Regulation
Federal Reserve Keeps Interest Rates Unchanged
Following its 2-day FOMC meeting, the US Federal Reserve has decided to keep interest rates unchanged. The Fed is expected to hold off on cutting rates for the most part of this year following three consecutive rate cuts last year.
Fed Rate Cut: Federal Reserve Keeps Rates Unchanged
In a press release, the Federal Reserve announced that it will keep interest rates steady at the 4.25% to 4.5% range. This decision is in line with expectations, as traders predicted that there was a 99.5% chance the Fed would reach this decision.
This comes despite calls from US President Donald Trump for the Fed to lower rates while reaffirming his commitment to make the US the crypto capital. The Fed’s decision to keep interest rates unchanged is significant for the crypto market, considering how such a move could create a bearish sentiment among investors.
Investors are less likely to invest in risk assets like cryptocurrencies in such situations, especially if the Fed is hawkish. Now, all eyes will be on the Federal Reserve Chair Jerome Powell’s speech to determine where the US Central Bank stands regarding its outlook on the economy.
The crypto market could witness a significant rebound if Powell projects a dovish stance from the Fed in his speech. However, the Bitcoin price risks another decline if the Fed Chair projects a hawkish stance.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The parents of FTX co-founder Sam Bankman-Fried have reportedly sought legal advice on securing a presidential pardon for their son from Donald Trump. Joseph Bankman and Barbara Fried, both Stanford Law School professors, have held meetings with legal professionals and individuals connected to Trump’s circle regarding potential clemency.
Their efforts come after Sam Bankman-Fried was sentenced to 25 years in prison for fraud related to the collapse of the cryptocurrency exchange FTX.
Sam Bankman-Fried’s Parents Meet Lawyers to Secure Trump’s Pardon
According to a recent Bloomberg report, Sam Bankman-Fried’s parents are exploring ways to secure a pardon from Donald Trump. They have met with lawyers and other individuals linked to Trump’s network.
These discussions focused on the possibility of obtaining clemency for their son. However, there is no confirmation of any direct outreach to the White House.
Notably, during his presidency, Donald Trump granted pardons to several high-profile individuals. The case of Ross Ulbricht, founder of Silk Road, has been a key reference point for those seeking similar relief. Ulbricht, convicted of drug trafficking and money laundering, received a strong push from the crypto community for clemency.
Unlike Ulbricht, Sam Bankman-Fried does not currently have widespread public support advocating for a pardon. However, he has argued that his 25-year sentence was excessive, citing that most FTX customers have recovered their lost funds. Some legal experts believe this claim could be a factor in potential clemency discussions.
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Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Asset manager Grayscale has filed with the New York Stock Exchange (NYSE) to offer a Spot XRP ETF. This comes just days after the asset manager filed for a Litecoin and Solana ETF.
Grayscale Files For Spot XRP ETF
Grayscale has filed a 19b-4 form through the NYSE to offer an XRP ETF. The asset manager is looking to convert its XRP Trust into an ETF, which will be listed and traded on the NYSE.
The Trust currently holds around $16 million in assets under management (AUM). Grayscale had created the Trust last year, following Judge Analisa Torres’ final judgement in the Ripple SEC case.
This filing comes just days after the asset manager filed with the SEC to offer a Litecoin ETF. Grayscale also filed to offer a Solana ETF and Bitcoin Adapters ETF. More recently, the firm rolled out its Bitcoin Miners ETF to boost BTC mining.
Meanwhile, with its XRP ETF filing, Grayscale becomes the seventh asset manager to file to offer such a fund. This filing also adds to the flurry of ETF applications that have hit the SEC’s desk following Donald Trump’s inauguration and Gary Gensler’s departure from the Commission.
More asset managers are expected to file to offer a similar ETF in the coming weeks. In an X post, FOX journalist Eleanor Terrett said there could be more filing activity by issuers with XRP ETF applications next week.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has acknowledged Nasdaq’s 19b-4 filing for the Canary Litecoin ETF. This marks a key step in the process of approving a spot Litecoin ETF, as the agency now seeks public input before making a decision.
SEC Requests Public Comments on Canary Litecoin ETF
The SEC has asked for public comments on the Canary Litecoin ETF filing. Comments must be submitted within 21 days after the proposal is published in the Federal Register.
This step is part of the regulatory process for approving or rejecting the exchange-traded fund (ETF).
Nasdaq initially submitted the 19b-4 form on January 16, 2025. This document is required when an exchange requests a rule change to list and trade a new product. Once the SEC acknowledges the filing, the review period begins, which can take up to 240 days.
First Altcoin ETF Filing Acknowledged by SEC
Eric Balchunas, a senior ETF analyst at Bloomberg, noted that this is the first time the SEC has acknowledged a 19b-4 filing for an altcoin ETF.
This suggests progress in the approval process for crypto ETFs beyond Bitcoin and Ethereum.
“Throw in the comments from SEC on the S-1, and this filing is by far the furthest along checking all the boxes,” Balchunas said in a post on X. He also questioned whether the SEC would take the full 240-day review period or reach a decision sooner.
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Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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