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‘Down to maybe one, in my mind’

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President Trump indicates he has made a decision on the next Fed chair
President Trump indicates he has made a decision on the next Fed chair

President Donald Trump said Wednesday he is nearing the end of a search to replace Federal Reserve Chair Jerome Powell and hinted he has his candidate in mind.

In a CNBC interview at the World Economic Forum in Davos, Switzerland, the president said a search that began in September and once included as many as 11 candidates is nearly over.

“I’d say we’re down to three, but we’re down to two. And I probably can tell you, we’re down to maybe one, in my mind,” the president said to CNBC’s Joe Kernen. Still, Trump declined to name the one.

The candidate list included past and current Fed officials, economists and Wall Street investors.

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The finalists had been widely believed to be Former Fed Governor Kevin Warsh, current Governor Christopher Waller, National Economic Council chief Kevin Hassett and BlackRock fixed income head Rick Rieder. Trump in the interview said Rieder, the last to interview, is “impressive” and praised all the candidates.

In recent days, Trump said he preferred Hassett stay at the NEC, likely eliminating him from contention. Treasury Secretary Scott Bessent led the interview process. Trump in the past has expressed support for Bessent to take the Fed job, but said Wednesday, “Scott only wants to stay where he is.”

The statement on the Fed chair is the latest in a series of dramatic twists and turns in the saga following a year of unprecedented tumult for the central bank.

Though Trump criticized Powell and his colleagues heavily during his first term in office from 2017 to 2021, he ramped up the pressure considerably in 2025. That included more verbal assaults on policymakers as well as threats to fire Powell and an actual attempt to sack Governor Lisa Cook, a move that was the subject of a Supreme Court hearing earlier Wednesday on presidential authority over the institution.

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With Powell’s removal as chair a near certainty, the next question turns to whether he’ll stay on another two years to serve out his remaining term as governor. Staying on would give Powell a continued say over monetary policy and interest rates and could act a bulwark against Trump’s efforts to exert control over Fed decisions.

Trump indicated some indifference as to what Powell decides.

“We live with the cards you’re dealt,” he said. “If that happens, his life won’t be very, very happy, I don’t think, by doing it. I think he wants to get out. He has not done a good job.”

Trump again criticized Powell for the renovation project at Fed headquarters, the price of which has run north of $2.5 billion. The Justice Department has subpoenaed Powell relative to the project.

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“I could have done it for $25 million and it would have been nicer than what they’re doing,” Trump said.

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Kenya Moves Closer to Regulating Crypto Firms With VASP Framework

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Kenya Moves Closer to Regulating Crypto Firms With VASP Framework

Kenya is moving closer to formalizing oversight of its digital asset sector after completing public consultations on proposed rules for crypto firms.

On April 11, the National Treasury announced that it had concluded stakeholder submissions on the draft Virtual Asset Service Providers (VASP) regulations. This step advances the framework needed to implement the country’s 2025 law governing crypto-related businesses.

Kenya Drafts Stricter Rules for Crypto Firms

The rules will establish licensing requirements and supervisory standards for companies dealing in cryptocurrencies, tokenized assets, and stablecoins.

The proposed regime outlines entry thresholds for operators, including ownership suitability tests, capital requirements, and governance standards. It also establishes obligations related to risk management and anti-money laundering compliance.

The Kenyan authorities are also seeking to impose stricter consumer safeguards. This would include mandatory disclosures, transparent pricing, and protections for crypto client funds.

The framework introduces market conduct provisions aimed at curbing manipulation and insider activity, while requiring due diligence for asset listings and ongoing monitoring of trading activity. Firms would also be subject to periodic reporting, audits, and cybersecurity standards under a system combining on-site and off-site supervision.

The central bank and capital markets authorities are expected to share oversight of the crypto sector.

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Kenya’s push to formalize oversight aligns with a broader global shift among regulators to define sectoral rules while preserving space for innovation.

The Treasury said the next phase will involve reviewing feedback and refining the draft before finalizing the regulations. The outcome is expected to shape how firms enter and operate in one of Africa’s more mature fintech markets.

“Kenya is building a trusted framework that balances innovation with financial stability,” the financial agency stated.

The consultation process comes as digital asset use expands rapidly across Africa. According to Ripple, the continent faces high transaction costs, delays in cross-border transfers, and limited access to stable foreign currencies.

As a result, people on the continent have shown increased reliance on crypto-based tools for settlement and savings.

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Due to this, Sub-Saharan Africa has emerged as one of the fastest-growing crypto markets, with transaction volumes rising sharply over the past year.

The post Kenya Moves Closer to Regulating Crypto Firms With VASP Framework appeared first on BeInCrypto.

