State Street Crypto Division - Texas Banks Crypto Custody - Arrington XRP Cap $100M Algorand

State Street, a U.S. custody bank that oversees about $40 trillion in assets, has launched a cryptocurrency division. State-chartered banks in Texas have been given the green light to custody crypto assets on behalf of their customers, a state regulator announced Thursday. Michael Arrington’s crypto venture-capital firm, Arrington Capital Management, is launching a $100 million fund for bets on projects building on the Algorand blockchain. Michael tweeted that Algorand and XRP can work together. Indian newspaper The New Indian Express headlines with India may move to classify to make Bitcoin an asset class. A proposed Financial Crimes Enforcement Network (FinCEN) counterparty rule would impose a heavy burden on cryptocurrency firms but may not actually combat illicit activity, Sen. Pat Toomey (R-Pa.) wrote in a letter to Treasury Secretary Janet Yellen. Nigeria may launch a central bank digital currency (CBDC) by the end of 2021, according to a central bank official.

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