FameEX Morning Crypto News Recap | May 9, 2024

Robinhood's Crypto Trading Soars 224% in Q1 — SEC Action Deemed 'Disappointing'

During a Q1 earnings call, Robinhood CEO Vladimir Tenev described the SEC's Wells notice as a "disappointing development." Despite this setback, Robinhood announced a remarkable 224% increase in crypto trading volumes, reaching $36 billion. The firm achieved these numbers while under regulatory scrutiny from the U.S. securities regulator for its crypto listings and custodial operations.

House Passes Vote to Repeal SEC’s Anti-Crypto Banking Guidance SAB 121

On May 8, the House approved H.J. Res 109, a bipartisan bill that repeals the SEC's Special Accounting Bulletin (SAB 121). Introduced by Republican Congressman Mike Flood, the bill addresses the unfairness of SAB 121, which mandated banks to include customer crypto assets on balance sheets, a requirement not applied to traditional custodial assets like securities.

Rwandan Central Bank Moves Forward with Ambitious Retail CBDC Project

The National Bank of Rwanda (BNR) has finished a feasibility study on a retail CBDC and is now inviting public input. The BNR's goal is to develop a national digital currency that leverages advanced technology and is customized for local requirements. Rwanda is considering a tokenized retail CBDC with offline functionality as it transitions to a cashless society.

Donald Trump to Hold NFT Dinner with Crypto Enthusiasts Between Court Dates

On May 8, those who purchased Donald Trump's "Mugshot" NFTs for a minimum of $4,653 will attend a dinner with him at his Mar-a-Lago residence in Florida. This event, heavily discussed across social media, meets the conditions of the sales agreement associated with these digital trading cards, which depict Trump's mug shot from his surrender at Fulton County Jail in Georgia.

Ex-CFTC Chair Advocates for Liberty-Based Values in CBDCs and Stablecoins

At the FT Live Crypto and Digital Assets Summit, J. Christian Giancarlo, former The United States Commodities and Futures Trading Commission (CFTC) Chair, highlighted the need for CBDCs and stablecoins to incorporate liberty-based values like privacy and censorship resistance. He stressed the importance of these features during his keynote address, advocating for their fundamental integration into the development of digital currencies.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​