FameEX Morning Crypto News Recap | October 16, 2024

U.S. Treasury Deputy Secretary Advocates Federal Oversight for Nonbank Payment Providers

On October 14, U.S. Treasury Deputy Secretary Nellie Liang called for federal regulation of non-bank payment providers, including money transmitters, e-money companies, and stablecoin issuers. This proposed shift from state-level oversight could notably affect major stablecoin issuers currently under the regulation of the New York State Department of Financial Services (NYDFS).

Stablecoin Market Value Approaches Record Highs, Could Drive Crypto Market Growth

The stablecoin market is approaching a historical high of $172 billion, signaling substantial idle capital ready for investment, says analyst Alice Liu. She compares stablecoins to Berkshire Hathaway's cash reserves, suggesting this could fuel a boost in the cryptocurrency market, particularly if Bitcoin prices increase.

Polymarket Predicts 64% Probability of Bitcoin Reaching New All-Time High in 2024

Bitcoin ETF inflows boosted prices earlier this week, but the upward trend has since moderated. Prediction market Polymarket now predicts a 64% chance of Bitcoin hitting a new all-time high in 2024, a 9% increase from the previous week.

Argentina Recognizes Blockchain Smart Contracts as Legally Binding

Argentina's judicial authorities have officially recognized blockchain-based smart contracts as legally binding, marking a major step in adopting blockchain technology. This allows smart contracts to be enforceable in areas like lease agreements and payments, with the first recognized contract being a loan on the Cardano blockchain.

Kamala Harris' Campaign Speech Leaves Out Cryptocurrency Policy

U.S. Vice President Kamala Harris highlighted her “Opportunity Agenda” in a recent campaign speech but did not discuss digital assets. Although her campaign earlier outlined a broad policy stance on cryptocurrency, her speech omitted any reference to "blockchain," "digital assets," or cryptocurrencies, leaving details unspecified.

OpenAI Seeks Strengthened Partnership with U.S. Department of Defense

On October 15, OpenAI pursued a closer partnership with the U.S. Department of Defense through a collaboration with government contractor Carahsoft, which supplies software to the Pentagon. Earlier, OpenAI removed a policy clause banning military use, enabling its inclusion in the CHESS defense contracting program.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​