FDIC acting chair Martin Gruenberg says that stablecoins must fit into the traditional banking system without disrupting it.
October 20, 2022 | | | | | 📈 30 Second Cryptocurrency Price Summary | Current Bitcoin Price: $19,204 | Bitcoin price tapped below $19,000 yesterday, however has recovered to around $19,200 to begin Thursday. | Top-20 altcoins have mostly seen small losses over the last 24 hours, as Ethereum and BNB fall less than 1% each, Solana falls 3% and Dogecoin stands out with a 1% gain. | Top Stories for October 20, 2022 🔥 | | Federal Deposit Insurance Corp. (FDIC) acting chair Martin Gruenberg says that stablecoins must fit into the traditional banking system without distrupting it. | Gruenberg wants stablecoins to work in tandem with the upcoming Federal Reserve's "FedNow" payments system, also proposing that they are only permitted only exist on permissioned blockchains. | | Kraken has become the latest crypto exchange to decide it will no longer serve Russian customers, in an effort to comply with European Union sanctions. | The exchange distributed emails to its Russian user base yesterday to announce them of the decision – however no time limit for account withdrawals has been specified. | Kraken CEO Jesse Powell has a track record of being against such moves, aiming for extra transparency to customers about the regulatory risks of using centralized exchanges. | | FTX CEO Sam Bankman-Fried has received a strong negative response from the community after the exchange presented a regulatory proposal impacting decentralized finance (DeFi). | The "industry norms manual" suggested that websites facilitating trading via decentralized exchanges should be regulated – and that such parties should have to register as a broker/dealer, while enforcing know-your-customer processes. |
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