Regulation
US CFTC To Hold CEO Forum For Crypto Pilot Program
The US Commodity Futures Trading Commission (CFTC) has made a major announcement as it relates to the crypto industry. The US CFTC plans to hold a CEO forum in which it plans to discuss the launch of its crypto pilot program.
US CFTC To Hold CEO Forum For Crypto Pilot Program
In a press release, the US CFTC announced that it would hold a CEO forum of industry-leading firms to discuss the launch of its digital assets pilot program for tokenized non-cash collateral such as stablecoins.
Crypto firms such as Circle and Ripple and the top crypto exchanges Coinbase and Crypto.com will participate in this forum. The Commission announced it would release further information on the CEO forum once the details are finalized.
Speaking on the development, Acting CFTC Chair Caroline Pham said,
I’m excited to announce this groundbreaking initiative for U.S. digital asset markets. The CFTC is committed to responsible innovation. I look forward to engaging with market participants to deliver on the Trump Administration’s promise of ensuring that America leads the way on economic opportunity.”
This move from the Acting Chair is also notable, as she had previously proposed a CFTC pilot program as a regulatory sandbox to provide regulatory clarity for the crypto industry. Meanwhile, the Commission has had success with such pilot programs which date back to the 1990s.
The US CFTC looks to be following in the steps of the US SEC which has already announced plans to provide regulatory clarity for the crypto industry. The SEC recently announced the launch of its crypto task force, which will help in providing clear regulations.
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.
In a surprising development, Neel Kashkari, President and CEO of the Federal Reserve Bank of Minneapolis, offered rare glimpses into the central bank’s potential future monetary policy decisions. Kashkari hinted that he would support further interest rate cuts if inflation remains under control and the labor market stays strong.
Interest Rate May Be Lower at Year End: Neel Kashkari
In a CNBC interview today, Fed Bank of Minneapolis President Neel Kashkari shared insights on future interest rate cuts. Kashkari expects inflation to continue its downward trend towards the bank’s target of 2%. This paves the way for a modest interest rate cut by year-end. He posited, “I would expect the federal funds rate to be modestly lower at the end of this year.”
Notably, Kashkari expressed uncertainty over the potential impact of US President Donald Trump’s new policies on the economy and inflation. These policies include stricter immigration controls, tariffs, and tax cuts, which could have far-reaching consequences.
Further, Kashkari underscored the need for caution, advocating a wait-and-see approach. This may allow the Fed to gather more information and assess the potential impact of the policies on inflation and economic growth.
Minneapolis Fed Chief’s Labor Market Insights
While his interview comes shortly after the release of the US job report, the central bank president highlighted the labor market’s solid position. The labor market is showing signs of cooling down, with nonfarm payrolls rising by a modest 143,000 and the unemployment rate holding steady at 4%.
Reflecting on the cooler-than-expected labor report, Neel Kashkari stated,
This is still a good labor market. It’s not as hot as it was a year or two ago, the economy is strong, businesses are optimistic.
Recently, the Bank of England announced interest rate cuts, reducing it to 4.5%, the lowest level since June 2023. According to the Monetary Policy Committee, two additional interest rates may be enough to tackle inflation.
Will Federal Reserve Reduce Interest Rates Further?
Following the two-day FOMC meeting, the Fed announced its decision to keep interest rates unchanged at the 4.25% to 4.5% range. In the interview, the central bank president stated that if inflation data looks promising and the labor market stays robust, he would urge for further cuts.
Moreover, Neel Kashkari believes that the economy’s resilience to high interest rates may indicate a higher neutral rate. The neutral rate is the point at which interest rates neither boost nor hinder economic growth.
How Does Crypto Market React To Neel Kashkari’s Insights?
Currently, the crypto market is exhibiting a slight recovery from the recent turmoil. The total market cap of $3.22 trillion has seen a marginal surge of 1.48% over the last day. The 24-hour trading volume has also seen a notable hike of 11%, at $132.64 billion.
