Fed President slams crypto

Everything he had to say here.....

Author

Daniel Akpobare
October 22, 2024

In partnership with

GM Explorer,

Bitcoin and the crypto world are under fire again, with Minneapolis Fed President Neel Kashkari voicing sharp criticisms.

Here’s what we got for you today:

  • 🗣️ Fed President slams crypto!

  • ⚖️ SEC vs. Ripple: The legal battle rages on!

  • 🧱 Around The Block: Bitcoin hash rate hits new all-time high, surges 74% year-over-year.

🗣️ Fed President Slams Crypto!

We’re just kicking off the week, and Bitcoin—including the whole cryptocurrency scene is already in the hot seat.

A few days ago, economists at the European Central Bank (ECB) fired shots at Bitcoin and its die-hard supporters.

And now? Minneapolis Fed President Neel Kashkari added more fuel to the fire.

At a town hall in Wisconsin, Kashkari publicly slammed cryptocurrency, calling it the currency of choice for drug dealers and other shady dealings.

He flat-out said that “very few transactions” in crypto happen outside of those sketchy contexts. Ouch!

But you know what? His remarks are not that surprising.

Kashkari’s been a vocal crypto critic for a while—he even compared it to a “giant garbage dumpster” at one point! So, yeah, he’s still not backing down.

To him, unless you’re buying something illicit, it’s rare to see crypto used for anything legit.

But how did the crypto community take this? Things got heated pretty quickly.

Nic Carter of Castle Island Ventures and other industry heavyweights, such as Caitlin Long of Custodia Bank and Brown Rudnick Partner Hailey Lennon, clapped back on X.

Lennon even doubled down, highlighting the advanced anti-money laundering practices put in place by some of the “good apples” in the crypto space.

Despite all the hate from folks like Kashkari, crypto adoption keeps growing like weeds after a rainstorm.

In fact, after the recent approval of spot Bitcoin and Ether ETFs in the U.S., about 80% of institutional investors are reportedly planning to ramp up their crypto investments.

So, while Kashkari might paint crypto as the villain, the landscape is clearly changing.

But hey, the fact remains that crypto being linked or used for illegal activities is still very much a thing.

So, what do you think? Is crypto the villain, or is it misunderstood? 

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The crypto world is buzzing with anticipation as the SEC revives its legal fight against Ripple.

As we told you some time ago, the SEC is appealing a July 2023 ruling that partly favored Ripple.

This time, the regulator specifically focuses on XRP’s institutional sales, signaling a shift in the SEC’s approach to crypto regulation.

Ripple’s chief legal officer, Stuart Alderoty, wasted no time responding to the appeal.

He reaffirmed that the court ruling declaring XRP not a security in retail sales remains intact despite the SEC’s appeal.

And that the outcome of the SEC’s appeal could go one of two ways:

  • Either the Second Circuit Court of Appeals will affirm District Judge Analisa Torres’ ruling.

  • Or it will expand her ruling.

According to him, the best the SEC can hope for (and it’s a remote hope) is a remand.

Nevertheless, this appeal means the legal battle could drag on until 2026, and the market already feels the impact.

Following the news of the appeal, XRP’s price saw noticeable fluctuations, trading above $0.55 with a modest gain of nearly 1%.

But still, a cloud of uncertainty looms over the market as investors grapple with the implications of this legal battle.

The outcome could set a precedent for how digital assets are classified and regulated in the future.

So, all eyes are on the horizon for what's to come.👀

🧱 Around The Block

That's all we've got for you today.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.

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