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Gary Gensler, in his exit interview as SEC Chair, described Bitcoin as a "highly speculative" yet unique asset, akin to gold, and emphasized the need for strict regulations to protect investors in the crypto space. He highlighted his tenure's reforms, including reducing trade settlement times, while warning of risks from AI and leveraged markets. Gensler defended the SEC's litigation-heavy approach, asserting that many crypto projects fail to comply with existing laws.
Ethereum prices plummeted over 20% from a peak of $4,100 earlier in the week, dropping to $3,260 amid a broader market selloff influenced by the Federal Reserve's cautious interest rate outlook. In contrast, Bitcoin fared slightly better, losing about 12% from its all-time high of $108,000, as higher rates limit liquidity in the crypto market.
Donald Trump has stated he will not remove Federal Reserve Chair Jay Powell before his term ends in May 2026, while outlining plans for tariffs, mass deportations, and tax cuts upon taking office. Despite concerns about the Fed's independence, Powell has affirmed he will not resign early, emphasizing legal protections for the institution. Trump's proposed policies may increase price pressures, complicating the Fed's ability to lower interest rates.
Elon Musk's initiative to reduce the federal workforce, part of Donald Trump's "department of government efficiency," could disrupt the labor market, as economists warn that cutting jobs from the 3 million civilian employees may hinder job creation. Musk and co-head Vivek Ramaswamy aim for $500 billion in savings through mass layoffs, raising concerns about the impact on job seekers and potential increases in contractor costs. Meanwhile, Trump has nominated Paul Atkins to lead the SEC, signaling a crackdown on Big Tech, as he reshapes his administration with loyalists and financial experts.
Jay Powell
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