Cryptocurrency Live News & Updates : Gate US Launches Amid Crypto Skepticism
Gate US has commenced operations in a market where most Americans recognize cryptocurrency but few understand it, presenting a significant challenge for the exchange. Gate US has officially launched its spot trading services for U.S. customers, navigating a landscape where 95% of Americans are aware of cryptocurrency, yet only 35% claim to understand it. This skepticism poses a challenge for Gate Group as it aims to attract mainstream users. Meanwhile, DeFi Development Corp. has partnered with Solflare to enhance the adoption of on-chain financial products, leveraging Solflare's user base of over 4 million. In contrast, Pi Network's token has seen a drastic decline, dropping over 86% from its all-time high, primarily due to oversupply and limited exchange listings. Technical indicators suggest a potential short squeeze could occur if Pi is listed on major exchanges. Additionally, several altcoins, including Toncoin and TRON, are showing resilience despite Bitcoin's recent dip, with traders optimistic about upcoming price movements. AAVE, despite its price drop, is experiencing a surge in network activity and fees, indicating a strong underlying performance in the DeFi sector. The current market dynamics highlight both challenges and opportunities as exchanges and projects strive to engage a skeptical audience. Show more
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Time of India
3 hours ago
- Time of India
Will Social Security recipients need a PIN from August 18? Here's all details
Will Social Security recipients need a PIN from August 18? The Social Security Administration has reversed a planned policy requiring millions of recipients to obtain a PIN for identity verification. After backlash from advocacy groups and concerns over accessibility, the SSA clarified the PIN will be optional. Fraud prevention remains a focus, with changes to direct deposit also underway. Tired of too many ads? Remove Ads SSA Faces Pushback Over PIN Requirement Experts Warned of Accessibility Issues Tired of too many ads? Remove Ads AARP Urges Reconsideration SSA Clarifies PIN Use is Optional Focus on Fraud Prevention Continues Tired of too many ads? Remove Ads Direct Deposit Mandate Begins in September Political Tensions and Future Cuts FAQs A recent policy reversal by the Social Security Administration has clarified that a planned requirement for a personal identification number (PIN) will now be optional. The change comes after criticism from advocacy groups and experts who raised concerns about the burden on seniors and people with Social Security Administration (SSA) initially announced that starting August 18, Social Security recipients would need to either go online or visit a field office to obtain a PIN. The PIN would have been necessary to complete tasks like address updates, tax form requests, and claim status to a regulatory filing, the policy aimed to enhance security for recipients. However, the SSA estimated that the change would result in about 3.4 million additional field office visits per Romig from the Center on Budget and Policy Priorities (CBPP) raised concerns about the new requirement. She noted that many Social Security recipients live in rural areas or face mobility issues. She argued that the change would cause significant inconvenience and pointed to the lack of public CBPP also highlighted that most recipients live at least one hour away from their nearest SSA office. The group questioned whether the SSA had provided sufficient evidence of fraud that would justify the American Association of Retired Persons (AARP) sent a letter to SSA Commissioner Frank Bisignano. The letter pointed out that older Americans and people with disabilities may not have access to a computer or internet connection. This would force them to make in-person visits to SSA emphasized the need for accessible alternatives, especially for those who are unable to travel the backlash, the SSA clarified that the PIN feature will not be mandatory. A spokesperson stated that the expanded Secure Authentication Project (SAP) feature was always intended to be who do not wish to use the PIN or who lack a 'my Social Security' account can continue using existing identity verification methods. The SSA added that the customer experience will remain unchanged for those opting regulatory filing has not yet been updated, but the SSA confirmed it plans to amend it soon to reflect the optional nature of the PIN PIN requirement was part of broader fraud prevention efforts by the SSA. In spring, the agency launched anti-fraud phone software to detect suspicious activity. Each year, the SSA receives about 4.5 million phone-based claims, with around 70,000 marked as potentially fraudulent.A previous SSA policy proposal aimed to end identity verification over the phone. Had it been implemented, about six million seniors would have needed to visit SSA offices. That plan was also reversed earlier this major change will take effect on September 30. The U.S. Department of the Treasury will stop issuing paper checks to Social Security recipients. All payments will need to be made through direct deposit or other electronic directive comes from a White House executive order and is expected to save about $750 million annually. The move also aims to reduce fraud related to mailed checks. Around 1.9 million additional field office visits are expected because of this must enroll in direct deposit before the deadline to avoid delays in their Commissioner Frank Bisignano recently responded to criticism from Democratic senators about alleged mismanagement and growing backlogs at the agency. Meanwhile, concerns persist over future Social Security funding, with projections suggesting benefit cuts of more than $18,000 per person if issues are not The SSA confirmed that using the PIN is optional. Recipients can continue to use current methods for identity verification without needing to visit a field who fail to enroll in electronic payments by the deadline may face delays in receiving benefits as paper checks will no longer be issued.
