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Yahoo
2 days ago
- Business
- Yahoo
Connecticut's Ban Throws Water on 2025 Trend of States Setting Up Crypto Investments
Going against the recent trend of state governments in the U.S. pursuing cryptocurrency investments, the Connecticut General Assembly has thrown down a ban against that New England state following suit, even as others pursue digital assets reserves in their fiscal strategies. According to unanimous decisions in both its House and Senate, Connecticut passed a bill this week that blocks any part of the state's government from an ability to "purchase, hold, invest in or establish a reserve of virtual currency," and it also prohibits accepting crypto payments. This runs counter to efforts in states such as New Hampshire and Texas, which are moving toward establishing reserves that echo the intent of President Donald Trump's administration at the federal level. The lawmakers in Connecticut, which ranks in the middle of the pack among state economies, also tightened rules for crypto firms working under the state's money-transmitter license. After Trump issued an order to his administration in March to establish a reserve of bitcoin BTC, a long list of states jumped toward similar actions, though many of them were stymied by opposition or expiring legislative windows. New Hampshire was the first to cross the finish line. Texas has a similar bill awaiting a signature from Governor Greg Abbott, and Arizona also approved a more modest approach to setting aside unclaimed digital assets in a reserve. "As legislative sessions wrap up across the country, we're proud of the incredible momentum behind pro-Bitcoin and digital asset legislation," said Dennis Porter, the founder of the Satoshi Action Fund that's been advocating for state lawmakers to establish reserves. "Unfortunately, Connecticut has chosen to reject this opportunity—for now. But we remain optimistic. As more states embrace Bitcoin and see the benefits firsthand, we're confident Connecticut will follow suit." Porter said North Carolina and Ohio are both still a possibility for reserves this year. The federal government hasn't yet moved assets into a reserve. The relevant agencies, led by the Department of the Treasury, have been seeking to account for all of the digital assets held in various corners of the public sector. Once complete, Trump had directed all existing crypto be set aside as a long-term investment but that no taxpayer money be spent to acquire anything more than the government has seized in civil and criminal matters. Bo Hines, one of Trump's top crypto advisers, said at Consensus 2025 in Toronto that there are a lot of ideas on the table for acquiring more bitcoin in budget-neutral ways. In other state crypto legislative matters, California's lawmakers have been working on legislation that could allow digital assets payments in a state pilot program. The bill passed unanimously in its House and was forwarded to the Senate last week.
Business Mayor
03-05-2025
- Business
- Business Mayor
Kraken Q1 revenue jumps to $472 million amid Trump-era crypto volatility
EBITDA for the quarter reached $187.4 million, a 17% increase. Trading volume rose 29% amid a 35% rally in Bitcoin prices. Launch of institutional FIX API boosted futures volumes by 250%. Kraken, one of the longest-operating cryptocurrency exchanges in the United States, reported a 19% year-on-year increase in revenue for the first quarter of 2025, reaching $472 million. The jump in trading activity followed heightened price volatility across the crypto market, largely driven by the return of Donald Trump to the White House and his pro-crypto policies, which included discussions of a national Bitcoin reserve. Kraken's earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached $187.4 million, up 17% from Q1 2024. However, despite strong numbers, regulatory pressure, rising competition, and market uncertainty remain key hurdles for the company's long-term strategy. Revenue climbs on market volatility and pro-Bitcoin sentiment According to company data, Kraken's trading volume surged 29% during the January–March period, mirroring the 35% rise in Bitcoin prices — from $69,000 to $94,000 — during the same timeframe. The increased volume was partly driven by favourable sentiment following the Trump administration's commitment to explore Bitcoin as a strategic reserve asset. This policy signal helped fuel broader interest in the cryptocurrency sector, with major exchanges, including Kraken, benefiting from the resulting speculative