Crypto News

US Senate committee advances crypto bill in milestone for digital assets - US Senate committee advances crypto bill in milestone for digital assets Banks are fighting a key provision in the bill, arguing that it will create competition for deposits by giving crypto companies too much leeway to offer rewards on stablecoins. Bank trade groups launched a last-ditch effort to peel off committee Republicans, with the American Bankers Association on Sunday publicly calling for its member CEOs to push committee senators to tighten the stablecoin language. Trump, who courted crypto cash on the campaign trail and whose family has profited from its own token, has prioritized crypto reform during his second administration and the White House...

Bullish Shares Dip on Earnings Miss, $605 Million Loss as Value of Crypto Holdings Fell - Bullish Shares Dip on Earnings Miss, $605 Million Loss as Value of Crypto Holdings Fell Crypto exchange Bullish reported significant losses, including a $605 million decrease in the value of its crypto holdings. Despite these figures, the company's shares only saw a minor dip. The earnings announcement highlighted the volatility and challenges faced by the cryptocurrency market, which have affected various stakeholders over the past year. Bullish's performance was impacted by broader market trends and specific company decisions. The report provided insights into the company's strategies moving forward, focusing on adaptation to market...

Crypto's big bill is moving in the Senate as illicit finance, ethics issues threaten to slow progress - Crypto's big bill is moving in the Senate as illicit finance, ethics issues threaten to slow progress Key lawmakers worry the current bill doesn’t have a strong enough provision to prevent the president from profiting from crypto. There’s also concern that it weakens national security and makes it easier for crypto and non-crypto companies to put their tokens on the blockchain, weakening protections for pension investors. Democratic Sens. Angela Alsobrooks of Maryland, Raphael Warnock of Georgia, Catherine Cortez Masto of Nevada, Andy Kim of New Jersey, and Mark Warner of Virginia are seen as key players in those discussions...

Tether, TRON, TRM’s T3 Financial Crime Unit Is Freezing Crypto at Record Scale — Here’s Why It Matters - Tether, TRON, TRM’s T3 Financial Crime Unit Is Freezing Crypto at Record Scale — Here’s Why It Matters Unlike decentralized cryptocurrencies such as Bitcoin, centralized stablecoins like USDT include issuer-level controls that allow wallet addresses to be frozen or blacklisted. Supporters argue that those controls are necessary. TRON processes billions of dollars in USDT transfers daily, particularly across emerging markets where stablecoins are heavily used for payments, remittances, and trading. Allowing illicit actors to operate freely inside those systems could expose the broader ecosystem to heavier regulatory crackdowns...

Bitcoin, Ethereum, XRP Fall, But Dogecoin Gains Ahead Of Crypto Act Markup In Senate: This Analyst Is Bracing For More BTC Pain Ahead - Tech giants gained, with Tesla Inc. (NASDAQ: TSLA) and Nvidia Corp. (NASDAQ: NVDA) closing up 2.73% and 2.29%, respectively, as Elon Musk, Jensen Huang, and other moguls joined President Donald Trump on his China visit. Bitcoin To Sink Lower? Widely followed cryptocurrency analyst Ali Martinez stated that Bitcoin may have faced rejection at $82,500, forecasting a potential retest of its 50-day simple moving average at $75,000 in the days ahead. Blockchain analytics firm CryptoQuant highlighted that Bitcoin traders' unrealized profit margins have hit values not seen in nearly a year, indicating high...

JP Morgan Files for Second Tokenized Fund on Ethereum as RWA Race Heats Up - JP Morgan Files for Second Tokenized Fund on Ethereum as RWA Race Heats Up The product routes through Kinexys Digital Assets, JP Morgan’s blockchain-based asset platform, which has previously executed a $50 million tokenized commercial paper transaction on Solana and issued JPMD deposit tokens on Base – a trail of public-chain pilots that now converges into a live, SEC-registered product on Ethereum. As previously reported, JP Morgan also completed a live cross-border tokenized Treasury redemption on the XRP Ledger, demonstrating a multi-chain posture that the JLTXX filing reinforces. Institutional Crypto and the RWA Race: What JP Morgan’s Public-Chain...

