The US financial regulator has just one Senate-confirmed commissioner, leading to lawmakers' concerns about the Commodity Futures Trading Commission's balance and effectiveness. US lawmakers are expected to return to Capitol Hill on Wednesday after inclement weather delayed committee meetings and votes, with attention turning to how senators will handle proposed amendments to a long-awaited crypto market structure bill. On Thursday, senators on the Senate Agriculture Committee are scheduled to meet for a markup on the Digital Commodity Intermediaries Act (DCIA), a bill to establish a digital asset market structure framework. The markup is one of the first attempts by the chamber to advance market structure legislation amid the Senate Banking Committee postponing its markup after Coinbase pulled its support for the bill. Read more
Bitcoin rallied above $90,000 as the US dollar index weakened, gold hit new highs and traders positioned ahead of Wednesday's FOMC. Will a rate cut or pause extend the BTC, altcoin rally? Key points: Bitcoin is facing resistance at $90,500, but a positive sign is that the bulls have kept up the pressure. Several major altcoins are attempting to start a recovery, but are expected to face selling at higher levels. Read more
The digital wallet allows insurance premiums and claims to be settled in crypto through a regulated custody partnership with Zodia Custody. Dubai Insurance has launched a crypto-enabled digital wallet that allows policyholders to pay insurance premiums and receive claims settlements in digital assets. The wallet is designed to support the receipt of premiums and the payment of insurance claims in digital assets and is built on institutional custody infrastructure provided by Zodia Custody. The company said the wallet operates within existing regulatory and compliance frameworks in the United Arab Emirates (UAE), and described it as the first such offering in the country’s insurance sector. Read more
Bitcoin disappointed with an apparent failed breakout above $90,000 after gold soared to fresh highs and US dollar strength nosedived. Bitcoin (BTC) attempted a rebound past $90,000 at Wednesday’s Wall Street open as markets awaited US macro cues. Key points: Bitcoin struggles to hold a $90,000 uptick as gold surges and US dollar strength crumbles. Read more
Fidelity will issue a stablecoin through its newly approved national trust bank, signaling deeper institutional use of blockchain-based payment infrastructure. Fidelity Investments plans to launch a new stablecoin next month, marking a logical next step for the asset manager as it expands its digital-asset infrastructure following conditional approval for a national trust bank from the Office of the Comptroller of the Currency. Bloomberg reported Wednesday that the Fidelity Digital Dollar, or FIDD, will be issued by Fidelity Digital Assets, National Association, the national trust bank approved by US regulators in December. Fidelity Digital Assets president Mike O’Reilly told the publication that stablecoins could “serve as foundational payment and settlement services,” citing benefits such as real-time settlement and round-the-clock availability. Read more