TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. The US is planning a $6 trillion initial total stimulus package, according to the White House. T-Bills now yielding negative interest. Binance launches $5 million campaign against coronavirus. IOSCO states global cryptocurrencies can apply for securities legislation. BTC experienced second biggest difficulty adjustment, and Coinbase wallet integrates DeFi functions.
$6 Trillion Destined for Coronavirus Stimulus Package
White House Director of the National Economic Council, Larry Kudlow, clarified the amount of money to be invested in the coronavirus stimulus package. Kudlow stated more than $6 trillion dollars will be used to fight the coming economic slump, with $2 trillion dollars being assigned directly to Americans for assistance, and $4 trillion to increase Federal Reserve lending power. Kudlow remarked the US is heading for a “rough period,” but he thinks it’s “just going to be weeks” of economic pain, hopefully, at most.
T-Bills Yielding Negative Interest
Some Treasury Bills (known as T-Bills) are now yielding negative interest depending on their terms. Interest for one month and three month T-Bills dropped below 0 last Wednesday, as a result of investors running to the safety of high liquidity assets in the midst of a highly volatile market period. This is the result of measures taken by the Federal Reserve that have caused loss of confidence in cash. The US now joins other countries like Japan whose debt also yields negative interests.
Binance $5 Million Campaign Against Coronavirus
Binance Charity, the philanthropic arm of Binance, started a funding initiative to help stop the coronavirus outbreak. Dubbed “Crypto Against COVID,” Binance is seeking to raise at least $5 million to be used in aiding countries that were hit worst by the coronavirus pandemic, principally Italy, Germany, Spain, South Korea, Iran, Turkey, U.S., and the U.K. Binance already donated more than $1.4 million worth of medical supplies and masks in their “Binance for Wuhan” campaign back in February.
IOSCO States Global Stablecoins Might Apply for Securities Regulations
IOSCO, the International Organization of Securities Commissions, published a new report stating stablecoins might be considered securities. The case in the report presented a stablecoin backed by a basket of currencies (like Facebook’s proposed Libra), and found such an arrangement “could potentially amount to regulated payment and banking activities or even regulated payment systems.” This could lead to the stablecoin reserve fund amounting to “various types of securities products, depending on their structure and function.”
BTC Experienced Historic Difficulty Adjustment Change
Yesterday, BTC experienced one of the most important difficulty adjustments of all time, with the mining difficulty adjusting downward by more than 15%. The network balanced the amount of hashrate lost due to the BTC speculative price drop earlier this month. The adjustment will provide relief to ailing miners who were incapable of maintaining block times at 10 minutes. Miners will still have to face the upcoming halving of block rewards event in less than three months, when it reduce to 6.25 coins per block.
Coinbase Wallet Introduces DeFi Integration
Coinbase Wallet, the non custodial wallet of the exchange, introduced DeFi integrations. While Coinbase users could employ dApps from an integrated browser, it was not practical to compare interest and revenue between DeFi lenders. The new interface lets users visualize the different smart contract providers and pick the one that offers the best APR for the token or cryptocurrency being loaned, displaying the collateral and the risk of every provider.
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