Fed Chairman Powell Calls for a “Re-Look” at Debanking the Crypto Industry
According to The Block, Federal Reserve Chairman Jerome Powell said that in light of the criticism that the crypto industry has been excluded from banking services, it is time to "re-examine" the issue of de-banking. At a Senate Banking Committee hearing on Tuesday, the committee's chairman, Republican Senator Tim Scott of South Carolina, asked Powell if he would work with him to ensure that financial rules "do not impose more burdens than necessary." Powell said: "I will commit to working with you to solve this problem. We are indeed trying to avoid excessive burdens, and frankly, I think it is fair to re-examine the issue of de-banking. We don't mean to do this, but sometimes regulation causes things to happen and we need to improve on this." Scott also asked Powell if he agreed to commit to working with lawmakers to end de-banking; Powell agreed.
Washington has once again focused on concerns about crypto unbanking as lawmakers hold hearings and conduct investigations to examine the issue. Last week, the House and Senate held two hearings on the issue. At a press conference last month, Powell said that banks can serve crypto customers as long as they can manage the risks.
Fed Chairman reiterates no need to rush to adjust interest rates
According to Jinshi, Fed Chairman Powell reiterated that there is no need to rush to adjust interest rates. Powell said that the Fed's framework assessment will not focus on the inflation target, and the inflation target will remain at 2%. If the economy continues to be strong and inflation does not move closer to 2%, the policy can be maintained for a longer period of time. If the labor market unexpectedly weakens or inflation falls more than expected, the policy can be moderately relaxed. The overall US economy is strong, and the inflation rate is close to the 2% target, but it is still slightly high.
Powell says he will not promote central bank digital currency during his term
Trump administration considers merging FDIC and OCC, plans to reduce bank regulator power
Trump administration officials are discussing plans to consolidate bank regulators, possibly seeking to fold the Federal Deposit Insurance Corporation (FDIC) into the Treasury Department and merge its regulatory functions with the Office of the Comptroller of the Currency (OCC) without congressional approval, The Wall Street Journal reported.
BitGo Considers IPO as Early as the Second Half of 2025, with a Valuation of Over $1.75 Billion
According to Bloomberg, BitGo, a US crypto custody company, is considering an initial public offering (IPO) as early as the second half of 2025 and is currently in talks with potential advisors. BitGo completed a $100 million financing in 2023, with a valuation of $1.75 billion. Investors include Goldman Sachs, DRW Holdings, Redpoint Ventures and Valor Equity Partners. The company provides crypto asset custody, trading, lending and other services to more than 1,500 institutional clients in more than 50 countries around the world, and handles about 8% of the world's Bitcoin trading volume.
The IPO plan comes at a time when the US government has turned supportive of the crypto industry, and many crypto companies such as Gemini, Bullish Global, Circle and Kraken are also preparing to go public. In addition, BitGo CEO Mike Belshe provided support for Trump's campaign fundraising in July 2024.
Fireblocks to Support Sony’s Soneium Blockchain
According to CoinDesk, crypto custody technology provider Fireblocks announced support for Soneium, the Ethereum second-layer network launched by Sony in cooperation with Singapore's Startale Labs. Soneium will be launched in January 2025, using Optimism's OP Stack technology, focusing on the fields of gaming, finance and entertainment.
Hong Kong Confirms Bitcoin and Ethereum Can Be Used as Proof of Wealth for Investment Visas
Publicly listed KULR Technology increases its Bitcoin holdings to 610.3
Trump Family Crypto Project WLFI Partners with Ondo Finance to Promote Adoption of Tokenized RWAs
According to official news, the Trump family's crypto project World Liberty Financial (WLFI) and Ondo Finance announced a strategic partnership to promote the adoption of tokenized real-world assets (RWA) and bring traditional finance onto the chain.
As part of the collaboration, WLFI is exploring the integration of Ondo’s tokenized assets as reserve assets into the WLFI network, including USDY (only available to non-US persons outside the U.S.) and OUSG. WLFI also plans to integrate Ondo’s upcoming USDY, OUSG and tokenized securities into the WLFI platform to provide lending and margin trading for its users.
Tether announces strategic investment in self-custodial crypto wallet Zengo Wallet
Ethereum Foundation to Provide $200,000 Grant to Support Pectra Ecosystem Upgrade
Tether Selects Arbitrum to Power Cross-Chain Stablecoin USDT0
Regarding the issue of "Binance significantly reducing its holdings of its own crypto assets last month", Binance officially responded that the recent changes in Binance assets are merely adjustments to the accounting procedures of Binance's financial department, and user funds are always in a safe state (SAFU).
According to The Block, Ethereum staking solution Lido has launched its latest version. With the release of Lido v3, the protocol introduced "stVaults", or modular smart contracts, to bring greater flexibility to its liquidity staking infrastructure. These vaults are designed to enable users to design advanced staking strategies around Lido's stETH tokens. The protocol also allows ETH holders to stake without holding the 32 ETH required to stake directly on the Ethereum beacon chain. While liquid stETH tokens can be used almost anywhere ETH is available, the introduction of native vaults will increase the flexibility of the protocol by enabling personalized staking settings, including adjustable fee structures, validator configurations, and risk-return characteristics.
Binance will launch LAYER 1-75x U-margin perpetual contracts
Uniswap Labs: Layer2 network Unichain mainnet is now online
According to official news, Uniswap Labs announced that the Layer2 network Unichain mainnet has been launched, and users and developers can build and use the DeFi application and tool ecosystem on Unichain.
DeFi platform Legends completes $15 million financing, a16z and Coinbase Ventures participate
According to Fortune magazine, decentralized finance platform Legends announced its first round of funding, raising $15 million from Andreessen Horowitz (a16z) and Coinbase Ventures.
According to reports, Legends was launched by Jayson Hobby, the former CEO of Compound, and two other former Compound executives, and will improve on the foundation they and their colleagues built at Compound. Legends will provide users with decentralized financing instead of forcing them to log in to multiple different applications to use their cryptocurrencies. The company's current focus is on getting listed on the Apple App Store and building a reliable user base. In the future, Legend plans to generate revenue through subscriptions.
FTX/Alameda redeemed 184,000 SOL 6 hours ago and distributed them to 23 addresses
According to EmberCN, FTX/Alameda redeemed 184,162 SOL (about $37.73 million) from the pledge in the past 6 hours and distributed it to 23 addresses. Since November 2023, FTX/Alameda has redeemed and transferred a total of 4,629,000 SOL (about $555 million) through similar operations, with an average transfer price of $120. Most of these SOLs flowed to Coinbase and Binance. At present, there are still about 6.338 million SOL (about $1.25 billion) in the FTX/Alameda pledge address.
FTX will repay $6.5 billion to $7 billion in the first phase of repayment
According to Cointelegraph, FTX will begin repaying $16 billion in creditor debts on February 18, 2025, with $6.5 billion to $7 billion to be repaid in the first phase. The compensation will be calculated based on the price in November 2022.
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