On Sunday, cryptocurrencies made a big impression at the Super Bowl, with various cryptocurrency exchanges and bitcoin wallets running commercials.
The crypto advertisements drew a lot of attention in the United States, but not everyone liked them. During a Senate Banking Committee hearing on Tuesday, Senate Banking Chairman She rrod Brown lambasted the advertising, saying they lacked openness and “left a couple things out.” Another government discussion on stable coins took place on Tuesday, with U.S. senators repeating previous statements about the need for stronger regulation.
“While the name suggests that stable coins are similar to money, good luck attempting to spend one in a store.” “Today, their major goal is to make it simpler to trade, speculate, and, in certain circumstances, hide assets in crypto and digital markets,” Brown explained.
Meanwhile, a senator from New Jersey has issued an early draught of a bill to regulate the stablecoin market. The New York Stock Exchange has applied for a trademark for its own NFT market. By the end of the summer, Colorado will accept crypto payments for taxes. JP Morgan is now a part of the metaverse. In addition, cryptocurrency exchange Coin base will allow Mexican crypto recipients to pay out in local money.
Here’s some additional information on recent crypto news that investors should be aware of:
The New York Stock Exchange, the world’s most valuable trading platform by market capitalization, aspires to be the marketplace for NFTs in the same way that it is for equities. The exchange has applied to the US Patent and Trademark Office to establish an online marketplace for digital products such as NFTs, bitcoins, digital media, and artwork using an online bitcoin wallet, hardware or software. If the exchange’s idea is implemented, it will compete with prominent NFT markets such as Open Sea and Rarible.
Colorado Governor Jared Pol is said that by the end of the summer, the state would accept crypto payments for taxes and other state-related activities. During an interview with Coin Desk, Pol is stated that Colorado will work with cryptocurrency firms to receive and transform Bitcoin into US dollars. “We don’t want to accept the speculative risk of storing cryptocurrency,” he adds, “so we’ll have a procedural layer there and it’ll be registered in our system as dollars.” “We want to accept payment in a broad range of cryptocurrencies, just like we do with credit cards, for the convenience of our customers.”
Josh Gottheimer of New Jersey introduced an early draught of legislation on Tuesday that would define U.S. dollar-backed stable coins. Certain stable coins would be designated as “qualifying,” making them redeemable for US dollars on a one-to-one basis, and regular deposit insurance would be instituted on stable coin holdings, according to the proposed law. Certified stable coins would only be issued by banks or non-bank organisations that met specified requirements, according to the measure.
JP Morgan has made its foray into the metaverse by constructing a lounge in Decentraland, a blockchain-based virtual environment. The “Onyx lounge” was launched alongside a bank study explaining “limitless” potential for enterprises in the meta verse and why “explosive interest” exists.