16 March

The U.S. Congress is in the very early stages of making legislative progress on crypto oversight, with different ideas being reviewed for how much bipartisan support they can get, said Sen. Thom Tillis (R-N.C.).

All the ideas coming from various offices are under that review. We’re completing that inventory now and hope to share it over the next couple of weeks.

A number of bills made progress on Capitol Hill last year, including a stablecoin oversight bill in the House Financial Services Committee and a bill in the Senate Agriculture Committee that would have set up the Commodity Futures Trading Commission as a direct regulator of non-securities crypto trading.”

See Also: Rep. Tom Emmer: Is the FDIC ‘Weaponizing’ Market Chaos to Kill Crypto?
See Also: U.S. Federal Reserve’s Real-Time Payments System Coming In July

Circle’s CEO, Jeremy Allaire on USDC, SVB’s Collapse, & the U.S. Banking System

“Cross River Bank – a venture capital-backed, FDIC-insured regional bank in New Jersey that’s part financial institution and part fintech – has an increased profile in crypto circles thanks to the collapses of crypto-friendly Silvergate Bank, Silicon Valley Bank and Signature Bank in under a week.

Founded in Fort Lee, New Jersey, in 2008, Cross River has grown to $9.9 billion in assets and has originated more than $100 billion in loans. The state-chartered bank has the regulatory and compliance infrastructure to originate loans – unlike most traditional fintechs – and financial infrastructure like the Real-Time Payment system, which can facilitate crypto-to-fiat conversions at all hours.

A number of venture capital firms were exposed to the three bank collapses, and Cross River might seem like a natural move considering its ties to some top venture capital (VC) players. Cross River isn’t the only bank that crypto companies are considering for payment infrastructure. Circle has moved its USDC reserves to BNY Mellon.”

See Also: Brian Brooks: U.S. Government Using Crisis to Choke Off Crypto Access to Banks
See Also: Crypto firms may turn to ‘shadow banks’ following major collapses — Molly White

“On Wednesday, banking troubles trumped monetary policy considerations. Shares of the Swiss banking giant Credit Suisse (CS), which has been rocked by scandals over the past year and posted losses for five consecutive quarters, tanked on Wednesday after the bank’s largest investor, Saudi National Bank, said it wouldn’t invest capital beyond the $1.5 billion it sank into the bank last year.

The Swiss National Bank seemed to at least temporarily halt the damage after announcing it would provide CS with liquidity.

Credit Suisse is a bigger story than Silicon Valley Bank (SVB) and this has Wall Street extremely nervous. Bitcoin’s decline isn’t that bad when you consider how much pressure is hitting stocks, oil prices and the euro.

Meanwhile, the CME FedWatch Tool showed that currently around 55% of traders believe the Fed will not raise interest rates at its next Federal Open Market Committee (FOMC) meeting starting March 22. An additional 45% expect the Fed to boost the rate by 25 basis points (bps).”

See Also: Bitcoin to $100K next? Analyst eyes ‘textbook perfect’ BTC price move
See Also: Ethereum’s Network-to-Value Ratio Slides to 3-Month Low as ETH Rallies 20%

“The proposal is an “HTTP-style” URL to directly access on-chain Web3 content, such as decentralized applications (DApps) front-ends and NFTs. ERC-4804 was approved and finalized on the mainnet on March 1.

Under ERC-4804, internet users have the option to type in “web3://” (as opposed to “http://”) in their browsers to bring up DApps such as Uniswap or on-chain NFTs directly. The standard allows users to directly run a query to the Ethereum Virtual Machine (EVM).

Entire websites can theoretically be accessed by these means as long as their content is stored on the Ethereum blockchain or a compatible layer-2 protocol. However, the costs of doing this are still very prohibitive. ‘The critical issue here is that the storage cost on Ethereum is super, super expensive on mainnet.

Xiang suggested that, given the costs, the new URL standard makes sense only for specific applications. ‘The new standard would be useful for DApps or websites at risk of censorship, with Tornado Cash as an example.'”

The suite of products that make up Salesforce Web3 will help companies build, manage and integrate NFTs into their businesses. Salesforce is also releasing NFT Management, a platform that allows companies to create and monitor the success of their NFT collections and blockchain data through the Salesforce interface.

Adam Caplan, Salesforce’s senior vice president of emerging technology, said in a Salesforce blog post the company is enthusiastic about embracing Web3 and the capabilities it offers businesses to build communities and propel digital ownership.

We’ve seen a lot of interest from customers who want to understand and tap into this new world of Web3 and NFTs.”

See Also: VC-Backed NFT Social Platform Metalink Launches Mobile App

The U.S. Banking System, Federal Reserve, & USDC Post-SVB Collapse with Ram Ahluwalia