Federal Reserve Governor Christopher Waller has, in remarks prepared for a conference in San Francisco, said that stablecoins possess the potential to reinforce the U.S. dollar’s international role, though their success will depend on solid business use cases and a cohesive regulatory environment.

Popular trading platform Robinhood delivered a robust fourth-quarter performance that exceeded analysts’ forecasts for both its earnings and revenue, and could have a positive effect on Coinbase.

The Cboe BZX Exchange has filed with the U.S. Securities and Exchange Commission to allow staking of ether for the 21Shares Core Ethereum ETF.

Top stories in the Crypto Roundup today:

• Stablecoins Could Bolster Dollar’s Role, Fed’s Waller Says
• Robinhood Reports 700% Increase in Crypto-Related Revenue
• Cboe Seeks Approval for Ethereum Staking in 21Shares ETP

Stablecoins Could Bolster Dollar’s Role, Fed’s Waller Says

Federal Reserve Governor Christopher Waller has, in remarks prepared for a conference in San Francisco, said that stablecoins possess the potential to reinforce the U.S. dollar’s international role, though their success will depend on solid business use cases and a cohesive regulatory environment.

“The stablecoin market would benefit from a US regulatory and supervisory framework that addresses stablecoin risks directly, fully and narrowly,” Waller said, emphasizing that a framework should ”allow both non-banks and banks to issue regulated stablecoins and should consider the effects of regulation on the payments landscape.”

Waller pointed out that stablecoins are subject to run risk, in comments that come amid growing legislative activity after a bipartisan group of senators introduces legislation to provide a regulatory framework for stablecoins.

The framework would include a requirement for these tokens to maintain one-to-one reserves and compliance with anti-money laundering regulations. Waller added:

“The emergence of different global stablecoin regulatory regimes creates the potential for conflicting regulation domestically and internationally. This regulatory fragmentation could make it difficult for US dollar stablecoin issuers to operate at a global scale.”

He added that there is “risk that state regulations may conflict,” which he said could prevent the use of the same stablecoin across all states and as a result, reduce its scalability.

Robinhood Reports 700% Increase in Crypto-Related Revenue

Popular trading platform Robinhood delivered a robust fourth-quarter performance that exceeded analysts’ forecasts for both its earnings and revenue, and could have a positive effect on Coinbase.

Robinhood’s revenue rose 115% year-over-year to $1.01 billion, beating the $945.8 million expected by analysts, according to data from FactSet. The growth was largely driven by a 200% surge in transaction-based revenue, boosted by an extraordinary 700% increase in crypto-related revenue.

These results have heightened optimism surrounding Coinbase, as both platforms cater to a similar client base and receive most of their revenue in trading fees. Analysts expect Coinbase to post one of its best quarters over the effects of the elections of crypto-friendly President Donald Trump.

Robinhood reported earnings per share of $1.01, above the $0.42 estimate from analysts. Coinbase is expected to report revenue of $1.8 billion, up from $1.26 billion in the third quarter of the year.

Cboe Seeks Approval for Ethereum Staking in 21Shares ETP

The Cboe BZX Exchange has filed with the U.S. Securities and Exchange Commission to allow staking of ether for the 21Shares Core Ethereum ETF.

The filing, a form 19b-4, outlines the proposed amendment to the ETF’s documentation, designed to allow the fund to stake its ether holdings, which would generate revenue by helping secure the Ethereum blockchain.

The filing reads:

"Based on discussions with the Sponsor, the Exchange proposes to amend several portions of the Eth ETP Amendment No. 2, as amended, in order to allow the staking of the Ethereum held by the Trust.”

James Seyffart, a Bloomberg Intelligence ETF analyst, has suggested it’s the first filing with the SEC to allow for staking in a fund.

State of the Crypto by Top Tier Exchange Volume

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