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Crypto trade groups and dozens of digital asset firms urged the Senate Banking Committee to hold a markup on market structure legislation
Nigerian President Bola Tinubu replaced Wale Edun with Taiwo Oyedele, a junior finance minister who oversaw a revamp of the country’s tax system
The proposal would bring crypto platforms and custodians under Australia’s financial-services law, requiring operators that hold client tokens to obtain licences and meet new asset-safeguarding standards
At Kevin Warsh's Fed confirmation hearing today, Republicans will cast him as a change agent ready to shake up a tradition-bound institution. Driving the news: In remarks introducing Warsh obtained by Axios, Sen. Dave McCormick (R-Pa.) will say the onetime Fed governor "brings a reformer's heart" and "will shake up a stagnant institution at a time when change is sorely needed." It echoes some of Warsh's own criticisms of the Fed, saying that the central bank "must not be ruled by pointy-headed economists poring over outdated models and reams of market data."Democrats on the Senate Banking Committee plan to focus on potential conflicts of interest stemming from Warsh's expansive portfolio, which includes some investments that could be affected by Fed policy. They also intend to question his independence from President Trump. State of play: Warsh's nomination is broadly supported by Republicans and opposed by Democrats — putting his confirmation on track to be a more partisan affair than in the past. Just four years ago, Jerome Powell received 80 votes in favor of his confirmation. Alan Greenspan was confirmed five times by voice vote.Still, Republicans have the votes to confirm Warsh — or will, that is, if a Justice Department investigation into Powell that is ostensibly about the Fed's over-budget building renovation is resolved.Sen. Thom Tillis says the investigation is a pretext to pressure Powell over monetary policy — a view shared by a federal judge as well as Powell himself. Tillis has pledged to block Warsh's passage through the banking committee until the investigation is dropped. Zoom out: Powell's term is up May 15 and the Trump administration is eager to get him out. McCormick's planned introduction shows the support he has among Republican senators. What they're saying: "If confirmed, Kevin will inherit a Federal Reserve in need of repair and confronting serious uncertainty," McCormick will say, noting "an overextended balance sheet; a poor record on inf
The BIS warned stablecoins resemble ETFs, not money, and called for global rules to prevent fragmentation across the $300 billion market
Gas leak ignites plant in Victoria that produces about 10 percent of Australia's fuel
The IMF and World Bank have resumed formal engagement with Venezuela. The move further legitimizes the Latin American country's interim government and paves the way for financial support
Oil production in the Middle East dropped by over a quarter in March, as the Iran war continues to destabilize the world’s energy supply. OPEC’s production plunged 27%, from 28.7 million barrels per day to 20.8 million, according to data released by the organization on Monday. The nosedive was driven by losses in Iraq, Saudi […]
Howard Lutnick, President Trump’s commerce secretary, derided Canada’s trade strategy and said a North American deal needed to be reworked
With the world facing a potential new economic crisis, the mood at this week’s IMF-World Bank meetings is decidedly dour. Bloomberg Economics’ Stephanie Flanders and Shawn Donnan join David Gura to discuss on the Big Take podcast. (Source: Bloomberg)