FameEX Morning Crypto News Recap | October 16, 2024

U.S. Treasury Deputy Secretary Urges Federal Regulation for Nonbank Payment Providers

On October 14, U.S. Treasury Deputy Secretary Nellie Liang advocated for federal regulation of non-bank payment providers, including money transmitters, e-money firms, and stablecoin issuers. This shift from state to federal oversight could significantly impact major stablecoin issuers currently regulated by the New York State Department of Financial Services (NYDFS).

Stablecoin Market Value Nears Historical Highs, Potentially Boosting Crypto Market

The stablecoin market value is nearing its historical high of $172 billion, indicating significant idle capital ready for investment, according to analyst Alice Liu. She likens stablecoins to Berkshire Hathaway's cash reserves, suggesting this massive reserve could boost the cryptocurrency market, especially if Bitcoin's price rises.

Polymarket Forecasts 64% Chance of Bitcoin Hitting New All-Time High in 2024

Bitcoin ETF inflows increased earlier this week, leading to a rebound in Bitcoin's price, though the upward momentum has since slowed. Prediction market Polymarket now estimates a 64% chance of Bitcoin reaching a new all-time high in 2024, up 9% from last week.

Argentina Officially Recognizes Blockchain-Based Smart Contracts as Legally Binding

Argentine judicial authorities have officially recognized blockchain-based smart contracts as legally binding, marking a significant advancement in the country's adoption of blockchain technology. This decision enables smart contracts to be enforceable in areas like lease agreements and purchase payments. The first recognized contract was a loan agreement executed on the Cardano blockchain.

Kamala Harris' Campaign Speech Omits Cryptocurrency Policy Details

U.S. Vice President Kamala Harris promoted her “Opportunity Agenda” during a campaign speech but did not address digital assets. Earlier, her campaign introduced a broad agenda that included her first policy stance on cryptocurrency. However, her speech omitted any mention of "blockchain," "digital assets," or cryptocurrencies, leaving specifics unclear.

OpenAI Pursues Closer Collaboration with U.S. Department of Defense

On October 15, OpenAI sought to strengthen its partnership with the U.S. Department of Defense by collaborating with government contractor Carahsoft, which facilitates software provision to the Pentagon. Earlier this year, OpenAI removed a policy clause prohibiting military use, leading to its inclusion in the defense contracting program CHESS (Computer Hardware, Enterprise Software and Solutions).

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