FEDERAL RESERVE
Future of Silicon Valley Bank May Put Trillions of Dollars at Risk
The decisions made by the Federal Reserve and the Federal Deposit Insurance Corporation regarding the future of Silicon Valley Bank (SVB) may have significant consequences for regional banks across the United States. Former Bridgewater executive Bob Elliot has warned that a potential failure of the tech bank could trigger a bank run on thousands of small banks, putting trillions of dollars at risk.
US Federal Reserve to Create Cryptocurrency Team Amid Concerns Over Unregulated Stablecoins
The US Federal Reserve is planning to establish a specialized team of experts to keep up with developments in the cryptocurrency industry, specifically focusing on stablecoins. The move comes amid concerns that unregulated stablecoins could put households, businesses, and the broader economy at risk. While acknowledging the transformative potential of cryptocurrencies, the Federal Reserve believes that appropriate guardrails need to be in place to ensure that the benefits of innovation can be realized.
The Fed Rejects Custodia Bank's Membership Application
The Fed rejected cryptocurrency-focused Custodia Bank membership again, citing "sound banking operations."
US Representative Tom Emmer Introduces Legislation to Limit Fed
Representative Tom Emmer presented the "CBDC Anti-Surveillance State Act" to encourage financial privacy and CBDC transparency.
Billionaire investor Ray Dalio has described fiat currency as being in serious jeopardy
Bitcoin is too unpredictable to be "effective money," according to legendary investor Ray Dalio.
Custodia Bank's Application to Join Federal Reserve Rejected
Custodia, a digital asset bank, was denied membership in the Federal Reserve System.
ARK Invest CEO: Crypto Assets Will See Huge Turn
ARK Invest CEO Cathie Wood predicts 2% inflation. Due to diminishing money supply, Wood expects inflation to go below this level and potentially into negative territory. The business recently sold its Grayscale Bitcoin Trust (GBTC) shares and bought 320,000 Coinbase shares for $17.6 million.
Senate Banking Committee Democrats caution SoFi about deadlines
After purchasing Gold Pacific Bancorp, SoFi was awarded the status of bank holding company. Customers of SoFi's national bank may invest a portion of their direct deposits in digital assets without incurring fees. In investor protection documents, SoFi characterized one of the currencies it provides as "a crypto pump-and-dump" The writers seek an answer to these matters by December 8.
New York Federal Reserve Partners With MAS to Research on wCBDCs
The New York Fed and Singapore's MAS are collaborating on CBDC development
Bitcoin Holds Steady at $20,000 Level as The Fed Hikes Rates as Expected
The Federal Reserve enacted the 4th consecutive 75 basis point rate hike on Wednesday. Bitcoin reacted.