Nvidia Chips, Boeing Jets: Stock Traders Eye Trump in China - Nvidia Chips, Boeing Jets: Stock Traders Eye Trump in China An order for Boeing planes is effectively a purchase of General Electric Co. engines. It would fuel demand for RTX Corp.’s Collins equipment business. Agriculture and Ag Equipment Any commitment by China to buy US agricultural products would be a boon for American farmers, who are struggling in part because the Asian country avoided buying their goods during last year’s trade tensions. The likes of tractor maker Deere & Co. and seed provider Corteva Inc. could move the most, according to Oppenheimer analyst Kristen Owen. Chinese officials are in discussion with their US counterparts to buy crops including corn...

Cisco to cut about 4,000 jobs in AI-focused restructuring as orders surge - [Cisco to cut about 4,000 jobs in AI-focused restructuring as orders surge](http://www.reuters.com/) Summary Cisco Systems plans to reduce its workforce by approximately 4,000 jobs, representing around 5% of its total staff. This move is part of the company's restructuring strategy, which emphasizes artificial intelligence (AI) technologies as it experiences a surge in orders. Details The restructuring comes as Cisco aims to shift focus towards areas with greater growth potential, such as AI-driven products and services. The job cuts are a strategic effort to refocus resources and streamline operations as the company navigates a rapidly changing...

Kevin Warsh confirmed new Fed chair as inflation kicks higher, complicating the central bank's path - Kevin Warsh confirmed new Fed chair as inflation kicks higher, complicating the central bank's path. That could be a tough argument to sell to the rest of the Fed committee right now. The Consumer Price Index rose 3.8% in April, up from 3.3% in March. Energy prices accounted for 40% of the increase, while shelter and food also surged. Stripping out energy and food prices, inflation on a “core” basis clocked in at 2.8%, up from 2.6%. Services inflation excluding energy was up 3.3%, while goods prices, which have been pushed higher by tariffs, rose 1.1%. Some Fed officials, including Chicago Fed president Austan Goolsbee, are...

Bitcoin Firm Metaplanet Posts $725 Million Loss, Delays Preferred Share Offerings - Bitcoin Firm Metaplanet Posts $725 Million Loss, Delays Preferred Share Offerings Metaplanet, a prominent player in Bitcoin investments, recently reported a substantial $725 million loss for its latest financial period. The firm, known for its significant holdings in Bitcoin, has consequently announced a delay in its plans for offering dividend-paying preferred shares. The decision to postpone these offerings comes as a strategic measure following the company's considerable financial shortfall. In the wake of the loss, Metaplanet aims to reassess its strategies and focus on stabilizing its current assets before moving forward with additional...

Senate Crypto Bill Drowns in 100+ Amendments Before Thursday Showdown - Senate Crypto Bill Drowns in 100+ Amendments Before Thursday Showdown The Senate Crypto Bill saw more than 100 amendments introduced as it progressed through the legislative process before a crucial vote in the committee. These amendments reflect the complexities and diverse opinions surrounding cryptocurrency regulation. As the bill moves forward, there is anticipation regarding how these amendments will shape the final version. The amendments cover a range of issues, including fraud prevention, innovation encouragement, and ensuring responsible regulation without stifling growth. The increasing interest in cryptocurrencies has pushed lawmakers to address...

Stock market today: Dow slides, S&P 500 and Nasdaq rise as PPI inflation data comes in hot - Stock Market Performance The Dow faced a decline while the S&P 500 and Nasdaq experienced gains following the release of PPI inflation data. The market reacted as investors analyzed the implications of the latest figures. Impact of PPI Inflation Data The Producer Price Index (PPI) came in hotter than expected, stirring concerns about potential inflationary pressures. Investors are now speculating on the potential moves by the Federal Reserve in response to these figures. Movements in Major Indices Despite the Dow Jones Industrial Average sliding, the S&P 500 and Nasdaq managed to rise, reflecting a mixed sentiment in the market as...

10-year Treasury yield rises to highest level in 10 months on hotter-than-expected inflation data - 10-year Treasury yield rises to highest level in 10 months on hotter-than-expected inflation data The 10-year Treasury yield has climbed to its highest level in almost 10 months after the release of inflation data that surpassed expectations. This increase in yield reflects concerns over rising prices and potential impacts on the broader economy. The data has prompted investors to reassess their expectations regarding future interest rate adjustments by the Federal Reserve. Investors closely monitor Treasury yields as they influence borrowing costs for consumers and businesses. An increase in Treasury yields often leads to higher...

