Fed, SEC, & CFTC propose crypto framework (Crypto Series Part XLII)

This is part 42 of the crypto series. Bitcoin has increased to $86K is the ‘crypto winter’ finally over? Circle gets a $100M investment from Binance to ramp up global push for their USDC coin. Bastion receives conditional approval from OCC to provide their ‘white label’ stablecoins for other businesses. The company will also manage custody of holding reserves and customer wallets. After The Clarity Act failed to pass through the Senate, the SEC, CFTC, and Federal Reserve are moving to write crypto rulebook. The SEC issued an order to create a temporary pathway for trading certain tokenized stocks, moving toward 24/7 trading. The CFTC submitted a crypto rulemaking proposal to the White House for review. Details of the proposal were not made public. The Federal Reserve proposed rules for stablecoin issuers which would require issuers to back stablecoins with Treasury Bills and develop an application process for banks that want to issue stablecoins. This episode reviews multiple articles from CNBC, Banking Dive, S&P Global, and The Wall Street Journal.