Biden's Road to Crypto Innovation, Stripe Accepting Crypto, It's Fed Day!
White House Crypto Fact Sheet, Stripe's Crypto Play, Inflation to continue higher
TGIF Everyone! 🌅
The White House released President Biden’s proposed “Executive Order on ensuring responsible development of digital assets.”
1.) Executive Order by President Biden to Boost Crypto Innovation
This week, President Biden signed the “Executive Order on ensuring responsible development of digital assets,” a long-awaited directive and an encouraging sign for the future of crypto in the US. As highlighted in the White House Crypto Fact Sheet, the executive order calls for measures to:
Protect US consumers, investors, and businesses.
Protect US and global financial stability and mitigate systemic risk.
Mitigate the finance and national security risks posed by the illicit use of digital assets.
Promote US leadership in technology and economic competitiveness.
Promote equitable access to safe and affordable financial services.
Support technological advances and ensure responsible development and use of digital assets.
Explore a US Central Bank Digital Currency (CBDC).
Highlighted in the White House Crypto Fact Sheet, the US appears committed to stay in the frontier of design and implementation of digital asset system. Singular will pay close attention to this space as US Central Bank Digital Currency (CBDC) could potentially unlock Americans’ interest in the crypto space.
2.) Fed Day Recap
FED Day:
Fed is expected to hike its benchmark rate 25 basis points
First rate hike since 2018
Investors will get colour into how many rate hikes will be needed
Inflation will continue to end up “higher and more persistent”.
And finally, how will the Fed trim its $8.9 trillion balance sheet
China looking to Stabilize markets
China stock market is down 20% month-to-date and vows to stabilize markets by slowing down crackdowns
10yr Yield: INCREASED TO 2.1% NOW AND STILL CLIMBING!
Ukraine/Russia
9:00 a.m. Zelenskyy will address Congress
Zelenskyy concedes Ukraine and will not join NATO
Kremlin spokesman Peskov said a neutral Ukraine with army could be a compromise
Ukraine and Russian negotiators will meet again today
Russian Foreign Minister Lavrov said there was “some hope of reaching a compromise”
Biden will head to Brussels on March 24 to meet allied leaders
3.) Stripe Enables Crypto Payments
Earlier this week, Stripe said it will allow merchants to start accepting cryptocurrency payments offering: fiat-to-crypto onramps, banking-as-a-service APIs for crypto wallets, fraud detection and identity verifications. Existing crypto companies like FTX, blockchain.com and Nifty Gateway are already investing heavily into building a seamless bridge between traditional fiat to crypto and we believe the new developments could give existing crypto business access to the global financial infrastructure.
Stripe co-founder John Collison also added that "buying things online with cryptocurrencies is still far from reaching big scale and product market fit.” In other words, it is still expensive to convert fiat to crypto today.
Singular Disrupt will continue to pay close attention to this ecosystem as this could potential unlock new distributed protocols and a new wave of Crypto innovations globally.
Bonus: After reaching $3 Trillion , we believe the current PULLBACK in the crypto markets is the best time to HUNT for opportunities
