News on Crypto
The Biden administration has proposed new legislation that would treat stablecoin issuers as banks. The move is seen as necessary, as top U.S. officials have been saying for months that more regulation is needed. Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation, told Reuters that banks should be able to hold cryptocurrency, including bitcoin. Despite these recent moves, the future of crypto is still a long way off.
In a Wednesday hearing before the House Financial Services Committee, U.S. Federal Reserve Chairman Jerome Powell expressed his interest in regulating cryptocurrency. During his appearance, Powell said he does not plan to ban crypto. However, he does want to regulate the digital currency. Although this will be a step in the right direction, many people aren’t so sure about the future of cryptocurrency. As such, the news is a mixed bag for the crypto industry.
The government has made several recent announcements aimed at preventing crypto news from becoming legal tender. For example, the Finance Minister announced that digital assets will have to pay 30% tax unless they’re lost. Google also announced that it will block advertisements for cryptocurrencies in June. Another example is a Japan-based virtual currency that promised to refund hundreds of millions of dollars to customers. In the past month, several companies have announced partnerships to make it easier to trade cryptocurrencies.
Breaking News on Crypto
The recent news on crypto was dominated by the recent announcements from Coinbase. The company announced a $450 million fundraising round, which was led by forty venture capital firms. The funds raised will be used to develop new applications that would further help the cryptocurrency industry. Moreover, the company is launching a new digital wallet aimed at the NBA. It is a great start for those interested in crypto. If the news is good, it will be great for investors.
The most important news of the week on cryptocurrency is that the government has announced a $450 million funding round for Polygon. In the first half of the year, the cryptocurrency exchange plans to launch a market for its digital assets. The money raised will be used for retail and financial services, but it will also be able to facilitate payments for consumers. The government’s announcement is also good for the cryptocurrency sector. In addition to this, many other big names in the industry have announced deals to help their users purchase digital currency.
In July, the U.S. Federal Reserve Chairman, Jerome Powell, spoke to the House Financial Services Committee, expressing his interest in regulating cryptocurrencies. While he says he does not intend to ban cryptocurrency, he has stated that he is considering ways to ensure its regulatory effectiveness. As a result, it will be easier for the government to protect consumers. The ICO is expected to attract investors from various sectors.