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[ The Federal Reserve keeps interest rates unchanged, and the dot plot suggests one rate cut this year]
The Federal Reserve kept its benchmark interest rate unchanged at 5.25%-5.50% for the seventh consecutive time, in line with market expectations.
The Fed's dot plot suggests a 25 basis point rate cut in 2024 (compared to a 75 basis point cut expected in March) and four rate cuts in 2025 (compared to three cuts expected in March).
[Source: Biden campaign is in talks to accept cryptocurrency donations through Coinbase Commerce ]
U.S. President Joe Biden’s campaign is in discussions with cryptocurrency industry players about accepting cryptocurrency donations through Coinbase Commerce, people familiar with the matter told The Block.
Coinbase Commerce, a payment service that allows merchants to accept dozens of cryptocurrencies, has already been supporting crypto donations for Republican candidate Donald Trump’s campaign, which began accepting digital currency contributions last month.
The discussion is the latest effort by the Biden campaign to explore how to win over cryptocurrency supporters ahead of the election, according to sources who requested anonymity due to the sensitivity of the discussion. One source told The Block that the Biden team may be seeking to gain sponsorship from well-funded cryptocurrency supporters.
“They are looking at the problems in the crypto industry and trying to find quick wins to show they support the industry and they want to show they are not the enemy,” said one source who works with politicians and crypto industry leaders.
Terraform Labs agrees to pay $4.47 billion in SEC lawsuit
Cryptocurrency company Terraform Labs has agreed to pay a $4.47 billion fine in its lawsuit with the U.S. Securities and Exchange Commission (SEC), Bloomberg reported.
The SEC filed a "proposed final consent judgment" on Wednesday, asking U.S. District Court Judge Jed Rakoff of the Southern District of New York to approve the plan. Under the proposed judgment, Terraform would pay $3.58 billion in disgorgement, a $420 million civil penalty, and prohibit Do Kwon from becoming an officer or director of any public company.
[Data: Crypto projects have issued airdrops worth about $4 billion since the beginning of the year]
According to The Block, crypto projects have distributed approximately $4 billion worth of airdrops to users since the beginning of the year.
The three largest airdrops, based on the number of tokens issued and the average price, were Jupiter , Starknet , and Notcoin, each worth about $1 billion, followed by Solana and Ethereum-based projects such as Wormhole , Ether.fi , FriendTech, and Wen.
Multiple cryptocurrency airdrops are expected to take place this year, with Ethereum Layer 2 network ZKsync ’s airdrop set to take place next week. Solana-based decentralized exchange Zeta Markets’ airdrop will take place in June. Ethereum restaking protocol EigenLayer ’s airdrop has already begun, but tokens won’t be transferable until later this year. In addition, cross-chain messaging protocol LayerZero is still preparing for its airdrop, but there’s no clear date yet.
Equilibrium Group launches venture capital arm Equilibrium Ventures, plans to raise more than $30 million for its first fund
Blockchain engineering firm Equilibrium Group has launched its venture capital arm, Equilibrium Ventures, and its first early-stage fund, Equilibrium Ventures Fund I.
Mika Honkasalo, an investment partner at Equilibrium Ventures Fund I, told The Block that the company is seeking to raise 30 million euros (about 32.5 million U.S. dollars) and has raised about 20% (6.5 million U.S. dollars) in the first fundraising, and expects to complete the full fundraising by the end of this year. Honkasalo said that the fund's backers include Equilibrium Group itself, Sebastien Borget of The Sandbox, Mask Network and Jigeum Capital.
Honkasalo said they are looking to invest in startups that focus on technology and infrastructure, especially those working in the area of zero-knowledge fully homomorphic encryption and other new cryptographic technologies.
[ Coinbase report: The number of on-chain projects launched by Fortune 100 companies increased by 39% year-on-year and hit a record high in the first quarter]
Coinbase released a research report saying that the top US listed companies are busier than ever on the chain. The number of on-chain projects announced by Fortune 100 companies increased by 39% year-on-year and hit an all-time high in the first quarter of 2024.
Additionally, a survey of Fortune 500 executives found that 56% said their companies were working on on-chain projects. From the largest traditional brands to small businesses, from stablecoins to tokenized treasuries, trusted brands and products in the financial sector are embracing blockchain technology and cryptocurrencies, driving innovation and providing an onramp to widespread adoption. The increase in activity highlights the urgency of developing clear cryptocurrency rules that can help keep cryptocurrency developers and other talent in the United States.
Author: BitpushNews Mary Liu
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