In the USA, a cross-agency working group wants to give banks a uniform guideline for holding and trading Bitcoin and Co.
Bitcoin, the cryptocurrency, has suffered a setback. Overnight, the digital store of value loses around 2.5 percent, compared to a week it is as much as 4.5 percent. The bulls can currently still hold the magical 60,000 mark. At the time of going to press, the BTC price is trading at $ 60,798.
Apart from Bitcoin, a similar picture emerges in the Altcoin sector. The Binance Coin (BNB) starts today’s trading day with a minus of 0.1 percent. The losses at Ripple (XRP), Cardano (ADA), Dogecoin (DOGE) and Solana (SOL), which have to cope with a price decline of between 1.5 and 3.7 percent, are clearer. In the ranking of the ten most valuable cryptocurrencies, only Ethereum (ETH) and Polkadot (DOT) can show green numbers (1.0 to 2.0 percent). The winner of the day goes by the name of Shiba Inu (SHIB) among the top 100. The Dogecoin clone can gain around 30 percent overnight. In terms of market capitalization, the Memecoin is now worth more than the Japanese automaker Nissan or the South Korean tech company LG.
US regulators are working on a roadmap for bank adoption
Meanwhile, things are still going strong in the USA. After a historic step was taken in the United States just under a week ago with the approval of a Bitcoin Future ETF, the next could now follow. Because like from an interview with the chairman of the Federal Deposit Insurance Company (FDIC) Jelena McWilliams with the news agency Reuters shows, the country’s major banking regulators are currently working on a roadmap that will allow banks to hold and trade cryptocurrencies. More precisely, she said:
I believe we should allow banks in this area. To do this, of course, we have to ensure that the risks are mitigated … If we don’t actively bring this industry to the banks, it will develop outside the financial institutions … Then federal supervisory authorities have no way of enforcing regulations.
FDIC Chair Jelena McWilliams
A corresponding plan is currently being drawn up by working groups of the FDIC, the Federal Reserve (FED) and des Office of the Comptroller of the Currency (OCC) discussed. In addition to holding and trading Bitcoin and Co., this also includes its use as collateral for loans and its use as an asset in balance sheets. Experts agree that if the working paper were implemented in this way, it would trigger a new wave of adoptions in the USA.
A few banks, such as the US Bancorp already offers crypto services. Nevertheless, one wants to establish uniform guidelines across all authorities, says McWilliams:
My goal in this cross-agency group is to find a way that banks can act as custodians and use crypto assets, digital assets, as a form of collateral.
FDIC Chair Jelena McWilliams
The fluctuating valuation as well as the fluctuation of Bitcoin and Co. have been problematic for this project so far.