FameEX Morning Crypto News Recap | May 9, 2024

Robinhood's Q1 Crypto Trading Skyrockets 224% — SEC Action Labeled 'Disappointing'

During a Q1 earnings call, Robinhood CEO Vladimir Tenev labeled the SEC's recent Wells notice as a "disappointing development." Despite this, Robinhood reported a 224% surge in crypto trading volumes, reaching $36 billion. This significant increase occurred even as the firm faced regulatory scrutiny from the U.S. securities regulator concerning its crypto listings and custodial operations.

House Votes to Overturn SEC’s Anti-Crypto Banking Guidance SAB 121

On May 8, the House passed H.J. Res 109, a bipartisan bill that nullifies the SEC's Special Accounting Bulletin (SAB 121). This resolution was introduced by Republican Congressman Mike Flood, who criticized SAB 121 for unfairly requiring banks to list customer crypto assets on their balance sheets, unlike traditional custodial assets like securities, which are kept off-balance sheet.

Rwandan Central Bank Advances Ambitious Retail CBDC Initiative

The National Bank of Rwanda (BNR) has completed a feasibility study on a retail central bank digital currency (CBDC) and is now seeking public feedback. The BNR aims to create a national digital currency, incorporating cutting-edge technology and tailored to local needs. Rwanda is exploring a tokenized retail CBDC with offline capabilities, moving towards a cashless economy.

Amid Court Appearances, Donald Trump to Host NFT Dinner with Crypto Enthusiasts

On May 8, purchasers of Donald Trump's "Mugshot" NFTs, who spent at least $4,653, will join him for dinner at his Mar-a-Lago residence in Florida. This engagement, widely discussed across social media platforms, fulfills part of the sales agreement for the digital trading cards featuring Trump’s mug shot from his surrender at the Fulton County Jail in Georgia.

Former CFTC Chair Says CBDCs and Stablecoins Should Uphold Liberty-Based Values

J. Christian Giancarlo, former The United States Commodities and Futures Trading Commission (CFTC) chair, emphasized the importance of designing CBDCs and stablecoins with liberty-based values such as privacy and censorship resistance. He made these remarks during a keynote address at the FT Live Crypto and Digital Assets Summit, advocating for these critical features to be integral in the development of digital currencies.

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