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Share link:In this post: Jerome Powell has agreed to resign as Fed Chair after sustained pressure from President Trump and his cabinet. Trump demanded a 300 bps rate cut, claiming it could save the U.S. over $1 trillion annually. The White House attacked Powell over a $2.5B renovation of the Fed’s Eccles Building.
Share link:In this post: Russian crypto criminal seeks U.S. President Trump’s pardon. Crypto exchange Bitzlato founder hopes to escape extradition to France. Anatoly Legkodymov served his sentence in America but may face more prison time in Europe.
Share link:In this post: Wall Street fell Friday, with the Dow down 297 points and the S&P 500 slipping 0.3%. The bond market is collapsing, with 10-year yields above 4.40% and on track for the worst decade. Jerome Powell is stepping down as Fed Chair, and volatility just saw its sharpest drop since 1987.
Share link:In this post: Global oil supply growth outpaces demand growth, but indicators point to tighter market conditions. Summer travel and higher power generation are boosting refinery runs and consuming spare barrels despite OPEC+ hikes. IEA expects the weakest demand growth since 2009 outside the pandemic, while its forecast trails OPEC’s projection.
- 05:52Peter Schiff: A September Rate Cut Is Not a Foregone Conclusion, Inflation May Exceed ExpectationsEconomist and cryptocurrency critic Peter Schiff stated: "A rate cut in September is not a certainty, as the inflation data to be released before the next Federal Reserve meeting may come in higher than expected. The market is rising on expectations of a rate cut, but this actually reduces the likelihood of a cut. Stronger inflationary pressures will outweigh the impact of slowing job growth."
- 05:52US SEC Updates Accounting Guidelines for Dollar Stablecoins, Some Stablecoins May Be Classified as "Cash Equivalents"According to ChainCatcher, the U.S. Securities and Exchange Commission (SEC) has updated its staff guidance on accounting rules for stablecoins. The core of the new guidance states that if a U.S. dollar-pegged stablecoin has a guaranteed redemption mechanism and its value stability is linked to another class of assets, it may be classified as a "cash equivalent." While the SEC is formulating broader cryptocurrency regulatory rules, this latest interim guidance is part of Chairman Paul Atkins' efforts to lift restrictive measures. For example, in April of this year, the SEC clarified that "covered" U.S. dollar stablecoins are not considered securities and confirmed that entities engaged in the issuance and redemption of such stablecoins do not need to register these activities with the agency.
- 05:46Animoca Brands Co-Founder: Plans to Repurchase TOWER Tokens on the Open MarketAccording to Jinse Finance, Yat Siu, co-founder and executive chairman of Animoca Brands, announced on the X platform: "We are making a public commitment to support the Tower ecosystem, with the first initiatives including the launch of a token buyback. The Web3 gaming sector is vibrant and crucial to the development of on-chain economies. As stated in our announcement regarding CTA earlier this year, we will purchase TOWER tokens on the open market."