Fed to Monitor Crypto
– The Federal Reserve aims to foster financial innovation while addressing risks in the banking system.
– The move is in contrast to the Securities and Exchange Commission’s efforts to restrict the digital asset industry.
– State banks engaging in stablecoin activities must demonstrate appropriate safeguards to the central bank.
– Engagement with volatile assets could pose a risk to the traditional banking sector.
– The program may lead to a total debanking of the industry in the U.S.
Crypto Market Outlook
– Crypto markets have gained 1.7% and reached $1.22 trillion.
– Bitcoin failed to break resistance at $30K and fell back to $29,729.
– The rest of the market is up slightly, remaining in a sideways trading pattern.
Hot Take
The Federal Reserve’s move to monitor crypto activities reflects a cautious approach to financial innovation. While it aims to promote benefits, concerns about risks and volatility in the industry persist. The potential impact on banks and the industry as a whole highlights the need for appropriate safeguards. In the crypto market, despite marginal gains, resistance levels are still proving challenging. The market remains range-bound, indicating a lack of significant bullish momentum.
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