SEC Commissioner Hester Peirce delivered a forceful defense of financial privacy rights on August 4, arguing that Americans should retain the ability to use privacy-protecting crypto technologies without government surveillance. Her remarks at Stanford’s Science of Blockchain Conference come as Tornado Cash co-founder Roman Storm faces criminal trial for allegedly facilitating $1 billion in illicit transactions through the sanctioned crypto mixer. Fourth Amendment Protections Eroded by Third-Party Financial Surveillance Peirce criticized the Bank Secrecy Act’s 55-year-old framework that deputizes financial institutions as “de facto law enforcement investigators,” requiring them to file over 25 million transaction reports annually, including 4.7 million suspicious activity reports. The Bank Secrecy Act was built entirely for a paper-based world. But money is now a creature of the internet and we need our laws to respect that. A prime example: we should look to Zero-Knowledge Proofs to eliminate the data dragnet that the BSA forces on every consumer. 1/3 pic.twitter.com/ng7doN9DaH — paulgrewal.eth (@iampaulgrewal) August 4, 2025 She argued the third-party doctrine strips Americans of Fourth Amendment protections when they interact with financial intermediaries. The Commissioner advocated for zero-knowledge proofs, encrypted networks, and decentralized technologies that eliminate intermediaries from financial transactions. She warned against requiring open-source software developers to answer for how others use their code, stating that immutable protocols available for anyone’s use cannot practically comply with financial surveillance measures. Peirce’s speech coincided with Storm’s July 14 trial date, where prosecutors face evidence authentication challenges after initially misattributing a key Telegram message about the $600 million Axie Infinity hack. Defense attorneys revealed the message was written by former CoinDesk reporter Andrew Thurman, not Storm’s co-developer Alexey Pertsev, as prosecutors claimed. Bank Secrecy Act Under Fire as Surveillance Costs Mount Peirce questioned whether the BSA’s “sledgehammer approach” to financial monitoring serves proportionate benefits, given its massive costs to institutions and privacy implications for Americans. She noted that approximately 324,000 financial institutions submitted over 25 million transaction reports in fiscal 2024, creating what she called a “when-in-doubt-file dynamic.” The Commissioner cited Justice Douglas’s 1976 dissent, warning that banking transactions reveal “a fairly accurate account” of individuals’ religion, ideology, and interests, making automatic availability to federal agencies a threat requiring “delicate scalpel” precision rather than broad surveillance. Recent Government Accountability Office findings suggested that most Currency Transaction Reports go unused by law enforcement. Today in the MIT Technology Review, I explain why the Bank Secrecy Act, a Nixon-era law, is no longer fit for a modern era where nearly every financial transaction is trackable without a warrant. Our financial data is among the most sensitive personal information we produce.… https://t.co/eJWINtjbke — Katie Haun (@katie_haun) June 25, 2025 Deputy Treasury Secretary Michael Faulkender acknowledged the need for BSA modernization reforms to balance costs and benefits. Treasury recently delayed an anti-money laundering rule for investment advisers pending substantive review, indicating growing recognition of the program’s burden. Peirce also criticized the SEC’s Consolidated Audit Trail, which captures customer trading data across all markets without suspicion of wrongdoing. She and Commissioner Uyeda described the CAT as a tool “one would expect to find in a dystopian surveillance state” that disregards investor privacy interests. Chairman Atkins has called for a CAT review , including “a hard look at the reporting requirements and scope of what is collected.” The SEC stopped requiring customer