Federal Reserve officials have asserted that stablecoin regulation is necessary and within their jurisdiction. Observers say the central bank's crypto guidance and policies governing master accounts offer blurry visions of what shape such regulation might take.

The managers of the bankrupt crypto exchange FTX sued the parents of co-founder and former CEO Sam Bankman-Fried to "recover millions of dollars in fraudulently transferred and misappropriated funds," according to a court filing.

The firm's investors include Visa and PayPal, as well as the Teacher Retirement System of Texas

The product will transform customers' deposits into digital tokens that can be sent instantly anywhere in the world, the company says.

While proponents of a central bank digital currency tout modernity and financial inclusion, House Financial Services Committee members of both parties fear lending could suffer under a digital dollar and are wary of handing the Federal Reserve even more power.

This week in global news, Ant gets bullish on AI, PayPal's stablecoin has a fan in the bitcoin world, and more.

Franklin Templeton has joined fellow asset manager powerhouses Fidelity and BlackRock in the race to win approval to offer the first U.S. exchange-traded fund that invests directly in bitcoin. 

Texas bitcoin miners, embroiled in a controversy over their energy-intensive operations, are shutting down most of their machines while the state grapples with its power crisis.

The Federal Reserve Board's vice chair for supervision called for the creation of a legislative and regulatory framework for overseeing dollar-pegged digital assets.

The Federal Reserve governor said the "risks and tradeoffs" associated with private and sovereign digital currencies need to be weighed carefully.