However, top cryptocurrencies like Bitcoin and Ethereum has experienced huge declines of 6.6% and 19.5%, respectively over the past week. XRP, Solana, and BNB have also dropped massively by 20.5%, 17.2%, and 14.8%, respectively, over the same period.
It remains to be seen if the Fed will further reduce interest rate as Neel Kashkari stated, impacting the crypto market.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
As Germany prepares for its parliamentary election on February 23, political parties are outlining their plans for the economy and finance.
The far-right Alternative for Germany (AfD) is making bold proposals, including leaving the euro currency bloc and deregulating Bitcoin. These positions contrast with other major parties, which focus on financial regulation, taxation, and market stability.
AfD Calls for Euro Exit and Bitcoin Deregulation
The AfD is calling for Germany to abandon the euro and reinstate the Deutsche mark, backed by gold reserves. This long-standing position opposes the widespread public and business support for the euro. The party also demands that Germany repatriate its gold reserves held abroad.
On cryptocurrency, the AfD proposes “extensive deregulation” of Bitcoin, wallets, and trading. This approach differs from the cautious stance of financial regulators.
The party also opposes the introduction of a digital euro, which the European Central Bank is currently developing. Additionally, it seeks to enshrine cash payments as a constitutional right, ensuring their continued use in daily transactions.
This Is A Developing Story, Please Check Back For More
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.
Coinbase has submitted an amicus brief in the ongoing bankruptcy case of Prime Trust, urging the court to uphold legal protections for customer assets held by custodians. Paul Grewal, Coinbase’s Chief Legal Officer, announced the filing on social media, emphasizing that customer assets should not be absorbed into a custodian’s bankruptcy proceedings.
Coinbase Urges Court to Uphold Customer Asset Rights
In a recent post on X, Paul Grewal stated that Coinbase filed an amicus brief in the Prime Trust bankruptcy case. The company is advocating for the enforcement of Uniform Commercial Code (UCC) Article 8, which ensures that assets held by custodians belong to customers and not the custodians themselves.
Coinbase argues that both its user agreement and Prime Trust’s user agreement explicitly state that assets remain customer property. The company asserts that bankruptcy should not alter these agreements or reclassify assets as part of the custodian’s estate.
The legal filing will prevent customer funds from being included in Prime Trust’s bankruptcy estate. Coinbase maintains that upholding UCC Article 8 is essential to maintaining trust in custodians, both in digital and traditional finance.
In other legal developments, the Operation Chokepoint 2.0 hearing is drawing industry-wide attention. Coinbase CLO Paul Grewal will testify alongside other key figures, pushing back against alleged unfair banking restrictions on crypto.
Legal Protections Under UCC Article 8
UCC Article 8 is a fundamental part of commercial law that protects customer assets held by custodians. It applies to both digital and traditional financial institutions, ensuring that customer funds remain separate from a custodian’s bankruptcy proceedings.
Coinbase emphasized that this legal framework applies to major financial institutions, including Bank of New York (BNY) and Depository Trust Company (DTC). The company stated that courts have historically upheld these protections to ensure market stability and customer security.
The amicus brief argues that disregarding UCC Article 8 could set a negative precedent for customer asset protections. Coinbase believes that recognizing customer ownership of assets is critical for preserving market confidence and protecting investor funds.
Trust and Security in Financial Markets
Coinbase has positioned itself as a strong advocate for customer asset protection in financial markets. The company stated that ensuring customer funds remain secure is essential for maintaining trust in custodians and financial institutions.
Paul Grewal expressed confidence in the legal precedent supporting customer asset protections. He urged the court to reinforce these protections in the Prime Trust bankruptcy case, aligning with past court rulings that have upheld UCC Article 8.
The company emphasized that its filing is not about crypto only but about broader financial principles that impact digital and traditional finance.
In addition, the top crypto exchange continues to strengthen its global footprint with regulatory approvals in key markets. Coinbase recently secured a VASP license in the UK, allowing it to offer expanded crypto and fiat services. This move aligns with its broader international strategy, ensuring compliance while driving digital asset adoption.
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.
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