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Trump token sees whale accumulation ahead of Mar-a-Lago gala; senators raise questions over event

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Trump token sees whale accumulation ahead of Mar-a-Lago gala; senators raise questions over event

Large investors are accumulating the TRUMP memecoin ahead of an upcoming gala hosted by President Donald Trump at Mar-a-Lago on April 28, even as the token trades near record lows and the impending event faces political scrutiny.

Data tracked by blockchain sleuth Lookonchain shows notable whale buying through centralized exchanges. One whale, “8DHkza,” withdrew 850,488 $TRUMP tokens (worth approximately $2.4 million) from Bybit over the past two days. Another address, “7EtuAt,” withdrew 105,754 tokens (around $298,000) from Binance 17 hours ago and currently holds 1.13 million tokens, valued at roughly $3.2 million.

Outflows from exchanges are said to represent investor intention to take direct custody of coins and hold the same for long-term. Hence, outflows are taken to indicate accumulation and potentially reduce immediate sell-side liquidity in the market.

The accumulation comes ahead of an invitation-only luncheon reportedly limited to the top 297 TRUMP token holders, with the top 29 receiving exclusive VIP access to Donald Trump.

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However, TRUMP continues to trade at record lows near $2.80, down 0.2% on a 24-hour basis and over 1% in seven days. The token came under pressure this week after CoinDesk reported the Trump-linked crypto venture World Liberty Financial’s controversial lending strategy on the Dolomite DeFi platform.

Meanwhile, U.S. lawmakers have stepped up scrutiny of the Mar-a-Lago event. Senators Elizabeth Warren, Adam Schiff, and Richard Blumenthal have sent a letter to Fight Fight Fight LLC, a Delaware-based entity run by Trump associate Bill Zanker, requesting documents and information on whether Trump played a role in planning, promoting, or financially benefiting from the gathering. Fight Fight Fight LLC TRUMP memecoin in partnership with entities affiliated with Donald Trump.

“It is essential that Congress fully understand the extent to which President Trump and his family are profiting off of his cryptocurrency ventures,” the senators said, adding that “Congress must also take steps to prohibit and prevent these egregious conflicts of interest.”

The probe introduces an additional layer of uncertainty for the token, as regulatory and political risks intersect with already weak price action.

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US Down To ‘Last Chance’ To Pass Clarity Act Before 2030: Lummis

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US Down To 'Last Chance' To Pass Clarity Act Before 2030: Lummis

The United States government must pass the CLARITY Act, which aims to provide the crypto industry with clearer regulatory oversight, soon, or risk waiting almost another four years to move the industry forward, according to US Senator Cynthia Lummis.

“This is our last chance to pass the Clarity Act until at least 2030,” Lummis, a well-known crypto advocate, said in an X post on Friday.

“We can’t afford to surrender America’s financial future,” she added. The comments come as crypto industry participants begin to worry that the bill’s chances of passing this year are narrowing, with US midterm elections in November potentially changing congressional priorities and slowing momentum on the highly anticipated crypto legislation.

The former White House AI and crypto czar, David Sacks, also chimed in on Thursday with a similar view to Lummis.

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“The time to act is now. Senate Banking, and then the full Senate, should pass market structure. I’m confident that they will. And then President Trump will sign this landmark bill into law,” Sacks said. 

Consumers and entrepreneurs both “win” from the CLARITY Act

Many industry participants have argued that the passage of legislation aimed at clarifying which regulators oversee parts of the crypto industry could lead to greater innovation in the US and potentially increase demand for crypto assets among retail investors.

Source: Chad Steingraber

A16z Crypto managing partner Chris Dixon reiterated that view in a post, saying that “when rules are defined, both consumers and entrepreneurs win.”

A wide range of sectors in the crypto industry expect the move to be positive. 

Web3 gaming giant Immutable founder Robbie Ferguson said just days before, on April 3, that “the CLARITY Act will make the last decade of growth in gaming look like a joke.”

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On Friday, Coinbase CEO Brian Armstrong, who withdrew the crypto exchange’s support for the Digital Asset Market Clarity Act in January, said “it’s time” for the legislation to pass after months of delays.

Meanwhile, Coinbase chief legal officer Paul Grewal said on April 2 that the CLARITY Act could be nearing a markup hearing in the US Senate Banking Committee. However, he noted that progress hinges on resolving disagreements over stablecoin yield.

Related: CFTC unveils innovation task force members in crypto clarity push

Regulators are also voicing their support for the legislation.

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US Securities and Exchange Commission (SEC) Chairman Paul Atkins said in a post on the same day that, “It’s time for Congress to future-proof against rogue regulators & advance comprehensive market structure legislation to President Trump’s desk.”

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