Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 2-11-25
Good Afternoon Dinar Recaps,
JUST IN: JEROME POWELL AGREES TO WORK WITH LAWMAKERS TO ADDRESS CRYPTO DEBANKING
In a bold move, Federal Reserve Chair Jerome Powell has called for a “fresh look” at debanking, following criticism that the crypto industry is being denied access to banking services.
Powell Agrees to Help End Crypto Debanking
During a Senate Banking Committee hearing on Tuesday, Tim Scott, the committee’s Chair, asked Jerome Powell if he would work together to ensure that financial regulations are fair and don’t impose unnecessary burdens, to which Powell agreed to collaborate with Tim Scott, stating that the Federal Reserve aims to avoid unnecessary burdens. Powell said that he is “struck” by the increasing number of Bitcoin and crypto firms being debanked.
He also emhasized that it’s important to re-evaluate the issue of debanking. “We don’t intentionally do these things, but sometimes regulation leads things to happen and we need to be working on that,” Powell added. Scott also asked Powell if he would commit to collaborating with lawmakers to end debanking, to which Powell agreed, saying “yes.”
Crypto debanking is once again a hot topic in Washington, with lawmakers holding hearings and launching investigations into the issue. Last week, both the House and Senate held two hearings to address the concern.
Fed Not In A Hurry To Cut Rates
Furthermore, Powell has emphasized that the US central bank is “in no hurry” to reduce interest rates, despite pressure from Donald Trump to lower borrowing costs in the world’s largest economy.
“With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance.” he noted.
This statement follows the Fed’s decision last month to keep the federal funds target range at 4.25-4.5%, after three consecutive rate cuts that lowered it by 1 percentage point. Most investors expect US rates to stay steady until around May or June this year.
Furthermore, Powell also confirmed that the Fed will not create a Central Bank Digital Currency (CBDC) under his leadership.
@ Newshounds News™
Source: Coinpedia
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BANKS EXPAND CRYPTO TIES TO CAPTURE IPO DEALS UNDER TRUMP: REPORT
Wall Street banks are pushing to land crypto IPO deals as Trump works to make the U.S. a crypto hub.
Big banks are looking to make more money more with crypto firms as initial public offering opportunities loom, Bloomberg reports, citing people familiar with the matter.
According to a Feb. 10 report, Morgan Stanley is now actively seeking crypto clients, while Bank of America is considering more deals, and Royal Bank of Canada wants to expand its crypto portfolio.
The spark of interest comes as exchanges like Gemini and Bullish consider going public. Kraken and stablecoin issuer Circle have also explored public listings before.
Banks are eager to grab these deals as the Donald Trump administration hints at loosening regulations to make the U.S. a crypto leader. At the Bitcoin 2024 Conference, Trump promised that, if elected, he would make the United States the “crypto capital of the planet.”
Bullish once planned to go public in a $9 billion SPAC deal with Far Peak Acquisition. However, in 2022 the exchange dropped the idea.
Former CEO Brendan Blumer said the deal was called off because the process was taking “longer than expected.” Bank of America is also preparing for more crypto deals, though specifics remain unclear.
Meanwhile, Swedish fintech giant Klarna is making a big push into crypto ahead of its April IPO. As crypto.news reported earlier, Klarna CEO Sebastian Siemiatkowski shared plans on X to add crypto to the platform. With a potential $15 billion valuation, Klarna’s IPO could be one of the biggest this year.
@ Newshounds News™
Source: CryptoNews
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SWEDISH FINTECH GIANT KLARNA WILL ‘EMBRACE CRYPTO,’ CEO SAYS
Klarna, a Swedish payments firm with 85 million users, is reportedly eyeing a US initial public offering — and its CEO is looking for ideas on how it can integrate digital assets.
This comes as Klarna is preparing for an initial public offering in the US, the Financial Times reported.
@ Newshounds News™
Read more: CoinTelegraph
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