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Stablecoin Issuer Circle Says USDC Now Default Currency for New Binance Pay Users

admin — Sun, 06 Apr 2025 18:45:55 +0000

The payment solution developed by the leading crypto exchange Binance has made the stablecoin USDC the default currency for its new users.

In a post on social media platform X, USDC issuer Circle says that its US-dollar pegged stablecoin is now the preset token on Binance Pay, which also supports over 100 other crypto assets.

“USDC is now the default currency for new Binance Pay users!

With Binance Pay, users can send and receive USDC to friends and family instantly with zero gas fees, and businesses can accept USDC payments seamlessly.”

Circle CEO Jeremy Allaire commends Binance’s decision. He says the development will allow millions of users to more readily access USDC on the exchange’s crypto payment platform.

“A big move by Binance, who has quietly built one of the largest financial super apps in the world with over 250 million users, and has now made USDC the default currency for Binance Pay, their P2P (peer to peer) and merchant payment solution with over 40 million monthly active users (MAUs).”

USDC is currently the second-largest stablecoin by market cap, with a valuation of over $60.518 billion.

Tether (USDT) is still the leading stablecoin by a large margin, with a market cap of $144.03 billion.

The news comes following reports that Circle is preparing for an initial public offering (IPO) launch this month. In March, Fortune reported that Circle was teaming up with JPMorgan Chase and Citi to publicly list the stablecoin issuer’s shares late this month.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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JPMorgan Chase Sees 60% Probability of Global Recession This Year Amid ‘Disruptive US Policies’: Report

admin — Sun, 06 Apr 2025 16:55:52 +0000

Banking giant JPMorgan Chase is reportedly giving a 60% chance that a global recession will occur this year due to “disruptive” policies in the US.

According to a new report by Reuters, JPMorgan is raising the odds of a global recession from 40% to 60% due to new US trade policies, which include tariffs on China and the European Union (EU), sparking a worldwide trade war.

As stated by the firm in a note seen by Reuters,

“Disruptive U.S. policies have been recognized as the biggest risk to the global outlook all year. The effect… is likely to be magnified through (tariff) retaliation, a slide in U.S. business sentiment and supply-chain disruptions.”

However, JPMorgan did note that it expects the blow from the tariffs to be dampened by the likelihood of interest rate cuts by the Federal Reserve in the future.

Other large institutions are sounding the alarm on a potential recession as well, including Goldman Sachs and the Hong Kong and Shanghai Banking Corporation (HSBC), though their odds of a downturn are lower.

As stated by an HSBC analyst, according to Reuters,

“Our equity market implied recession probability indicator suggests equities are already pricing in (about) 40% chance of a recession by the end of the year.”

Last week, Goldman Sachs raised its chances of a recession hitting the US economy in the next 12 months to 35%, a 15% jump from its previous prediction. The firm said that it expects inflation – excluding food and energy prices – to hit 3.5% this year, 1.5% higher than the Fed’s 2% goal.

Also last week, President Donald Trump signed an executive order imposing a 10% tariff on all imported goods entering the US, while issuing a proclamation detailing “reciprocal tariffs” on dozens of specific countries effective April 9th, with rates totaling up to 54% on China.

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‘Millions’ may have protested Trump and Musk yesterday

admin — Sun, 06 Apr 2025 15:21:57 +0000

Hundreds of thousands of people signed up to attend over 1,300 “Hands Off!” protests against President Donald Trump and Elon Musk yesterday. Today, estimates from groups involved in planning the protests suggest the protesters in the US and abroad may have actually numbered in the millions.

Activist group MoveOn is “estimating millions of attendees” went to the 1,300-plus scheduled events, with more than 100,000 turning out for the Washington, DC protest, Britt Jacovich, the group’s communications director, told The Verge via email. A press release published on the official Hands Off! website yesterday tells the same story:

Millions of people flooded the streets today at over 1,300 “Hands Off!” peaceful protests across all 50 states, U.S. territories, and a dozen locations globally, demanding an end to the authoritarian overreach by Trump and Musk.

