Seeds of Wisdom RV and Economic Updates Thursday Afternoon 11-7-24

November 7, 2024 DINARRECAPS8

Good Afternoon Dinar Recaps,

FED CUTS RATES AS BITCOIN CONTINUES ROARING

The Federal Reserve slashed interest rates again on Thursday in a move that could boost Bitcoin—which is already in all-time high territory.

The Federal Reserve on Thursday slashed interest rates in an expected decision that could give "risk-on" assets like Bitcoin a further boost—and the top digital asset is already surging in recent days, setting multiple all-time high price points following Donald Trump's election win.

America's central bank approved a quarter-point interest-rate cut—a move backed by all 12 Fed voters. In September, the Fed cut by 50 basis points in its first such reduction since it aggressively raised rates in 2022.

Bitcoin and other cryptocurrencies have largely benefited from low interest rates because they, like tech stocks, tend to experience more volatile price movements.

But in 2022, the central bank aggressively hiked interest rates in a bid to tame inflation amid the COVID-19 pandemic, making such investments less attractive. Now that inflation is in check, the central bank can make it cheaper to borrow money again.

"The Committee judges that the risks to achieving its employment and inflation goals are roughly in balance," the Fed said in a statement Thursday.

Matt Mena, crypto research strategist at exchange-traded fund (ETF) issuer 21Shares, said in a statement provided to Decrypt that the latest cut could give crypto a further boost.

"The Fed's 25 bps rate cut introduces an economic boost favorable to risk assets like Bitcoin," he said. "Combined with Trump's pro-crypto policies, this creates a supportive macro environment for Bitcoin."

@ Newshounds News™

Source: Decrypt

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RIPPLE CEO SHARES HIS ‘FIRST 100-DAY’ CHECKLIST FOR THE PRESIDENT

Brad Garlinghouse, CEO of Ripple, has outlined what he believes should be part of the President's first 100-day agenda for crypto.

Trump’s victory in the 2024 U.S. election has offered not just a pro-crypto president, but also the most pro-crypto lawmakers in the House and Senate. With crypto in celebratory mood as Bitcoin leads prices higher, the overall sentiment is that this is only the beginning of what’s bullish for the industry.

However, among the top priorities for the sector is the push for regulatory clarity. In his congratulatory message, Ripple CEO Brad Garlinghouse outlined what he sees as a few of the things the president can do in his first 100 days to get the ball rolling.

Fire Gensler
At the top of the list is fulfilling a campaign pledge: firing U.S. Securities and Exchange Commission Chair Gary Gensler on “day one.”

Garlinghouse suggests replacing Gensler with a more crypto-friendly candidate, naming Dan Gallagher (chief legal officer of Robinhood), Christopher Giancarlo (former head of the Commodity Futures Trading Commission), and Brian Brooks (former acting comptroller of the currency) as potential successors.

“They’d be massive upgrades in rebuilding the rule of law (and reputation) at the SEC,” the Ripple CEO posted on X.

In his victory speech following Tuesday’s election, Trump expressed his commitment to uniting the nation and driving change.

On his ‘first 100-day’ checklist Garlinghouse wishes to see the president getting Republicans and Democrats together to “move the digital asset market structure bill forward in the Senate.”

Notably, the U.S. House of Representatives passed the bill in May 2024.

The final item on Garlinghouse’s list pertains to Ethereum. Ripple’s legal battle with the SEC, from December 2020 to July 2023, challenged allegations that XRP was a security, ultimately resulting in a favorable court ruling. While the SEC approved spot Ethereum exchange-traded funds in May, Garlinghouse couldn’t resist a pointed comment aimed at the regulator.

“And last but not least, can we get some clarity…..similar to XRP and BTC, that ETH is not security, right?!” he wrote.

@ Newshounds News™