According to Odaily, Federal Reserve Chair Jerome Powell recently addressed questions regarding the institution's stance on holding Bitcoin reserves. Powell clarified that the Federal Reserve is not permitted to hold Bitcoin and expressed no desire to alter existing laws to accommodate such holdings. This statement underscores the Federal Reserve's current policy and regulatory framework concerning cryptocurrency reserves.

Powell's remarks come amid ongoing discussions about the role of digital currencies in the global financial system. As central banks worldwide explore the potential of digital currencies, the Federal Reserve maintains its position on Bitcoin, emphasizing adherence to current legal and regulatory standards. This stance reflects a cautious approach to integrating cryptocurrencies into traditional financial systems, highlighting the complexities and challenges associated with such a transition.

The Federal Reserve's position on Bitcoin is consistent with its broader strategy of ensuring financial stability and regulatory compliance. By not holding Bitcoin, the institution aims to mitigate risks associated with the volatility and regulatory uncertainties of cryptocurrencies. Powell's comments reinforce the Federal Reserve's commitment to maintaining a stable and secure financial environment, prioritizing established monetary policies over the adoption of emerging digital assets.

According to Odaily, a public document reveals that the Bitcoin Policy Institute in the United States has drafted an executive order aimed at designating Bitcoin as a strategic reserve asset. This proposed order is structured to take effect immediately upon being signed by Donald Trump on his first day in office.

The document outlines the potential implications of such a designation, emphasizing the strategic importance of Bitcoin in the national reserve framework. The proposal suggests that recognizing Bitcoin as a strategic asset could enhance the country's financial stability and security. This move is seen as a significant step in integrating digital currencies into the broader economic strategy of the nation.

The executive order, if enacted, would mark a pivotal shift in the U.S. government's approach to digital currencies, potentially setting a precedent for other nations to follow. The Bitcoin Policy Institute's initiative underscores the growing recognition of cryptocurrencies in global financial systems and their potential role in national economic strategies.

According to Cointelegraph, United States President Joe Biden has expressed support for measures to prohibit members of Congress from engaging in stock trading while in office. This stance was reportedly shared during an interview with the labor advocacy group A More Perfect Union, set to be released soon. President Biden emphasized that no member of Congress should profit from stock market activities during their tenure.

President Biden has previously refrained from commenting on legislative efforts aimed at restricting or banning stock trading by Congress members. These proposed laws have garnered bipartisan backing in past congressional sessions. In July, both the House of Representatives and the Senate supported an agreement to prevent the President, Vice President, and Congress members from trading or selling various financial instruments, including securities, commodities, futures, options, trusts, and similar holdings.

The proposed ban could also encompass cryptocurrency transactions, as many Congress members have disclosed holdings in digital assets under the Stop Trading on Congressional Knowledge (STOCK) Act, enacted in 2012. President Biden, who served as a senator for Delaware from 1973 to 2009, stated that he relied solely on his Senate salary and did not engage in stock market trading. While he has not extensively addressed cryptocurrency during his presidency, he did issue an executive order in 2022 to establish a regulatory framework for digital assets.

Concerns about potential conflicts of interest have arisen, particularly with President-elect Donald Trump, who reportedly holds significant cryptocurrency assets. Trump, along with other lawmakers, has been supported by the crypto industry in the 2024 election. Experts have raised questions about whether their priorities in office might align more with personal financial interests and supporters rather than the broader American public. Trump has not indicated plans to divest from his businesses before his inauguration on January 20.

Additionally, Trump has announced intentions to appoint an "AI and crypto czar" and has allowed Tesla CEO Elon Musk and Vivek Ramaswamy to proceed with establishing an advisory commission on government efficiency, named after the meme token Dogecoin (DOGE). Senator Cynthia Lummis, known for her Bitcoin holdings, has proposed legislation for the US to create a strategic Bitcoin reserve, a move experts believe could drive up the cryptocurrency's price.

The report did not clarify whether President Biden would support extending the stock trading ban to the nine justices of the US Supreme Court, who are currently permitted to trade stocks but face potential conflicts of interest if they do not recuse themselves from relevant cases.

According to Odaily, the U.S. Treasury announced on Tuesday the closure of a North Korean cryptocurrency laundering network. This network was responsible for laundering millions of dollars for North Korea, a significant player in global crypto-related crimes. The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department released a statement revealing that a front company based in the United Arab Emirates, named Green Alpine Trading, LLC, was involved in converting cryptocurrency into cash to fund North Korea.

The action taken by the U.S. Treasury highlights ongoing efforts to combat illicit financial activities linked to North Korea. The network's dismantling is part of a broader strategy to curb the financial resources that support North Korea's activities, which often include cybercrime and other illegal operations. By targeting entities like Green Alpine Trading, LLC, the U.S. aims to disrupt the financial channels that facilitate these activities, thereby reducing the threat posed by North Korea's involvement in global cryptocurrency crimes.

According to BlockBeats, the Senate Banking Committee has decided to withdraw the nomination of Caroline Crenshaw for the position of SEC Commissioner. This decision comes as the committee assistant announced the cancellation of the scheduled vote due to insufficient legislative time in the Senate.

Crenshaw has been a vocal critic of approving Bitcoin spot ETFs, citing concerns over fraud and manipulation risks in the Bitcoin spot market. In her statement from January 2024, she emphasized that the lack of investor protection is a primary reason for her opposition. Crenshaw argued that these products do not meet the regulatory standards of traditional ETFs and could potentially harm investors.

While SEC Chairman Gary Gensler is known for his stringent approach to cryptocurrency regulation, Crenshaw's stance is considered even more stringent. She not only supports Gensler's policies but has also shown greater opposition on certain issues.