Kategorie: Crypto News

• Michael Barr’s resignation is effective from February 28, 2025, but he will continue as governor of the Federal Reserve Board
• A Reuters report indicated in December that Barr was seeking legal advice regarding his options should Trump attempt to remove him

Michael Barr, the US Federal Reserve’s vice chair for supervision, who warned banks about increased liquidity risks regarding accepting crypto deposits, will step down next month.

In a January 6 letter to US President Joe Biden, Barr’s resignation is effective from February 28, 2025 “or such earlier time as a successor is confirmed.” Barr will continue serving as governor of the Federal Reserve Board, which lasts until his term ends in 2026.

There has been some speculation that President-elect Donald Trump will replace Barr once he takes office again on January 20. A Reuters report in late December indicated that Barr was consulting with a law firm over his options against attempts from Trump should he try to remove him.

While nothing was mentioned in his resignation letter, Barr noted in a statement that “the risk of a dispute over the position could be a distraction from our mission. In the current environment, I’ve determined that I would be more effective in serving the American people from my role as governor.”

Taking to X, Caitlin Long, founder and CEO of Custodia Bank, wrote: “THE FED’S DEBANKER-IN-CHIEF IS OUT! Michael Barr, the last remaining Biden/Warren appointee who architected #OperationChokePoint2.0 at a federal financial agency, will resign as vice chair for supervision in Feb.”

1/ 🚨THE FED’S DEBANKER-IN-CHIEF IS OUT! Michael Barr, the last remaining Biden/Warren appointee who architected #OperationChokePoint2.0 at a federal financial agency, will resign as vice chair for supervision in Feb (see @nic__carter’s March 2023 map👇).https://t.co/oB3ml3HUsH pic.twitter.com/C0gABeAUDI

— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) January 6, 2025

Other people within the Operation Choke Point 2.0 diagram Long posted include outgoing US Securities and Exchange Commission (SEC) Chair Gary Gensler, US Massachusetts Senator Elizabeth Warren, Federal Reserve board member Michael Gibson, and Nellie Lang, Under Secretary of the Treasury for Domestic Finance, among others.

Barr’s departure comes weeks after Gensler and Commissioner Jaime Lizárraga announced their resignations in November. Both will step down later this month when Trump takes office.

Wyoming Senator Cynthia Lummis said on X that “Michael Barr has completely failed to fulfill his duties as Vice Chair for Supervision at every turn, enabling Operation Chokepoint 2.0 and illegally increasing his power at the cost of Wyoming’s digital asset industry.”

Michael Barr has completely failed to fulfill his duties as Vice Chair for Supervision at every turn, enabling Operation Chokepoint 2.0 and illegally increasing his power at the cost of Wyoming’s digital asset industry. My statement below ⬇️⬇️ pic.twitter.com/Pz2Rc0egze

— Senator Cynthia Lummis (@SenLummis) January 6, 2025

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• Injective (INJ) up 13% post-INJ 3.0 governance proposal (IIP-392) approval.
• The IIP-392 proposal cuts INJ’s token supply, boosting its value.
• Injective’s rise is further supported by the growing interest in AI crypto.

Injective (INJ) has emerged as one of the standout crypto performers today, witnessing a significant price surge following the approval of its INJ 3.0 governance proposal.

The cryptocurrency has soared by around 13%, reaching a 24-hour high of $26.62, with a weekly gain of 27%, reflecting robust investor confidence in its prospects.

INJ 3.0 governance proposal approval

Today’s Injective price rally lies in the successful passage of the INJ 3.0 governance proposal, known as IIP-392, which was overwhelmingly supported by the Injective community with a 99.99% approval rate.

The IIP-392 proposal is set to dramatically reduce the circulating supply of INJ tokens, positioning it to become one of the most deflationary assets in the crypto space. The deflationary mechanism is expected to enhance the token’s value over time by reducing supply while demand potentially rises, a strategy that has historically buoyed asset prices in cryptocurrencies.

This governance move is not happening in isolation. It coincides with a broader market trend, particularly the enthusiasm around Bitcoin’s halving event, which often catalyzes interest in other cryptocurrencies, especially those with significant updates or innovations. Injective’s alignment with this event could be seen as strategic timing to capitalize on the market’s focus on deflationary tokens.

The market’s response has been overwhelmingly positive, with trading volumes for INJ jumping by 198% to $312.13 million, and a +17.67% increase in futures open interest to $200.32 million according to data from Coinglass, signalling not just short-term speculation but a belief in the long-term value proposition of Injective (INJ).

Injective’s commitment to reducing token supply through governance, coupled with its focus on AI, places it at the intersection of two highly sought-after trends in the crypto world.

While the outlook for INJ remains bullish, the volatile nature of cryptocurrency markets necessitates caution.

Investors should watch for the successful execution of the INJ 3.0 plans, alongside monitoring broader market sentiment, which can be swayed by global economic shifts or political events, such as the potential impact of a Donald Trump election win on tech stocks and cryptocurrencies.

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• Polymarket gives Poilievre an 87% chance of succeeding Justin Trudeau as Canada’s PM.
• Trudeau has announced his resignation, citing internal struggles; parliament prorogued till March 24.
• Poilievre’s anti-CBDC stance boosts popularity, pushing for crypto and cash freedom.

In a dramatic shift in Canadian politics, the odds of Pierre Poilievre becoming the country’s next prime minister soared to 93% on the Polymarket prediction platform, before slightly dropping to 87% at press time.

This surge follows the announcement by Justin Trudeau, Canada’s prime minister for nearly a decade, that he will step down as leader of the Liberal Party and resign as prime minister, leaving office once a new party leader is chosen.

Justin Trudeau resignation

Justin Trudeau announced his resignation on January 6, 2025, outside Rideau Cottage in Ottawa, citing internal party struggles and a desire for Canadians to have a clear choice in the upcoming election. While he will remain in a caretaker role until a new Liberal leader is selected, Trudeau acknowledged the challenges his government faced, including criticism of his cabinet and prolonged parliamentary gridlock.

The House of Commons will be prorogued until March 24, allowing time for the Liberal Party to elect a new leader.

Reflecting on his time in office, Trudeau highlighted key achievements such as supporting Ukraine, managing the COVID-19 pandemic, addressing climate change, and preparing the economy for future challenges. However, he expressed regret over his failure to reform Canada’s electoral system, which he believes would have allowed voters to rank multiple preferences on a single ballot.

Will Pierre Poilievre succeed Justin Trudeau as the next Canadian PM?

The top three contenders for the Canada PM post are Pierre Poilievre, Chrystia Freeland, and Jagmeet Singh.

However, Pierre Poilievre, The Conservative Party leader, is emerging as the most probable choice. His policies emphasize preserving Canadians’ financial privacy and freedom by opposing the creation of a government-controlled digital currency.

Poilievre, known for his staunch opposition to central bank digital currencies (CBDCs) and advocacy for cash and cryptocurrency freedoms, has gained significant traction among voters.

Poilievre’s advocacy for cryptocurrency and blockchain innovation has garnered attention, with the Conservative leader expected to position Canada as a potential global hub for digital assets.

The Polymarket prediction, based on a contract titled “Next Prime Minister of Canada,” also reflects growing confidence in Poilievre’s chances.

The Polymarket contract has seen a trading volume exceeding $391,400, underscoring widespread interest in Canada’s political future.

As Canada braces for a political transition, Polymarket’s data highlights the electorate’s shifting priorities. Poilievre’s rising popularity underscores a growing appetite for change, as voters consider his vision for the nation’s economic and technological future.

With the next federal election required to occur before October 2025, the political landscape is poised for significant transformation.

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