A recent 50 basis point interest rate cut by the Federal Reserve is seen by some as a move to support Kamala Harris’ presidential campaign.
In a recent interview with Cointelegraph, the co-founder of BitMEX suggested that Fed Chair Jerome Powell and Treasury Secretary Janet Yellen are collaborating to enhance Harris’s chances of winning the presidency.
He noted that the U.S. economy is currently strong, highlighting a GDP growth of around 2% in the third quarter and historically low unemployment rates.
This raises questions about the necessity of the Fed’s rate cut, which he views as the largest since March 2020. He speculated that the aim is to elevate financial markets further, making voters feel more affluent as they head to the polls in November.
However, there are concerns that this aggressive monetary policy could lead to negative repercussions, particularly an increase in inflation.
He criticized the logic of making borrowing cheaper while the government continues to engage in reckless spending, questioning how that approach would improve the economic landscape.
FTX creditors in the Eurozone will receive repayments in euros based on 2022 closure prices, plus processing fees of up to 30%.
Anatoly Yakovenko, CEO and co-founder of Solana, has been openly critical of the Biden administration, particularly regarding its failure to foster job creation.
Mark Cuban, the billionaire entrepreneur, expressed concerns about SEC Chairman Gary Gensler’s regulatory approach, claiming it could have prevented the collapses of FTX and Three Arrows Capital (3AC).
A class action lawsuit against Nvidia, alleging that the company deceived investors regarding the impact of crypto mining on its revenues in 2017-2018, is seeking to move forward in the U.S. Supreme Court.