Trump Blasts 'Banking Cartel' Over Crypto Bill Delays
Donald Trump criticized what he termed the 'banking cartel,' accusing it of impeding crucial crypto legislation.
Global Markets Plunge Amid Fed ACH Outage
Global financial markets experienced a sharp downturn today, exacerbated by an operational outage in the Federal Reserve's Automated Clearing House (ACH) interbank money transfer system.
The Federal Reserve issued guidance urging users to avoid re-sending affected payment instructions to prevent duplicate transactions. This disruption, uncommon since a similar outage in 2021.
The U.S. stock market opened with an immediate downturn, shedding an estimated $1 trillion in market capitalization. Major technology companies like Nvidia, Amazon, Google, and Tesla recorded declines of 2% to 3%. The Fear & Greed Index scored 0 out of 100, indicating extreme fear.
The bearish trend extended internationally. South Korea's stock market implemented its circuit breaker mechanism, halting trading after its benchmark index experienced a sharp 10% decline. Key indices in Japan and other global economies also recorded losses.
Cardano Founder Hoskinson Rejects CLARITY Act, Citing XRP Bias
Charles Hoskinson, founder of Cardano, publicly opposed the proposed CLARITY Act, echoing Brian Armstrong’s sentiment that "no bill is better than a bad bill." Hoskinson contends the legislation would inherently classify most cryptocurrencies as securities, specifically stating $XRP would qualify under the proposed SEC standard. He further claimed the bill would grant preferential treatment to $XRP, negatively impacting future blockchain projects and offering no substantive benefits for the decentralized finance (DeFi) sector.