The CEO of a $60 billion hedge fund says Americans should be alarmed about the country’s rapidly expanding debt. New numbers from the Treasury Department show the national debt climbed from $34.393262 trillion on March 1st to $34.561173 trillion on March 20th, a rise of $167.911 billion in just 20 days. At this point, the […]
The post $167,911,000,000 Added To US National Debt in 20 Days As Citadel CEO Warns Government Spending at ‘Borderline Insanity’ appeared first on The Daily Hodl.
U.S. Deputy Treasury Secretary Wally Adeyemo is issuing a warning to the crypto industry, saying it must crack down on illicit finance. Speaking at the 2023 Blockchain Association Policy Summit, Adeyemo says that the digital assets industry should self-regulate against illegal financial activities or regulators will have to clamp down even harder on the nascent […]
The post U.S. Deputy Treasury Secretary Wally Adeyemo Warns Crypto Industry To Take Action Against Illicit Finance appeared first on The Daily Hodl.
A Bloomberg analyst says that the U.S. Securities and Exchange Commission (SEC) is gearing up to approve all bids for a spot market Bitcoin (BTC) exchange-traded fund (ETF). In a lengthy thread on the social media platform X, James Seyffart says that the SEC making earlier-than-expected rulings on Franklin’s bids for a BTC ETF means […]
The post Bloomberg Analyst Says SEC Lining Up To Potentially Approve All Spot Bitcoin ETF Applications in January appeared first on The Daily Hodl.
The U.S. government is sanctioning another crypto mixing protocol, accusing it of aiding North Korea in laundering hundreds of millions of dollars worth of stolen digital assets. In a new press release, the U.S. Department of the Treasury says that its Office of Foreign Assets Control (OFAC) is sanctioning the crypto tumbler Sinbad for allegedly […]
The post U.S. Government Enacts Sanctions on Crypto Mixer Sinbad Under Allegations of Aiding North Korean Money Laundering appeared first on The Daily Hodl.
The U.S. Department of the Treasury and the Internal Revenue Service (IRS) are jointly proposing new tax regulations for the digital assets industry. In a new publication, the Treasury and the IRS are proposing that payment platforms, wallet providers and trading firms that deal with crypto assets file tax returns on certain sales or exchange […]
The post U.S. Treasury and Internal Revenue Service Publish New Proposed Crypto Tax Regulations appeared first on The Daily Hodl.
A new US law requiring citizens to report crypto payments worth more than $10,000 is primed to take effect in January after a legal challenge to the requirement was swatted down in court last week. The legal challenge began last year when the crypto advocacy group Coin Center and a handful of other plaintiffs sued […]
The post New Law Requiring US Citizens To Report Crypto Payments Worth $10,000 Coming Soon: Coin Center appeared first on The Daily Hodl.
U.S. Treasury official Graham Steele told an audience at a Texas payments conference that a future CBDC in America should consider anonymity.
Privacy and the ability to transact anonymously should be considerations in the design of a digital dollar, a United States Treasury official has said.
On June 13 the Treasury Department’s Assistant Secretary for Financial Institutions Graham Steele spoke at a payments-focused conference in Texas about the Federal Reserve’s controversial FedNow system and central bank digital currencies (CBDCs).
Steele said one challenge of a retail CBDC is minimizing illegal transactions while maintaining user privacy. He said considerations should still be made about how to protect user anonymity:
“It is important that we consider the extent to which privacy and anonymity might be preserved and explore the technologies and methods available, including Privacy Enhancing Technologies, to enable such protections in the design of any potential retail CBDC.”
In his remarks, Steele weighed the benefits and risks of a possible CBDC saying it could promote a “competitive payment environment.”
On the other hand, a retail CBDC would be directly backed by the Fed and could provide a safer option for consumers during bank runs which could “destabilize private sector lending” according to Steele.
He pointed to the recent banking crisis and said the “access to non-deposit alternatives outside of the banking system may have changed the nature and speed of bank runs.”
He added the U.S. “has not yet determined whether it will pursue a CBDC” but a Treasury-led group is evaluating the implications of a potential CBDC in the country.
Steele said the evaluation includes looking over “policy objectives related to global financial leadership, national security, and privacy, illicit finance and financial inclusion.”
