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RIYAD: Congress must pass legislation to regulate cryptocurrencies before their rapid growth and popularity poses risks to investors and the financial system, the Chairman of the Joint Economic Committee said.
Don Baer, ââwho held a hearing Wednesday on “demystifying crypto,” admitted most lawmakers have a steep learning curve when it comes to digital assets, but said it was imperative that they provide advice to regulators, Bloomberg reported.
Bayer added that he would be happy if the bill passed next year. âWe’re trying to get ahead of that,â Beyer said in an interview.
Meanwhile, Federal Reserve Governor Christopher Waller said Wednesday that stablecoins do not need to be regulated by the same rules as banks at a virtual conference hosted by the Federal Reserve Board in Cleveland.
He explained that if banks should be able to issue stablecoins, not all stablecoin issuers need to be banks.
He also stressed that the regulatory and supervisory framework for stable payment coins should take into account the specific risks that these agreements pose directly and fully.
âIt doesn’t necessarily mean imposing all of the banking rules, which are partly focused on lending, not payments,â Waller said.
Cryptographic Services Partnership
Bitcoin service company NYDIG has entered into a sponsorship deal with two-time NBA champion basketball team Houston Rockets.
The deal will allow NYDIG to be the team’s official bitcoin service and the bitcoin platform partner, meaning the company will have exclusive access to numerous franchise spaces, including social, digital and in the arena.
The Houston Rockets will also work with NYDIG to expand knowledge and awareness about the world of cryptocurrency and the uses of these new investment tools.
“Our organization has relied on technological advancements to stay on the cutting edge of technology. Partnering with NYDIG allows us to leverage the growth of Bitcoin to deliver creative rewards and payment options to our fans and associates.” , said Gretchen Sheirr, president of business operations for the Houston Rockets. .
Bitcoin, the main cryptocurrency in international trade, traded lower on Thursday, falling 4.58% to $ 59,285 at 4:51 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, traded at $ 4,178, down 1.27%, according to data from Coindesk.