540:Rough Seas for Regional Banks::Nigeria's National Blockchain Policy::Gates Closed on Congress

Overnighters,

Episode 540:
Rough Seas for Regional Banks
Nigeria's National Blockchain Policy
Gates Closed on Congress Crypto Owners?
and More

The TL;DL -

North Carolina House of Representatives Passes Bill to Ban CBDC Payments-The North Carolina House of Representatives unanimously passed a bill on May 3 that would prohibit the state from accepting payments in the form of central bank digital currencies (CBDCs). The bill now moves to the state Senate for consideration. If passed and signed into law, North Carolina would become the first state in the U.S. to ban CBDC payments.

Shares of several regional banks in the United States plunged in after-hours trading on May 3-PacWest Bancorp's shares fell a whopping 52.5%, while Western Alliance Bancorp fell 22.4%, Metropolitan fell 16.2% and Homestreet dropped 7.8%.
The sell-off comes amid growing concerns about the banking sector's health, following First Republic Bank's collapse in April.

Coinbase has stopped issuing new loans through its Borrow service-Borrow allowed users to borrow up to $1 million using their Bitcoin holdings as collateral, all with no credit check. Existing loans will remain active, but new users will not be able to take out loans through Borrow.

Nigeria approves national blockchain policy to boost economy-The policy aims to establish a blockchain-based economy and facilitate secure transactions, data sharing, and an exchange of value among individuals, businesses, and the government. The policy has the potential to help Nigeria become a leader in the blockchain industry and boost the country's economy.

FTX is seeking to claw back nearly $4 billion from Genesis Global Capital-The bankrupt crypto exchange claims that Genesis was "largely repaid" the nearly $8 billion in loans it made to Alameda Research in the weeks leading up to FTX's bankruptcy in November. FTX is now trying to get back those funds to help pay back its creditors.

The SEC has removed a definition of "digital asset" from its latest hedge fund rule-The SEC's decision does not mean that digital assets are not subject to regulation, and the agency has said it will continue to apply existing securities laws to digital assets. However, the lack of clarity from the SEC is frustrating for many in the crypto community, and it is unclear how the SEC will ultimately regulate digital assets.

A bipartisan group of lawmakers introduced a bill that would prohibit members of Congress and their spouses from trading or owning certain financial instruments, including cryptocurrencies-The bill is called the Bipartisan Restoring Faith in Government Act, and it is a sign of growing momentum for reform on this issue.

(5/4/2023)-Welcome back to the Crypto Overnighter. My name is Nikodemus, I’ll be your host as we take a nightly look at the crypto, NFT, and metaverse space and the industry surrounding it. And keep in mind, nothing in this show should ever be considered financial advice.

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