Month: March 2023

CBDCs should protect privacy, not be a surveillance tool: Former CFTC chair

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The United States should lead the development of Central Bank Digital Currencies (CBDCs) away from being “surveillance coins” and towards being “freedom coins,” says the former chair of the Commodity Futures Trading Commission (CFTC). In a Mar. 13 op-ed in The Hill, Christopher Giancarlo, nicknamed “Crypto Dad” for his pro-crypto outlook, said the U.S. “must influence” CBDC development towards protecting “democratic values like freedom of speech and the right to privacy, ” leveraging current technology used by some cryptocurrency protocols. My op-ed in @theHIll with @Jim Harper: the question is…

Bitcoin’s BTC Price Store of Value Narrative Is on Full Display; Crypto Prices Stay Green

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“We are closely watching whether this moment creates an opening for other currencies, notably the Euro, to emerge as a linchpin of the digital asset ecosystem,” David Bachelier, Asia-Pacific CEO of Flowdesk said in a note to CoinDesk. “Such an outcome would be positive, as it would bolster the role of the Euro in crypto in terms of trading volumes, too. This would put crypto-fiat trading volumes more in line with proportions of the euro’s trading volumes versus the dollar’s.” Original

US Fed faces internal probe over Silicon Valley Bank failure

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The Federal Reserve is investigating the factors that led to the failure of Silicon Valley Bank — including how it supervised and regulated the now-collapsed financial institution. In a Mar. 13 announcement, the Federal Reserve outlined that Vice Chair for Supervision Michael Barr is “leading a review of the supervision and regulation of Silicon Valley Bank, in light of its failure,” with a review set for public release by May. 1. “The events surrounding Silicon Valley Bank demand a thorough, transparent, and swift review by the Federal Reserve,” Chair Jerome…

Goldman Sachs Now Expects No Rate Hike in March Due to Stress in US Banking System – Economics Bitcoin News

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Goldman Sachs has revised its U.S. interest rate forecast due to “stress in the banking system.” The global investment bank no longer expects the Federal Reserve to raise interest rates at its Federal Open Market Committee (FOMC) meeting in March after the central bank announced measures to rescue depositors of failed Silicon Valley Bank and Signature Bank. Goldman Sachs Revises Rate Hike Forecast Global investment bank Goldman Sachs has revised its interest rate hike prediction for the upcoming Federal Open Market Committee (FOMC) meeting in March. In a note to…

FDIC to attempt another auction of Silicon Valley Bank: Report

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Silicon Valley Bank (SVB) could be returning to the auction block with United States regulators taking a second attempt at finding a buyer for the now-collapsed bank.  According to a Mar. 13 report from the Wall Street Journal, the Federal Deposit Insurance Corporation (FDIC) told Senate Republicans that they now have additional flexibility to sell the bank after regulators declared the SVB collapse a threat to the financial system. The regulators first attempted an auction of the fallen bank on Mar. 11 — only a day after its closure. Bids…

FBI, NY authorities probes collapse of TerraUSD stablecoin: Report

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The United States Justice Department is reportedly investigating the collapse of the TerraClassicUSD (USTC) stablecoin which contributed to a $40 billion wipe out in the Terra ecosystem last May. Two agencies within the department — the Federal Bureau of Investigation (FBI) and Southern District of New York (SDNY) have interrogated former staff at Terraform Labs in recent weeks, according to a Mar. 13 report by the Wall Street Journal (WSJ). The probe covers similar ground to a lawsuit filed against Terraform Labs and its founder Do Kwon by the U.S. Securities Exchange Commission…

Robert Kiyosaki Warns of ‘Crash Landing Ahead’ as Bailouts Begin — Advises Buying More Bitcoin – Bitcoin News

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The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has reiterated his bitcoin, gold, and silver recommendation. Emphasizing that government bailouts have begun following the collapses of Silicon Valley Bank and Signature Bank, Kiyosaki warned that the Fed will inject more “fake money” into the “sick economy.” Robert Kiyosaki’s ‘Crash Landing’ Warning Rich Dad Poor Dad author Robert Kiyosaki warned about an incoming economic “crash landing” Monday after two major banks were shut down by regulators in the U.S. Rich Dad Poor Dad is a 1997…

Banking Crisis Won’t Leave Crypto Industry Unbanked Despite Short-Term Pain

Regardless of the final outcome, every bear cycle in crypto has experienced such conundrums, and came out stronger, Xu said. “Having been in this industry for as long as I have, this news doesn’t surprise me to the point where we have become numb to the effects. It is to be expected,” he said, adding that this won’t mean the end of crypto banking; rather, institutions that don’t adapt to new technology will be left behind. Source