names, addresses, and birth years in CAT submissions earlier this year following privacy concerns. We will make sure the next chapter of financial innovation is written right here in America. Watch highlights from my speech launching Project Crypto at @A1Policy . pic.twitter.com/euqY9samPt — Paul Atkins (@SECPaulSAtkins) August 4, 2025 Tornado Cash Case Exposes Prosecutorial Evidence Problems Storm’s criminal trial faces significant evidentiary challenges after prosecutors mishandled key digital communications extracted from Dutch authorities following co-developer Pertsev’s arrest. The disputed Telegram message about “cashing out 600 mil” was central to the government’s case establishing criminal intent. Assistant U.S. Attorney Ben Arad referenced the message during pretrial hearings , telling the judge it demonstrated the co-founders’ awareness of wrongdoing. Tornado Cash developer Storm claims @TheJusticeDept bungled critical Telegram evidence ahead of July 14 trial as prosecutors wrongly attribute key $600M Axie Infinity message. #TornadoCash #DOJ https://t.co/QK7AdsI7vB — Cryptonews.com (@cryptonews) July 14, 2025 Defense attorneys argue the misattribution provided “false information” to both the court and potentially the grand jury that issued the indictment. The authentication problems extend beyond single messages, with defense lawyers noting missing author information for forwarded Telegram messages and incomplete file retrieval from Dutch law enforcement. FBI Agent Dickerman’s extraction reportedly contained multiple flaws that prosecutors cannot verify due to limitations in international evidence sharing. Storm’s defense maintains the charges criminalize open-source software development, with the Ethereum Foundation pledging $500,000 toward legal defense and matching up to $750,000 in community contributions. The trial outcome could establish precedent for how prosecutors pursue cases against decentralized technology developers. Peirce’s privacy advocacy aligns with broader regulatory shifts under the Trump administration’s “Project Crypto” initiative , which aims to onshore crypto businesses while protecting self-custody rights and privacy-preserving technologies. The post SEC’s Peirce Defends Crypto Privacy Rights as Tornado Cash Developer Awaits Verdict appeared first on Cryptonews .
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Fundstrat co-founder and Bitmine Technologies CEO Tom Lee, who has made a name for himself with his bold predictions about Bitcoin and the market, made new statements. Accordingly, Tom Lee, who gave a big boost to Ethereum, argued that Ethereum will be the biggest macro trend in the next 10-15 years. Sharing from his X account, Lee stated that Wall Street’s financialization of blockchain and AI’s tokenization of robotic assets are positive for Ethereum. “….Ultimately, Ethereum will become one of the biggest macro trends in the next 10-15 years.” In his previous statements, Tom Lee predicted that Ethereum would rise to $15,000 in the medium term by the end of the year. Related News: Tom Lee, who predicted the previous bull market, announced his new predictions for Bitcoin (BTC) and Ethereum (ETH)! He gave the date! The World's Largest Ethereum Holder! Tom Lee also mentioned Bitmine Immersion Technology, an Ethereum reserve company on whose board he sits. BitMine is currently holding more than $3 billion worth of Ethereum in the Ethereum accumulation race, making it the company with the most Ethereum in the world. “Bitmine currently holds 833,133 Ethereum worth $3 billion. It is the world's largest Ethereum treasury and the world's third largest virtual asset (cryptocurrency) treasury. *This is not investment advice. Continue Reading: Tom Lee, the previous bull, spoke about Ethereum (ETH)! He said, "It will be the biggest!" and gave a date!
CrediX recovered $4.5 million in stolen crypto after reaching a deal with the exploiter. Affected users will be refunded within 48 hours, the team said.
