Everything’s looking bright and rosy for the crypto’s future with good news from the Fed and New York. The Fed’s governor talked about the potential of stablecoins in retail. But he added it might take some work to increase its adoption.
New York could also relax its crypto regulations if its senator’s proposed bill passes.
This could put the state in a much more competitive position against other financial centers like London, Shanghai, Tokyo, and New York.
Of course, scammers are also lurking in the background to spoil the fun for everyone as crypto scams are on the rise.
In times like these, it is always a good idea to keep your hard-earned coins in a crypto wallet like Best Wallet and, while you’re at it, look at its $BEST presale token that’ll take the ecosystem to higher peaks.
We’ll cover all the details and more below, so read on.Â
Stablecoins Has a Future in Retail, Says Fed Gov
In a speech in San Francisco on Wednesday, US Federal Reserve Governor Christopher Waller discussed stablecoins, including its promise in retail payments.
He referred to stablecoins as having ‘the potential to improve retail and cross-border payments.’
It may take years, though, before stablecoins become widely adopted, according to Waller.
He said that it ‘would require both a substantial number of consumers to shift their preferences toward using stablecoins and a significant number of businesses to make necessary investments to receive payments via stablecoins.’
To help speed up stablecoin adoption in retail, Waller identified having more consistent regulations between governments as one solution. ‘A complementary framework with state and federal regulators working together can allow innovation to flourish while achieving some of the benefits of scale that come with a harmonized set of market rules.’
New York to Review Its Crypto Regulations
New York state is widely recognized as having one of the most stringent crypto regulations in the United States.
Currently, the New York Department of Financial Services (NYDFS) regulates crypto businesses with requirements like a BitLicense or a limited-purpose trust charter. But that could change in the next several years.Â
Sen. James Sanders Jr. proposed the creation of a crypto task force that would review its regulations on crypto. This move is seen to make New York, which Sanders sees as the financial capital of the world, competitive against other cities, like London, Shanghai, Tokyo, and Hong Kong.
The change won’t happen overnight since it’s still being reviewed. If it passes, the task force’s 17-member panel won’t submit their findings until 2027. Yet, it’s a great start and definitely worth watching out for.
But we can’t completely discount the risks with crypto.
A recent report by blockchain analytics firm Chainalysis revealed that crypto-related fraud and scams are becoming more sophisticated. This includes using AI or phishing scams with crypto drainers that steal funds from a victim’s crypto wallet.
Best Wallet Presale: Invest in the Best Non-Custodial Wallet Ecosystem
Fraud and scams won’t go away completely. But it’s important is always be aware of these and use trusted tools to keep your crypto secure.
One of these tools is a crypto wallet. Best Wallet is currently the gold standard in keeping your digital tokens away from the hands of scammers, and it just so happens it’s launched the $BEST token on presale.
If you’re new to investing in crypto, you’ll immediately feel right at home with Best Wallet. It’s easy to use—you can get started right away without submitting your ID or going through the hoops of KYCs.
Whether you want to keep your Bitcoin ($BTC), Ethereum ($ETH), Solana ($SOL), altcoins, or even meme coins, you can store and trade all of them in Best Wallet.
It has plenty of features too for more seasoned investors. You can buy, deposit, swap, stake, spend, join the best presales, and more all through the Best Wallet app. As your crypto portfolio grows, you can manage it within the app. Everything is only a few taps away on your mobile device.
While scammers will still try to get their hands on your digital currencies, Best Wallet has some of the toughest safeguards to keep them at bay. For one, it vets the coins in its ecosystem to protect you from scams. It also uses advanced cryptographic techniques to protect the funds within your wallet.
The presale has raised almost $10M, with a token price of $0.023975 and over 157M tokens staked for a 169% APY. This means the presale’s garnering significant investor interest, especially from traders in its long-term potential.
Given the wallet ecosystem is primed to capture over 40% of the $11B non-custodial wallet market, we’d say the $BEST presale should explode pretty soon.
A Friendly Advice on Crypto Investing
The crypto market is highly volatile. While this sets you up for huge potential gains, there’s also the potential for huge losses. That’s why only invest what you can afford to lose and always do your research before you invest.
The information in this article is for educational purposes only and does not constitute financial advice.
