Trump to name new Fed chair soon? Crypto bulls hope so — Here are the candidates

Congressman Keith Self of Texas has introduced an amendment to the $900 billion US Defense Bill aimed at prohibiting the Federal Reserve from developing or piloting a central bank digital currency (CBDC). This amendment comes as part of a broader push against what Self describes as an 'Anti-CBDC Surveillance State' initiative.

Crypto prices have seen a notable increase as traders prepare for the Federal Reserve's upcoming interest rate decision, with the total cryptocurrency market capitalization rising by 3% to $3.2 trillion. Major cryptocurrencies such as Bitcoin (BTC), Zcash (ZEC), Avalanche (AVAX), and Monero (XMR) are experiencing rallies, reflecting a positive shift in market sentiment.

Ethereum (ETH) experienced a significant price surge, reaching a high of $3,380 as the cryptocurrency market rebounded ahead of the Federal Reserve's interest rate decision. This increase follows a period of volatility and short liquidations totaling $120 million, indicating a shift in market dynamics.

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into Ondo Finance, a decentralized finance platform, without filing any charges. This investigation, which began during the Biden administration, focused on whether Ondo's tokenized products complied with federal securities laws. The SEC's decision marks the end of a two-year probe that scrutinized the company's operations and regulatory compliance.

Crypto markets are closely monitoring the upcoming Federal Reserve meeting, where the focus is less on potential rate cuts and more on whether Jerome Powell will signal the onset of quantitative easing (QE) through a shift to a reserve management regime. Futures markets indicate a high probability of a 0.25 percentage point cut, but the real uncertainty lies in the Fed's plans for dollar liquidity and T-bill purchases.