🔴 FED CHAIR POWELL SAYS BANKS CAN NOW SERVE CRYPTO TO CUSTOMERS 🚀
Banks can serve crypto customers as long as they can manage the risk, said U.S. Federal Reserve Chair Jerome Powell, amid allegations that the crypto industry is being cut off from financial institutions. "The threshold has been a little higher for banks engaging in crypto activities and that's because they're so new," Powell said on Wednesday when asked by a reporter during a Federal Reserve press conference about risks associated with cryptocurrency. The central bank is not against innovation, he added. Crypto firms have complained about the difficulty behind establishing and maintaining bank accounts in the U.S. Following the collapse of crypto exchange FTX in late 2022, several governmental agencies, including the Federal Reserve, issued warnings on "crypto-asset risks." Source: The Block
This cycle, bitcoin is leaving "crypto" in the dust.
Source: Tuur Demeester @TuurDemeeste
BREAKING: President Trump has signed an Executive Order to develop a “national digital asset stockpile,” per Fox News.
President Trump has also signed an Executive Order to create a “crypto working group,” per Reuters. These are his first crypto-related Executive Orders. Source: The Kobeissi Letter
Will the National Digital Asset Stockpile only be denominated in bitcoin?
One week ago, the NY Post reported that President Trump is considering "prioritizing digital coins founded in the US.” This would include coins like Solana, USDC, and Ripple. Source: The Kobeissi Letter
Strategic Bitcoin Reserve legislation is gaining momentum.
11 states, including Florida, Wyoming, and Massachusetts, have introduced bills to secure Bitcoin as part of their state reserves. Source: TFTC @TFTC21
Some very suspicious activity on $TRUMP meme when it was launched on Friday.
At 6:00 PM ET, President Trump says "I don't know very much about it" regarding his memecoin, $TRUMP. 3 minutes later, at 6:03 PM ET, $TRUMP fell over -33% and a wallet purchased $5.09 MILLION worth of it at the EXACT bottom. This is one of the biggest single purchases since the coin launched. 14 minutes later and this trader is now up $2.4 MILLION on this purchase. Did someone know? Source: The Kobeissi Letter
U.S. SEC announces new task force to create a "clear regulatory framework for crypto assets” lead by Commissioner Hester Peirce.
Cryptos are moving up Source: Documenting Bitcoin
33 crypto ETFs now currently filed with SEC
The list doubled since Gensler left the building on Friday. Won't be surprised if it hits 50 within a week or two. Source: Eric Balchunas @EricBalchunas
