The White House has issued a report criticizing digital assets for failing to live up to promises and raising risks the US financial system.
March 22, 2023 | | | | Milk Road has acquired Bitcoin Price! Milk Road is the #1 crypto newsletter that is free and will make you smarter about crypto! | | | 📈 30 Second Cryptocurrency Price Summary | Current Bitcoin Price: $28,660 | Bitcoin price is still trading in the mid- to high-$28,000s range, as the banking crisis continues. | Top-20 altcoins are mostly in the green once again, as Ether gains less than 1%, Cardano rallies 9% but BNB loses some traction with a 2% drop. | Top Stories for March 22, 2022 🔥 | | The White House has issued a report criticizing digital assets for failing to live up to their initial promises and raising risks for consumers and the US financial system. | The report casts doubt on the benefits of digital assets, arguing that they do not offer any fundamental value or act as an effective alternative to fiat money. The report also suggests that the US Federal Reserve's upcoming faster payments network could eliminate much of the argument for digital assets. | Proof-of-work mining, DeFi applications and stablecoins were also criticized in the report. | | Russian cryptocurrency exchange Bitzlato has allowed users to withdraw up to 50% of their assets stuck on the platform following seizure by the US and Europol. | Bitzlato had to convert all user balances to Bitcoin due to technical difficulties associated with servicing multiple other cryptocurrencies after it was seized. The platform plans to provide a peer-to-peer cryptocurrency trading service by early April 2023. | A Bitzlato representative says users should not expect to recover the remaining 50% of their assets once the peer-to-peer exchange is launched. | | The European Banking Authority is hiring staff with crypto expertise as it prepares to regulate issuers of large stablecoins under the forthcoming Markets in Crypto Assets (MiCA) regulation. | The EBA is looking for someone with "sound knowledge of crypto-asset products and services" and experience supervising financial institutions to prepare for the establishment of a supervision function under MiCA. | The move is part of wider efforts to enhance crypto-focused staff and may have up to 22 full-time staff working on MiCA. EBA's Chairman, José Manuel Campa, has previously expressed concerns about being able to enforce MiCA rules if it couldn't find skilled workers. | | Today on Milk Road: NFT wash trading is up BIG, Visual of the Day: Celsius lawyers’ $140M bill, Web3 Wednesday and J.P. Morgan’s nickel turned out to be rocks. | |
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