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BitcoinWorld US Dollar’s Crucial Consolidation: Navigating Post-Payrolls Volatility In the dynamic world of cryptocurrencies, understanding broader macroeconomic shifts is paramount. Recent movements in the US Dollar , particularly its consolidation after significant losses, have sent ripples across global financial markets, including the digital asset space. While seemingly distant, the dollar’s strength or weakness can profoundly influence investor sentiment and capital flows into Bitcoin and altcoins. This article delves into the crucial post-payrolls period, offering a deep dive into the factors shaping the US Dollar outlook and what it means for your investment decisions. Understanding the Non-Farm Payrolls Impact : What Happened? The Non-Farm Payrolls (NFP) report is one of the most closely watched economic indicators globally, providing a comprehensive snapshot of the health of the US labor market. It measures the number of new jobs created in the non-agricultural sector each month, excluding government employees, private household employees, and non-profit organization employees. A strong NFP report typically indicates a robust economy, which can have significant implications for monetary policy and, consequently, currency valuations. Recently, the NFP report delivered a surprising outcome. Despite widespread expectations for a slowdown in job creation, the figures revealed a much stronger labor market than anticipated. This unexpected resilience initially triggered a sharp reaction in the Forex market . The immediate aftermath saw the US Dollar experience notable losses. Why would a strong jobs report lead to dollar weakness? The market’s initial interpretation was that a resilient labor market might prompt the Federal Reserve to maintain a more aggressive stance on interest rates for longer, potentially leading to a ‘risk-off’ sentiment where investors might temporarily pull back from certain dollar-denominated assets or simply take profits on existing dollar positions that had priced in a weaker labor market. However, this initial reaction was followed by a period of consolidation. This suggests that market participants began to re-evaluate the data, considering its nuances and broader implications beyond the immediate headline number. The strong NFP report, while initially causing a dip, ultimately reinforced the narrative of a resilient US economy, a factor that traditionally supports the dollar over the medium term. The Current US Dollar Outlook : A Period of Consolidation Following the initial volatility sparked by the NFP data, the US Dollar has entered a phase of consolidation. This means that its value is largely trading within a defined range, neither making significant new highs nor new lows. This period of stability often occurs after a major economic data release or significant market event, as traders and investors digest the information and recalibrate their positions. Several factors contribute to this consolidation. Firstly, profit-taking plays a significant role. Many traders who had taken positions anticipating a different NFP outcome, or who had profited from the initial dollar weakness, are now closing those positions. Secondly, there is a re-evaluation of the Federal Reserve’s potential path for interest rate expectations . While the strong NFP report initially hinted at continued hawkishness, the market is now weighing this against other economic indicators, such as inflation trends and manufacturing data, which might suggest a different trajectory for monetary policy. From a technical analysis perspective, consolidation phases are characterized by reduced volatility and price action confined between clear support and resistance levels. For the US Dollar , this could mean that major currency pairs like EUR/USD or USD/JPY are trading sideways, reflecting uncertainty about the next major directional move. This period is crucial as it often precedes a new trend, making it a critical time for traders to monitor for breakouts or breakdowns. The current US Dollar outlook suggests that the market is in a wait-and-see mode, awaiting further clarity on inflation, the Fed’s next steps, and global economic developments. This cautious stance is a natural response to the mixed signals emanating from recent economic data. Navigating the Forex Market Analysis : Key Drivers Beyond Payrolls While the Non-Farm Payrolls report is a powerful catalyst, the US Dollar outlook is shaped by a confluence of factors. A comprehensive Forex market analysis must consider these broader influences to accurately predict future movements. Understanding these drivers is essential for any investor, particularly those in the cryptocurrency space, as dollar fluctuations can impact the broader risk appetite. Inflation Data: Consumer Price Index (CPI) and Producer Price Index (PPI) reports are critical. Persistent high inflation could force the Federal Reserve to maintain a tighter monetary policy, supporting the dollar. Conversely, signs of easing inflation might lead to a more dovish stance, potentially weakening the dollar. Federal Reserve’s Stance: Beyond data, the rhetoric from Fed officials is closely scrutinized. Speeches, meeting minutes, and press conferences provide clues about the central bank’s future intentions regarding interest rates and quantitative easing/tightening. Any hawkish