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[ Fed Chairman Powell: The time for policy adjustment has come]
Fed Chairman Powell said in his speech today that the time has come for policy adjustment. We do not seek or welcome further labor market cooling. I am more confident that inflation will return to 2%.
The Fed is widely expected to cut interest rates at its September meeting. Powell's comments on Friday all but capped the Fed's historic anti-inflation campaign, coming two years after he said on the same stage he was willing to accept a recession as the price of lower inflation. Powell was far less ambiguous this time than he was in a news conference after the last meeting. At the time, Powell said the Fed needed more data before it could be confident that inflation was retreating. Friday's remarks suggest he now has that data.
[Analyst: The market finally got the "candy" sent by Powell, but it still takes time to digest]
WASIF LATIF, president and chief investment officer of Sarmaya Partners, said the market finally got the long-awaited "candy" from the Fed. In terms of rate cuts, the content of the recent forward guidance has mixed signals, depending on who is speaking at the Fed. But it is clear that Powell's speech represents the entire committee. Now that the Fed has made it clear that rate cuts are coming, the market is rejoicing. However, like many candies, there will be this immediate sugar shock, but we still need to go through a "digestion" process.
[U.S. crypto exchageKraken fails to dismiss SEC lawsuit against it]
U.S. cryptocurrency exchange Kraken has failed in its bid to dismiss a lawsuit filed against it by the U.S. Securities and Exchange Commission. “The SEC plausibly alleges that at least some of the cryptocurrency transactions Kraken conducted on its network constitute investment contracts and are therefore securities, and therefore subject to the securities laws,” U.S. District Judge William H. Orrick wrote in an opinion issued Friday in federal court in San Francisco.
On November 20, 2023, the SEC sued Kraken for failing to register to operate a securities exchange, broker-dealer, and clearing agency. The agency also claimed that the exchange commingled customer assets with its own assets and improperly handled customer information.
Kraken must respond to the lawsuit within 20 days and will propose a trial date on October 15, canceling the original January 14 date.
Robert Kennedy Jr. suspends campaign, says he will endorse Donald Trump
Crypto-friendly Robert Kennedy Jr. said he is suspending his campaign rather than ending it and will now support Donald Trump, with whom he agrees on many key issues.
[DCG: As of June, all short-term debts have been repaid, and the only remaining debt is Genesis 's $1.1 billion promissory note]
Digital Currency Group (DCG) announced in its quarterly shareholder letter this week that it had fully repaid its short-term debt as of June, having repaid more than $1 billion to creditors over the past 18 months, particularly buoyed by strong results in the first half of the year.
DCG said its only remaining debt is a $1.1 billion promissory note due in 2032 for its bankrupt crypto lending unit Genesis.
Genesis reportedly loaned 3AC billions of dollars worth of assets, causing it to suffer heavy losses. DCG helped its subsidiary stay afloat by lending cash and presenting a $1.1 billion promissory note. But a few months later, when FTX and its sister company Alameda Research collapsed in November, Genesis was forced to shut down withdrawals and enter bankruptcy proceedings.
[ Coinbase Chief Policy Officer: We have communicated with Harris’ team many times, covering issues such as innovation and consumer protection]
Coinbase Chief Policy Officer Faryar Shirzad published a post on the X platform revealing that he has communicated with the team of US Vice President Harris many times. As part of the efforts to repair the tensions in the encryption industry, the Harris team has been in contact with key players in the encryption industry. The exchanges between the two sides involved issues such as promoting American innovation, creating jobs and consumer protection. Although Harris has not yet clearly stated her position on encryption, recent campaign actions suggest that she may turn to the industry and is seeking to participate in the growing encryption industry.
[ JPMorgan Chase : Bitcoin mining opportunities are worth about $74 billion]
According to Coindesk, the latest research report from Wall Street investment bank JPMorgan Chase shows that based on the current Bitcoin price, the potential value of the remaining 1.3 million Bitcoins to be mined is approximately US$74 billion. The bank also lowered the target prices of CleanSpark (CLSK), Iren (IREN), Marathon Digital (MARA), and Riot Platforms (RIOT) to reflect the second quarter performance and changes in Bitcoin prices and network computing power.
JPMorgan Chase estimates that the block reward revenue opportunity over the next four years is about $37 billion, down 19% from early June but up 85% year-on-year. The bank expressed a preference for Iren and Riot Platforms, believing that the recent underperformance of these stocks provides investors with buying opportunities.
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