, to ensure responsible development of digital assets in a way that protects customers, and to ensure that the implications of emerging technologies like artificial intelligence are well understood, the Commission requires advice from technology experts,” Goldsmith Romero said in a statement. “These experts can provide us foundational knowledge about the technology, as well as the complex and nuanced impacts and implications of technology on financial markets,” she added. Source

Meta Will End Support for NFTs on Instagram, Facebook

“A big thank you to the partners who joined us on this journey and who’re doing great work in a dynamic space,” Kasriel tweeted. “We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse.” Source

Recent contagion was ‘TradFi to crypto’ and not vice versa — Circle policy director

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Caroline Hill, the director of global policy and regulatory strategy for stablecoin issuer Circle, has placed some of the blame from the recent collapse of banks tied to crypto on traditional financial institutions rather than digital assets. Speaking at a South by Southwest (SXSW) panel on regulating cryptocurrencies in Austin, Texas on March 13, Hill alluded to some of the concerns around the depegging of Circle-issued USD Coin (USDC) amid reports the firm held more than $3 billion in reserves at Silicon Valley Bank. The price of the stablecoin dropped…

This DeFi Protocol Just Got Hacked. Its Token Is Still Doing Better than a Major US Bank’s

FRC and EUL’s price actions underscores how investors’ perceptions of market events can be more influential than the actual events themselves. First Republic has not defaulted, gone insolvent or been seized by the government; in fact, it raised $70 billion over the weekend to shore up its liquidity. Meanwhile, Euler has lost hundreds of millions of dollars that it has little hope of getting back. Yet traders punished FRC shares more severely. Source

Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits – Bitcoin News

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Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for New Banking Partners in the United States Circle Financial has announced a new banking partner following the depegging of its stablecoin, usd coin (USDC), from the U.S. dollar over the weekend. CEO Jeremy Allaire said…