or dovish tilt can significantly sway dollar sentiment. Geopolitical Tensions: Global events, such as conflicts, political instability, or trade disputes, can trigger safe-haven flows into the US Dollar . During times of uncertainty, the dollar is often seen as a secure asset, leading to its appreciation. Global Economic Growth Differentials: The relative economic performance of the US compared to other major economies (Eurozone, Japan, UK, China) influences currency valuations. If the US economy is outperforming its peers, capital tends to flow into dollar-denominated assets, boosting its value. Commodity Prices: As the primary currency for global commodity trading (oil, gold, etc.), movements in commodity prices can indirectly affect the dollar. For example, a sharp rise in oil prices might indicate inflationary pressures, influencing Fed policy and dollar strength. These interconnected factors create a complex web of influences on the US Dollar . Traders and investors must continuously monitor these indicators, as their interplay often determines the dollar’s direction and the overall sentiment in the Forex market . Is This a Sign of Renewed Dollar Strength ? The question on many investors’ minds is whether the current consolidation phase for the US Dollar is merely a pause before a renewed surge in Dollar strength , or if it signals a topping out of its recent rally. There are compelling arguments on both sides, making the US Dollar outlook a subject of intense debate. Arguments for Continued Dollar Strength: Resilient US Economy: The strong NFP report, coupled with other robust economic data points (e.g., retail sales), suggests the US economy is more resilient than many anticipated. A stronger economy can attract foreign investment, bolstering the dollar. Higher Relative Yields: If the Federal Reserve maintains a higher interest rate compared to other major central banks, the interest rate differential can make dollar-denominated assets more attractive, encouraging carry trades and boosting dollar demand. Safe-Haven Appeal: In an uncertain global economic landscape, with ongoing geopolitical tensions and concerns about growth in other regions, the US Dollar often retains its status as a premier safe-haven currency. Any significant global downturn or crisis could trigger renewed demand for the dollar. Arguments Against Sustained Dollar Strength: Peak Fed Hawkishness: Some analysts believe the Federal Reserve is nearing the end of its tightening cycle. If the Fed pivots to a more dovish stance or begins cutting rates, the dollar’s yield advantage would diminish, potentially leading to weakness. Rising US Debt Concerns: Long-term fiscal challenges, including the national debt and potential government shutdowns, could erode confidence in the dollar over time. De-dollarization Efforts: While nascent, discussions and efforts by some countries to reduce reliance on the US Dollar for trade and reserves could pose a long-term challenge to its dominance. For the dollar to exhibit sustained strength, the US economy would likely need to continue outperforming its global counterparts, and the Federal Reserve would need to maintain a relatively tighter monetary policy. Conversely, any significant weakening of the US economy or a dovish pivot by the Fed could lead to a decline in Dollar strength . This dynamic interplay makes the dollar a fascinating, yet challenging, currency to trade and predict. Implications for Interest Rate Expectations and Global Markets The Non-Farm Payrolls impact extends far beyond the immediate currency markets, significantly influencing interest rate expectations and rippling through global financial markets, including the cryptocurrency sector. Understanding these broader implications is crucial for investors navigating the current economic climate. Impact on Federal Reserve Policy: A strong NFP report like the recent one gives the Federal Reserve more leeway to continue its fight against inflation. It suggests that the labor market can withstand higher interest rates without collapsing. This reinforces the Fed’s ‘higher for longer’ narrative, meaning interest rates might remain elevated for an extended period, or even see further hikes if inflation remains sticky. Conversely, a weak NFP report would put pressure on the Fed to pause or even cut rates to prevent a recession. Market Pricing of Future Rates: Financial markets, particularly bond markets, immediately adjust their pricing of future Fed rate hikes or cuts based on NFP and other key economic data. A stronger NFP typically leads to an increase in the probability of future rate hikes or a delay in rate cuts, causing short-term bond yields to rise. This can make dollar-denominated bonds more attractive, supporting the dollar. Carry Trade Implications: Higher US interest rates relative to other major economies can fuel ‘carry trades,’ where investors borrow in low-interest-rate currencies and invest in higher-interest-rate dollar assets. This increases demand for the dollar. However, if interest rate differentials narrow, these trades can unwind, putting downward pressure on the dollar. Ripple Effect on Emerging Markets and Commodities: A stronger US Dollar and higher US interest rates can pose challenges for emerging markets. Many emerging market countries have dollar-denominated debt, and a stronger dollar makes that debt more expensive to service. It can also