155:Binance Gets 3rd Middle East Regulatory Approval::New Bipartisan Super PAC Promotes Crypto A(..)

Heya cryptozens

Tonight’s Stories:

Binance Gets 3rd Middle East Regulatory Approval
New Bipartisan Super PAC Promotes Crypto Advocates
Musk Proposes Doge Payments for Twitter Blue

It’s 10 PM Pacific time and the date is April 7th, 2022. And welcome back to the Crypto Overnighter. I am your host, Nick. The cover model for this podcast is Tex and together we take a nightly look at the crypto, nft and metaverse space and the industry that surrounds it. We bring you new stories on familiar topics. And keep in mind, nothing in this show should ever be considered financial advice. 

US Treasury Secretary Janet Yellen was giving some remarks. She was speaking at an American University event when she highlighted wide range of perception about crypto. She said that’s often the case with transformative technology.

She said quote

“Some proponents speak as if the technology is so radically and beneficially transformative that the government should step back completely and let innovation take its course. On the other hand, skeptics see limited, if any, value in this technology and associated products and advocate that the government take a much more restrictive approach.”

Her speech was mostly keyed in on CBDCs, central bank digital currencies. She was talking about how money has evolved through the centuries when she said quote

"Some have suggested a CBDC could be the next evolution in our currency. A recent report by the Federal Reserve opened a public dialogue about CBDCs and the potential benefits and risks that could be associated with issuing one in the U.S."

She also spent some time pointing out her assessments of stablecoins. She referenced the Iron Finance run of last year. That’s when the Titan token fell in price, which kicked off a destabilization of it’s IRON stablecoin. Causing it to lose it’s peg to the dollar.

She said quote 

"This is not hypothetical. A stablecoin run occurred in June 2021, when a sharp drop in the price of the assets used to back a stablecoin set off a negative feedback loop of stablecoin redemptions and further price declines"

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