Day: April 18, 2023

What’s in the House Financial Services Committee’s Stablecoin Bill?

Another section calls for a study on “the potential impact” of a central bank digital currency (CBDC), or digital dollar, on the Fed’s monetary policy tools, U.S. financial sector, banking sector and financial stability, as well as to payment services. The Treasury Department, alongside the various regulators, would have to report to the Financial Services Committee, as well as the Senate Banking Committee, the results of this study within 180 days. Source

How OFAC’s Tornado Cash Sanctions Violate U.S. Citizens’ Constitutional Rights

OFAC’s decision to sanction Tornado Cash is unprecedented, marking the first time that software has been targeted for sanctions. OFAC’s sanctioning authority extends only to persons or property. Yet, Tornado Cash is neither a person nor property: It is owned by nobody, controlled by nobody and functions automatically without human intervention. Source CashcitizensConstitutionalOFACsrightsSanctionsTornadoU.SViolate CryptoX Portal

Former US President Donald Trump Launches Second NFT Card Collection – Bitcoin News

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On April 18, former U.S. president Donald Trump announced a second series of his digital Trump card collection, following the “great success” of his initial non-fungible token (NFT) trading cards. Despite selling out rapidly, Trump stated on Truth Social that he maintained the initial card prices for the new collection. Trump Unveils Series 2 NFT Collection With Mar-a-Lago Dining Opportunity Trump is back with a new NFT collection featuring 47,000 digital cards minted on Polygon. His first NFT collection, launched in mid-December 2022, sold out within hours. The cards’ value…

Speakers prepare to tell US House Financial Services Committee about stablecoins

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The United States House of Representatives Committee on Financial Services will hold a hearing on stablecoin regulation on April 19. The hearing follows the announcement of a new draft bill in the House to provide a framework for stablecoins regulation. Some of the speakers invited have released advance transcripts of their planned testimony. Stablecoins “look a lot like pretty basic cash instruments. […] Stablecoins are actually mundane,” Austin Campbell, a managing partner at Zero Knowledge Consulting and adjunct professor at Columbia Business School, will tell the committee. Campbell is convinced…

Zipmex requests 2-month extension from Singapore court for restructuring plan

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Cryptocurrency exchange Zipmex has requested another extension which would allow for a longer moratorium on its debt in Singapore amid the firm’s liquidity issues. In an April 18 announcement, Zipmex said it was currently in negotiations with investors in an attempt to “maximize returns for customers” following a delay in payments. The firm said its Asia arm had filed a request in Singapore’s courts to extend its existing moratorium period by two months. According to the exchange, it will use the extra time to plan and reopen Z Wallet withdrawals.…

Lido Considers Using Its ARB Airdrop to Boost Activity on Arbitrum

Lido is eligible to claim 772,621 ARB tokens, worth more than $1.2 million at current prices, according to a google doc found in Arbitrum Foundation’s governance documents. Moreover, the proposal states that 33,400 wstETH has been bridged to Arbitrum and that the total number of wstETH transactions on Arbitrum stands at more than one million. Source

Tribe Capital considers reviving bankrupt crypto exchange FTX: Report

Tribe Capital, the San Francisco-based venture capital firm that previously invested in FTX before its collapse, is exploring the possibility of injecting new capital to revive the bankrupt cryptocurrency exchange, Bloomberg reported on April 18. The venture capital firm is reportedly contemplating leading a $250 million fundraising campaign, anchored by $100 million from itself and its limited partners. According to Bloomberg, sources familiar with the matter say that Tribe co-founder, Arjun Sethi, met with FTX’s Committee of Unsecured Creditors in January to discuss the informal proposal.  Bloomberg also reported that…

SafeMoon hacker agrees to return 80% of stolen funds, says development team

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The attacker who drained $8.9 million of Binance Coin (BNB) from SafeMoon has agreed to return 80% of the funds, according to an April 18 blockchain message from the SafeMoon team. Breaking News: #SafeMoon has struck a deal with the “hacker” 80% LP return imminent. 20% bounty for “hacker”And no charges pressed Now, back to your regularly scheduled program. pic.twitter.com/x94fSb4EoP — SafeMoonSpidey.sfm ⎷ (@SafeMoonSpidey) April 18, 2023 SafeMoon is a decentralized finance (DeFi) protocol that runs on BNB Chain. It was hacked on March 28, resulting in a loss of…

US wholesale CBDC has ‘promise,’ Fed governor says, but retail ‘difficult to imagine’

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United States Federal Reserve Board governor Michelle Bowman spoke at Georgetown University on April 18 to “offer a perspective” on central bank digital currency (CBDC). The Fed plays an important role in the conversation about CBDC, Bowman said. Her examination of the problems a CBDC might solve and the design and policy issues it entails showed little enthusiasm. Bowman expressed doubt about the need for a CBDC to improve the payment system or its ability to enhance financial inclusion in the United States. A CBDC would have to beat the…