lead to capital outflows from these markets as investors seek higher returns in the US. Similarly, commodities priced in dollars (like oil and gold) tend to become more expensive for buyers using other currencies when the dollar strengthens, potentially dampening demand. For crypto investors, a stronger dollar often implies a ‘risk-off’ environment, where capital might flow out of speculative assets like cryptocurrencies and into perceived safer havens or higher-yielding traditional assets. Conversely, a weaker dollar could signal a ‘risk-on’ environment, potentially benefiting digital assets. Therefore, closely monitoring interest rate expectations and the US Dollar outlook is paramount for understanding broader market sentiment. Actionable Insights and Navigating Volatility Given the complexities of the current Forex market analysis and the evolving US Dollar outlook , what are the key takeaways and actionable insights for investors? Challenges to Consider: Increased Volatility: Periods of consolidation often precede significant moves. Traders should be prepared for potential breakouts or breakdowns in the dollar’s value, which can create heightened volatility across all asset classes. Interpreting Mixed Signals: Economic data can often present conflicting narratives. The recent NFP report, for instance, showed strength but was followed by dollar weakness, then consolidation. Discerning the true underlying trend requires careful analysis beyond headline numbers. Unpredictable Central Bank Moves: While data-dependent, central bank decisions can sometimes surprise the market. Staying updated on speeches and minutes is crucial, but anticipating their exact next move remains a challenge. Benefits and Opportunities: Trading Opportunities: For active traders, consolidation phases can offer opportunities to trade within defined ranges. Breakouts from these ranges can signal new trends, providing entry points for directional trades. Clarity on Economic Health: Strong economic data, even if initially unsettling for the dollar, ultimately provides a clearer picture of the underlying health of the US economy, which is a positive for long-term investment planning. Diversification Insights: Understanding the dollar’s trajectory helps in making informed decisions about portfolio diversification, particularly regarding exposure to international assets, commodities, and cryptocurrencies. Actionable Insights for Investors: Stay Informed: Continuously monitor key economic indicators, central bank communications, and geopolitical developments. Reliable news sources and economic calendars are indispensable tools. Risk Management is Key: In volatile periods, implementing robust risk management strategies, such as setting stop-loss orders and position sizing appropriately, is vital to protect capital. Look Beyond Headlines: Dig deeper into economic reports. Understand the components of NFP, inflation data, and GDP reports to grasp the full picture. Consider Multiple Scenarios: Develop a framework that accounts for different outcomes (e.g., dollar strength persists, dollar weakens significantly, dollar remains range-bound) and plan your strategies accordingly. Assess Correlation with Crypto: Pay attention to how the US Dollar outlook influences the broader risk appetite. A stronger dollar can sometimes act as a headwind for cryptocurrencies, while a weaker dollar might provide tailwinds. Adjust your crypto investment strategy based on these macro trends. Conclusion The US Dollar’s current consolidation phase, following the impactful Non-Farm Payrolls report , represents a critical juncture in the global financial landscape. While the initial reaction saw the dollar falter, the subsequent period of stability reflects a market that is carefully weighing the implications of robust economic data against evolving interest rate expectations and broader macroeconomic trends. A comprehensive Forex market analysis reveals that the dollar’s future trajectory hinges not just on employment figures, but also on inflation, central bank policy, and global economic differentials. Whether this period of consolidation will ultimately lead to renewed Dollar strength or signal a more prolonged period of weakness remains to be seen. For investors, particularly those in the dynamic cryptocurrency market, understanding these intricate dynamics is paramount. Staying informed, employing robust risk management, and adapting strategies to the ever-changing economic currents will be key to navigating the volatility and seizing potential opportunities in the months ahead. To learn more about the latest Forex market trends, explore our article on key developments shaping the US Dollar and interest rates. This post US Dollar’s Crucial Consolidation: Navigating Post-Payrolls Volatility first appeared on BitcoinWorld and is written by Editorial Team
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The Philippines SEC flagged OKX, Bybit, KuCoin and others for offering crypto services without authorization, warning of enforcement and app store bans.
Coinbase's Base network faced a temporary block production halt on August 5, 2025. Network instability led to suspending transactions until the issue resolved. Continue Reading: Coinbase’s Base Network Overcomes Critical Block Production Halt The post Coinbase’s Base Network Overcomes Critical Block Production Halt appeared first on COINTURK NEWS .