27 October

“McWilliams said the FDIC, in coordination with the Federal Reserve and the Office of the Comptroller of the Currency, is looking to provide regulatory clarity for banks handling crypto assets, including stablecoins.

Establishing clear regulatory expectations will be paramount to give this market an opportunity to grow and mature in a responsible manner.

The chairperson said the FDIC planned to issue “a series of policy statements” in the coming months on guidance for banks. The seeming lack of regulatory clarity concerning digital assets in the United States has been an issue for many firms fearing legal action.”

See Also: Crypto Could Become Global Reserve Currency: Rand Paul
See Also: Tether Enlists Startup to Help It Comply With Money Laundering Rules

GameStop is looking to build an Ethereum-based Web 3 arm, according to a job listing posted by the company. The retailer said it’s looking for someone with ‘experience with Ethereum, NFTs [non-fungible tokens] and blockchain based gaming platforms‘ for its “Head of Web3 Gaming” role.

The job post outlines a metaverse-esque future for the gaming industry, where ‘games are places you’ll go‘ and ‘blockchains will power the commerce beneath.’ In May, the company created a page teasing an in-house NFT marketplace.”

See Also: Adobe offers users the ability to verify NFT marketplace creations through metadata
See Also: 26 companies and advocacy groups call on Valve to reverse its blockchain games ban

“The deal announced Tuesday marks the first collaboration between Helium, a decentralized internet network with over 250,000 hotspots, and a major carrier. The telecommunications company has back-ordered 3.5 million Helium hotspots with plans to onboard DISH customers.

Using Helium Network’s technology and blockchain-based incentive model, DISH is a pioneer in supporting an entirely new way to connect people and things. The CBRS-based 5G hotspots will be deployed by customers, creating opportunities for users, partners and the entire ecosystem.

DISH Wireless is building a next-gen 5G network to disrupt the wireless industry and fuel innovation in transportation, health care, education, sustainability, city management and agriculture.”

Record shorts by leverage funds does not necessarily mean these traders had a bearish bias. They may have raised short positions in the futures market and simultaneously bought the cryptocurrency in the spot market, booking the so-called carry trade. The strategy is initiated when futures trade at a notable premium to the spot price and trades can profit from an eventual convergence of prices in the two markets.

The annualized premium in the front-month bitcoin futures contracts surged from 1% to 20% in the run-up to ProShares’ Bitcoin Strategy ETF launch on Oct. 18, and was last seen at 13%.”

See Also: Valkyrie Files to Offer Leveraged Bitcoin Futures ETF
See Also: CoinList Valued at $1.5B as Lending, Staking Join Business Mandate

“In a debate about inflation, some of the best-known names in Bitcoin (BTC) voiced unanimous doubts about the state of global monetary policy.

I don’t know about long-term, but short-term we are seeing strong inflationary pressure, [Musk] said in a Twitter debate with Ark Invest CEO Cathie Wood and MicroStrategy CEO Michael Saylor. All were commenting on a previous tweet from Twitter CEO Jack Dorsey, who described inflation as “happening” and apt to “change everything.”

Bitcoin is the most practical solution for a consumer, investor, or corporation seeking inflation protection over the long term.

We may in the future restart the practice of transacting in cryptocurrencies (‘digital assets’) for our products and services.”