The protests were laser-focused on Musk and Trump, but the concerns that drove yesterday’s demonstrations are wide-ranging, covering everything from Trump’s trade war and DOGE’s relentless federal agency cuts and layoffs, to LGBTQ+ and other civil rights issues, to the war in Ukraine. More than 150 groups participated in their organization, including those mentioned in this story, as well as the American Civil Liberties Union, the League of Women Voters, and labor unions like the AFL-CIO and those representing federal workers, such as the National Treasury Employees Union.

Indivisible, another of the more than 150 organizations involved in planning the protests, gives a similar estimate to MoveOn’s in a statement reported by Common Dreams, in which it says that “at virtually every single event the crowds eclipsed our estimates.” From Common Dreams:

“This is the largest day of protest since Trump retook office,” the group added. “And in many small towns and cities, activists are reporting the biggest protests their communities have ever seen as everyday people send a clear, unmistakable message to Trump and Musk: Hands off our healthcare, hands off our civil rights, hands off our schools, our freedoms, and our democracy.”

Other reported estimates from yesterday are smaller. The Guardian, The Hill, and Al Jazeera each put the number in the hundreds of thousands. Even so, millions doesn’t seem implausible. According to Axios, over 45,000 people gathered in Raleigh, North Carolina, and the outlet reports more than 100,000 people demonstrated both in Washington, DC and New York City. Organizers say more than 30,000 showed up in Chicago, writes WBEZ Chicago.

We’re building a #PeoplesMovement. Today, over 3 million people across the country stood up to say HANDS OFF our democracy. And history shows that when just 3.5% of the population engages in sustained, peaceful resistance—transformative change is inevitable.#50501movement #HandsOff #April5

— 50501: The People’s Movement (@50501movement.bsky.social) 2025-04-06T00:00:04.412Z

One of the most specific numbers reported so far comes from the social media accounts of 50501, one of the most prominent protest movements that have sprung up in the wake of Musk’s actions as the head of the Department of Government Efficiency (DOGE). The group posted late yesterday that “over 3 million people across the country stood up to say HANDS OFF our democracy.”

US Tech Sector About To Witness ‘Economic Armageddon’ Amid Trump’s Tariffs, According to Wealth Management Exec

admin — Sun, 06 Apr 2025 14:30:21 +0000

Dan Ives, the senior equities analyst at investment banking firm Wedbush Securities, says President Trump’s tariffs will likely lead to the collapse of the US tech sector.

In a new CNBC interview, Ives says Trump’s sweeping and reciprocal tariffs are bad news for tech companies, particularly for firms relying on China for parts and labor.

Last week, Trump issued an executive order imposing a 10% tariff on all imported goods entering the US, with the stated goal of safeguarding domestic manufacturing. Trump’s executive order also details country-specific tariffs, leading to a cumulative 54% tariff on Chinese imports.

According to Ives, US tech firms like Apple are now under pressure to rethink their business model amid the potential increase in production costs.

“It’s essentially an economic armageddon if these tariffs stay in place. The reality of talking in front of the microphone in a 202 area code is a lot different than the reality of moving the supply chain.

And I think it speaks to our point that when you look at China-exposed names, from Nvidia to Apple to any of the [semiconductor] names, this is as nervous as I’ve seen investors going back to Covid March 2020.”

Ives says he sees tech firms responding by hiking prices, leading to “demand destruction.”

“If they hold in their current form, then essentially you have 15% to 20% demand destruction across the board in terms of costs that are actually going to have to come through.”

The wealth management executive says that at the end of the day, American consumers will bear the brunt of Trump’s tariffs.

“Whoever is going to pay it? It’s the consumer, and that’s the reality. You can talk about tariffs all you want, consumers are going to pay it on the iPhones, they’re going to pay it on electronics, they’re going to pay it across the board.”

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President Trump May Trigger Decorrelation Between Bitcoin and the Nasdaq, According to Macro Guru Luke Gromen

admin — Sun, 06 Apr 2025 11:45:46 +0000

Macro investor Luke Gromen says that the White House may have caused a massive change in the way that Bitcoin (BTC) trades.

In a new interview with Natalie Brunell on the Coin Stories podcast, Gromen calls attention to the America First Investment Policy, a memo released by the Trump Administration in February that aims to make the US foreign investment policies more cautious and conscious of national security.

Gromen, the founder of the macroeconomic research firm Forest for the Trees (FFTT), says that the memo essentially directs China to “take your money and go home, we don’t want it here anymore.”