Economic Times
3 hours ago
- Economic Times
Will Social Security recipients need a PIN from August 18? Here's all details
Will Social Security recipients need a PIN from August 18? The Social Security Administration has reversed a planned policy requiring millions of recipients to obtain a PIN for identity verification. After backlash from advocacy groups and concerns over accessibility, the SSA clarified the PIN will be optional. Fraud prevention remains a focus, with changes to direct deposit also underway. Tired of too many ads? Remove Ads SSA Faces Pushback Over PIN Requirement Experts Warned of Accessibility Issues Tired of too many ads? Remove Ads AARP Urges Reconsideration SSA Clarifies PIN Use is Optional Focus on Fraud Prevention Continues Tired of too many ads? Remove Ads Direct Deposit Mandate Begins in September Political Tensions and Future Cuts FAQs A recent policy reversal by the Social Security Administration has clarified that a planned requirement for a personal identification number (PIN) will now be optional. The change comes after criticism from advocacy groups and experts who raised concerns about the burden on seniors and people with Social Security Administration (SSA) initially announced that starting August 18, Social Security recipients would need to either go online or visit a field office to obtain a PIN. The PIN would have been necessary to complete tasks like address updates, tax form requests, and claim status to a regulatory filing, the policy aimed to enhance security for recipients. However, the SSA estimated that the change would result in about 3.4 million additional field office visits per Romig from the Center on Budget and Policy Priorities (CBPP) raised concerns about the new requirement. She noted that many Social Security recipients live in rural areas or face mobility issues. She argued that the change would cause significant inconvenience and pointed to the lack of public CBPP also highlighted that most recipients live at least one hour away from their nearest SSA office. The group questioned whether the SSA had provided sufficient evidence of fraud that would justify the American Association of Retired Persons (AARP) sent a letter to SSA Commissioner Frank Bisignano. The letter pointed out that older Americans and people with disabilities may not have access to a computer or internet connection. This would force them to make in-person visits to SSA emphasized the need for accessible alternatives, especially for those who are unable to travel the backlash, the SSA clarified that the PIN feature will not be mandatory. A spokesperson stated that the expanded Secure Authentication Project (SAP) feature was always intended to be who do not wish to use the PIN or who lack a 'my Social Security' account can continue using existing identity verification methods. The SSA added that the customer experience will remain unchanged for those opting regulatory filing has not yet been updated, but the SSA confirmed it plans to amend it soon to reflect the optional nature of the PIN PIN requirement was part of broader fraud prevention efforts by the SSA. In spring, the agency launched anti-fraud phone software to detect suspicious activity. Each year, the SSA receives about 4.5 million phone-based claims, with around 70,000 marked as potentially fraudulent.A previous SSA policy proposal aimed to end identity verification over the phone. Had it been implemented, about six million seniors would have needed to visit SSA offices. That plan was also reversed earlier this major change will take effect on September 30. The U.S. Department of the Treasury will stop issuing paper checks to Social Security recipients. All payments will need to be made through direct deposit or other electronic directive comes from a White House executive order and is expected to save about $750 million annually. The move also aims to reduce fraud related to mailed checks. Around 1.9 million additional field office visits are expected because of this must enroll in direct deposit before the deadline to avoid delays in their Commissioner Frank Bisignano recently responded to criticism from Democratic senators about alleged mismanagement and growing backlogs at the agency. Meanwhile, concerns persist over future Social Security funding, with projections suggesting benefit cuts of more than $18,000 per person if issues are not The SSA confirmed that using the PIN is optional. Recipients can continue to use current methods for identity verification without needing to visit a field who fail to enroll in electronic payments by the deadline may face delays in receiving benefits as paper checks will no longer be issued.
