The recent debate concerning stablecoin yields may be neglecting a wider macroeconomic dynamic, as per Patrick Witt, the executive director of the President’s Council of Advisors for Digital Assets. On March 11, Witt posted on X, mentioning that the stablecoins’ complaint with the GENIUS Act framework could really influence new
The American Bankers Association has filed a letter to the Office of the Comptroller of the Currency. The letter has requested a slowdown on the approval of cryptocurrency trust bank charters. According to the American Bankers Association, the regulators should wait for greater clarity to emerge on the procedures of
Community banks in the United States have expressed further concern regarding the regulatory treatment of stablecoins that generate yield, suggesting that the current gaps in the existing law may interfere with lending activities to the local economy. The American Bankers Association’s Community Bankers Council addressed a letter to the U.S.
A recent projection by Scott Bessent, U.S. Treasury Secretary and current CEO of Key Square Group, estimates that stablecoin issuers could inject up to $2 trillion into the U.S. Treasury market. This forecast points to a significant shift in financial markets, driven by digital assets and new regulatory developments. During
The Republican-led GENIUS Act witnessed a major update amid bipartisan discussions. The US Senate Banking Committee is about to vote on this stablecoin bill on March 13. The bill was updated after the discussion between Republicans and Democrats. GOP Senator Bill Hagerty, said that he introduced an update of the
Genius Group Limited, a publicly traded firm, has acquired 110 Bitcoin, valued at $10 million, with an average acquisition price of $90,932 per BTC. This purchase aligns with the company’s “Bitcoin-first” treasury initiative. It aims to allocate 90% and above of its reserves to Bitcoin, and the firm has a