With all of the foreign capital invested in US markets, Gromen says the Nasdaq index will likely suffer capital outflows while Bitcoin – as a neutral global asset essentially exempt from tariffs or political agendas – will shine, breaking the correlation between the two assets.

“That, I think will ultimately be a catalyst to the separation of Bitcoin and Nasdaq, and that, I think, is starting to drive Nasdaq down – it has a long way to go because multiples are high – and in the short run, traders control the flows…

Bitcoin is levered Nasdaq, I get it; it’s a high-beta Nasdaq, in the short run. If you back up to a five-year or ten-year chart, you can see very clearly these periods where Bitcoin has massively outperformed Nasdaq, but they still tend to go directionally similarly, when Bitcoin’s up Nasdaq’s up and vice versa…

The America First Investment Policy memo, I think, will start to break that correlation because I think right now in the short run, that correlation is holding, [but] at some point I think capital flow is going to see Bitcoin for what it is which is a neutral reserve asset linked to energy, uncontrollable by any govenment and I think it’ll start siphoning some flows off from Nasdaq as America continues to say, ‘Listen, you want to invest in some factories here? Great, otherwise, get out.’

And that’s a lot of capital that’s got to get out, and we’re seeing gold benefit already. I think what we’re seeing in gold is a precursor to what we’ll see in Bitcoin.”

At time of writing, Bitcoin is worth $83,233.

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Robert Kiyosaki Warns Biggest Market Crash Has Arrived, Suggests Three ‘Non-Wall Street’ Assets To Weather Storm

admin — Sun, 06 Apr 2025 09:15:58 +0000

Rich Dad Poor Dad author Robert Kiyosaki says that the stock market meltdown that he predicted years ago is now underway.

The best-selling personal finance author tells his 2.7 million followers on the social media platform X that he thinks the US is staring at the possibility of entering a period of severe economic depression.

“In my book Rich Dad’s Prophecy, I warned that the biggest stock market crash in history was going to wipe out the financial security of millions of investors… That stock market crash arrived today. We are definitely in a RECESSION and more than likely…a DEPRESSION.”

Kiyosaki says he sees three “non-Wall Street” assets coming out on top amid the stock market collapse.

“What can a person do?

As I have been suggesting for years, I suggest looking at non-WALL STREET assets.

For many years, I have suggested saving real gold, real silver, and today BITCOIN.”

Kiyosaki says that the Fed and the Treasury will likely debase the US dollar in an effort to prop up the economy. He notes that dollar debasement will lead to inflation and higher prices for scarce assets like gold, silver and Bitcoin (BTC).

“WHY: Because after this paper market crash wipes out millions of fake paper assets. Odds are the Fed and Treasury will turn the printing presses on FULL SPEED, printing trillions in fake money, which becomes even more FAKE. And real money – Gold, Silver, and Bitcoin – go up in value.

Remember, gold, silver, and Bitcoin ARE NOT going up in price. What is happening is the dollar is going down in value, causing everything of value, such as food, housing and energy to become more expensive, a.k.a. INFLATION…

Take care. There are going to be rough storms ahead.”

At time of writing, Bitcoin is trading for $83,416.

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Era of US Treasuries and Stocks As Global Reserve Assets Now Over As Gold and Bitcoin Take Over: Arthur Hayes

admin — Sun, 06 Apr 2025 07:04:22 +0000

BitMEX founder and crypto investor Arthur Hayes says gold and Bitcoin (BTC) are effectively replacing US Treasuries and equities as the predominant global reserve assets.

In a post on the social media platform X, Hayes says that President Trump was partially elected by Americans who feel that they didn’t share in the alleged “prosperity” stemming from going off the gold standard in 1971.

Hayes says that if the White House follows through on reducing its debt and current account deficit, then other countries will be forced to finance their economies by selling their US stocks and bonds, creating a permanent change in the global financial order since finance ministers around the world won’t take a chance that Trump will change his mind.

“THE END: Of US Treasuries and, to a lesser extent, US stocks as the global reserve asset. If the US current account deficit is eliminated, then foreigners do not have dollars to buy bonds and stocks. If foreigners have to juice up their own nations’ economies, they will sell what they own, US bonds and stocks, to fund their nation-first policies.”

