Bitcoin rises as Fed Chair Powell outlines risk to keeping rates high too long: CNBC Crypto World

Bitcoin rises as Fed Chair Powell outlines risk to keeping rates high too long: CNBC Crypto World

today Bitcoin reclaims $57,000 amid testimony from Fed chair J Powell on Capitol Hill two former FTX executives are set to be sentenced later this year an exodus CEO JP Richardson explains a new innovation in an effort to give users control of their wealth welcome to cnbc’s crypto world I’m T Mel major cryptocurrencies in the green following yesterday’s losses as of noon Eastern Bitcoin CL D back to the key $57,000 support level as fed chare J Powell testified before Congress today in that testimony he expressed concern that holding interest rates too high for too long could hurt the economy Bitcoin has touched 57k at various points since sinking to about $55,000 last week if it fails to hold this level 49k could be the next step down according to chart analysts I’ve spoken with ether is also in the green this morning rising above $3,000 and salana is back above $40 speaking of salana sibo filed a request with the SEC yesterday to list ETFs tied to the cryptocurrency according to the SEC rules the agency has 240 calendar days to decide whether to approve or deny cbo’s 19 before application to list the products from vanc and 21 shares putting the deadline in March 2025 late last month Vanek became the first asset manager to file an application for a spot salana ETF in the US okay let’s talk talk about the top stories two former FTX executives are scheduled to be sentenced later this year today it was revealed that former director of engineering nishad Singh and former Chief technology Officer Gary Wong are set to be sentenced on October 30th and November 20th respectively both Singh and Wong pled guilty to criminal fraud charges and testified against their former boss FTX founder Sam bankman freed in May another FTX exec Ryan Salem was sentenced to 7 and A2 years in prison after pleading guilty to camp P finance charges he was also ordered to pay more than $6 million in forfeiture and more than $5 million in restitution unlike sing and Wong Salem did not testify against s SPF who was sentenced to 25 years in prison back in March next the Republican party has officially adopted a new policy platform that would seek to support crypto Innovation that’s according to this recently released document by the Republican National Committee which is meant to spell out the party’s priorities ahead of the November elections the document says that Republicans will end Democrats quote unlawful and unamerican crypto Crackdown and oppose the creation of a central bank digital currency it goes on to say that Republicans will defend the right to mine Bitcoin and ensure every American has the right to self- custody of their digital assets and transact free from government surveillance and control now this reflects presumptive Republican Presidential nominee Donald Trump’s Rising support of crypto in fact his campaign is now accepting crypto donations finally new data shows hackers more than doubled their crypto spoils in the first half of the year compared to a year ago that’s according to a report from blockchain research firm trm Labs which shows hackers looted nearly $1.4 billion worth of crypto between January 1st and June 24th more than double the $657 million looted in the same period last year according to the research firm top attack vectors so far this year include private key and Seed phrase compromises a seed phrase is a sequence of random words that stores the information needed to access or recover a crypto wallet the largest heist in the first half of 2024 swiped more than $300 million worth of bitcoin from Japanese crypto exchange DMM Bitcoin trm said one reason for the higher value of stolen crypto was the higher than average prices in the first half of this year all right for our main story today crypto wallet Exodus launched a tool using Biometrics to help users embed their wallet in whichever app they use exodus says it’s designed to give customers control of their wealth crypto world’s McKenzie sealo spoke with Exodus CEO and co-founder JP Richardson about the new pass Keys wallet and his outlook for digital assets as Bitcoin continues to trade below $60,000 so today Exodus announced Pas Key’s wallet walk me through this announcement and what it means for your customers so we release pasy wallet and what this allows a customer to do is access the world of web 3 without having to download a wallet not to think about a 12-word secret phrase and just remove all the barriers and complexity that comes with entering the world of web 3 now any concern about this launch given the SEC recently suing consensus and other ethereum related companies I mean some people have speculated that it’s part of a larger campaign against ethereum and the defi sector as a whole and I’m wondering whether that gives you pause about trying to bring new users into the space absolutely not we’ve been an SEC reporting company since 2021 all of our filings are directly on the sec’s website so we don’t have concerns about uh what we’re doing in and with this new product release so we’ve talked a lot on the show about the education gap for cryptocurrencies and how to close it it does take a lot of effort for the average person to self- custody you know manage their own crypto wallet this latest launch appears to work toward that goal of making it easier to onboard users into web 3 but where do you see the crypto industry as a whole in terms of limiting that difficulty for people how much work still needs to be done there that’s a great question overall you’re