Stablecoins Could Become A Deposit Magnet For US Banks, White House Official ...
A top White House official is pushing back against warnings that stablecoins will drain money from American banks — arguing the opposite is true. Related Reading: Crypto Thieves Pivot To Phishing As Protocol Hacks Decline In February Foreign Money, Domestic Gains Patrick Witt, executive director of the White House Council of Advisors for Digital Assets, posted on X this week that when foreigners convert local currencies into dollar-backed stablecoins issued by US companies, that capital flows into the American banking system, not away from it. Most US stablecoin issuers hold US dollars or....
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White House Chief of Staff Ron Klain says that the U.S. is not in a recession. “The economy is growing. It is strong,” he stressed. In addition, White House Press Secretary Karine Jean-Pierre said there are no meetings or anything happening in preparing for a recession. White House Dismisses Recession Concerns White House Chief of Staff Ron Klain, President Joe Biden’s top aide, shared his economic outlook in an interview with MSNBC Thursday. He said: We are not in a recession … Unemployment claims remain at a historical low … The economy is growing. It is strong.....
A second White House meeting between major U.S. banks and leading crypto firms ended without a deal on stablecoin yield, leaving one of the most contentious issues in U.S. digital asset regulation unresolved. Related Reading: Solana Gets A Big Infra Signal As Alibaba Demos High-Performance RPCs The February 10 session, led by Patrick Witt, Executive […]
Are stablecoins in the sights of U.S. regulators? The decline of Terra Luna and it’s UST (and correlating LUNA) token earlier this year brought along plenty of fanfare. It’s full damage and implications, however, have clearly yet to be established; a new draft of a U.S. House bill is proposing a two-year ban on stablecoins similar to Terra’s UST stablecoin. UST depegged and caused major ripples throughout defi earlier this year. Let’s look at what the legislation could potentially bring to the market. Stablecoins Under Scrutiny? According to a report from Bloomberg,....
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The White House hosted stakeholders from the fintech sector to discuss ways to promote innovation and development. The use of Bitcoin and Blockchain technology is now being discussed at the highest levels of governance structures currently in place. The White House, the seat of US Government has found the emergence of digital currencies and their underlying technology hard to ignore. The emergence of a new blog post written by none other than the Special Assistant to the President of United States for Economic Policy – Adrienne Harris stands proof of it. Published on the 10th of this....