streamlined

Crypto journalist Eleanor Terrett revealed that the Federal Reserve has issued a notice for public comment and proposed rulemaking regarding payment accounts (i.e., "streamlined master accounts"), allowing eligible fintech and crypto companies to access the Federal Reserve's payment system for clearing and settlement. This is the next formal action following the end of the public comment period in February and the implementation process of payment accounts by Federal Reserve Governor Christopher Waller.The Federal Reserve also encourages regional Federal Reserve Banks to suspend processing new "Tier 3" master account access requests (most crypto companies fall into this category) until December 2026 to enhance system consistency while finalizing the framework.

According to The Block, Federal Reserve Governor Christopher Waller stated that the central bank plans to introduce a "streamlined master account" proposal by the end of 2026, which will provide limited access to the U.S. payment system for non-traditional financial institutions, but will not include features such as interest payments and discount window borrowing.Meanwhile, the legislative process for Congress's cryptocurrency market structure bill "Clarity" has stalled due to political divisions. Waller noted that as Bitcoin has fallen from its historical high of $126,000 to around $70,000, the "frenzy" in the cryptocurrency market triggered by the Trump administration is fading.

ChainCatcher news, according to crypto journalist Eleanor Terrett, Federal Reserve Governor Chris Waller announced at the Federal Reserve Bank's Payment Innovation Conference that the central bank proposed the introduction of a new type of restricted master account (referred to as the "streamlined master account"), allowing all legally compliant entities to directly access the Federal Reserve payment system without relying on partner banks.This streamlined master account does not provide all the services of a full master account, such as the ability to borrow from the Federal Reserve, but every legally compliant entity can apply, and the eligibility legal rules will not change. This initiative will enable the Federal Reserve to greenlight innovative banks, fintech companies, stablecoin issuers, and other payment companies. Eleanor Terrett stated that this move is significant for companies like Custodia Bank and Kraken, which have been trying for years to obtain a Federal Reserve master account, with Custodia even suing the Federal Reserve. Additionally, companies like Ripple and Anchorage, which applied this year, may also accelerate their eligibility for access as a result.

ChainCatcher news, Ethereum co-founder Vitalik Buterin posted on the X platform stating that the Ethereum team has performed exceptionally well this year, contributing in various ways to ensure the long-term scalability, decentralization, and resilience of Ethereum. All these ideas are expected to be ready for implementation while achieving key milestones in the short-term scaling roadmap.According to a retweeted post by Vitalik Buterin, Ethereum developers have proposed a minimal zkVM called "leanVM" suitable for streamlining Ethereum, which has been optimized for XMSS aggregation and recursion. Compared to Cairo, leanVM minimizes commitment costs with its four-instruction ISA, multi-linear STARK, and logup lookup.

ChainCatcher news, Solana-based derivatives protocol Zeta Markets has released a streamlined white paper for its DeFi Layer2 "Zeta X," with the mainnet expected to launch in the first quarter of 2025.It is reported that Zeta X aims to expand and redefine decentralized trading, matching the performance of centralized trading platforms.The official statement indicates that settlement and consensus (DA) will occur on the native Solana L1. Execution will be handled by an off-chain zkVM compatible matching engine, entirely written in Rust from the ground up, providing high throughput and speed. The Z token will serve as the native Gas token for transactions on the ZX rollup and will act as a reward mechanism for staking holders who perform key operations on Zeta X, among others.

ChainCatcher news, according to Jin10 citing sources, U.S. President Biden and House Speaker McCarthy are close to reaching an agreement on the U.S. debt ceiling, with a difference of only $70 billion in discretionary spending. The source and another person familiar with the negotiations stated that the final agreement is likely to be a streamlined deal containing several key figures, rather than a lengthy document spanning hundreds of pages that would require lawmakers days to draft, read, and vote on. (source link)

According to ChainCatcher, as reported by TechCrunch, Streamlined Ventures has announced that its fifth seed fund and third opportunity fund have raised $140 million in investments, with institutional investors, family offices, and high-net-worth individuals contributing $102 million to its fifth seed fund. This fund will invest in startups in the fields of data science, APIs, and Web2.5, while the third opportunity fund will receive approximately $36 million in funding.The venture capital firm currently manages a total of $325 million in assets. Its general partner, Ullas Naik, stated that Streamlined Ventures is currently in the "speculative phase" in the Web3 space. Although they have invested in a few companies, they are only focusing on those Web3 companies that have real value transfer, such as gaming and DeFi startups. Ullas Naik believes that the current barriers to entry in Web3 are somewhat high, and the firm is deploying capital at a much slower pace. (Source link)