BREAKING: 🇺🇸 Federal Reserve mandates pre-approval for state banks engaging in issuance, custody, or transactions involving crypto stablecoins.
Responding to PayPal's USD stablecoin launch, Patrick McHenry, Chair of the U.S. House Committee on Financial Services, underscores stablecoins' potential as a vital pillar for modern payment systems, emphasizing the need for issuance under a transparent regulatory framework. #Stablecoins #RegulationMatters
UPDATE: 🇰🇪 Kenyan police conduct raid on Worldcoin warehouse in Nairobi, citing concerns over the parent company's undisclosed intentions during registration in Kenya. Documents and machinery seized for investigation by the Criminal Investigations Directorate. Acknowledging the importance of data privacy, the government's proactive approach is commendable. #DataPrivacy #GovernmentAccountability
BREAKING: 🇺🇸 House Speaker McCarthy calls on President Biden to disclose bank records, seeking transparency on potential foreign business transactions. #Transparency #GovernmentAccountability
‼️🇺🇸 US Trade Balance Records $65.5 Billion Trade Deficit in June
The US Department of Commerce reported on Tuesday (8) that the American trade balance registered a deficit of $65.5 billion in June, slightly above market expectations of $65 billion. The figure stems from $247.5 billion in exports and $313 billion in imports. #TradeDeficit #Economy #CommerceStats
📉 Huobi's stablecoin reserves plummeted by 33% ($49 million) last week as traders withdrew funds amid reports of alleged exchange executives' arrests.
Background: Authorities are currently investigating Huobi exchange for fraud and suspicions of hidden insolvency, sparking a surge in user withdrawals.
In a countermove, Justin Sun injected $200M USDT to provide liquidity, aiming to stabilize the exchange amidst the crisis.
💥 The ripple effects of the exchange's downfall could be substantial, potentially extending to the broader crypto sector, including Bitcoin. Parties involved seem keen to avert such a scenario (especially after the FTX incident).
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It's always hilarious to remember when someone held up a sign that said "Buy Bitcoin" during Yellen's testimony in Congress. 😄 #Bitcoin #Congress #FunnyMoment
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LATEST UPDATE: BlackRock's Bitcoin ETF approval appears inevitable, say $BLK insiders.
Anticipation grows as the SEC's decision on the bitcoin spot ETF is anticipated this week. The SEC is expected to respond within 45 days of application filing, with a delay likely. Galaxy CEO Mike Novogratz suggests approval could arrive in four to six months. Via @EricBalchunas. #BitcoinETF #SECDecision
I have identical thoughts to yours!!
Yes!! I'm doing the exact same thing. Best solution! Always do our best.
BREAKING: 🇺🇸 Total US credit card debt breaches $1 trillion, hitting an unprecedented peak.
US credit card debt has surged past the $1 trillion mark, setting a new record high. Concerns rise over consumer financial stability. #CreditCardDebt #FinancialNews
It's amazing how everything is politicized today. A simple comment, a simple gesture... That's it. The world is over! There is so much shit out there, and people care about every little thing. Maybe, that's exactly what it's for, for us to just argue about shit, while they... Do whatever they want. Have you thought about that?
Sometimes I feel so alone. Even with countless people around me. Or I feel like I do so much for people, and I get so little in return.
The big guys have realized the power of Bitcoin.
The big guys have realized the power of Bitcoin.
🇺🇸 The SEC is mandated to make a decision on ARK's Bitcoin ETF application by August 13th 👀
🗞Cathie Wood on Bloomberg: If the SEC approves a spot #Bitcoin ETF, it's likely to greenlight multiple at once.
Anticipating a crucial decision from the SEC regarding ARK's Bitcoin ETF by August 13th. Cathie Wood hints at a potential domino effect, opening doors for multiple spot #Bitcoin ETF approvals. #CryptoNews #SECDecision
🚨 PayPal's new stablecoin, USD-PY, introduces an "assetProtection" feature that can wipe your balance in just two transactions (initial freeze and subsequent limparFrozenAddress).
In smart contract security, this is identified as a "centralization attack vector."
In other words, a significant level of centralization. #CryptoSecurity #StablecoinRisk
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BREAKING: Jim Cramer remains cautiously optimistic about market prospects, despite a track record of past forecast inaccuracies. With economic growth and low inflation, what lies ahead? 📈 #MarketOutlook #EconomicGrowt
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💥 Here are the deadlines for the Bitcoin Spot ETF:
#BitcoinETF #KeyDates #FinancialMarket
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🗞️ PYUSD, the stablecoin developed by PayPal, was set to collaborate with FTX for an initial launch on Solana in 2022. Although a cooperation agreement was inked, the project was put on hold following FTX's unexpected setback, sources revealed.
Currently, due to the U.S. SEC's classification of major public chain tokens as securities, the prospects of PYUSD's expansion to other L1 blockchains have encountered obstacles.
#PayPal #PYUSD #Stablecoin #BlockchainCollaboration
BREAKING: PayPal makes a significant move into the crypto world with the imminent launch of PYUSD, a stablecoin pegged to the U.S. dollar. Issued in collaboration with Paxos Trust Co., PYUSD will be backed by U.S. dollar deposits, short-term Treasury bills, and cash equivalents. This strategic step aims to offer PayPal's U.S. customers a bridge between traditional finance and the crypto realm, allowing smooth transfers between PayPal and compatible external wallets. Notably, PYUSD will be built on the Ethereum blockchain, marking a major development in stablecoin adoption. #PayPal #Stablecoin #CryptoInnovation