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During her White House press briefing Monday, Jean-Pierre said she couldn't speak to Silvergate specifically, but noted that a number of crypto companies have "experience[d] significant issues" in recent weeks and pointed to statements from federal bank regulators warning of the risk cryptocurrencies could pose to banks and other financial institutions.
"In recent weeks banking regulators have released guidelines on how banks should protect themselves from risks associated with crypto," she said. "As you know, this is a president that has repeatedly called on Congress to take action to protect everyday Americans from the risk posted by digital assets and he will continue to do so."
"[I] won't speak to this particular company as we have not on other cryptocurrency companies, but we're going to continue monitoring reports, and currently we're aware of the situation," Jean-Pierre said Monday.
It is no secret that CBDCs have been growing in popularity among central bankers, policy makers, and consultancy firms in recent years. Yet, for citizens it’s been another story. When the U.S. Federal Reserve solicited comments on CBDCs, more than two-thirds of the commenters were concerned about the risks to financial privacy, financial freedom and the stability of the banking system.
Further, CBDCs really don’t add anything novel to the market in terms of benefits for consumers. To the extent people want it, many currencies are available in digital forms through debit cards, payment apps and even prepaid cards. That much should be clear from the abysmal adoption rate in Nigeria, where less than 0.5 % of Nigerians have used the CBDC. To put that number into perspective, more than 50% of Nigerians have used cryptocurrency.
FBBA Special Notice
Web3 Day At The Capitol May 2nd 2023
The Florida Blockchain Business Association will be hosting its Third Annual Blockchain Day at the Capitol on May 2nd, 2023 in Tallahassee. Stay tuned as more information will be presented in coming news letters. If you are interested in attending please click here and type "Blockchain Day At The Capitol" in the message. This event is limited.
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In The Know
The FTX balance sheet is really something. $1.6 billion worth of Bitcoin owed to customers, with only $1m there in reality. Rough NFA breakdown of what liquidators have found so far across all silos
-$3.5b in 'liquid' coins
-$800m 'illiquid' coins (SRM, MAPS etc aka zero)
-$500m FTT (zero)
-$250m stonks (mostly GBTC)
-$4.5b book value venture investments (worth who knows in reality)
~$5.5b 'liquid' assets
~$11.5b customer liabilities
🥇 Mt. Gox creditors may receive repayments from March 10 onward.
137,890 $BTC($3B) unlock is coming soon!
Mt. Gox suspended withdrawals on Feb 7, 2014, when the price of $BTC was ~$800.
Click here for events & meetups in March 2023
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