The US Treasury Department accepted comments related to the implementation of the stablecoin bill until Tuesday as part of the law’s planned rollout. Stablecoin issuer Circle has advocated for a level playing field among banks, nonbanks and stablecoin issuers as the US Treasury Department considers implementing the GENIUS Act following its signing into law in July. In comments submitted on Tuesday as part of the Treasury’s notice of proposed rulemaking for GENIUS, Circle was one of many crypto companies that weighed in on how the US government should implement the law establishing a framework for payment stablecoins. While the company reiterated many of the principles for which proponents of the bill had advocated, such as having stablecoins “fully backed with cash and high quality liquid assets,” it also urged the government to set clear requirements for enforcement and consequences for noncompliance. Read more
Bitcoin’s slide toward $100,000 accelerates as ETF outflows, weak earnings and macro uncertainty rattle traders, leaving bulls hesitant to reenter the market. Key takeaways: Bitcoin ETF outflows of $2 billion since Oct. 29 intensified market pressure and erased optimism around institutional demand. Weak corporate earnings and macro risks suggest Bitcoin could fall below $100,000 before buyers regain confidence. Read more
Current fiscal and monetary policies will cause hard asset prices to rise, but both are signs of late-stage economic decay, Dalio said. The US Federal Reserve’s decision to ease monetary policy is inflating an economic bubble that could drive up the prices of hard assets, but also marks the final phase of a 75-year economic cycle, according to former hedge fund manager Ray Dalio. Typically, the Federal Reserve eases interest rates when economic activity is stagnating or declining, asset prices are falling, unemployment is high and credit dries up, as seen during the Great Depression of the 1930s or the 2008 financial crisis, Dalio wrote in an article posted to X on Wednesday. However, the Fed is now easing monetary policy at a time of low unemployment, economic growth and rising asset markets, Dalio wrote, which is typical of late-stage economies saddled with too much debt. Read more
As deliberations entered their second day in a criminal trial over a $25 million exploit, jurors asked for clarification on previous testimony and the definition of “good faith.” The jury deciding the fate of two men accused of money laundering and fraud related to a $25 million exploit of the Ethereum blockchain has submitted a series of detailed questions to the judge as they deliberate, indicating a close scrutiny of key points in the case. On Wednesday, jurors in the criminal trial of Anton and James Peraire-Bueno began deliberating over a verdict after three weeks of hearing differing theories of the case from defense attorneys and US prosecutors. The brothers stand accused of using maximal extractable value (MEV) bots to extract about $25 million in digital assets from the Ethereum blockchain in 2023, in what prosecutors describe as a fraudulent scheme. Read more