House Republicans begin accepting cryptocurrency donations

The National Republican Congressional Committee, or NRCC, announced Thursday that it will begin accepting campaign donations in cryptocurrency as a part of a broader effort to retake the House and stop the Democrats from pursuing their policy agenda.  “The NRCC is proud to lead the charge in accepting cryptocurrency campaign contributions,” Chairman Tom Emmerson said in a statement, adding: “We are focused on pursuing every avenue possible to further our mission of stopping Nancy Pelosi’s socialist agenda and retaking the House majority, and this innovative technology will help provide Republicans…

US Republican Party’s election arm to accept cryptocurrency donations

The United States’ National Republican Congressional Committee — the body responsible for coordinating Republican electoral efforts — is introducing donations in cryptocurrencies like Bitcoin (BTC). The NRCC announced Wednesday on Twitter that the committee will begin accepting crypto donations for election campaigns, sending its fundraising efforts “to the moon.” https://t.co/aIisNV5BiD pic.twitter.com/F9ktKFfHAq — NRCC (@NRCC) June 17, 2021 According to a Wednesday report by Axios news agency, the NRCC will process crypto donations using major payment platform BitPay, through which donations will be immediately converted to U.S. dollars. The cash conversion…

Flexa AMP cryptocurrency hits new highs on Coinbase listing — Up 1,700% in 2021

The in-house token of cryptocurrency payments app Flexa, AMP, has hit new all-time highs after being listed on major exchange Coinbase. Data from Cointelegraph Markets Pro and TradingView showed AMP/USD reaching $0.11 per coin for the first time on June 17. AMP nears $0.12 as best-performing altcoin Flexa, which describes itself as the “first ever digital currency payment option for brick-and-mortar retail,” aims to offer a blanket solution for cryptocurrency acceptance and spending. Its previous infrastructure token, Flexacoin (FXC), was converted to AMP late last year as part of an overhaul.…

This unknown cryptocurrency soared by 164,842% in hours, only to crash 99%

About $7.65 billion entered the cryptocurrency market in just three hours via a widely unknown altcoin on June 14. Dubbed as WebDollar (WEBD), the token’s per-unit price surged from $0.0003711 to $0.6121 between 0900 GMT and 1200 GMT. That marked a little over 164,842% gains in its market valuation. Nevertheless, the price spike accompanied declines in volumes; they dropped from around $345.2K to $318.94K during the rally. Breaking down those three hours of wild price action illustrated a sequence of incredible pumps and dumps. According to data fetched by CoinMarketCap.com, the…

South Africa to revise national policy position on cryptocurrency

South Africa’s financial regulators are laying the groundwork for the “phased and structured” regulation of cryptocurrencies. The move presents a reversal of the largely hands-off approach taken for the past seven years and has been driven by increasingly high levels of retail interest in crypto in the country. In a position paper published on June 11, the country’s Intergovernmental Fintech Working Group , or IFWG, under the aegis of the Crypto Assets Regulatory Working Group, laid out a roadmap for introducing a regulatory framework that will center on crypto asset…

Major US trading platform Interactive Brokers to offer cryptocurrency trading

United States foreign exchange company Interactive Brokers will offer direct cryptocurrency trading to clients within months, a report says. Speaking at the Piper Sandler Global Exchange & FinTech Conference on June 9, founder Thomas Peterffy revealed that the firm had opted to enter the crypto market. Demand fuels latest crypto uptake Quoted by CNBC, Peterffy hinted that client demand had been a major driver of the decision. “Customers certainly are asking for [crypto trading] and we expect to be ready to offer it to them by the end of the summer,”…

Big tech, not cryptocurrency, is the real threat to central banks’ autonomy, Danish central bank governor says

Crypto trading volumes continue to increase, but several countries’ central banks are keen to ignore it, with Denmark being the latest to join the “crypto is negligible” narrative. Lars Rohde, governor of the country’s central bank doesn’t see the rise of crypto trading as a serious economic threat.  “I could be tempted to ignore it,” he told Bloomberg. “I think the term currency is badly used here. Most currencies store value or are means of transactions. There is no stability, no guarantee about the value of cryptocurrencies.” Crypto is a…

Cryptocurrency custody gives commercial banks a foothold in the market

Custody services aren’t the most compelling corner of the crypto ecosystem, but 21st-century solutions for storing and safekeeping digital assets are critical if cryptocurrencies are to achieve widespread adoption.  For that reason, Cowen Inc.’s recent announcement that the 103-year old United States investment bank wants to hold crypto on behalf of asset managers and hedge funds is noteworthy, especially when coupled with similar statements from traditional bank giants such as Bank of New York Mellon and Deutsche Bank earlier this year. Is it too early to speak of this as…

New OCC head requests review of cryptocurrency rules

The United States’ banking regulator, the Office of the Comptroller of the Currency, is set to review cryptocurrency-related rulemaking following Brian Brooks’ departure.  Michael Hsu, the newly-appointed Acting Comptroller of the Currency, has requested a staff review of former OCC rulemaking regarding the crypto industry as part of his testimony before the House Financial Services Committee on Wednesday. In prepared remarks, Hsu asked the OCC staff to review its cryptocurrency-related actions like updating the framework for chartering national banks and trust companies, interpreting crypto custody services as part of the…

US FDIC seeks insight on banks’ role in cryptocurrency markets

The United States Federal Deposit Insurance Corporation is looking for information and public comments on banks’ cryptocurrency-related activities. The FDIC is the major provider of deposit insurance to U.S. commercial and savings banks, originally created to address bank runs during the Great Depression.  On Monday, the FDIC officially announced a request for public input to get more information on the industry and consumers’ interests in the market as well as the role of banks in the digital asset ecosystem. “Banks are increasingly exploring several roles in the emerging digital asset ecosystem,…