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Federal Reserve Vice Chair Resigns Signaling Potential Shift in Crypto Regulation
Michael S. Barr, the anti-crypto Vice Chair for Supervision at the Federal Reserve, will resign effective February 28, 2025, potentially shifting U.S. cryptocurrency regulation. His departure may pause major Fed rulemaking, allowing a new administration to reshape digital asset policies. Known for restricting banks' engagement with digital assets and opposing a U.S. central bank digital currency, Barr's exit raises hopes for a more balanced regulatory approach as the crypto landscape evolves.
asian shares rise as wall street rallies led by nvidia
Asian shares mostly rose, buoyed by a Wall Street rally led by Nvidia, with Japan's Nikkei 225 jumping 2.4%. U.S. Steel gained 8.1% after filing a lawsuit against the Biden administration's block of its merger with Nippon Steel, which fell 1.5%. Investors are eyeing potential policy shifts under incoming President Donald Trump, while the Federal Reserve's upcoming minutes and economic reports could influence market sentiment.
Asian shares rise as Nvidia leads Wall Street rally amid market optimism
Asian shares mostly rose, buoyed by a Wall Street rally led by Nvidia, with Japan's Nikkei 225 jumping 2.2%. However, Hong Kong's Hang Seng index fell 1.9% due to a significant drop in Tencent shares following U.S. sanctions. U.S. Steel gained 8.1% after filing a lawsuit against the Biden administration's block of a merger with Nippon Steel, which also saw a decline in its stock.
global shares mixed as european markets decline amid rising technology stocks
Global shares traded mixed, with European benchmarks declining while Asian markets found some optimism from rising technology stocks. The U.S. stock market is expected to drift lower, influenced by ongoing legal challenges regarding a major merger and upcoming economic indicators, including a jobs report and Federal Reserve minutes. In energy trading, crude oil prices saw slight declines, while the U.S. dollar strengthened against the yen.
asian shares rise as technology stocks lead wall street rally
Asian shares mostly rose, buoyed by a Wall Street rally led by Nvidia, with Japan's Nikkei 225 up 2.4%. U.S. Steel surged 8.1% after filing a lawsuit against President Biden's merger block, while investors await potential policy shifts under President Trump. The S&P 500 gained 0.6%, and the Federal Reserve's upcoming minutes and jobs report are anticipated to impact markets.
asia shares rise on optimism over trump's tariff policies
Asia shares experienced an uptick on Tuesday, buoyed by positive momentum from Wall Street. Investor optimism grew as some speculated that President-elect Donald Trump might adopt a less aggressive approach to tariffs than previously indicated.
do kwon pleads not guilty in fraud case affecting over one million victims
Do Kwon, co-founder of Terraform Labs, pleaded not guilty to U.S. fraud charges linked to the $40 billion collapse of TerraUSD, affecting over a million victims. Extradited from Montenegro, he faces nine felony charges and remains in detention as the case highlights the need for accountability in the cryptocurrency sector. Following a separate SEC civil case, Kwon and Terraform were ordered to pay $4.5 billion in penalties, further complicating the legal landscape for crypto leaders.
Hong Kong police dismantle deepfake romance scam network stealing millions
Hong Kong police have seized over HK$34 million (US$3.37 million) from a romance scam operation using AI to impersonate wealthy single women. The investigation led to the arrest of 31 individuals, revealing tactics such as building trust through elaborate personas and high-value interests. Meanwhile, nearly 800 suspects were arrested in Nigeria for similar crypto romance scams, highlighting the growing challenges posed by deepfake technology in fraud cases.
Michael Barr resigns as Federal Reserve vice chair amid crypto scrutiny
Michael Barr, the Federal Reserve's vice chair for supervision, is resigning effective February 28, amid criticism for his role in "Operation Chokepoint 2.0," which allegedly targeted crypto companies. His departure has been welcomed by some in the crypto community, who view him as a barrier to banking services for the industry. Despite stepping down from his supervisory role, Barr will remain on the Federal Reserve Board of Governors and has advocated for responsible stablecoin regulation.
gemini settles cftc allegations with five million dollar fine
Gemini co-founders Tyler and Cameron Winklevoss have agreed to pay a $5 million fine to settle CFTC allegations of misleading regulators during their attempt to launch the first US-regulated Bitcoin futures contract. The settlement avoids a trial set for January 21, following accusations of providing false assurances about safeguards against price manipulation.In a separate development, Gemini plans to exit the Canadian market by September 30, 2024, amid increasing regulatory challenges, while securing a license in Singapore to offer cross-border money transfer and digital payment services.
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