Author: Coindesk

Rate moves are expressed in “basis points (bps),” equal to 1/100 of a percentage point and central banks, including the Fed, typically opt for 25 basis point interest rate changes. However, more significant moves are occasionally chosen, indicating a sense of urgency. For instance, the Fed delivered multiple 50 bps and 75 bps hikes during the 2022 tightening cycle, signaling an urgency to control inflation and causing risk aversion in financial markets. Read the full article here

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.…

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.…

However, the existing model required recalibration, according to Woo X COO Willy Chuang, such that lead traders don’t just profit from exchange fees or other misaligned incentives. Another improvement was finding a way to reduce the consistent pressure on lead traders to always outperform, which prompted Woo X to add the flexibility of a countertrade option. Read the full article here

“That delay—which the agency would assuredly try to parlay into another, then another, until it is too late—would be devastating for Kalshi, which has staked its future on this litigation and these markets,” the company told the U.S. District Court for the District of Columbia. Read the full article here

If granted, the stay would mean Kalshi wouldn’t be allowed to list its election markets until late September at the earliest. The company, which settles trades in U.S. dollars, has been locked out of this year’s election betting boom, dominated by crypto-based rival Polymarket, which is barred from serving U.S. residents under its own settlement with the CFTC. Read the full article here

I want to focus on this part, as it raises some interesting regulatory questions. Trump, of course, has spent the past few months campaigning to crypto voters, making promises about installing industry-friendly regulators and making the U.S. the “crypto capital of the planet” in various public remarks. Read the full article here

“For the reasons stated in the Court’s forthcoming memorandum opinion, the Court GRANTS Plaintiff’s motion for summary judgment … and DENIES Defendant’s cross motion for summary judgment,” Cobb wrote. “Defendant’s September 22, 2023 order prohibiting Plaintiff from listing its congressional control contracts for trading is hereby VACATED.” Read the full article here

According to Friday morning’s Nonfarm Payrolls report from the government, the U.S. added 142,000 jobs in August versus economist forecasts for 160,000 and July’s 89,000 (revised from a previously reported 114,000). The unemployment rate edged down to 4.2%, in line with expectations and from 4.3% in July. Read the full article here

While the industry’s combined effort has tried to walk a tightrope between the two major political parties, Ripple’s giving has leaned into the Republican side in one key situation: trying to defeat crypto critic Sen. Elizabeth Warren (D-Mass.) Garlinghouse, the company’s CEO, has also personally given $50,000 to a super-PAC aimed at building a Republican majority in the Senate, according to disclosures to the Federal Elections Commission. So his political sympathies may be at odds with the letter Larsen signed, which favors a Democratic administration under Harris. Read the full article here