The crypto investor also notes that he believes gold and Bitcoin will emerge as the winners of a shifting global financial order.

“THE RETURN:
Of gold as the neutral reserve asset. The dollar will still be the reserve currency, but nations will hold reserves in gold to settle global trade. Trump hinted at this because gold is tariff-exempt! Gold must flow freely and cheaply in the new world monetary order.

A lot of those who had it good are in the denial stage, and share a delusion that somehow things will return to ‘normal’…

For those who want to adapt to a return to pre-1971 trade relationships, buy gold, gold miners and BTC.”

Hayes also suggests that the Trump-induced economic shockwaves may have finally broken the correlation between BTC and the Nasdaq.

“BTC hodlers need to learn to love tariffs, maybe we finally broke the correlation with Nasdaq, and can move onto the purest form of a fiat liquidity smoke alarm.”

Source: Arthur Hayes/X

At time of writing, BTC is trading at $83,322.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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The Future of Finance – How Tokenization Is Reshaping Global Markets

admin — Sun, 06 Apr 2025 03:40:49 +0000

HodlX Guest Post Submit Your Post

Introduction – The dawn of a new financial era

The financial industry is undergoing one of the most transformative shifts in history, fueled by blockchain technology and digital assets.

Among these advancements, tokenization stands out as a game-changer, poised to revolutionize asset ownership, investment accessibility and global liquidity.

But how exactly is tokenization reshaping the financial markets, and what does the future hold for investors? Let’s explore.

Understanding tokenization in finance

Tokenization refers to the process of converting RWAs (real-world assets) – such as real estate, stocks, commodities or even fine art – into digital tokens on a blockchain.

These tokens represent fractional ownership of an asset, allowing for secure, transparent and efficient trading without the need for traditional intermediaries.

This concept is not entirely new, but recent advancements in blockchain infrastructure have made tokenized assets more viable than ever.

The key benefits include the following.

Increased liquidity – Tokenized assets can be traded 24/7, providing liquidity to traditionally illiquid markets like real estate.
Fractional ownership – Investors can own a portion of high-value assets, lowering entry barriers and democratizing investment opportunities.
Security and transparency – Blockchain ensures that transactions are immutable, reducing fraud and enhancing investor confidence.
Faster settlement times – Traditional financial settlements can take days, whereas blockchain-based transactions are nearly instantaneous.

Industries leading the tokenization movement

Tokenization is disrupting multiple industries, from real estate to fine art and beyond.

Here are some notable examples.

1. Real Estate

Property tokenization allows investors to purchase fractional ownership in high-value real estate properties.

Companies like RealT and Lofty AI are already leveraging blockchain to make real estate investment more accessible.

2. Stock markets

Stock exchanges are exploring tokenized securities, which could enable global 24/7 trading without intermediaries.

For instance, the Swiss SDX (SIX Digital Exchange) has introduced tokenized bonds and equities.

3. Commodities and precious metals

Gold-backed tokens – such as Paxos Gold (PAXG) and Tether Gold (XAUT) – provide a digital alternative to physical gold investments with seamless global trading.

4. Alternative assets – Art, collectibles and IP rights

Platforms like Masterworks enable investors to own shares of high-value artwork, turning exclusive assets into tradable digital securities.

Challenges and regulatory landscape

Despite its advantages, tokenization still faces regulatory hurdles. Financial authorities worldwide are grappling with how to classify and oversee tokenized assets.

Will they be treated as securities? How will taxation and investor protections evolve?

The answers will shape the trajectory of this revolutionary technology.

The future of tokenized finance

As institutional investors warm up to digital assets, tokenization is likely to become a mainstream financial instrument.

In the coming years, we can expect the following.

More government-backed tokenized assets – e.g., CBDCs (central bank digital currencies)
Integration with traditional finance – hybrid models combining blockchain and conventional banking
Wider adoption in emerging markets, where access to traditional banking is limited

Conclusion – Are we ready for the tokenized economy

Tokenization is no longer a futuristic concept – it’s happening now.

The next decade will likely see a profound shift toward digitized financial systems, with blockchain at the core. Investors, institutions and regulators must collaborate to ensure a secure, scalable and inclusive financial ecosystem.

