During a July 11 hearing, Christy Goldsmith Romero, the nominee for Federal Deposit Insurance Corporation (FDIC) chair, stated her support for banks to custody crypto assets. She remarked that crypto is "another business just like any other business" and emphasized that it is not the FDIC’s role to dictate which assets banks should hold.
Romero’s testimony coincided with Congress's failure to overturn President Joe Biden’s veto of the Staff Accounting Bulletin-121 (SAB-121) repeal. The vote fell 60 votes short of the required two-thirds majority.
SAB-121 is an SEC rule that mandates banks holding crypto assets to record these assets as liabilities on their balance sheets. This requirement indirectly discourages banks from holding digital assets on behalf of customers.
The Digital Chamber, a Washington, DC-based crypto advocacy group, had previously expressed interest in Romero’s nomination due to her progressive stance on the crypto industry. They highlighted her forward-thinking views in a letter to the Senate Committee on Banking, Housing, and Urban Affairs.
Senator Cynthia Lummis was the only one to mention crypto explicitly during the nomination hearing, which also evaluated candidates for roles at the FDIC, SEC, U.S. Treasury, and the Financial Stability Oversight Council.
Cryptocurrencies have gained national prominence and have become a significant campaign issue, particularly since former President Donald Trump labeled himself "the crypto President." This has sparked a politically charged environment, with industry executives engaging with lawmakers and launching political initiatives such as The Bitcoin Voter Project and the Stand With Crypto political action committee.
The Supreme Court recently overturned Chevron USA Inc. vs. Natural Resources Defense Council, reversing a 40-year precedent that allowed federal regulatory agencies to create rules without Congressional approval. This decision could have far-reaching impacts on the regulatory landscape in the United States.
Christy Goldsmith Romero, the FDIC chair nominee, expressed support for banks custodial holding of crypto assets, stating it is not FDIC's role to dictate asset custody.
Bitcoin fell back from its high of $64,741 at the beginning of the week to around $63,000. Market analysis pointed out that BlackRock's new withdrawal policy has triggered panic among traders.
MiyukiExperts at TOKEN2049 agreed that Singapore’s progressive initiatives, such as the digital token payment guide, support industry growth. As a leading financial and fintech hub, Singapore prioritises incentives for companies, reinforcing its reputation for stability as a Web3 leader.
CatherineAlibaba has launched a new AI-powered video generator called Qwen 2.5, allowing users to create high-quality videos from text prompts in both Chinese and English. This tool enhances Alibaba's Tongyi Wanxiang portfolio and aims to serve various industries, simplifying video production by integrating audio and offering unlimited free usage.
AnaisAfter the Federal Reserve cut interest rates by 50 basis points, gold and Bitcoin soared, but both underperformed the more than 10% weekly increase in the SOL token under the US blue-chip public chain Solana. The reason is that the bigwigs from China and the United States gathered at TOKEN 2049 and good news came frequently.
WeiliangThe Korea National Police Agency has conducted 515 undercover investigations into illegal deepfake pornography since September 2021, leading to the arrest of 1,415 individuals, including teenagers involved in distributing such content. In response to rising digital sex crimes, authorities have established a task force to address deepfake pornography and are evaluating Telegram's role in facilitating these offenses.
WeatherlyBybit has launched the world’s first Shariah-compliant Islamic Crypto Account for ethical trading, following Bybit Türkiye’s recognition by Turkey’s Capital Markets Board as a crypto asset service provider.
CatherineCaroline Ellison, former Alameda Research CEO, was sentenced to two years in a minimum-security prison for her role in the FTX collapse and must forfeit $11 billion. She is set to surrender on or after 7 November 2024, likely serving near Boston.
KikyoSweden's authorities are cracking down on unlicensed cryptocurrency exchanges involved in organised crime and money laundering. They are also targeting Bitcoin mining operations, uncovering 90 million SEK in unpaid taxes from 18 firms.
WeatherlyDiddy, awaiting trial on federal sex trafficking and racketeering charges, is reportedly sharing a jail space with disgraced crypto figure Sam Bankman-Fried. The hip-hop mogul has repeatedly denied any wrongdoing and pleaded not guilty in court.
CatherineOpenAI has launched the Advanced Voice Mode for ChatGPT Plus and Teams users, allowing for more natural and dynamic conversations. The feature supports over 50 languages, includes multiple voice options, and is available for a monthly subscription fee, but it's currently not accessible in the EU and the UK.
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