United Texas Bank CEO wants to 'limit the issuance of US dollar-backed stable...
Scott Beck, the CEO of United Texas Bank, claimed that stablecoin issuers like Circle were “effectively sucking deposits out of the banking industry.” Scott Beck, chief executive officer of United Texas Bank, called on members of the state’s blockchain working group to recommend policy for leaving stablecoins to banks rather than crypto firms.Speaking before the Texas Work Group on Blockchain Matters in Austin on Friday, Beck suggested limiting the issuance of U.S. dollar-backed stablecoins to licensed banks rather than issuers like Circle. The United Texas Bank CEO cited a November report....
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In one of its first steps towards creating an unconstrained economy, the State of Texas has decided to setup its own gold-backed bank. The decision comes in the wake of Governor Greg Abbott's decision to repatriate $1 billion worth of state's gold from an underground vault in New York. The republican plans to store this gold in a 'yet-to-be-built' facility, a step that will circumscribe taxpayers' money from leaving Texas and will further circumvent the controversial Federal Reserve System. This means thats the Texans will be able to conduct gold-backed transactions to pay for goods and....
The Texas State Securities Board enforcement director downloaded an FTX Trading app – not an FTX US app – in Texas using his own information and was able to earn interest on it. The Texas State Securities Board (SSB) and the Texas Department of Banking (DOB) filed a supplemental declaration Oct. 14 in the Voyager Digital case in which it stated that the SSB is investigating FTX Trading, FTX US and their principals, including co-founder and CEO Sam Bankman-Fried, for allegedly offering unregistered securities in the United States. FTX US won the auction for the remaining Voyager Digital....
The Hong Kong Monetary Authority and the BIS Innovation Hub cooperated on a unique CBDC design that reflects the realities of money issuing in the special administrative region. The Hong Kong Monetary Authority presented its completed Aurum retail central bank digital currency (CBDC) prototype on Oct. 21. The system, developed in conjunction with the Bank for International Settlements (BIS) Innovation Hub, has a unique structure that reflects the intricacies of the existing system for issuing money in Hong Kong.Aurum consists of a wholesale interbank system and retail e-wallet. The....
Pantera and Lemniscap co-lead a bet on stability in DeFi without the U.S. dollar.
Texas lawmakers have proposed a glittering innovation that could shake up the cryptoverse: a gold-backed digital currency. In a bold move, identical bills have been introduced to create a state-based crypto asset that would be supported by the precious metal. But the proposal has raised eyebrows, as some US lawmakers are still against the introduction […]