absolutely right so this pass Keys announcement allows a consumer again not to worry about having to manage a 12-word secret phrase which is amazing but beyond that as an industry we’ve got to make crypto even simpler by empowering consumers not to even have to think about oh which blockchain am I on am I on ethereum layer 2 ethereum layer one just remove complexity everywhere including crypto addresses I mean everybody you look at a crypto address and for a mainstream person it’s crazy we got to make crypto as easy as sending an email and that’s the what has to happen in the industry okay so on the flip side of that obviously security is a big concern and anecdotally we’ve heard that hacks are on the rise again in the crypto space this year in the past it was blockchain Bridges and cross-chain transactions that have been big targets how are you thinking about security with this latest launch and are you feeling prepared to take on a Resurgence in hacks or security threats that’s a great question as well so what this launch allows us to do is we are the first company to create a Bitcoin web 3 wallet that’s protected by biometric protected by your face ID or fingerprint and so technology like that again will go a long way to making it super easy for the mainstream to also secure their cryptocurrency so Biometrics is the key thing that we’re leaning on here and know well I have you I also want to ask about the latest on your goal to list on the New York Stock Exchange you’ve been trading on OTC markets for some time any movement on that after the SEC delayed your listing and have you been in contact with the agency absolutely we have we’ve been actively working with the SEC on the listing and and we continue to pursue this listing and we think that just it’s a delay that will set us back some time but we anticipate the listing will indeed happen and we are working with the SEC on the listing what are they what what are they hoping to achieve with you what what’s what what caused them to pause the listing it all stems from the the way that our listing is is non-traditional in the sense that we actually went public in 2021 through a regulation a offering and then we listed on t0 so given the way that we did this to go from t0 to the New York Stock Exchange isn’t a standard way for a a company to list in the New York Stock Exchange they just wanted to have the comfort that with our registration statement that could go look at all the comments and make sure that we respond to all their comments and and work with them on on this listing quick question about timing are you still hoping to list this year or in the near future I anticipate it’ll still be this year what about the crypto IPO Market overall we’ve been waiting to see more crypto companies list on us exchanges of any size are you feeling optimistic about the environment for that in general I I I think that yes I think it’s going to still take some time I think that the SEC still needs to set out clear guidance for companies that are participating in this space but uh in time let’s just say maybe six months to a year I think in time we’ll we’ll get that guidance and Clarity that we need I know think you mentioned that part of uh why the SEC had pause about uh greenlighting your listing had to do with the way that you initially uh you know set up the structure in 2001 but did any part of your conversation get into the business model or the fact that you’re a crypto focused company do you think that that’s part of the source of the sec’s worries about you listing on the n on the n look I mean the SEC has stated before that they’re all about you know investor protection investor uh and really thinking about that I mean big picture I think the Innovation that’s happening here so for us personally we have created the the the stocks to be digitally represent on the blockchain and so for our stocks to be digitally represented on the blockchain and being the first US company to do that that’s something that’s very new and so any kind of innovation is going to have certain Regulators just take a step back and really make sure they do a deep dive and understanding on what’s actually happening so the frustrating part for us of course is that we did this conversation with them back in 2021 on this technology on this Innovation and so yeah there is a bit of of kind of repeating what we’ve already talked about in 2021 but I still I understand that there’s still again any kind of in ation is going to require more depth and and more uh look from their end real quick can I also get your outlook for crypto broadly given that we’re below 60k for Bitcoin how are you feeling about the market right now look I I’m a perable here so I mean most of my net worth is in crypto and long term I mean I think that it’s it’s still going to go way higher than what it is today um and I think that you know look the the the ethereum ETFs haven’t even started Trading trading yet and so imagine we saw what happened when the Bitcoin ETF started trading imagine what’s going to happen when the ethereum ETF start trading so I think buckle up it’s going to be a wild ride okay that’s all for crypto world today we’ll be back again tomorrow and we’ll see you then

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Exodus CEO JP Richardson explains a new innovation the crypto wallet created in an effort to give users control of their wealth.

Chapters:
00:00 – CNBC Crypto World, July 9, 2024
0:24 – Bitcoin rises
1:30 – The headlines
4:13- Exodus CEO JP Richardson

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Bitcoin rises as Fed Chair Powell outlines risk to keeping rates high too long: CNBC Crypto World