Wall Street bleeds, US Banks cleared for crypto, SEC commissioner calls for 7 crypto reforms, and more in this Week in Review.
Wall Street Bleeds, US Banks Cleared for Crypto, and More — Week in Review
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Week in Review
Wall Street shed $2.85 trillion in value amid growing recession fears, following Trump’s new tariffs. Meanwhile, over 5,000 U.S. banks are now cleared to offer crypto services. In Washington, an SEC commissioner proposed a sweeping seven-point crypto reform plan. Stablecoin issuer Circle has filed for an IPO. Lastly, Robert Kiyosaki predicts silver will outperform both bitcoin and gold.
Wall Street Bleeds $2.85T as Polymarket Degens Bet on Recession
Speculators on Polymarket are wagering substantial sums on a contract gauging the likelihood of a U.S. economic… read more.
Editor’s comment: It’s been less than two full trading days since the tariffs went into effect. Everyone shrieking about this historic blunder, or that a recession is imminent, need to take several deep breaths before hyperventilating. They might turn out to be correct, but it’s way too early to tell.
5,000 US Banks Cleared for Crypto
Over 5,000 U.S. banks can now enter crypto markets as regulators lift approval requirements, signaling… read more.
Editor’s comment: This paves the way for widespread adoption of crypto services by traditional banks.
SEC Commissioner Calls for 7 Crypto Reforms
SEC commissioner laid out a bold seven-point plan urging Congress to slash red tape, empower existing agencies… read more.
Editor’s comment: To me, the most interesting point is the one to protect peer-to-peer rights: It’s great that she recognizes the importance of this, often overlooked, need to preserve the right to peer-to-peer transactions.
Stablecoin Issuer Circle Files for IPO
Circle Internet Group Inc., a leading stablecoin operator, is aiming to go public with an S-1 filing that outlines major… read more.
Editor’s comment: This might be the best time for Circle to IPO since the stablecoin game is about to get mighty crowded, and USDC’s share of the market is bound to drop.
Robert Kiyosaki Says Silver Will Outrun Bitcoin and Gold
“Silver will slingshot to all-time new highs”—Rich Dad Poor Dad author Robert Kiyosaki says silver is currently more… read more.
Editor’s comment: Kiyosaki makes many valid points, including the fact that global silver production has plateaued and silver’s price is more accessible than gold or bitcoin, but the 100%+ price jump and unverifiable claims such as price manipulation is ending, make me only cautiously optimistic about silver.