Diksha Chawla is the founder of FinLecture, an insightful platform dedicated to making finance more accessible and understandable. With a strong academic background in business administration, Diksha is passionate about empowering individuals with the knowledge and tools they need to make informed financial decisions.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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$4,400 Drained From Bank of America Account After Owner Is Violently Robbed of His Unlocked Phone – Now the Bank Is Refusing To Reimburse: Report

admin — Sun, 06 Apr 2025 03:08:20 +0000

Bank of America is reportedly refusing to reimburse a customer whose account was drained of thousands of dollars after thieves stole his unlocked phone.

BofA customer Brandon Wilson was leaving a bar in Chicago on Labor Day in September of 2024 when he was accosted by thugs, reports ABC 7 Chicago.

“As I was waiting for my Uber outside, a group of people surrounded me. They threatened me. They asked me to empty my wallet, to give them my phone, to unlock my phone… I was beyond terrified. I followed what they said, because I thought I was going to have my life taken from me.”

After getting home and finding $4,446 had been transferred out of his Bank of America account via multiple Zelle transactions, Wilson called the trillion-dollar lender and reported the fraudulent activity. Bank of America temporarily credited his account and Wilson assumed that would be the end of it.

“At that point I thought I was good.”

The week after, however, Bank of America sent Wilson a letter claiming he had authorized or permitted the transactions.

“Brandon, we’re unable to approve your recent claim. The charge was authorized by you or made by someone who has permission to use the card or account.”

Wilson, who has been with Bank of America since he was 14, submitted another fraud claim but the trillion-dollar lender again rejected his claim.

After ABC 7 Chicago reached out to Bank of America, a spokesperson for second-largest bank in the US after JPMorgan Chase said the case would be reviewed. Wilson is now hoping Bank of America will reimburse him.

“It’s clear as day that I didn’t make these charges.”

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Solana Jumps in Price After PayPal and Venmo Roll Out Support for SOL and Chainlink (LINK)

admin — Sun, 06 Apr 2025 00:00:53 +0000

Solana defied the crypto market doldrums and surged by more than 5% on Friday after the retail payment giants PayPal and Venmo rolled out support for SOL.

PayPal announced on Friday that users of both payment platforms could now buy, sell, hold and transfer SOL and LINK, the native asset for the decentralized oracle platform Chainlink.

LINK jumped by more than 1% on Friday and is trading at $13.00 at time of writing. Meanwhile, SOL rose from $117.15 to a high of $124 before closing the trading day at $122.78.

By comparison, the overall crypto market cap dipped by nearly 1% in the past 24 hours and nearly 2% in the past week, per data from CoinGecko.

Crypto prices have dropped as President Donald Trump’s new wave of tariffs rattles global markets. Trump signed an executive order on Wednesday that slapped a 10% baseline tariff on all imported goods entering the US, with the stated goal of protecting domestic manufacturing.

He also issued a proclamation detailing “reciprocal tariffs” on dozens of specific countries effective April 9th, with rates totaling up to 54% on China.

PayPal acquired Venmo’s parent company, Braintree, back in 2013 for $800 million. In addition to LINK and SOL, the payments firm also supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and the stablecoin PayPal USD (PYUSD).

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JPMorgan Chase Sees One Stock Market Index Outperforming S&P 500 Over Next 15 Years Amid US Policy Uncertainty, Declining Consumer Confidence

admin — Sat, 05 Apr 2025 20:48:32 +0000

Bank behemoth JPMorgan Chase says one stock market index looks primed to pull off a reversal and outperform the S&P 500 in the next decade.

In a new investment strategy note, JPMorgan analysts Andrew VanWazer and William M. Smith say that the S&P 500 has meaningfully outshone the MSCI EAFE Index over a period of about 16 years, but that may start to change.

The MSCI EAFE Index tracks the performance of the stocks of large and mid-cap firms in Europe, Australasia and the Far East. Investors use the index as a benchmark for the performance of international equity portfolios.

VanWazer and Smith say,

“Since mid-2008, the S&P 500 has beaten the MSCI EAFE Index by a sizable margin, delivering average annual returns of 11.9% versus 3.6% through December 2024.”

Source: JPMorgan

But JPMorgan says that US market exceptionalism is now starting to crack, particularly in the tech sector, following China’s announcement that artificial intelligence (AI) startup DeepSeek had launched a model that can compete against America’s finest AI platforms.

