On The Brink with Castle Island Weekly Roundup 01/31/25 (Senate Debanking Hearing, Powell's pivot, Tokenized Securities) (EP.592)
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Jan 31, 2025 Dive into the evolving world of cryptocurrency as the Senate gears up for a hearing on debanking and regulators reconsider banks' roles in crypto custody. Explore Jay Powell's shifting stance on digital assets and the implications of tokenization on traditional finance. Discover the latest fundraising successes in crypto startups and the complexities surrounding decentralized science funding. Plus, marvel at the intersection of politics and crypto as discussions heat up around pardons for high-profile figures in the industry.
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Banks and Bitcoin Custody
- Banks will custody Bitcoin, but the question is whether they should do more.
- Basel rules on Bitcoin risk-weighting make lending and other activities less attractive for banks.
Powell's Pivot
- Jay Powell's recent comments suggest a shift in the Fed's stance on banks serving crypto customers.
- This could be interpreted as a green light for stablecoins and other crypto-related banking activities.
Senate Debanking Hearing
- The Senate Banking Committee will hold a hearing on debanking.
- Witnesses include Anchorage's Nathan McCauley, a coffee company owner, and a lawyer.