“U.S. Federal Reserve Chairman Jerome Powell said he does not intend to ban cryptocurrencies, but said stablecoins need greater regulatory oversight. Powell made the comments in a two-hour long House Financial Services Committee meeting on Thursday.
When asked by Budd directly whether or not he intended to “ban or limit the use of cryptocurrencies,” Powell’s response was a resounding “No.”
[I have] no intention to ban them.
When asked about earlier comments he had made about CBDCs replacing private crypto, Powell said he’d “misspoken.”“
See Also: Market Wrap: Bitcoin Above $42K; Analysts See Rebound Ahead
See Also: Technical Analysis (Video)
“Visa has proposed a platform to enable interoperability between central bank digital currencies (CBDCs) and other stablecoins. The “universal payments channel” (UPC) aims to allow the cryptocurrencies to be transferred between different blockchain networks.
The UPC technology can play an important role between private stablecoins and public CBDCs by providing permissioned access for whitelisted stablecoins to be interoperable with CBDCs.
The UPC protocol will allow payments through an entity known as the “UPC Hub,” which would be a trusted gateway to read the state of two ledgers.”
“Canadian exchange-traded funds (ETF) provider Evolve Funds Group has launched the country’s first multi-crypto ETF on the Toronto Stock Exchange, the Evolve Cryptocurrencies ETF. Trading under the tickers ETC, the Evolve Cryptocurrencies ETF will initially invest in Bitcoin ETF (“EBIT”) and Ether ETF (“ETHR”).
Even though these two cryptocurrencies are somewhat correlated to each other, they’ve had different return profiles. Such diversified funds allow investors to dampen some of that volatility and hopefully capitalize on the cryptocurrency that’s significantly outperforming the other.”
“Compound erroneously paid out millions in liquidity mining rewards following an update to one of its smart contracts. In one transaction, $27 million was claimed. The botched payout sums indicate a flaw in the comptroller contract, which disburses the COMP liquidity mining rewards, possibly related to a recent upgrade.
Compound acknowledged the exploit on its official Twitter handle and said no user funds are at risk.
There are no admin controls or community tools to disable the COMP distribution; any changes to the protocol require a 7-day governance process to make their way into production. Labs, and members of the community, are evaluating potential steps to patch the COMP distribution.”
“A three-way race involving Gelato, Keep3r and Chainlink to corner the massive automation market is gaining speed.
The raise comes at a time where teams are just beginning to scratch the surface of smart contract automation – a key piece of blockchain plumbing that has the potential to be a massive market, and what Orth describes as the Google Cloud of Web 3.
Rather than you building every bot from scratch for every single specific use case out there in Web 3, and there are millions, we just built a general-purpose protocol and and network that you can plug into and you can automate any function you want without having to build this infrastructure.
This is a much, much wider market than oracles.”
“TikTok has announced a collection of non-fungible tokens (NFTs) featuring contributions from Grimes, Lil Nas X, Bella Poarch and more. Called “TikTok Top Moments,” the collection is the social media app’s first whole-hog foray into the world of blockchain-based digital collectibles.
The idea is to pair TikTok creators with artists in the crypto space. The NFTs also represent a partnership with Immutable, a layer 2 network built on top of Ethereum.”
“As of September 29, the decentralized exchange aggregator 1inch has begun geofencing U.S. IP addresses. Such geofencing is notoriously simple to circumvent using VPNs. The move aims to pave the way for a new product to launch in the U.S.
Series B funding will be used for the development and launch of the 1inch Pro product which is specifically designed for the US market and for global institutional investors in accordance with all the regulatory requirements.”
“The Terra blockchain has completed Columbus-5, a hotly anticipated upgrade that is expected to make the system work more seamlessly with other cryptocurrency networks. The easy transfer of assets across networks stems from Terra now being able to use the Inter-Blockchain Communication (IBC) standard, which eases the exchange of data among all the networks that adopt it.
At least 10 other blockchains have integrated IBC, the most famous of them being Cosmos, which was built with interoperability in mind. Terra’s compatibility with other systems is set to further improve in the coming weeks, when yet another “bridge” protocol, Wormhole V2, is fully connected to the chain.
Interoperability means products built on Terra, such as the Anchor lending system and Mirror protocol for tokenizing stocks like Tesla and Apple, can now accept coins from other chains as collateral.“
“The pilot program aims to give 1,300 participating households a one-time payment of $120 that they can use to pay for low-cost internet for one year. To fund those payments, the mayor’s Office of Technology and Innovation will install 20 Helium-compatible hotspots with volunteer residents and small businesses. The hotspots will mine HNT tokens for six months.
Helium aims to provide wireless connectivity that doesn’t rely on centralized wireless carriers. Instead, it seeks to build a global peer-to-peer network of nodes that power internet-of-things (IoT) devices. The network includes more than 200,000 nodes.”
“Iranian authorities have conducted many raids on crypto miners in abandoned factories, homes and small businesses — nothing quite as high profile as the country’s largest stock exchange.
The TSE reportedly initially denied the existence of the miners, saying the equipment was part of a research project. However, executive deputy director Beheshti-Sarsht later said the company should be held accountable for its actions.”