“As soon as the news about DeepSeek broke, for example, the US market’s relative valuation to EAFE dropped from 55% to 49% – since then, it has declined further, to 39% (as of March 11th).”

According to the JPMorgan analysts, uncertainties surrounding US economic and foreign policies, souring consumer confidence, increasing inflation due to Trump’s tariffs and the potential resolution of the Ukraine war could serve as catalysts for a shift in market leadership.

“JPMorgan Asset Management’s Long-Term Capital Market Assumptions (LTCMAs) forecast that EAFE stocks may outperform US stocks by 1.4% (8.1% versus 6.7%) over a 10- to 15-year investment horizon. Many investors have been skeptical of that prediction, but recent market events have underscored how vulnerable US equities may be to higher tech-stock volatility, the threat of trade tariffs and declining US consumer confidence.”

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$107,794,000,000,000 of US National Wealth Controlled by Just 10% of Population, According to Federal Reserve

admin — Sat, 05 Apr 2025 20:15:31 +0000

New data from the Federal Reserve shows the most affluent Americans own a staggering portion of the country’s national wealth.

In an update, the Fed says that the wealthiest 10% of Americans have accumulated $107.794 trillion in assets and entitlements as of the last quarter of 2024.

Data shows the 50% to 90% cohort now holds $48.54 trillion, while the bottom 50% have just $4.01 trillion in wealth.

The top 0.1% are worth a total of $22.14 trillion, while those who belong to the 99% to 99.99% have an overall wealth of $27.32 trillion. Americans in the 90%-99% percentile in terms of wealth are in charge of $58.334 trillion.

Source: The Board of Governors of The Federal Reserve System

Breaking down the assets controlled by the wealthiest 10%, the Fed’s data shows that they have allocated a huge chunk of their fortune – $40.84 trillion – to corporate equities and mutual fund shares as of Q4 2024.

Those who belong to the 50% to 90% and the bottom 50% are mostly invested in real estate, allocating a total of $26.99 trillion to properties. They also hold $5.99 trillion in stocks and mutual fund shares.

Source: The Board of Governors of The Federal Reserve System

According to Federal Reserve data, 133,378 American households belong in the top 0.1%, 1.198 million households are in the 99% to 99.9% and 11.992 million households make up the upper 90% to 99%.

Meanwhile, 53.305 million households are part of the 50% to 90%, and the bottom 50% are made up of 66.646 million households.

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Dollar-Pegged Stablecoins ‘Advance a Commercial or Consumer Purpose’ and Are Not Securities, U.S. SEC Clarifies

admin — Sat, 05 Apr 2025 20:00:29 +0000

The U.S. Securities and Exchange Commission (SEC) is clarifying its stance on stablecoins under the Trump Administration.

In a new press release, the regulatory agency says that non-yield-bearing stablecoins do not qualify as securities that fall under its jurisdiction because they “advance a commercial or consumer purpose.”

According to the SEC, stablecoins aren’t securities because those who purchase them do not expect a return on their investment. Instead, they seek to use the digital assets to purchase goods and services and/or as stores of value.

Furthermore, the agency says that dollar-pegged crypto assets are not distributed in a manner that encourages speculation or investing.

“Covered stablecoins are marketed solely for use in commerce, as a means of making payments, transmitting money, and/or storing value, and not as investments.”

However, the SEC has left the door open to considering alternative types of stablecoins – such as those that are yield-bearing, of the algorithmic variety, or pegged to non-USD assets – as securities, noting that its new stance on dollar-pegged assets doesn’t apply to these types of products and they have yet to formulate a view on the matter.

Under the Biden Administration and the helm of former Chair Gary Gensler, the SEC filed numerous high-profile lawsuits against crypto firms such as Kraken, Coinbase, Consensys and Ripple Labs and didn’t approve the launch of Bitcoin (BTC)-based exchange-traded funds (ETFs) until pressured to do so by a judge.

Furthermore, under Gensler, the SEC counted the majority of digital assets, excluding BTC, as securities that fell under its regulatory jurisdiction.

Gensler was replaced by former SEC Commissioner Mark Uyeda, who is currently serving as the agency’s Acting Chairman.

