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FameEX Morning Crypto News Recap | March 27, 2023

2023-03-27 10:53:30

Federal Reserve Voices Concerns Over Custodia Bank's Impact on Crypto Industry and Stability
Custodia Bank's attempt to become a member of the Federal Reserve System has been criticized in an 86-page document released by the Federal Reserve. The document, which justifies the Fed's January 2023 rejection of the bank's membership bid, raises concerns about Custodia's approach to the crypto industry, citing significant risks and insufficient risk management systems. The Fed's document highlights concerns about Custodia's managerial, financial, corporate powers, and convenience and needs factors. Custodia has filed a lawsuit against the Fed over its master account application, which is still pending.

International Powers Seek to Fill the Void Created by US Absence
Coinbase's Vice President in Europe, Daniel Seifert, has criticized the United States' approach to cryptocurrency regulation, stating that it has resulted in an atmosphere of unpredictability and vulnerability, leading other nations to capitalize on the void created by the United States. He claims that France, the UK, and the European Union are creating vibrant crypto ecosystems thanks to progressive regulations, whereas the United States is adopting a "regulation by enforcement" approach rather than comprehensive regulation, leading to regulatory ambiguity in the industry.

White House Council of Economic Advisers' Annual Report Takes Aim at Crypto Industry
In its annual report, the Council of Economic Advisers (CEA) devoted a section to digital assets, warning that the crypto industry's ambition to operate without government oversight could have dire consequences. The report pointed out that the industry's actions are reminiscent of the same missteps that caused previous financial crises. The CEA's cautionary stance has raised concerns among some members of the crypto community, especially given the existing regulatory landscape.

G7 Plans to Push for Tougher Cryptocurrency Regulations
G7 countries are set to push for tougher cryptocurrency regulations that will improve transparency and safeguard consumers. Officials have disclosed that the discussions will be expedited, with the intention of finalizing recommendations ahead of the G7 finance ministers and central bankers' meeting in May. This meeting will occur just before Japan's Prime Minister hosts the 2022 G7 summit in Hiroshima.

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