Transaction URL: https://etherscan.io/tx/0xac1c784406c6673b697643f47591a707ba4bd7bde9a5955df911b6e3c6f31000
- Crunch
- Global
New York Senator James Sanders Jr. has introduced a bill to set up a dedicated task force to delve into the burgeoning cryptocurrency and blockchain scene within the state. Dubbed the New York State Cryptocurrency and Blockchain Study Act this initiative aims to meticulously analyze the crypto landscape identifying key metrics such as the variety of digital currencies traded and the operational scope of exchanges.
The task force’s mission extends to evaluating the economic effects of cryptocurrencies on state and local tax revenues alongside environmental concerns linked to energy consumption. A comprehensive report detailing findings and recommendations for enhancing transparency security and consumer protection in the crypto sector is expected to be submitted to the New York governor and legislature by December 15 2027.
Amidst rising interest across the US in crypto-focused legislative measures New York’s proactive step could serve as a benchmark encouraging a balanced regulatory framework that supports innovation while addressing industry challenges. This move also reflects a broader acceptance of digital currencies as integral components of modern financial systems fostering a more inclusive digital economy.
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
Jerome Powell was back on Capitol Hill for his second day of testimony today.
We do not envy him. Senators yesterday grilled Powell on everything from the dismantling of the CFPB to Trump’s tariff policies, and today was more of the same.
Since Powell is Powell, he generally kept his answers short and diplomatic, making it particularly exasperating to watch.
“I think the standard case for free trade and all that logically still makes sense. It didn’t work that well when we have one very large country that doesn’t really play by the rules,” Powell said. We’re…
Read more on Blockworks
Bitcoin banks are going to happen. We already have a few of them. We’re going to have more of them. Existing legacy banks are going to start offering services. New banks are going to be founded around Bitcoin. This is completely unavoidable at this point. Bitcoin doesn’t scale. Even absent that, people value other services that inherently require other parties. Debt being the chief one.
This is an inescapable reality.
Even if we could snap our fingers…
Read more on BitcoinMagazine
This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.
The first CPI reading of the year came out this morning, showing that inflation picked up for the fourth-straight month in January. The headline figure is up 3% over the year, slightly above what analysts had predicted.
Month over month, prices across the board are up 0.5%, the biggest month increase since August 2023. The core index, which excludes food and energy prices, is up 0.4% from December.
The January CPI report is always especially important as it reflects turn-of-the-year price changes. The first month of the year historically brings bigger price increases.
Shelter…
Read more on Blockworks
Crypto markets are stabilizing and trending upward after an initial drop following the higher-than-expected COnsumer Price Inflation report.
CryptocurrencyPrice Gains +/-Bitcoin BTC/USD $97,166.74+2.2%Ethereum ETH/USD $2,679.72+3.4%Solana SOL/USD $193.42-1%XRP XRP/USD $2.44+2.7%Dogecoin DOGE/USD $0.2612+4.6%Shiba Inu SHIB/USD $0.00001680+8.4%
Notable Statistics:
IntoTheBlock data shows large transaction volume increased by 3.2% and daily active addresses grew by 2.6%. Transactions greater than $100,000 are up from 9,866 to 10,487 in a single day. Exchanges netflows are down by 192.3%.
Coinglass data reports 142,147 traders were liquidated in the past 24 hours for… Read more on Benzinga
Founder: Nicolas Burtey
Date Founded: September 2019
Location of Headquarters: United States
Number of Employees: 11
Website: https://www.galoy.io/
Public or Private? Private
Last week, Galoy launched Lana, software that enables banks to accept bitcoin as collateral for loans.
Lana helps community and challenger banks (the banks with which Galoy is looking to work) to offer bitcoin-backed loans to various types of customers.
“Some banks might want to use it to sell to retail, and some might want to use it to sell commercial customers or high-net-worth individuals,” Burtey told Bitcoin Magazine.
In offering such loans to a wide array of customers, Burtey believes that the high cost of…
Read more on BitcoinMagazine