A group of congressional members have written to the Federal Reserve System’s leader Jerome Powell expressing their concern that the recent moves from the Fed to increase oversight of banks’ cryptocurrency dealings will impede the progress of the bill to regulate stablecoins.
Russian users of crypto exchanges Bybit and OKX will now no longer be able to withdraw funds to accounts with Sberbank and Tinkoff Bank.
The FDIC has noted in its annual review the potential for new and complex risks to the US banking system from crypto-related activities, citing fraud, legal ambiguities, misleading statements, and vulnerabilities in risk management.
Despite the Hong Kong government making efforts to establish the territory as a crypto hub, local crypto companies are having difficulty in securing corporate bank accounts.
Michael Saylor, CEO of MicroStrategy, has recently expressed his conviction that major banks are beginning to acknowledge the huge potential of Bitcoin.
The European Commission has implemented a new clause in the MiCA, the EU crypto regulation legislation, that requires banking institutions operating within the Union’s 27 countries to disclose information regarding the availability of reserves in digital currencies.
Moody’s believes the introduction of cross-border transaction technology related to CBDCs could be detrimental to banks as the new infrastructure would reduce their role significantly.