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Crypto Markets Skate Sideways on Friday as US Fed Chair Jerome Powell Strikes Neutral Tone in New Policy Speech

admin — Sat, 05 Apr 2025 18:45:50 +0000

Crypto markets skated sideways on Friday while stocks crumbled as U.S. Federal Reserve Chairman Jerome Powell suggested the Fed would take a wait-and-see approach to monetary policy.

The Fed chair says at a conference in Virginia that the US economy faces “a highly uncertain outlook with elevated risks of both higher unemployment and higher inflation.”

Powell notes that it’s not the Fed’s role to opine on policy choices, but he did discuss the potential economic impacts of President Donald Trump’s sweeping set of new tariffs, which he says are significantly larger than expected.

“The same is likely to be true of the economic effects, which will include higher inflation and slower growth. The size and duration of these effects remain uncertain. While tariffs are highly likely to generate at least a temporary rise in inflation, it is also possible that the effects could be more persistent. Avoiding that outcome would depend on keeping longer-term inflation expectations well anchored, on the size of the effects, and on how long it takes for them to pass through fully to prices. Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem.

We will continue to carefully monitor the incoming data, the evolving outlook, and the balance of risks. We are well-positioned to wait for greater clarity before considering any adjustments to our policy stance. It is too soon to say what will be the appropriate path for monetary policy.”

Trump signed an executive order on Wednesday that imposed a 10% baseline tariff on all imported goods entering the US, with the stated aim of protecting domestic manufacturing.

He also issued a proclamation detailing “reciprocal tariffs” on dozens of specific countries effective April 9th, with rates totaling up to 54% on China.

The overall crypto market cap dropped by 1.2% on Friday, per data from CoinGecko. Stocks were hit harder, with the S&P 500 dropping by 5.97% and the Nasdaq Composite plunging by more than 6%. The Dow Jones Industrial Average also fell by 5.5%.

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Wells Fargo Ordered To Pay $832,000,000 in Damages After Jury Finds Lender Mismanaged and Charged Unauthorized Fees on Trust Fund for 2,000 Children

admin — Sat, 05 Apr 2025 16:48:19 +0000

Wells Fargo is on the hook for hundreds of millions of dollars after a jury in Florida found the bank charged unauthorized fees and mishandled a trust fund established for minors.

The law firm representing the Seminole Minors Per Capita Payment Trust, a trust fund set up by the Seminole Tribe of Florida to safeguard the financial futures of around 2,000 children, says Wells Fargo is set to pay $825 million in damages and over $7 million compensation for the unauthorized fees charged.

The lawsuit accused Wells Fargo and eight of its executives of breaching fiduciary duty to the tribe and its children. The eight Wells Fargo executives were ordered to individually pay token damages of between $50 to $500.

According to the plaintiffs’ lawyer, Wells Fargo relationship manager Kim Scott confessed to the bank’s wrongdoing during cross-examination

“…Scott admitted Wells Fargo knowingly mismanaged funds, maintained inadequate records, and collected millions in unauthorized fees. Scott also revealed he had never fully reviewed the Trust’s governing documents, despite managing one of the bank’s largest accounts.”

Wells Fargo was fired as the trust fund’s trustee in 2016 after officials of the Seminole Tribe conducted a review of the rate of returns. Wells Fargo’s investment strategy reportedly resulted in returns that barely kept pace with inflation. The leaders of the Seminole Tribe also questioned illegal fees amounting to $7.6 million that Wells Fargo had charged the trust.

Following the jury verdict, Wells Fargo says it will appeal. A spokesperson for Wells Fargo’s Wealth and Investment Management department, Meghan McDonald, says.

“We followed the [Seminole] Tribal Government’s clear and repeated instructions about the management of the trust, abided by our fiduciary duty, and delivered financial results consistent with the Trust’s mandate for the children of the Tribe during our time as Trustee. Our goal for the appeal is to address multiple courtroom rulings that we believe prevented us from sharing the full story with the jury.”

The Seminole Minors Per Capita Payment Trust was set up two decades ago with the sole trustee being Wachovia Bank, which Wells Fargo acquired in 2008. The trust derived its resources primarily from the Tribe’s gaming enterprises. Currently, estimates place the trust’s assets at nearly $3 billion.

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