Related: 7 central banks and BIS continue examination of ongoing policy issues for retail CBDC
On the Fed’s FedNow instant payments system, Steele thinks having multiple options for payment operations “promotes choice and competition in payments” which he believes will encourage the “development of new payment services and features” along with enhancing payments system resilience.
FedNow has witnessed political pushback. Presidential hopefuls Robert F. Kennedy Jr. and Ron DeSantis are against the system claiming it would pave the way for a CBDC which both claim will hand the government too much control.
In April, Federal Reserve Board governor Michelle Bowman said it was "difficult to imagine" that a CBDC could be justified beyond use in "interbank and wholesale transactions."
Magazine: Tornado Cash 2.0 — The race to build safe and legal coin mixers
Two US congressmen are calling on the Internal Revenue Service (IRS) to speed up efforts to ensure cryptocurrency users are complying with tax rules. In a new letter, Rep. Brad Sherman of California and Rep. Stephen Lynch of Massachusetts blame the crypto industry for a major source of tax evasion. The letter, sent to Treasury […]
The post Congressmen From California and Massachusetts Ask IRS To Get Control of Crypto Tax Evaders appeared first on The Daily Hodl.
As the United States stares down the barrel of a potential debt default come June, a curious and intriguing solution has emerged: crafting a single $1 trillion platinum coin. This unusual tactic exploits a legal loophole that allows the Treasury Department to mint platinum coins of any value. By delivering such a coin to the […]
The current deposit insurance cap under the FDIC is $250,000, but recent banking collapses have seen calls to increase that amount.
U.S. officials are reportedly studying ways to expand the current scope of deposit insurance that would guarantee all U.S. bank deposits should the current banking crisis worsen.
The current deposit insurance cap under the Federal Deposit Insurance Corporation stands at $250,000, however, following the collapse of several banks in March, there have been calls to increase that amount.
Organizations such as the Mid-Size Bank Coalition of America called on March 18 for the cap to be lifted for the next two years, citing a need to protect depositors and to stop capital being pulled from smaller banks for supposedly safer-looking heavyweights.
According to a March 21 Bloomberg report citing “people with knowledge of the talks,” Treasury Department staff members are currently discussing the possibility of the FDIC being able to expand the current deposit insurance beyond the max cap to cover all deposits. According to the FDIC, domestic U.S. bank deposits totaled $17.7 trillion as of December 31.
After some intense "studying" they realised that they needed $17 trillion to guarantee all bank deposits. pic.twitter.com/Z15HLiBp23
— Coin Bureau (@coinbureau) March 21, 2023
The move would ultimately hinge on what level of emergency authority federal regulators have and if the insurance cap can be increased without formal consent from Congress.
Bloomberg’s sources indicated, however, that U.S. authorities don’t deem such a drastic move necessary at the moment, as recent steps taken by financial regulators are likely to be sufficient.
As such, they stated that a potential strategy is being whipped up just in case the current situation gets worse.
The US Govt says it studies ways to guarantee all bank deposits if the banking crisis grows.
— Kim Dotcom (@KimDotcom) March 21, 2023
They say that because they know that the banking crisis will grow?
They don’t have the $18 trillion required to protect depositors.#RunOnTheBank while you can.
Gold, Silver, Crypto.
In response to Silvergate, Signature Bank and Silicon Valley Bank going bust in recent weeks, the Federal Reserve rolled out the $25 billion Bank Term Funding Program (BTFP) on March 13, as the government pushed to stem any further contagion.
Related: UBS Group agrees to $3.25B ‘emergency rescue’ of Credit Suisse
Meanwhile, in a March 20 press briefing, White House Press Secretary Karine Jean-Pierre was specifically asked if the federal government was supportive of a push from small- and mid-size banks to expand FDIC insurance beyond $250,000.
But Jean-Pierrre was tight-lipped on the Biden Administration’s view, saying on that “our goal is to ensure the financial system is stable” and emphasizing that creating a fair playing field was the “focus of Treasury and the bank regulators.”
“And as you saw, due to our actions this week at the direction of the President, Americans should be confident of their deposits. We’ll be there when they — when they need them.”
“And — and so, again, that’s what our focus is going to be. We don’t have any new announcements at this time. But clearly, we want to make sure that our financial system is stable,” she added.
