Last week, Cryptocracy reported that Jerome Powell, chairman of the Federal Reserve, said publicly that there are no plans to ban cryptocurrency. Now, several lawmakers have sent him an open letter inquiring about his support for digital currencies. In the letter, signatories asked Powell to clarify earlier statements he’s made regarding digital currencies including his statement that a Central Bank Digital Currency would eliminate the need for stablecoins and that bitcoin is a substitute for gold rather than the U.S. dollar. Here’s a short excerpt from the Congressional letter:
Additionally, as you know, cryptocurrency networks do not merely facilitate value transfer, but also make possible myriad applications – from decentralized identity to decentralized file storage. Do you believe a CBDC would make these applications, and the cryptocurrencies that power them, obsolete?
Read these additional reports:
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Binance is undergoing a substantial reorganization. The crypto exchange is looking to Ireland for its headquarters. Meanwhile, the CFO of the U.S. division has left the company and an interim has been selected as Brian Shroder steps up as CEO. In South Africa, the company is closing its derivatives office.
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George Soros says his investment fund owns some bitcoin, but “not a lot.” It doesn’t matter. The market reacted. Analysts are predicting a huge rally ahead. And JPMorgan says BTC is the new hedge against inflation. Screw you, gold!
The state of Texas is aiming to be a world leader in blockchain technology.
Meanwhile, the Biden Administration is considering a push to regulate cryptocurrencies. In fact, the president has appointed a national cryptocurrency enforcement team. As if he needs no help, several Democratic Congressmembers have urged the prez to crack down on ransomware attacks because, well, cryptocurrencies make those attacks so easy. Of course, there are challenges to regulating cryptocurrencies. That doesn’t mean it won’t happen.
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Tether’s CEO is crying like a baby because of a Bloomberg report on its reserves. The report indicates that Tether has loaned $1 billion to the Celsius Network. The tears drove him to delete his Twitter account. Holy geez! Hear what Tether has to say to Bloomberg.
Ripple has broken new ground in its lawsuit with the SEC. The discovery of an email could prove the SEC lied to the court. The judge overseeing the case wants to see it. However, XRP holders have been shut out of the lawsuit.
Algorand is funding research into a common LoginID for its system.
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China wants to add crypto mining to its list of negative industries. As in, “We don’t like you because you make us look bad, so poopie on you!”
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Shark Tank’s Kevin O’Leary thinks he’s Mr. Wonderful. Crypto fans may too once they know his crypto assets now outweigh his gold holdings. I guess that’s wonderful.
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Wyoming Senator Cynthia Lummis has revealed that she’s invested $100,000 in bitcoin. Ride that whale!
Look! Teenagers are getting interested in cryptocurrencies.
According to The Coin Republic, crypto assets improve portfolio returns.
Ever wonder what makes cryptocurrencies go up or down? The biggest fool on the internet knows. And now, so do you.
As usual, this is not investment advice. It's for information and entertainment purposes only. Please seek a professional investment or financial advisor before making any crypto moves. Whether you do or don't, I'm not an investment or financial advisor and will assume no responsibility for your losses or gains.
This post was first published at Cryptocracy.