Statements from Fed Chairman Powell
- Fed Chair Powell stated that inflation is close to the 2% target but still above it, adding that they are waiting for more data before cutting interest rates. Emphasizing that tariffs could increase inflation and create economic pressure, Powell said they will not rush to cut interest rates as long as strong economic data continues. He reiterated that interest rates could remain unchanged until September.
- Powell stated that the US economy is not in recession and that the Atlanta Fed’s GDP model also supports growth. He said that if there is a weakening in inflation data or a deterioration in the labor market, interest rates could be cut earlier. He also said he welcomed progress on stablecoin regulations.
- Powell emphasized that banks can provide services to the crypto sector, but that these activities should not jeopardize the security of the financial system. He stated that the main reason for the Fed’s decision not to cut interest rates is the expectation that inflation could rise again this year.
Trump: Israel Will Not Strike Iran, Ceasefire Remains in Effect
Trump said on Truth Social, “Israel will not strike Iran, the planes will return.” However, according to Axios, Trump asked Netanyahu to refrain from attacking Iran. Netanyahu said that Iran must respond to any ceasefire violations. As a result, the attack plan was scaled back and many targets were canceled.
US Senate Republican Senators Publish Cryptocurrency Market Structure Principles
The US Senate Banking Committee published the Cryptocurrency Market Structure Principles document, signed by Republican senators including Tim Scott and Lummis. The document outlines the framework for future draft legislation.
New York Mayor Eric Adams Unveils Crypto Plan
During the Democratic primary, Eric Adams criticized former Governor Andrew Cuomo’s crypto policies and announced that he would establish a committee to support crypto initiatives at the municipal level. Adams said he wants to establish a system that supports the use of crypto for city services and launch digital asset education in schools.
Chainlink Partners with Mastercard: 3 Billion Credit Cards to Buy Crypto on-Chain
Chainlink’s new partnership with Mastercard will enable over 3 billion cardholders to purchase cryptocurrencies on-chain. The process will be integrated with services such as Shift4, Zerohash, XSwap, and Uniswap, and will utilize Chainlink’s cross-chain protocol.
NYSE Arca Files Application for Truth Social Bitcoin and Ethereum ETF
NYSE Arca has filed a 19b-4 application with the SEC for a Truth Social Bitcoin and Ethereum ETF. The application aims to enable ETF trading through Truth Social, the social media platform owned by former President Trump.
The Blockchain Group Strengthens Bitcoin Reserve Strategy with €4.1 Million Capital Increase
The Blockchain Group, based in Europe, has raised 4.1 million euros in capital through a partnership with TOBAM. The company plans to use these funds to advance its Bitcoin reserve strategy.
Arizona Passes Bitcoin Reserve Law
The State of Arizona has approved HB2324, a bill that includes the creation of a Bitcoin reserve fund made up of assets seized from criminal proceeds. If signed by Governor Hobbs, this will be the second Bitcoin reserve law passed in the state.
Strong Inflows into Bitcoin and Ethereum ETFs Continue
- A total of $589 million in net inflows were recorded for Bitcoin spot ETFs. The highest daily net inflow was $436 million into Blackrock’s IBIT ETF.
- Ethereum spot ETFs saw a net inflow of $71.2 million. Blackrock’s ETHA ETF received $97.9 million in inflows, while Fidelity’s FETH ETF experienced a net outflow of $26.7 million.
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