The July jobs report suggests that the labor market is cooling down, in line with the Federal Reserve's efforts to control inflation. Nonfarm payrolls were expected to increase by 200,000 but fell short at 187,000. The unemployment rate remained steady at 3.5%, which is within the range of 3.4% to 3.7% since March 2022. The S&P 500 had a minimal reaction to the report, dropping around 0.15%. Meanwhile, Bitcoin rose above $29,200 on Coinbase after a volatile 24 hours. Andjela Radmilac, an analyst at CryptoSlate, has a classical education and a passion for news, and has been covering the crypto industry since 2018.
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US Labor Market Cools Down in July, Nonfarm Payrolls Fall Short of Expectations
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Pennsylvania Passes "Bitcoin Rights" Bill and Considers Strategic Bitcoin Reserve Amid Criticism and Potential Economic Benefits
Pennsylvania has passed the "Bitcoin Rights" bill, which protects the rights of individuals and businesses to self-custody digital assets, operate blockchain nodes, and conduct transactions without interference from restrictive municipal ordinances. This move establishes Pennsylvania as a leader in digital asset regulation and demonstrates its commitment to fostering innovation in the sector while addressing issues such as economic empowerment and financial inclusion. Additionally, two Republican Representatives have introduced the Strategic Bitcoin Reserve Act, which would allow the state treasurer to allocate up to 10% of Pennsylvania's funds into bitcoin and crypto-based exchange-traded products. However, critics have raised concerns about the risks of holding bitcoin in government reserves, including extreme price volatility and security vulnerabilities, as well as environmental concerns related to bitcoin mining's energy consumption. Despite this, Pennsylvania's proactive approach to fostering a crypto-friendly environment positions the state as a model for equitable digital asset adoption and underscores the growing role of state governments in shaping the future of the digital economy. -
It is reported that Trump may meet with Ripple CEO and other crypto industry representatives to discuss the formulation of US crypto policy
Ripple CEO Brad Garlinghouse recently gave an interview to Fox News and talked about his feelings regarding Trump's victory in the 24th US presidential election. There are reports that Brad Garlinghouse and other representatives from the cryptocurrency industry may meet with Trump to discuss participating in the formulation of US cryptocurrency policies. Fox News asked Brad Garlinghouse about this matter, and although it has not been confirmed, his response seemed to suggest that he would be open to it. Brad Garlinghouse said, "I won't comment too much on the details here. Throughout the entire election cycle, we have been actively supporting cryptocurrencies and innovation, and we will continue to work with more friendly government officials to get rid of current regulations through law enforcement." -
EU regulators set out guidelines on restrictions for cryptocurrency providers
the European Banking Authority (EBA) is the European regulatory agency responsible for addressing weaknesses in the European banking industry. It has issued two sets of guidelines, including specific guidelines for payment service providers (PSPs) and cryptocurrency asset service providers (CASPs). On November 14th, EBA released guidelines that specify the measures that PSPs and CASPs must take when transferring funds or cryptocurrency to comply with EU and national restrictive measures. According to EBA, these guidelines ensure the implementation of EU and national sanctions. EBA believes that weaknesses in control, internal policies, and procedures may pose legal and reputational risks to financial institutions (including PSPs and CASPs). In addition, weak links in these areas for financial institutions may also "weaken" the effectiveness of the EU's restrictive measures system. The European Banking Authority emphasizes that this may lead to rule evasion, thereby affecting the stability of the EU's financial ecosystem. According to ECA, these guidelines will apply from December 30, 2025. -
Cardano founder confirms he will work with Trump administration on crypto legislation
Cardano founder Charles Hoskinson has confirmed plans to collaborate with the US government under the leadership of President Trump to help formulate cryptocurrency legislation. The goal is to create a clear regulatory framework for the cryptocurrency industry, which has faced uncertainty and regulatory challenges for years. Hoskinson announced these plans in a recent speech and stated that developing positive policies regarding cryptocurrency requires support from both the Democratic and Republican parties. He stated that his company, Input Output Global (IOG), will establish a separate policy department for cryptocurrency regulation. This office will focus on developing a legislative framework that incorporates the provisions of the 21st Century Financial Innovation and Technology Act (FIT21) and the Responsible Financial Innovation Act (RFIA). He added, "I will work with legislators and the government to push for a bipartisan bill to be passed." -
UK House of Lords backs Digital Asset Property Bill
members of the UK House of Lords expressed support for the country's digital asset property bill during a second reading session on Wednesday. The House of Lords Committee generally believes that the bill will provide more clarity on how the legal system treats cryptocurrencies and may mark another step forward for the UK in paving the way for domestic cryptocurrency use. The bill was drafted by the independent statutory body, the Law Commission, and was launched in the UK in September. The bill adds a new "property" category within the scope of property to help resolve legal disputes involving cryptocurrencies. The bill will not only help judges in criminal proceedings involving cryptocurrency theft due to fraud or hacking, but will also help divide marital property. -
The first #Bitcoin whitepaper draft written by Satoshi Nakamoto 16 years ago.
Title: Electronic Cash Without a Trusted Third Party
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UAE to introduce legal framework for DAOs
The United Arab Emirates is focusing on introducing a legal framework for decentralized autonomous organizations (DAOs) in the Ras Al Khaimah Digital Asset Oasis (RAK DAO), a free economic zone dedicated to digital assets. Law firm NeosLegal and RAK DAO announced that the new system will be launched and discussed at the DAO Legal Clinic on October 25th. Irina Heaver, a partner at NeosLegal, said that the framework is expected to clarify how DAOs can remain legally compliant, and she believes this will have a significant impact on decentralized governance in the UAE and the wider Web3 ecosystem. The announcement emphasizes that the legal structure will clarify tax obligations and benefits. It will also establish property rights for on-chain and off-chain assets and provide legal protection for the founders, members, and contributors of the DAO from personal liability. The legal framework will also enable DAOs to enter into legally binding contracts and establish guidelines for resolving internal and external disputes. -
Crypto Investment Among Asian Private Wealth Managers Rises To 76%
According to a report by Aspen Digital, crypto assets are becoming increasingly popular among Asian private wealth managers, as 76% said they are investing in cryptocurrencies.
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Deutsche Börse Clearstream: D7 platform has issued over 10 billion euros in digital bonds
Deutsche Börse's Clearstream announced that its digital securities platform D7 has issued over 10 billion euros (11 billion US dollars) in digital bonds. Currently, D7 is mainly used for two types of issuance, namely large digital bonds and structured products. From a technical perspective, the D7 platform uses DAML smart contracts, and the latest version of DAML supports the Canton blockchain. Previously, Clearstream also participated in a practical experiment using the French wholesale central bank digital currency CBDC for settlement. -
The European Central Bank cut interest rates by another 25 basis points, in line with expectations
The European Central Bank has lowered the deposit facility rate from 3.5% to 3.25%, in line with market expectations. At the same time, the main refinancing rate and the marginal lending rate were adjusted from 3.65% and 3.9% to 3.4% and 3.65%, respectively.
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