News

Tether pushing dollar supremacy in emerging markets: Ardoino

Published

2 hours ago

October 22, 2024

Tether’s boss reiterated the stablecoin issuer’s interest in providing U.S. dollars to the unbanked billions worldwide and expressed expectations for favorable regulations.

Tether (USDT) CEO Paolo Ardoino told DC Fintech Week attendees that the company sees U.S. crypto regulation improving while continuing its in-house efforts to advance transparency practices.

Policymakers in the U.S. House of Representatives have floated proposals formally recognizing and supporting stablecoin issuance in America. Although bills have yet to transition into law, new players like Ripple have already announced offerings in anticipation.

Rules discussed by politicians like Patrick McHenry and Maxine Waters could also authorize banks to issue stablecoins, potentially challenging Tether’s market dominance.

Tether’s global cooperation and expansion

The payment provider is connected to over 180 law enforcement agencies across 45 jurisdictions, Ardoino told the event’s founder, Christopher Brummer. Brummer’s name has been mentioned alongside Robinhood Markets CLO Dan Gallagher as a possible replacement for current Securities and Exchange Commission chair, Gary Gensler.

Combating illicit cryptocurrency use and safeguarding blockchain payment facilities remain among Tether’s top priorities, according to Ardoino’s remarks.

In other news, USDT’s issuer could deepen its involvement in traditional finance beyond U.S. Treasuries and short-term debt. The firm has mulled lending its billions in profits from Treasury interests and its Bitcoin (BTC) mining to TradFi institutions.

Its decision may be based on record profits in the year’s first half and a flock of new users onboarded in Q3 2024. Over 36.25 million new USDT addresses were logged last quarter. Elsewhere, Tether explored a pivot from its crypto mining division to more artificial intelligence developments. Northern Data, backed by USDT’s issuer, might sell its crypto mining business to fuel AI-centric bets.

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Bitcoin

Bitcoin Exchange River Financial Allowing Users to Earn BTC Interest on Cash Deposits

Published

6 hours ago

October 22, 2024

admin

Not a bank itself, River has teamed up with Lead Bank, a member of the FDIC, meaning users’ deposits are protected up to the value of $250,000.

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crime

Nic Carter slams Minneapolis Fed President for saying crypto is ‘almost never’ used outside of criminal activity

Published

14 hours ago

October 22, 2024

admin

Venture Capitalist Nic Carter criticizes Minneapolis Federal Reserve President Neel Kashkari for his remarks on how crypto is “almost never” used outside of illicit activity, even though the data tells a different story.

In an X post on Oct. 22, Nic Carter wrote “being this wrong should be illegal” in response to Neel Kashkari’s remarks about cryptocurrency being mostly used for illegal activities. He viewed Kashkari’s comments as unfortunate, as he is one of the top ten most important financial regulators on the planet.

Carter followed up his post by linking several data sources that disprove Kashkari’s assumption, including a report from blockchain data firm Chainalysis that found only 0.34% of all crypto transactions in 2023 had connections to illegal activity.

The report revealed that illicit transactions in crypto peaked in 2019 at just 1.29%.

At a Wisconsin Town Hall event hosted by the Chippewa Falls Area Chamber of Commerce on Oct. 21, Minneapolis Fed President, Neel Kashkari, claimed that “very few transactions were actually happening” in crypto.

“They’re not paying for goods and services using crypto. It almost never happens unless people are buying drugs or other illegal activities,” said Kashkari.

A recent study by Crypto ISAC revealed that cash remains the preferred criminal’s financial tool for criminal activities. Although cryptocurrencies have been linked to number of high-profile crimes, including exchange collapses and thefts, the actual portion is still significantly small.

Though it is difficult to track the exact amount of illicit activity in the traditional finance space, Crypto ISAC notes that the estimated amount of money laundered globally in one year is 2% to 5% of global GDP, which ranges between $800 billion to $2 trillion.

Out of that total number, only 0.34% of the transaction volume consists of cryptocurrencies. The U.S. Treasury also echoed these findings, stating that cash continues to be the primary preferred method for money laundering because of its anonymity, stability, and ubiquity.

Kashkari’s stance on cryptocurrency has remained the same in the past few years. In Feb. 2024, Kashkari said that Bitcoin(BTC) is a risky asset with no practical use in real economic scenarios, further questioning the cryptocurrency’s ability to be an effective hedge against inflation.

On Oct. 17, the Minneapolis Fed published a paper urging governments to either ban Bitcoin or enact a Bitcoin tax if they want to maintain their permanent primary deficits.

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Bitcoin

Top Trader Predicts Bitcoin Breakout to $100,000 Following Months of Consolidation – But There’s a Big Catch

Published

14 hours ago

October 22, 2024

admin

A trader who rode the 2023 crypto breakout believes Bitcoin (BTC) is now poised to soar to as high as $100,000.

In a new video update, pseudonymous analyst DonAlt tells his 62,400 YouTube subscribers that Bitcoin looks set to end its multi-month consolidation phase that started in March.

But DonAlt warns that Bitcoin will likely witness a deep corrective move after a strong breakout surge.

“My base case is right now we’re going to break out and it’s going to get smacked down… We’re going to go to $80,000, $90,000 maybe $100,000 if this breaks out, and then we’re going to go back down to $60,000… And then have $60,000 be a base and do all that boring consolidation stuff.

But my base case is we’re going to break out.”

The trader says he’s not convinced that Bitcoin will see a sustained uptrend after its initial breakout.

“I think there’s a good chance that the breakout doesn’t really stick now. I think we’re going to then consolidate around $60,000 and then it might stick on the next attempt. It’s just on this attempt, I’m not entirely sure.”

But the trader notes that he may shift his stance depending on future market conditions.

“But I can change my mind. If I’m bullish now and we go to $90,000 and then I just see bullishness everywhere, I can change my mind. I can be like, ‘Hey, my idea of what we’re going to do when we get here is just one I don’t agree with anymore,’ and I just change my mind and go with that.”

At time of writing, Bitcoin is trading for $67,554, down over 2% in the past day.

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