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Federal Reserve Chair Jerome Powell continues to feel the heat as U.S. President Donald Trump pushes for a Fed rate cut. This time, one of the president’s allies in Congress has criminally referred the Fed Chair to the U.S. and could now face a criminal investigation. Jerome Powell Faces The Possibility Of A Criminal Investigation
The post Jerome Powell Criminally Referred To DOJ Amid Push For Fed Rate Cut appeared first on CoinGape.
Crypto.com has unlocked a major milestone in Europe, a license that allows it to offer derivatives and securities within the European Economic Area (EEA.) The company shared on Wednesday, May 21, that it has secured a Markets in Financial Instruments Directive (MiFID) license after receiving regulatory go-ahead for its acquisition of Cyprus-based investment firm A.N. Allnew Investments Ltd. This approval came directly from CySEC, Cyprus’ financial watchdog. What does this mean for Crypto.com? The new license means Crypto.com can now offer crypto derivatives, securities, and other investment products to eligible users within the EU. The move opens up the European market for the exchange, allowing it to operate without legal repercussions. The license also reflects Crypto.com’s commitment to improving ties with regulators. Earlier this year, the trading platform received its Market in Crypto Assets (MiCA) license, which allowed it to offer its services to European customers. While MiCA governs crypto… Read More at Coingape.com
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Solana (SOL) is at a critical point after recently breaking above $150 and surpassing a major milestone of 400 billion total transactions.
On-chain activity remains strong, but momentum indicators like RSI and narrowing EMA gaps suggest bullish strength has started to cool. SOL is now trading near an important support level at $145.59, with both downside risks and upside opportunities in play.
Solana just shattered a major milestone, surpassing 400 billion total transactions. The achievement comes during renewed momentum for SOL, with the price recently pushing above $150 for the first time since early March before facing a modest pullback.
On-chain activity remains strong, with decentralized exchange (DEX) volume surging to $21 billion over the last seven days—a 44% increase that keeps Solana firmly at the top of the leaderboard.
Since hitting rock bottom at $9.98 on January 1, 2023, SOL has delivered a staggering 1412% rally, standing out as one of the cycle’s top performers.
Solana has also seen an ecosystem explosion in the last year. Pump alone has generated over $75 million in fees over the past month, while heavyweight protocols like Raydium, Meteora, Jupiter, and Jito continue to generate millions in monthly revenue.
Solana’s Relative Strength Index (RSI) has cooled sharply, dropping to 50.61 after hitting 70.52 four days ago.
The fast decline mirrors the slowdown in SOL’s price momentum after its rally above $150, suggesting that bullish strength is losing steam.
The RSI, a widely used momentum indicator, measures how quickly and strongly prices move over a given period. Readings above 70 signal overbought conditions, and below 30 indicate oversold territory. A level around 50 typically reflects a neutral stance, where buying and selling forces are more balanced.
The market is at a key crossroads with Solana’s RSI now hovering near 50.
If bullish pressure picks up again, the RSI could rise back toward overbought levels, paving the way for another leg higher. On the other hand, a continued drift lower could confirm weakening momentum, opening the door for a broader price correction.
SOL’s momentum has clearly cooled for now, and traders are watching closely for the next decisive move.
Solana’s EMA lines still signal a bullish setup, with short-term averages above long-term ones. However, the gap between them has narrowed compared to a few days ago, reflecting a loss of momentum.
Solana price is currently hovering near a key support level at $145.59—an area traders are watching closely.
If this support breaks, the price could slip toward $133.82, and if selling pressure intensifies, a deeper move to $123.46 could be in play.
Conversely, if buyers regain the momentum seen earlier this month, Solana could bounce and retest resistance around $157.
A clear breakout above that zone would likely trigger a push toward $180, reviving the bullish trend.
The post Solana Surpasses 400 Billion Transactions as SOL Tests Key Support appeared first on BeInCrypto.
New York State Representative Clyde Vanel proposed a bill attempting to legislate regulations around crypto scams. The bill defines a wide variety of crypto-related crimes as fraud, but it limits the resultant penalties.
The crypto community has responded positively to the effort, citing the unprecedented torrent of scams. Federal regulators have reduced their crypto enforcement lately, but legislative efforts could pass constructive new statutes.
US crypto regulation is in limbo right now, and New York State Representative Clyde Vanel may be able to provide solutions. Since President Trump took office, federal regulators like the SEC have been claiming they don’t have jurisdiction over crypto enforcement and dropping a tranche of lawsuits.
To that end, Vanel proposed a new bill to clarify crypto regulation.
“Any person, partnership, corporation, company, trust or association, developer, or any agent or employee thereof who violates the provisions of this article shall be subject to a civil fine of not more than $5 million or imprisoned not more than twenty years, or both,” it read. These lesser fees apply to individuals, while organizations could face fines of up to $25 million.
Vanel’s crypto regulation bill sets an ambitious task for itself. The section on penalties is fairly boilerplate, but its various statutes define much of the entire Web3 industry.
The bill describes several distinct types of scams, thefts, and other criminal practices, legally defining them as fraud. These definitions don’t just apply to crypto; they also cover NFTs, blockchains, DeFi projects, and more.
So far, the crypto community has responded favorably to the bill’s proposed regulations. It’s easy to see why, as the community is stuck in an unprecedented wave of scams.
The largest crypto hack ever just happened, social engineering scams are raking in huge amounts, and fake political meme coin scams are being launched by sitting heads of state.
In short, the community is worried that these scams may damage crypto’s credibility. Therefore, a bill to actually hammer out beneficial regulations could be very useful.
Under Biden’s administration, federal regulators led the charge on crypto crimefighting, sparking fears of overreach. Maybe a legislative effort could change these perceptions.
Since Vanel filed this bill in New York, its proposed regulations could have a serious impact if passed. The state is a critical finance hub in the US, and New York-based prosecutors handle some of the biggest crypto crimes.
Vanel’s effort doesn’t even ascribe particularly harsh penalties; it’s more important to legally define these actions as fraud. Case in point, the Southern District of New York sentenced Sam Bankman-Fried to higher fines and jail time than Vanel’s bill would allow.
However, it’s still too early to say whether this bill may pass. The community’s initial reaction was positive, but other opinions may come to light.
Additionally, Vanel introduced this without any cosponsors. The Democrats hold a firm grasp on New York, so Republican cooperation is not necessary, but the bill may still die in committee.
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