Author: Coindesk
So, the question is whether they’re going to do 25 basis points or 50 basis points. I, at a high level, think that they should not be raising rates. I believe that the U.S. economy is quite strong. If you’ve seen the GDP prints over the last eight or nine quarters, it’s been consistent growth. The U.S. government continues to spend an insane amount of money, which is keeping economic growth at a very fast pace. And, obviously, that helps with the re-election chances or election chances of Kamala Harris and her running mate which I think is the goal…
Cryptocurrency-related stocks also advanced on Wednesday after the rate cut. MicroStrategy (MSTR) was up 3.6% through the day, while shares of crypto exchange Coinbase (COIN) and investment firm Galaxy (GLXY) gained 2%-3%. Bitcoin miners Marathon Digital and Riot Platform were up 1.6% and 3%, respectively, while TeraWulf (WULF), Bit Digital (BTBT) and Core Scientific (CORZ) led the rally with some 7% gains. Read the full article here
The U.S. Securities and Exchange Commission was hammered for two hours in a congressional hearing on Wednesday in which the witness list predominantly included agency critics, including former Commissioner Daniel Gallagher, who is now at Robinhood. Read the full article here
Fair AI is the amalgamation of technologies and economic incentives that, together, ensures AI evolves in a way that is beneficial to everyone who enables or uses it. There are some core principles to Fair AI — ownership, permission, and fair compensation. Specifically, fair compensation for the contribution of data, compute, and content to datasets. Consider this example — a user could give permission to contribute their data from their social profile – say, Twitter/X. This is not dissimilar from the process that happens when you give certain applications access to your calendar. These contributions create new datasets for developers…
According to Fed funds futures, the market is currently pricing 100 basis points of rate cuts this year, which means the benchmark borrowing cost will drop to 4.5% by the year-end. Still, that is an attractive yield compared to passively holding stablecoins, Deschatres quipped. Read the full article here
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The broader impact of proof singularity extends beyond individual blockchain networks, as it paves the way for a more interconnected and scalable Web3 ecosystem. As ZK proofs become faster and more efficient, cross-chain communication and interoperability can be greatly improved, enabling seamless, secure interactions between various blockchain protocols. This could lead to a paradigm shift where data privacy and security are inherently built into the infrastructure, fostering trust and compliance in industries that require rigorous data protection standards, such as healthcare, finance, and supply chain management. Read the full article here
The exchange, founded by Vishal Gupta, former head of markets at Coinbase, and Patrick McCreary, a former software engineer at the Nasdaq-listed crypto exchange, is the flagship product of True Markets, according to an announcement shared with CoinDesk. Read the full article here
“The investment is between Bitget, Foresight Ventures, and Toncoin holders. The TON Foundation is not involved in the deal. As TON foundation is actively supporting development and user adoption of the TON ecosystems, we will closely work with TON Foundation to boost the TON ecosystem,” a spokesperson confirmed to CoinDesk by email. “All TON tokens acquired have a lock-up period and will be gradually released according to the vesting scheme to ensure that all parties are committed to the TON ecosystem for the long term.” Read the full article here
“The RBA is making a strategic commitment to prioritise its work agenda on wholesale digital money and infrastructure – including wholesale CBDC,” Brad Jones, assistant governor for the financial system, said in a statement on Wednesday. “At the present time, we assess the potential benefits as more promising, and the challenges less problematic, for wholesale CBDC compared to a retail CBDC.” Read the full article here