Bitcoin

Rep. Patrick McHenry and others are concerned that the Fed’s new rule, which requires written permission, could make banks completely stop getting involved in building digital currencies.On August 28, three U.S. representatives shared worries about new <a href="https://financialservices.house.gov/uploadedfiles/2023-08-23_mchenry_hill_huizenga_letter_to_fed_sr23-7_sr23-8__final.pdf" rel="noopener noreferrer nofollow">rules</a> for stablecoins and cryptocurrencies set by the Federal Reserve.The objection was signed by three members of the Republican party: Patrick McHenry, French Hill, and Bill Huizenga. McHenry is the Chair of the House Financial <a href="https://cryptosheadlines.com/blackrock-partners-with-jio-for-digital-asset-services-ft/" rel="noopener noreferrer nofollow">Services Committee, Hill is the Chair of the Committee on Financial Services Subcommittee on Digital Assets</a>, and Huizenga is the Chair of the Committee on Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion.<blockquote>In their objection, the lawmakers said:“We are concerned that these actions are being taken to subvert progress made by Congress to establish a payment stablecoin regulatory regime … [this] will undoubtedly deter financial institutions from participating in the digital asset ecosystem.”</blockquote>The lawmakers disagreed with two rules: the Federal Reserve’s “Supervisory Nonobjection Process for State Member Banks Seeking to Engage in Certain Activities Involving Dollar Tokens” and its “Novel Activities Supervision Program.” <a href="https://cryptosheadlines.com/republican-lawmakers-disapprove-of-feds-new-crypto-rules/" rel="noopener noreferrer nofollow">Read More...</a>

Republican Lawmakers Disapprove of Fed’s New Crypto Rules

CryptosHeadlines.com

Other articles published on Aug 29, 2023

Treasury and IRS Propose Rules for Digital Asset Brokers

GE Stock: General Electric Co. Stock Surpasses its 20-day EMA

Is It Too Late to Buy Rollbit Coin? RLB Price Surges 30% and Launchpad Can Find the Next Crypto t...

Shibarium wallets surpass 100K after SHIB devs relaunch bridge

Looking Beyond Blockchain: Advantages and Disadvantages of Bitcoin's Lightning Network Idea

US May See First Bitcoin Spot ETF as Grayscale Wins Suit Against SEC, BTC Gains $1400

Join our free newsletter for daily crypto updates!