In congressional testimony, Coinbase’s Chief Legal Officer, Paul Grewal, criticized the FDIC for its letters urging financial institutions to pause crypto activities, which he claims undermine the industry. He called for transparency in regulatory practices to foster innovation rather than stifle it, drawing parallels to the controversial “Operation Choke Point.” FDIC Vice Chairman Travis Hill acknowledged the need for a new regulatory approach to clarify permissible activities in the crypto space.
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0 posts last weekCrypto Market Declines Amid Strong Economic Data and Rising Interest Rate Concerns
The crypto market experienced a significant downturn, with Chainlink, Aptos, Uniswap, and Sui dropping between 9.3% and 13.6% following a strong jobs report that indicated a robust economy. Investors are concerned that good economic data could lead to higher interest rates, prompting a shift towards safer assets. As questions arise about the utility of cryptocurrencies amid rising stablecoin adoption, the sell-off may continue into 2025, especially if growth stock valuations decline.
about Crypto Market Declines Amid Strong Economic Data and Rising Interest Rate ConcernsWolf Capital Co-Founder Pleads Guilty to Nine Million Dollar Ponzi Scheme
Travis Ford, co-founder and head trader of Wolf Capital, has pleaded guilty to wire fraud conspiracy after raising $9.4 million from approximately 2,800 investors with false promises of 547% annual returns. The funds were misappropriated for personal gain rather than investment, and Ford admitted the promised returns were not viable. He faces a maximum penalty of five years, with sentencing yet to be scheduled, amid a broader crackdown on crypto-related scams globally.
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