Economic Times
6 hours ago
- Economic Times
Top economist sounds alarm: US economy teetering on recession and is on the brink of big trouble
Synopsis US recession 2025: The United States economy is facing potential recession risks, warns Moody's Analytics chief economist Mark Zandi, citing weakening consumer spending and a cooling labor market. Manufacturing and construction sectors are shrinking, while revised job growth data reveals alarming employment drops. Despite low unemployment, deeper labor market issues persist. US recession 2025: The US economy may be headed for rocky times ahead, as it is showing troubling signs of an impending recession, warned Mark Zandi, chief economist at Moody's Analytics, as per a report. ADVERTISEMENT In an analysis shared on social media, Zandi pointed to a range of warning signs that suggest the country is inching dangerously close to a recession, according to a Franknez Media report. From weakening consumer spending to a cooling labor market and a slowdown in key industries, Zandi pointed out that the economic data is painting a troubling picture and Americans should be paying attention, as per the report. He wrote that 'Economic activity is stalling,' as he pointed to declining labor force participation and a shrinking foreign-born workforce as key contributors to the slowdown, as reported by the Franknez emphasised that consumer spending, the engine that drives about two-thirds of US economic output, has flatlined, and that alone is enough to raise concern, but it's not the only sector flashing red, according to the report. ALSO READ: Trump orders NASA to kill 2 satellites that can function for many more years - the reason will shock all ADVERTISEMENT Even construction and manufacturing are contracting at an alarming rate, reported Franknez Media, citing Zandi's the official unemployment rate remains low, Zandi highlighted that it does not reveal all the details. Behind the headline numbers are deeper issues, a shrinking workforce, fewer hours worked, and growing difficulty for new graduates to land jobs, as reported by Franknez Media. ADVERTISEMENT Hiring freezes are widespread, and the once-strong demand for labor is cooling, a potential sign that employers are bracing for tougher times, according to the pointed out that the foreign-born workers, who have long helped fill labor shortages and drive economic growth, are also leaving the workforce in greater numbers due to restrictive immigration policies, as per the Franknez Media report. ADVERTISEMENT ALSO READ: When is Labor Day 2025 in US and what should you know before celebrating?Zandi warned that 'Tariffs are eroding corporate profits and household purchasing power,' adding that reduced immigration is leading to a smaller workforce and, consequently, a smaller economy, as reported by Franknez Media. ADVERTISEMENT The economist also addressed concerns about the accuracy of recent economic data, arguing that large revisions to employment figures are usual signs during economic turning points, according to Franknez like July's job growth was reported at 73,000, which was well below the expected 115,000, and more concerning was the revisions to May and June payrolls removed 258,000 jobs, with May's initial estimate of 139,000 jobs revised down to just 19,000, which is the largest revision since March 2021, as per the the Federal Reserve's decision to hold interest rates steady for the fifth consecutive meeting indicates the delicate balance it must strike, even after pressure from US president Donald Trump to cut borrowing costs, Fed Chair Jerome Powell emphasised the need to manage inflation, which remains 'somewhat elevated,' while supporting employment, as reported by Franknez had said during a recent press conference that, 'The economy is in a solid position, but uncertainty remains elevated,' as quoted in the even after the dark outlook, prediction market platform Kalshi found that the odds of a US recession has fallen to 14%, down from a high of nearly 70% on May 1, as reported by Franknez platforms, which allow users to bet on future events, show the shifting sentiment but do not negate the underlying risks highlighted by Zandi and other economists, according to Franknez the US in a recession now?Not officially, but several economic indicators suggest we may be close. What is the Federal Reserve doing? The Fed is keeping interest rates steady but is carefully watching inflation and growth. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.) Download The Economic Times News App to get Daily International News Updates. NEXT STORY
