Federal Reserve

Brian Brooks – CEO of blockchain technology company BitFury – recently spoke on the state of the economy, crypto markets, and the regulatory situation. He said that both the Federal Reserve and SEC’s approaches to markets harm Bitcoin in the short term.  Bitcoin VS The SEC During an interview with CNBC on Monday, Joe Kernen began by asking Brooks whether regulation was a net cost or benefit for crypto. He specifically referenced Securities and Exchange Commission (SEC) Chairman Gary Gensler,…

The Federal Reserve Board of the United States recently surveyed 80 banks on their future financial and investment expectations. A majority of respondents displayed little interest in investing in distributed ledger technology (DLT) in the near term. Just a quarter of surveyed banks called DLT-related investment a “medium” or “high” priority within the next 2 years. Meanwhile, 22% called it “low priority,” while 33% said it was no priority at all. On a 2 to 5-year timeframe, the results were…

The US Consumer Price Index (CPI) increased by 1.3% in June, ramping up speed from May’s 1.0% increase. This brings annual CPI up from 8.6% to 9.1%, breaking yet another 40-year high. As the Bureau of Labor Statistics reported on Wednesday, June experienced a “broad-based” price increase across gasoline, shelter, and food alike. Specifically, the energy index rose by 7.5% – up from 3.9% in May. This alone accounted for half of the all items index increase. Meanwhile, the food…

Lael Brainard – Vice Chairwoman of the Federal Reserve – said the latest crypto market bloodbath “highlights the urgent need” for industry regulation. She claims it must begin to comply with existing financial regulations, mirroring the views of the Securities and Exchange Commission (SEC).  Ensuring Financial Stability Brainard made her comments during a speech at the Bank of England Conference in London on Friday.  “Future financial resilience will be greatly enhanced if we ensure the regulatory perimeter encompasses the crypto…

Lael Brainard – vice chairwoman of the Federal Reserve – showed support for a US CBDC at the House Financial Services Committee hearing on Thursday. She believes one could bring more efficiency to the financial system, but Republicans are staunchly opposed. Potential Need for a CBDC In advance of the hearing, Brainard issued a written statement discussing the pros and cons of a CBDC in the United States. When framing her argument, she first acknowledged the recent instability of private…

US President Joe Biden has declared his plan to appoint Michael Barr as the new vice-chairman for Federal Reserve Supervision. According to the statement, Biden said that Michael possesses the essential experience required for the crucial position. Michael Barr is well-known for being part of the board of advisors for Ripple Labs, a distributed payment technology company. The nomination follows Sarah Raskin's withdrawal from the same position due to severe opposition in the Senate last month. Of late, the central…

The Federal Reserve recently released its discussion paper examining the costs and benefits of CBDC implementation in the United States. While inviting questions from the public, it marks the first official discussion from the central bank on how such a technology could improve domestic payments. A United States CBDC As released on the Fed’s website yesterday, the paper does not favour any particular policy outcome. Instead, it simply weighs existing payment infrastructure against the emerging cryptocurrency sphere and analyzes how…

Bloomberg analyst cautioned investors not to bet against the Fed, as he sees markets dropping 10-20%. However, he also sees a silver lining for Bitcoin, but not for altcoins. On Tuesday, Mike McGlone, the Senior Commodity Strategist for Bloomberg, appeared on the Wolf of All Streets podcast. There, he cautioned both stock and crypto investors against risk bets. Namely, he believes that the Federal Reserve is serious about raising interest rates. Unfortunately, that's a move that will likely hurt risk…

Bitcoin crashed, together with other cryptos, on news that rate hikes may come sooner than expected. The crypto fear and greed index tipped to extreme fear as the oldest crypto dropped below $43,000. Other cryptos followed, with Ethereum dropping 12%, to $3,300. Most other major cryptos also posted losses in the double digits. Binance coin dropped to $460, down 10%. Solana dipped almost 13%, below $150, while Cardano dropped to $1.21, almost 10%. In total, the crash wiped out $200 billion in…