FDIC Chief Says Stablecoins Must “Mesh” With Traditional System – October 20

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $19,204

Bitcoin price tapped below $19,000 yesterday, however has recovered to around $19,200 to begin Thursday.

Top-20 altcoins have mostly seen small losses over the last 24 hours, as Ethereum and BNB fall less than 1% each, Solana falls 3% and Dogecoin stands out with a 1% gain.

Top Stories for October 20, 2022 πŸ”₯

πŸ‘‰ FDIC Chief Says Stablecoins Must “Mesh” With Traditional System

Federal Deposit Insurance Corp. (FDIC) acting chair Martin Gruenberg says that stablecoins must fit into the traditional banking system without disrupting it.

Gruenberg wants stablecoins to work in tandem with the upcoming Federal Reserve’s “FedNow” payments system, also proposing that they are only permitted only exist on permissioned blockchains.

πŸ‘‰ Kraken Exchange To Shut Out Russian Customers

Kraken has become the latest crypto exchange to decide it will no longer serve Russian customers, in an effort to comply with European Union sanctions.

The exchange distributed emails to its Russian user base yesterday to announce them of the decision – however no time limit for account withdrawals has been specified.

Kraken CEO Jesse Powell has a track record of being against such moves, aiming for extra transparency to customers about the regulatory risks of using centralized exchanges.

πŸ‘‰ FTX CEO Sam Bankman-Fried Under Fire For DeFi Regulation Proposal

FTX CEO Sam Bankman-Fried has received a strong negative response from the community after the exchange presented a regulatory proposal impacting decentralized finance (DeFi).

The “industry norms manual” suggested that websites facilitating trading via decentralized exchanges should be regulated – and that such parties should have to register as a broker/dealer, while enforcing know-your-customer processes.