In the SEC's legal dispute against Kraken, Judge William Orrick hinted that he would deny the exchange's motion, pointing out that crypto assets could be sold as securities on its platform. Kraken's lawyers rejected the SEC's claim that it was an "ecosystem" of securities, saying it should not be given special treatment. The judge has not yet made a final ruling, but indicated his preference at the hearing, saying the discovery phase would be completed within a year. The SEC filed a lawsuit against Kraken in November 2023, and Kraken had earlier reached a $30 million settlement with the SEC. Although the case did not directly involve ether (ETH), the SEC's investigation into ether was closed, designating it as a commodity.
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US President Donald Trump has said that countries that treat them badly will calculate the total amount, including non-monetary barriers. The retaliatory rate will be half of their tariff rate, which will not be fully reciprocal.
US Treasury Secretary Bescent: I suggest all countries not to take retaliatory action. We can see if there will be a different tariff floor (compared to the published numbers). Trump's mentality may be to let things stabilize for the time being. I am not involved in the negotiations, we are going to see if there is any negotiation before April 9 (the effective date of the reciprocal tariffs).
International gold continued to set a new high. COMEX gold futures rose 1.41% to $3,190.3 an ounce, a new record high. COMEX silver futures rose 2.01% to $35 an ounce.
Senior White House official: The benchmark tariff rate (10%) will take effect in the early morning of April 5, and the reciprocal tariff will take effect in the early morning of April 9.
The Federal Reserve's Coogler said the latest data suggest progress towards its 2% inflation target may have stalled. Given the stability of economic activity and employment, there is support for holding current policy rates unchanged as long as upside risks to inflation persist. Inflation expectations are rising, and there are upside risks (to inflation) from upcoming policy changes. It is reassuring to note that the increase in long-term inflation expectations has so far been small. Given the ...
Trump announced the US reciprocal tariff plan, saying that he would sign an executive order for reciprocal tariffs, which would take effect at midnight on April 2.
Senior White House official: Trump plans to impose other industry tariffs on semiconductors, pharmaceuticals and potentially critical minerals, which are not covered by the new tariffs. Trump will respond to retaliation from other countries to ensure the emergency order is not disrupted. Exemptions on USMCA-compliant goods from Mexico and Canada will continue.
Trump's chart shows tariffs of 20% on imports from the European Union, 10% on imports from Brazil and the United Kingdom, 31% on imports from Switzerland, 26% on imports from India, 25% on imports from South Korea, 24% on imports from Japan, 32% on imports from Indonesia, and 36% on imports from Thailand.