White House Holds Meeting on Cryptocurrency Regulation
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 2h ago- Meeting Context: The White House will convene a meeting on Monday with banking and cryptocurrency executives to discuss a stalled crypto bill focusing on stablecoin yields, highlighting tensions between crypto firms and banks that could impact the regulatory landscape and financial stability of digital assets.
- Deposit Outflow Risk: Standard Chartered estimates that if stablecoins continue to gain traction, there could be a potential outflow of up to $500 billion in bank deposits by 2028, underscoring the stakes involved in shaping regulatory measures and their significant implications for financial markets.
- Industry Response: Coinbase CEO Brian Armstrong stated that after reviewing the Senate Banking draft over the last 48 hours, Coinbase unfortunately cannot support the bill as written, reflecting the growing rift between the cryptocurrency sector and traditional banking.
- Market Impact: According to CoinMarketCap, Ethereum (ETH) currently has a market capitalization of $362.26 billion and has seen a 0.62% price drop over the last 24 hours, indicating that regulatory changes could profoundly affect market stability, particularly in the stablecoin sector.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
