White House: Government Shutdown Caused More Serious Economic Impact Than Expected
White House National Economic Council Director Kevin Hassett announced that the government shutdown caused much more serious damage to the economy than expected. Hassett stated that the shutdown would reduce fourth-quarter GDP growth and could cause long-term structural damage to federal productivity. According to experts, if the shutdown continues, the loss of confidence and liquidity in the US economy could accelerate.
Fed Vice Chair Jefferson: “Interest Rates Are Close to Neutral”
- Fed Vice Chair Philip Jefferson stated that current interest rates are approaching neutral and emphasized “gradual progress.” Jefferson added that it is “still too early” to measure the economic impact of artificial intelligence.
- New York Fed President John Williams said fluctuations in the repo market indicate that reserves are approaching their adequacy limit. Williams stated that tools such as the Standing Repo Facility (SRF) will continue to balance liquidity in the money market.
Senate Still Unable to Reach Agreement on Crypto Legislation
Two bills related to the crypto market structure are still being debated in the U.S. Senate. It was reported that the session, initially planned to be completed before Thanksgiving, may be postponed until December. White House Crypto and Artificial Intelligence Advisor David Sacks announced progress on “a nearly finalized bipartisan draft” following discussions with Republican John Boozman and Democrat Cory Booker.
American Bitcoin Increases Assets to 4,004 BTC
American Bitcoin Corp. (Nasdaq: ABTC) has increased its total assets to 4,004 BTC, an increase of 139 BTC since October 24. This amount includes mining production and collateralized assets acquired through a partnership with Bitmain.
Block Inc. Raises Bitcoin Holdings to 8,780
According to BitcoinTreasuries.NET data, Block Inc. (SQ) purchased 88 BTC on November 7, raising its total holdings to 8,780 BTC. The company continues its Bitcoin strategy as a long-term reserve asset model.
USDC Treasury Mints $500 Million on Solana
According to Whale Alert data, the USDC Treasury minted a total of 500 million USDC in two separate transactions on the Solana network. This move aims to expand the stablecoin supply on Solana while supporting liquidity flow.
Commonware Completes $25 Million Funding Round
Blockchain infrastructure firm Commonware has successfully completed a $25 million investment round led by Tempo Capital. The company will use these funds to expand its team and accelerate blockchain products focused on payment infrastructure. Commonware aims to strengthen integration between decentralized finance and traditional systems by developing modular payment solutions at the enterprise level.
Intel (INTC.O) shares rose 2.4% in premarket trading after Tesla CEO Elon Musk said a potential partnership with Intel was “worth discussing.” The comment is linked to Tesla’s plan for chip manufacturing facilities that would support its autonomous driving goals.
Paradigm Holds the Largest Amount with 19.14 Million HYPE Tokens
According to MLM tracking data, Paradigm holds 19.14 million $HYPE tokens (approximately $763 million), equivalent to 1.91% of the total supply and 5.73% of the circulating supply. The company consolidated its assets into 19 new addresses. This move is seen as a strategic preparation ahead of the $SONN event, which will end in 11 days.
EU Plans to Postpone Certain Sections of the Artificial Intelligence Act
According to the Financial Times, the European Commission has proposed suspending the implementation of certain sections of the Artificial Intelligence Act due to pressure from tech giants and the US government. The regulatory burden will be reduced under a “simplification” framework, the compliance period for high-risk AI applications will be extended by one year, and transparency penalties will be postponed until August 2027. Brussels confirmed that it is in communication with the Trump administration on this matter. This move is seen as part of the EU’s efforts to soften regulatory rigidity while protecting innovation.
