Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Today in crypto, the head of the US Federal Deposit Insurance Corporation (FDIC) said the GENIUS Act doesn’t give the agency the authority to guarantee stablecoin deposits, Binance filed a lawsuit after the Wall Street Journal reported a US Justice Department probe into Iran’s alleged use of the exchange to avoid sanctions, and Ripple says it is expecting to secure an Australian Financial Services License after acquiring an Australian payments company in April.
Travis Hill, chair of the US Federal Deposit Insurance Corporation (FDIC), confirmed that, in his opinion, a law passed in July would not give the agency the authority to guarantee stablecoin deposits.
In remarks prepared for the American Bankers Association (ABA) Washington Summit on Wednesday, Hill said that under rules for the stablecoin payments bill, the GENIUS Act, the FDIC would not allow the government to guarantee deposits once the law was fully implemented. Similarly, stablecoin issuers would be prohibited from representing that the digital assets were FDIC insured, and a proposed plan would stop “pass-through insurance” by third parties.