activity. The surge in crypto valuations and trading enthusiasm also coincided with rising adoption of advanced features on the Kraken platform. The company rolled out a futures-focused FIX API during the quarter, specifically targeting institutional users. The product launch led to a 250% increase in monthly futures trading volumes, underscoring the shift towards professional-grade infrastructure. NinjaTrader acquisition adds new traders, products to portfolio Kraken expanded its offering in March 2025 by acquiring NinjaTrader for $1.5 billion. The deal added nearly 2 million traders to its ecosystem and allowed Kraken to diversify beyond cryptocurrencies into broader financial markets. With the acquisition, Kraken now offers trading in futures contracts tied to commodities, forex, and equities — a strategic pivot aimed at reducing the platform's reliance on crypto market cycles. The company said its institutional strategy will continue evolving throughout 2025, with further integrations and platform improvements in the pipeline. Its diversification into adjacent markets mirrors a trend seen across the industry, as exchanges seek to weather periods of low volatility and attract capital from outside the crypto-native audience. Challenges ahead despite strong Q1 Despite the growth, Kraken still faces key operational and competitive challenges. The exchange operates in an increasingly saturated market, with Binance, Coinbase, and several Asia-based players aggressively pursuing global market share. Maintaining user growth will likely require continued product innovation and regional expansion. The company's revenue model remains closely tied to trading volume, which makes it vulnerable to market consolidation or prolonged bearish cycles. While early 2025 benefited from speculative tailwinds, any cooling of the Bitcoin rally could impact the next quarter's results. Kraken must navigate a fluid regulatory environment. While the Trump administration has signalled support for digital assets, regulatory oversight from the Securities and Exchange Commission and other agencies continues to evolve. Global compliance requirements may also pose hurdles as Kraken pushes into new geographies, including Asia. Read More Dogecoin Bears Return: Indicators Point To More Losses In DOGE The company's blog post dated 1 May 2025 hinted at plans for expanding Kraken Pay and on-chain staking services, offering a potential path to more stable, recurring revenue. However, execution risks remain, especially as competition intensifies and regulatory clarity remains inconsistent across jurisdictions.
Yahoo
02-05-2025
- Business
- Yahoo
Why Pro-Bitcoin Sen. Cynthia Lummis Is Slamming Fed Withdrawal Of Crypto Guidance As 'Lip Service'
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Sen. Cynthia Lummis (R-WY) has argued that the Federal Reserve's recent withdrawal of cryptocurrency guidance has not changed anything. Lummis is not the only one that has cried foul after the Fed's recent announcement. The recent Fed move could add to the ongoing conflict with President Donald Trump's administration. The cryptocurrency industry's banking troubles are likely not over yet. On the campaign trail, President Donald Trump vowed to end 'crypto debanking,' an alleged coordinated regulatory effort to lock cryptocurrency industry participants out of banking services, mainly through informal guidance. Since taking office, he has followed through with an executive order broadly demanding fair access to banking services for industry participants. Don't Miss: — no wallets, just price speculation and free paper trading to practice different strategies. Grow your IRA or 401(k) with Crypto – . While the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have complied by rolling back guidance that dissuaded banks from engaging with cryptocurrencies, the Federal Reserve may be proving a tough nut to crack. Last week, the central bank announced the withdrawal of cryptocurrency-related guidance, which should have completed the trifecta. But pro-Bitcoin Sen. Cynthia Lummis (R-WY) says the central bank's actions are nothing more than a mirage. 