A planned Wednesday signing ceremony for the just-passed housing affordability act was abruptly canceled by President Trump minutes ago.
What's that have to do with crypto? Embedded in the housing bill was a ban on the Federal Reserve issuing a CBDC through at least 2030.
The president said he won't sign the housing bill until Congress passes the SAVE America Act.
Further pressure is building in digital credit preferred stocks with Strategy's (MSTR) STRC falling 3% to $85 and Strive's (ASST) SATA trading at $92, both significantly below their $100 par value. The weakness continues as bitcoin remains under pressure, slipping below $61,000.
In an interesting change, all of the Magnificent Seven stocks were higher on Wednesday after several weeks of weakness, helping lift the broader equity market. The S&P 500 and Nasdaq 100 both up nearly 1% as investors rotated back into large-cap technology names, despite some market nervousness ahead of Micron's earnings release after the close on Wednesday.
Joseph Medioli, a former executive at crypto custody firm Anchorage Digital, has joined Morgan Stanley as executive director and deputy head of digital asset strategy, according to a LinkedIn post.
Medioli announced the move on Tuesday, saying he would work alongside Amy Oldenburg, Morgan Stanley's head of digital assets, as the bank continues to develop its approach to blockchain and digital asset markets.
"Digital Asset technology continues to evolve and reshape core aspects of the global financial system," Medioli wrote, adding that the technology is creating opportunities for greater market efficiency, wealth creation and access to new financial products.
The hire comes as major Wall Street firms deepen their involvement in digital assets. JPMorgan recently hired former Goldman Sachs crypto executive Oliver Harris to lead its blockchain division Kinexys.
Medioli spent four years at Anchorage Digital, a federally chartered crypto bank that provides custody, trading and staking services for institutional clients.
Backward-looking and often sizably adjusted after the fact, the government's monthly New Home Sales report is typically not a market mover.
The data, however, continues to paint a different picture than the one being espoused by the hawkish Fed under its new Chairman Kevin Warsh.
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