Latest Bitcoin News in the US
US Federal Reserve to Launch Pilot Program for Digital Dollar
* The Federal Reserve announced plans to launch a pilot program to explore the potential of a central bank digital currency (CBDC) called the “Fedcoin.”
* The program will involve collaboration with private sector participants and is expected to provide valuable insights into the feasibility and implications of a digital dollar.
Kraken Settles with SEC Over Alleged Securities Violations
* Cryptocurrency exchange Kraken has agreed to pay $30 million in penalties to settle charges brought by the Securities and Exchange Commission (SEC).
* The SEC alleged that Kraken failed to register its “staking-as-a-service” program, which allowed customers to earn rewards for holding crypto assets.
Bitcoin Whales Accumulate amidst Market Volatility
* On-chain data shows that bitcoin whales, entities holding large amounts of the cryptocurrency, have been accumulating during the recent market downturn.
* This suggests that institutional investors and long-term holders believe in Bitcoin’s long-term value proposition.
New York Senate Passes Bill to Regulate Crypto Mining
* The New York State Senate has passed a bill that would impose a moratorium on cryptocurrency mining operations using power-intensive “proof-of-work” technology.
* The bill aims to address environmental concerns and promote sustainable practices.
U.S. President Biden Signs Executive Order on Crypto Assets
* President Joe Biden signed an executive order directing federal agencies to study and develop a strategy for regulating crypto assets.
* The order emphasizes the need to protect consumers, prevent illicit activities, and ensure financial stability while fostering innovation.
Industry Outlook
* The cryptocurrency market is experiencing increased regulation and scrutiny from U.S. authorities.
* However, long-term investors remain optimistic about Bitcoin’s potential as a store of value and digital asset.
* The launch of a central bank digital dollar would represent a significant development in the digital currency landscape.
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