Ndax Weekly TL;DR Febraury 3rd

• Fed Chair Powell Affirms Banks Can Serve Crypto Clients
• Cardano’s Plomin Hard Fork Activates, Enabling On-Chain Governance
• Bank of Canada Cuts Interest Rate to 3% Amid U.S. Trade Uncertainty
• Ripple Secures Money Transmitter Licenses in Texas and New York
   

Federal Reserve Chair Jerome Powell stated that banks can serve crypto clients as long as they effectively manage the associated risks. Speaking after the FOMC meeting, he acknowledged the higher regulatory threshold for banks engaging in crypto activities but emphasized the Fed’s openness to financial innovation. Powell also addressed concerns about crypto firms struggling to access banking services, stating that the Fed is not seeking to restrict legal customers. His comments come amid growing scrutiny over alleged debanking practices, with FDIC interim Chair Travis Hill recently condemning such actions. CryptoSlate

Cardano has implemented its Plomin hard fork, marking a significant step toward decentralized governance. The upgrade allows ADA token holders to vote on key decisions, including treasury measures and future network changes. Plomin builds on the Chang hard fork from four months ago, introducing Delegate Representatives (dReps) to replace the governance role previously held by Cardano’s founding entities. With 85% of nodes upgraded, the network successfully transitioned to the new system. Looking ahead, the community aims to enhance Cardano’s speed, privacy, and developer utility. CoinDesk

The Bank of Canada reduced its policy interest rate by 25 basis points to 3%, citing the potential economic fallout from a prolonged trade dispute with the United States. Governor Tiff Macklem warned that a trade war could severely impact Canada’s economy, stifle growth, and reignite inflation. The central bank also noted that higher import costs would put pressure on inflation. Financial Post

Ripple Labs has obtained money transmitter licenses in Texas and New York, bringing its total to over 50 licenses across various jurisdictions. The new licenses allow Ripple to offer cross-border payment solutions in the US, with Texas and New York playing key roles due to their established regulatory frameworks. Despite ongoing legal challenges, including a SEC lawsuit over XRP, Ripple continues to expand its compliance and operational reach. Cointelegraph 

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News Nuggets

• Gary Gensler’s Return to MIT Sparks Crypto Community Backlash CryptoSlate
• Bitwise Files for First Spot Dogecoin ETF with US SEC Cryptonews
• FTX Founder Sam Bankman-Fried’s Parents Reportedly Seek Presidential Pardon CoinDesk
• MicroStrategy Proposes 2.5M Share Offering to Fund Bitcoin Purchases Cointelegraph
• Uniswap v4 Goes Live on 12 Chains Cointelegraph
• ECB President Christine Lagarde Rejects Bitcoin for EU Reserves Cryptonews
• Illinois Considers Strategic Bitcoin Reserve with 5-Year Hodl Strategy in New Bill Cointelegraph
• Fed Holds Rates Steady Amid Hawkish Stance on Inflation CoinDesk

This week’s blog is all about staying safe from a rising scam targeting Canadians. Learn how to spot the warning signs of this increasingly sophisticated scam, which involves automated calls claiming your account has been compromised. To learn more, click here.

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• Feb 4 – PEPE Halving Event 
• Feb 7 – Canada Unemployment Rate Announcement 
• Feb 7 – US Unemployment Rate Announcement 

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