FameEX Morning Crypto News Recap | September 18, 2023

Robert Kiyosaki, Author of Rich Dad Poor Dad, Declares Crypto as the Future and the Demise of Fiat Money

Robert Kiyosaki, the author of Rich Dad Poor Dad, believes that cryptocurrency represents the future while describing fiat currencies, like the U.S. dollar, as obsolete. He characterizes fiat money as fake and considers gold, silver, and bitcoin as more legitimate forms of currency, with bitcoin being "people's money."

Russia Contemplates Legalizing DeFi DAOs to Attract Liquidity to its Digital Asset Market

The Moscow Finance Ministry aims to legalize decentralized financial organizations, aiming to draw capital into Russia's regulated digital asset market. This move seeks to redirect liquidity from decentralized finance (DeFi) and crypto into Russian digital financial assets (DFAs).

Stablecoin Ecosystem Remains Resilient Amidst Sluggish Activity

The stablecoin market has shown little dynamism in the past month, with a consistent value around $124 billion. Over the last 24 hours, trading volume for fiat and commodity-backed tokens has amounted to $11.55 billion worldwide. This stability suggests a relatively subdued period for stablecoins in recent weeks, indicating minimal fluctuations in their market value.

Deutsche Bank Partners with Swiss Crypto Company to Provide Digital Asset Services

Deutsche Bank, Germany's largest bank, has joined forces with Swiss digital asset company Taurus to offer clients crypto custody and tokenization services. This strategic move reflects the growing importance of the digital asset sector, expected to hold trillions in assets, and is deemed a priority for both investors and corporations, according to Deutsche Bank's global head of Security Services.

American Bankers Association Expresses Concerns Over CBDC, Deeming It 'Unnecessary' and Risky for the US Financial System

The American Bankers Association (ABA), representing banks with $18 trillion in deposits and $11 trillion in loans, opposes a U.S. central bank digital currency (CBDC), deeming it "unnecessary" and a source of "unacceptable risks." They argue that the existing digital nature of the U.S. dollar negates the need for a CBDC.

Senator Elizabeth Warren's Cryptocurrency Legislation Garners Backing from U.S. Legislators

Nine U.S. legislators have endorsed the Digital Asset Anti-Money Laundering Act, reintroduced in Congress by Senators Elizabeth Warren, Roger Marshall, Joe Manchin, and Lindsey Graham. Critics argue that this crypto bill represents a significant challenge to the privacy and personal liberties of cryptocurrency users.