Author: Max Bauer
Federal Reserve policymakers indicated on Thursday that further interest rate cuts are likely in the coming months, citing signs of cooling inflation and a robust but potentially weakening job market. However, one official suggested that skipping a rate cut in November might be an option. Data released earlier in the day showed that consumer price inflation fell to 2.4% in September from 2.5% in August, and weekly jobless claims rose unexpectedly. Federal Reserve Bank of Chicago President Austan Goolsbee said that the central bank is aiming to maintain the current economic conditions and that rate cuts will be gradual. “The…
The U.S. Securities and Exchange Commission (SEC) has filed a complaint against Cumberland DRW LLC, alleging that the Chicago-based cryptocurrency trading firm acted as an unregistered dealer in the sale of $2 billion worth of digital assets. The SEC’s complaint, filed in the Southern District of New York, alleges that Cumberland DRW engaged in “dealer activity” in various cryptocurrencies, including Bitcoin and Ethereum, without registering with the SEC as a broker-dealer. The agency argues that the company’s actions violated Section 15(a) of the Securities Exchange Act of 1934. “Despite frequent protestations by the industry that sales of crypto assets are…
Ripple Labs Inc. has filed a cross-appeal with the U.S. Court of Appeals for the Second Circuit in its ongoing legal battle with the Securities and Exchange Commission (SEC). Ripple’s Stuart Alderoty Posts About the Appeal According to Ripple Chief Legal Officer Stuart Alderoty, the cross-appeal aims to solidify the company’s position and ensure that all key arguments are addressed. “The SEC lost on all key points—that’s why they appealed,” Alderoty stated in a press release. “Today, Ripple filed a cross-appeal to ensure nothing’s left on the table.” A cross-appeal is a legal maneuver where both parties in a lawsuit…
In a recent legal filing, the US government has suggested that the crypto exchange Bitfinex may be the only victim of a 2016 hack perpetrated by Ilya Lichtenstein and Heather Morgan. However, the government has also requested the court to open a pathway for Bitfinex customers to potentially submit claims. According to the US Attorney for the District of Columbia, “The government is not aware of any person who qualifies as a victim under the CVRA [Crime Victims’ Rights Act] or for restitution under the MVRA [Mandatory Victim Restitution Act], beyond perhaps Bitfinex.” Both Lichtenstein and Morgan, as well as…
The Chinese government is reportedly liquidating the remaining Ethereum (ETH) seized from the multibillion-dollar PlusToken ponzi scheme, causing minor dips in the cryptocurrency market. Seized Ethereum Started Transferring According to Onchain Data In early August, the dormant Ethereum tokens, which had been inactive since 2021, were reactivated on the blockchain. Over the past 24 hours, approximately 7,000 ETH out of the remaining 542,000 ETH ($1.3 billion) has been transferred to exchanges, indicating an intention to sell the remaining tokens. PlusToken, a massive MLM crypto ponzi scheme, operated from early 2018 until June 2019 when its masterminds were arrested by Chinese…
Renowned economist Tyler Cowen has suggested that Ethereum founder Vitalik Buterin is a strong candidate for the Nobel Prize in Economics. Cowen compared Ethereum’s transition from Proof-of-Work (POW) to Proof-of-Stake (POS) to changing tires while a car is driving, highlighting the complexity and significance of the achievement. While Cowen believes Buterin is a worthy contender, he also acknowledged that Satoshi Nakamoto, the anonymous creator of Bitcoin, should have been considered for the prize had they been alive. Cowen noted that none of the economists who have received the Nobel Prize have made any significant contributions to the field of cryptocurrency.…
US prosecutors on Wednesday announced the first criminal charges against financial services firms operating in the cryptocurrency sector. Four companies – Gotbit, ZM Quant, CLS Global, and MyTrade – along with 14 individuals, have been accused of market manipulation and sham trading. Federal prosecutors in Boston filed charges against the firms and their leaders and employees, which also led to arrests in several countries. Five individuals involved in the case have already agreed to plead guilty or have already done so.
The Federal Reserve released minutes from its September meeting, revealing that while officials believe the risks of high inflation have diminished, they remain cautious about prematurely or excessively reducing policy restrictions. Several participants expressed concerns that easing monetary policy too quickly could hinder progress in combating inflation. The minutes noted that the staff’s outlook for the economy remained “solid,” although growth projections for the second half of 2024 were revised downward due to weaker-than-expected labor market indicators. Uncertainty about the long-term neutral interest rate level was cited by some participants as a complicating factor in assessing the appropriate extent of…
Animoca Brands, a global leader in digital entertainment and blockchain gaming, has revealed its intention to purchase additional PROS tokens from the open market, signaling its support for the evolving strategic direction of Prosper. The announcement was made via the company’s official blog. PROS is the utility token of Prosper, a platform that aims to bring institutional-grade Bitcoin mining power on-chain, offering exposure to the Bitcoin hashrate and broader ecosystem. The token has a current circulating market capitalization of $10 million USD. Animoca Brands’ decision to invest further into PROS reflects its growing interest in the Bitcoin ecosystem and its…
Canary Capital, a newly established cryptocurrency investment firm founded by Steven McClurg, the creator of Valkyrie Funds, has officially submitted an S-1 form with the Securities and Exchange Commission (SEC) to launch an XRP exchange-traded fund (ETF). In a statement to Fox Business, a spokesperson for Canary Capital expressed optimism about the potential for XRP ETF approval, citing the increasing demand from investors for exposure to cryptocurrencies beyond Bitcoin and Ethereum. The firm highlighted XRP’s role as a foundational asset in the blockchain ecosystem, particularly for enterprise-grade solutions. Nate Geraci, President of The ETF Store, echoed this sentiment, suggesting that…