Fed’s WARNING To Banks!! What It Means For CRYPTO!!
Published: 2023-08-19
Status:
Available
|
Analyzed
Published: 2023-08-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
If the US defense bill passes in its current form, users may be required to complete Know Your Customer (KYC) verification to use stablecoins in personal wallets.
"if the U.S defense bill passes as it's currently written you could be required to complete kyc to use any stable coins you hold in your personal wallet"
Pending
New supervisory processes will not be created for novel activities like crypto; they will be supervised based on risk, following the principle of 'same risk, same regulation'.
"the authors highlight the fact that no new supervisory processes will be created for these four novel activities rather they'll be supervised like all other activities based on risk put differently same risk same regulation"
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All US banks already involved in stablecoin activities must notify the Federal Reserve by September 8, 2023.
"all U.S banks already engaging in stablecoin related activities must notify the FED within 30 days of its announcement so by the 8th of September 2023"
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The new guidance is interpreted as a method to prevent banks from working with crypto stablecoins.
"Nick believes this new guidance is a way of banning Banks from working with crypto stable coins"
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Non-bank entities will still be able to offer stablecoin-related services.
"the good news is that non-bank entities will continue to have the ability to provide stablecoin related services"
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The impact on the crypto market will become clearer around September 8th, after banks notify the Fed about their stablecoin activities and the Fed makes decisions.
"the short answer is that we'll find out around the 8th of September after all banks have notified the FED about their stablecoin related activities and the FED starts deciding who lives and who dies"
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The KYC provision for stablecoins in the US defense bill could potentially extend regulatory deadlines by up to four months.
"the kyc provision on stable coins in the U.S defense bill could also extend the deadline by up to four months"
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The Fed will be unable to compel banks to cease providing services for crypto-related stablecoins until the defense bill and its KYC provision are passed and implemented by the Treasury.
"until that defense bill is passed and the treasury implements the kyc provision on stable coins the FED won't be able to force Banks to stop providing services for crypto related stable coins"
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Banks are likely to continue facing scrutiny from the Federal Reserve for any crypto-related services they offer.
"it's more than likely that banks will continue to face scrutiny from the FED for any crypto related Services they provide"
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US banks may be prohibited from offering any crypto stablecoin-related services if the KYC provision remains in the defense bill.
"if U.S banks will not be allowed to provide any crypto stablecoin related Services"
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Banks may continue to support crypto stablecoins if their holders undergo KYC procedures.
"Banks could continue to offer services for crypto stable coins if their holders complete kyc"
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The extent of connections between offshore stablecoin issuers, such as Tether, and US banks is uncertain.
"it's not clear how connected offshore stablecoin issuers like tether are to U.S banks"
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If offshore stablecoins successfully navigate the Fed's requirements and the defense bill's KYC provisions, their adoption is likely to increase.
"if offshore stable coins manage to outmaneuver the fed's new requirements and the defense Bill's kyc Provisions then it would likely result in even more adoption of said stable coins"
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Offshore stablecoins are not immune to US government intervention; authorities will find ways to eliminate them if they desire.
"offshore stable coins aren't off limits to the US government if U.S authorities want them gone they will find some way to do it"
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The ultimate objective is for all cryptocurrencies to be traded against KYC-compliant stablecoins managed by the Federal Reserve.
"the goal is for every crypto to trade against a kyc stablecoin controlled by the FED"
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The upcoming month is predicted to be a significant period for all types of stablecoins.
"the next month is going to be a fascinating time for stable coins of all kinds"
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