'The Federal Reserve's actions yesterday withdrawing crypto guidance are just lip service,' Lummis said on Friday. She pointed out that the Fed has yet to approve master accounts for cryptocurrency banks. Holding these accounts are critical to the ability of banks to participate in the broader financial system as they offer access to the central bank's payment and settlement systems. At the same time, Lummis noted that the Fed continued to consider reputational risk in its regulation of banks, a yardstick that pundits and lawmakers have argued regulators have leveraged to cut off otherwise legitimate industries like the cryptocurrency industry from banking services. Furthermore, she pointed out that the Fed had not withdrawn all its cryptocurrency guidance. Specifically, the central bank has not withdrawn a 2023 policy statement crafted to hold state banks to standards the FDIC and OCC have now withdrawn for national banks. The policy statement submitted that holding cryptocurrency assets and issuing stablecoins on public ledgers did not align with safe banking practices, 'presumptively' prohibiting them from engaging in such activity. Trending: New to crypto? on Coinbase. Lastly, Lummis warned that the central bank still had the same staffers that created the cryptocurrency-stifling policies. 'The Fed withdrawing crypto guidance is just noise, not real progress. We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over,' She said in a later statement. Lummis is not the only one who has cried foul following the Fed's announcement. On Thursday, Caitlin Long, CEO of cryptocurrency bank Custodia, said, 'Fed anti-crypto guidance is still in place,' citing the 2023 policy statement the central bank had not rescinded. Similarly, Galaxy Digital Head of Research Alex Thorn on Friday stated that the Fed's failure to withdraw the 2023 policy statement was likely to spark confusion. 'State banks have to be looking at this and scratching their heads, wondering if they are allowed to do crypto,' he wrote. Meanwhile, Long suggests the recent Fed decision could add to the face-off between the pro-crypto Trump administration and the central bank. Trump has regularly bashed Fed chair Jerome Powell for refusing to cut interest rates. Read Next: A must-have for all crypto enthusiasts: . Maximize saving for your retirement and cut down taxes: . Image: Shutterstock Send To MSN: 0 This article Why Pro-Bitcoin Sen. Cynthia Lummis Is Slamming Fed Withdrawal Of Crypto Guidance As 'Lip Service' originally appeared on Sign in to access your portfolio
Yahoo
13-02-2025
- Business
- Yahoo
Wyoming highway workers' union plans to put Bitcoin on balance sheets
The Wyoming Highway Patrol Association, a group dedicated to improving the lives of workers monitoring and improving the safety of Wyoming's highways, is taking part in an initiative to integrate Bitcoin into its financial strategy — potentially putting the world's leading cryptocurrency on its balance sheets. The plan is part of the 'Get Off Zero' initiative from Proof of Workforce, an organization that offers Bitcoin education to labor unions and pension funds, among other groups. "This is so cool," said Wyoming Senator Cynthia Lummis, a prominent pro-Bitcoin lawmaker receiving significant crypto industry campaign contributions. "The goal with this stuff is to help Americans access tools to realize and protect the full value of their effort, their blood, their sweat, and their tears." "Love to see Wyoming citizens who protect us, protected by Bitcoin," she added. "That's freedom-focused innovation." The association did not provide concrete details on its strategy or goals with Bitcoin. "We are excited to explore Bitcoin as a network and asset, to evaluate ways it can further support our organization and its members," said Austin Bluemel, Vice President of the Wyoming Highway Patrol Association. "Bitcoin continues to protect the time and energy of those who protect us," added Dom Bei, Founder of Proof of Workforce. "Similar to a chaotic and unpredictable emergency situation, Bitcoin remains a reliable and stable long-term tool for workers and wage-earners amidst an ever-changing and expanding fiat-based monetary system." Last month, Wyoming also introduced a proposal for a strategic Bitcoin reserve that would invest up to 3% of state funds in the world's leading cryptocurrency. Last summer, Wyoming's Lummis also unveiled the BITCOIN Act to establish a Bitcoin reserve through Congress. Other jurisdictions worldwide are also considering a potential Bitcoin reserve. Recently, the head of the Czech Republic's central bank discussed the idea, while at least one proposed bill in Brazil aims to diversify its treasury by adding Bitcoin. On the prediction market platform Polymarket, bettors estimate there's only a 12% chance of Trump establishing a Bitcoin reserve in the U.S. during his first 100 days in office. Wyoming Highway Patrol Association did not respond to TheStreet Crypto's request to comment. Sign in to access your portfolio
