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US Senate Passes Crypto Bill Allowing Banks to Hold Bitcoin

The United States Senate has passed a crypto bill that permits banks to hold Bitcoin and other digital assets. Despite concerns raised by Senator Elizabeth Warren and other critics about the potential risks associated with allowing banks to engage with cryptocurrencies, the bill garnered enough support to pass through the Senate.

Published

9 months ago

May 17, 2024

Crypto News Team

The passage of the bill marks a major milestone in the mainstream adoption of cryptocurrencies and represents a significant victory for proponents of digital assets. By allowing banks to custody and transact in cryptocurrencies, the bill aims to provide greater regulatory clarity and support for financial institutions seeking to enter the rapidly growing crypto market.

The decision to pass the bill comes amidst increasing interest from traditional financial institutions in offering crypto-related services to their clients. With the growing popularity of Bitcoin and other digital currencies, banks are increasingly recognizing the need to adapt to changing consumer preferences and market dynamics.

Despite initial concerns raised by Senator Warren and other lawmakers about the potential risks of allowing banks to hold Bitcoin, proponents of the bill argued that it would provide much-needed regulatory clarity and oversight for the crypto industry. By subjecting banks to strict regulatory requirements and oversight, the bill seeks to mitigate potential risks associated with crypto custody and ensure the safety and security of customer funds.

The passage of the bill is expected to have far-reaching implications for the cryptocurrency industry, paving the way for increased institutional adoption and investment in digital assets. With banks now permitted to hold Bitcoin, investors may gain greater confidence in the legitimacy and stability of the crypto market, leading to increased participation and liquidity.

However, some critics remain skeptical about the implications of allowing banks to hold Bitcoin, expressing concerns about potential market manipulation and systemic risks. Despite these concerns, supporters of the bill argue that increased regulatory oversight and transparency will help mitigate these risks and foster a more secure and resilient financial system.

In summary, the passage of the crypto bill allowing banks to hold Bitcoin represents a significant step forward in the integration of digital assets into the traditional financial system. While concerns remain about the potential risks and implications of this decision, the bill’s supporters believe that it will ultimately contribute to the long-term growth and stability of the cryptocurrency industry.

Related Topics:Crypto Currency crypto news

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Vitalik Buterin criticizes crypto’s moral shift toward gambling

Published

2 days ago

February 20, 2025

Crypto News Team

Ethereum co-founder Vitalik Buterin has expressed concerns over a “moral reversal” in the crypto industry, particularly regarding criticism of Ethereum’s stance on blockchain gambling. In a recent AMA, he noted that some have condemned Ethereum for not welcoming casinos, while other blockchains have embraced them. Buterin stated that if the community continues to shift its values in this direction, he may reconsider his role in the space.

Despite these concerns, Buterin emphasized that in-person interactions with the Ethereum community reassure him that core values remain intact. He urged developers to work toward a decentralized future aligned with ethical principles rather than just profit-driven ventures.

His comments coincide with the Ethereum Foundation’s shift in its funding approach. Following criticism of its Ether sales, the foundation recently allocated 45,000 ETH into DeFi platforms like Aave and Compound. This move was widely praised as a step toward supporting decentralized finance without market disruptions.

As Ethereum navigates these challenges, Buterin’s remarks highlight the ongoing debate about blockchain ethics and the industry’s future direction. The conversation around gambling applications and decentralized finance underscores the tension between financial innovation and maintaining a moral compass in crypto.

Business

UAE saw 41% increase in crypto app downloads in 2024

Published

2 days ago

February 20, 2025

Crypto News Team

Crypto app downloads in the UAE surged by 41% in 2024, reaching 15 million, with a record 2.8 million installs in December, according to AppsFlyer. This increase was largely driven by market trends and rising adoption, especially in the latter half of the year.

Donald Trump’s election win and pro-crypto stance reportedly played a role in boosting adoption, with his surprise memecoin launch further attracting first-time investors. This trend also contributed to a rise in crypto app downloads in the U.S.

Aggressive marketing campaigns accounted for 60% of traffic, though retention remained a challenge, as one in five apps was uninstalled within 30 days. Despite this, crypto app downloads in the UAE hit 3.5 million in January, surpassing half of 2023’s total.

With 2025 projected to be a record-breaking year, market experts suggest crypto companies should continue leveraging marketing strategies to expand their user base. The UAE’s rapid growth in crypto adoption highlights the region’s increasing role in the digital asset industry.

Business

Brazil approves first spot XRP ETF as local bank eyes stablecoin on XRPL

Published

2 days ago

February 20, 2025

Crypto News Team

Brazil has approved its first spot XRP exchange-traded fund (ETF), the Hashdex Nasdaq XRP Index Fund, which will soon begin trading on the country’s B3 exchange. The fund, managed by Hashdex, joins a growing list of crypto investment products in Brazil, including Bitcoin and Ethereum ETFs. The approval comes as the U.S. Securities and Exchange Commission (SEC) reviews multiple spot XRP ETF filings from major firms like CoinShares and WisdomTree.

In response to this development, XRP saw an 8% price increase, reaching $2.72, bringing it within 20% of its all-time high. This surge reflects growing investor confidence in XRP-based financial products. Meanwhile, market analysts expect the approval of additional crypto ETFs worldwide as regulators reassess their stance on digital assets.

Simultaneously, Braza Group, a financial institution in Brazil’s interbank market, announced plans to launch BBRL, a stablecoin pegged to the Brazilian real. Built on the XRP Ledger, BBRL aims to enhance international payments and digital asset accessibility in South America. Initially, the stablecoin will be available only to institutional clients, with broader adoption expected in 2025.

Braza Group’s participation in Brazil’s central bank blockchain initiative, DREX, underscores the country’s efforts to integrate digital assets into its financial system. With crypto adoption surging, Brazil’s latest moves in stablecoin and ETF approvals signal growing institutional confidence in blockchain-based finance. Read more.