555:Congress Clashes Over Stablecoins::Chair Benham on DeFi Regs::Texas Senate Approves Crypto R(..)

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Overnighters,

Episode 555:
Congress Clashes Over Stablecoins
Chair Benham on DeFi Regs
Texas Senate Approves Crypto Reserves Bill
And More

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The TL;DL -

ASX Ditches Blockchain-The Australian Securities Exchange (ASX) has halted its seven-year-long blockchain software platform development. Concurrently, Binance Australia's suspension of its Australian dollar services has raised debanking risk concerns in the Australian cryptocurrency industry.

Congress Clashes Over Stablecoins-US lawmakers are at odds over the regulation of stablecoins, with Republicans advocating for state regulators' power and Democrats pushing for the Federal Reserve's leading role. The Senate Banking Committee, however, shows little interest in advancing any stablecoin regulation legislation.

Chair Benham on DeFi Regs-Rostin Behnam, Chair of the Commodity Futures Trading Commission (CFTC), has spoken on the need for regulatory oversight of decentralized cryptocurrency exchanges and the classification of tokens as securities or commodities.

FTX's Bankruptcy Case & Alleged Fraudulent Acquisition-FTX's bankruptcy case takes a twist as the current leadership files a lawsuit against former CEO Sam Bankman-Fried and other executives over an alleged overpriced acquisition of stock clearing platform Embed.

Texas Senate Approves Crypto Reserves Bill -Texas is moving towards legislation requiring cryptocurrency exchanges to maintain sufficient reserves to meet customer obligations. The bill, which has passed the state Senate, awaits the governor's signature.

CBDC Alert(Nigeria)-Nigeria's eNaira, the world's second central bank digital currency (CBDC), has completed its first year. Despite praise from the International Monetary Fund (IMF), it faces challenges in expanding beyond initial adopters and achieving financial inclusion and remittance facilitation goals.

Crypto Overnighter Podcast (5/19/2023): Welcome back to the Crypto Overnighter with your host, Nikodemus. We provide nightly updates on cryptocurrency, NFTs, the metaverse, and the surrounding industry. Remember, this show does not offer financial advice.

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