cryptos' popularity deters regulators from restricting them: Market Wrap

cryptos' popularity deters regulators from restricting them: Market Wrap
cryptos' popularity deters regulators from restricting them: Market Wrap

Thank you for reading the news about cryptos' popularity deters regulators from restricting them: Market Wrap and now with the details

Jeddah - Yasmine El Tohamy - Bitcoin, the leading international cryptocurrency, traded lower on Thursday, falling by 1.04 percent to $53,798.80 at 6:03pm Riyadh time.

Ether, the second most traded cryptocurrency, traded at $3,567.50, down by 0.81 percent, according to data from Coindesk.

Other crypto news:

The Federal Deposit Insurance Corporation (FDIC), a major US banking regulator, is studying whether certain stablecoins qualify for its coverage, according to people familiar with the agency's thinking.

The corporation is trying to analyze the so-called pass-through FDIC insurance for the reserves that stablecoin issuers hold in banks.

This coverage will also insure token holders against losses of up to $250,000 if the bank holding the collateral fails.

“This is all part of a process by which they are trying to bring stablecoins into the banking system in a responsible manner,” one insider said, adding: “It depends on what’s backing the stablecoins. 

"If it’s backed by reserves at the Federal Reserve for cash then I think you just make the argument that it’s a deposit. If it’s backed by treasuries, I think you’ll have a hard time treating it as a deposit.”

The Wall Street Journal also confirmed to CoinDesk that the Biden administration will subject stablecoin issuers to bank-like regulations.

No plan to ban crypto

Gary Gensler, the head of the Securities and Exchange Commission (SEC), stated that it had no plan to ban cryptocurrencies as China did, and indicated that it was up to Congress to make such a decision.

His comments echoed earlier comments made by Federal Reserve Chairman Jerome Powell.

Adoption

The American fashion and retail brand PacSun has announced the company is now accepting cryptocurrencies via Bitpay's payment services.

The company said it has a young, highly tech-oriented audience and has seen a growing interest in cryptocurrencies.

The company has partnered with the crypto payments firm Bitpay and disclosed it will accept 11 different crypto assets, including Bitcoin, Bitcoin Cash, Ethere, Wrapped Bitcoin, Dogecoin and Litecoin. Five different stablecoins pegged to the US dollar will also be accepted by Pacsun.

“With digital sales doubling since last year, we understand the continued importance of creating an exceptional online shopping experience for our customers,” Brie Olson, CEO of Pacsun said in a statement.

These were the details of the news cryptos' popularity deters regulators from restricting them: Market Wrap for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Exxon smashes Western oil majors’ profits with $56bn in 2022

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]