Daily Digest - 19th April 2023

Headlines

▌Intel Discontinued Bitcoin Mining Chip Series

Chip manufacturing giant Intel (INTC) is ending production of its line of bitcoin mining chips. "As we prioritize our investments in IDM 2.0, we have reached end-of-life for the Intel Blockscale 1000 series ASICs (application-specific integrated circuits) while we continue to support our Blockscale customers," said an Intel spokesperson. According to a document on Intel's website, no orders will be accepted after October 20, and the last batch will ship no later than April 20, 2024.

Policy

▌Speakers Prepare to Present Stablecoins to the U.S. House of Representatives Financial Services Committee

The U.S. House of Representatives Financial Services Committee will hold a hearing on stablecoin regulation on April 19. The hearing comes after the House of Representatives announced a new draft bill to provide a regulatory framework for stablecoins. Austin Campbell, managing partner at zero-knowledge consultancy, will say that stablecoins will broaden the dollar’s reach and increase financial inclusion if legislation doesn’t hinder its progress. Blockchain Association chief policy officer Jake Chervinsky called stablecoins a "revolutionary upgrade" to traditional payment systems. Chervinsky credited dollar-denominated stablecoins with increasing financial inclusion and preserving the dollar’s role in the international economy.

▌SEC Chairman Gensler seeks to link the bankruptcy of Silicon Valley Bank and Signature Bank to cryptocurrencies

SEC Chairman Gensler seeks to link Silicon Valley Bank and Signature Bank's bankruptcy to cryptocurrencies.

Cryptocurrency

▌Bank of New York Mellon: No intention to grow cryptocurrency-related deposits

Bank of New York Mellon: It has no intention of increasing cryptocurrency-related deposits, and does not consider the bank a "crypto bank".

▌SEC Chairman: US SEC needs more resources to regulate cryptocurrencies

US SEC Chairman Gary Gensler said that the US SEC needs more resources to regulate cryptocurrencies. The debt-ceiling impasse risks hurting U.S. Treasuries, and if the debt ceiling is not raised before the U.S. government slips into a technical default, "capital markets will be thrown into chaos."