Nebius revenue jumps 684% in Q1 as company beats earnings expectations - Nebius Revenue Jumps 684% in Q1 as Company Beats Earnings Expectations Nebius reported a significant increase in their Q1 revenue, jumping 684% compared to the previous quarter. The company outperformed earnings expectations, marking a robust start to the year. The company also disclosed a second agreement with Meta for up to $27 billion over five years. This comprises a $12 billion compute capacity purchase starting in early 2027 and an additional $15 billion contract that allows Nebius to sell capacity to Meta or to its own AI cloud customers. Pipeline generation in the quarter rose about 3.5x from the prior quarter, according to the shareholder letter...

Will Bhutan Run Out of Bitcoin? Top Ten National BTC Holder Can’t Stop Selling Despite Crypto Push - Will Bhutan Run Out of Bitcoin? Top Ten National BTC Holder Can’t Stop Selling Despite Crypto Push Unlike governments that seize Bitcoin through criminal investigations or hold confiscated assets passively, Bhutan appears to be operating more like a long-term institutional investor. How Bhutan Built One of the World’s Largest Bitcoin Treasuries Bhutan’s Bitcoin reserves are unusual because the country did not acquire them through open-market purchases. Instead, Bhutan quietly built its holdings through state-supported Bitcoin mining operations that began around 2019, using surplus hydropower generated by the country’s extensive...

Bakkt Leans Into Stablecoin Payments After Sharp Q1 Revenue Drop - Bakkt Leans Into Stablecoin Payments After Sharp Q1 Revenue Drop Bakkt, a digital asset platform, is shifting its strategic focus towards stablecoin payments following a substantial decline in its Q1 revenue. This decision marks a significant pivot for the company as it navigates the evolving landscape of digital finance. Stablecoins, which are digital currencies pegged to traditional assets like the US dollar, have gained popularity for their stability compared to more volatile cryptocurrencies. Bakkt's move to emphasize stablecoin payments is aimed at tapping into this growing market and addressing the needs of its customers who require secure and reliable payment...

JPMorgan Files to Launch Tokenized Money Market Fund on Ethereum - JPMorgan Files to Launch Tokenized Money Market Fund on Ethereum JPMorgan has filed for the launch of a new tokenized money market fund that will be built on the Ethereum blockchain. This move by one of the largest banking institutions in the United States signifies a growing interest in blockchain technology and its applications in traditional financial services. The tokenized money market fund aims to offer improved transparency, efficiency, and accessibility compared to traditional financial products. By building the fund on the Ethereum blockchain, JPMorgan seeks to leverage the benefits of decentralized technology, including enhanced security and potentially...

Wall Street's Clearinghouse DTCC Enlists Chainlink for Collateral Management - Wall Street's Clearinghouse DTCC Enlists Chainlink for Collateral Management DTCC recently said that more than 50 companies have joined a separate working group for its tokenized services platform, with a limited live-transaction test planned for July and a full launch scheduled for October—signaling that the organization's blockchain ambitions extend well beyond collateral alone. The price of LINK, Chainlink's native token, is down more than 3% on the day to a recent price of $10.22, but has climbed 17% over the last month. This article has been published in Decrypt via Yahoo News...

Explainer-What is in the US Senate's landmark crypto bill? - Decentralized platforms have argued that they are unable to comply with bank-like rules because those rules mostly assume there is a legal entity that sits in the middle of transactions and which ‌holds customer funds. The Clarity Act The Clarity Act would define when a platform is sufficiently decentralized. If it does not meet the bar, it would be treated as a financial institution and would be required to report suspicious activity and monitor transactions, similar to banks. Platforms would not be considered "decentralized" if they have the ability to block users, or if they have private permissions or hard-coded special privileges that other users do not have...

Stock market today: Nasdaq, S&P 500, Dow fall as chip stocks drop, Wall Street weighs CPI inflation print - Stock Market Falls as Chip Stocks Drop and Wall Street Weighs CPI Inflation Print The stock markets experienced a downturn, with the Nasdaq, S&P 500, and Dow Jones Industrial Average all closing lower. This was largely due to significant declines in chip stocks and investor concerns surrounding the recent Consumer Price Index (CPI) inflation data. Semiconductor companies contributed heavily to the market decline. Recent reports and analysis suggested potential headwinds for the sector, causing apprehension among investors who are closely monitoring technological supply chain disruptions and demand forecasts. Investor Eye on...