JH Kim

According to Cointelegraph, a crypto-specialized media outlet, on the 22nd (local time), the United States District Court for the District of New Jersey has granted preliminary approval for a $13 million class action settlement between the bankrupt crypto lending company BlockFi and its investors. The court ordered BlockFi's insurers to deposit $13 million into an escrow account within 30 days. The final approval of the settlement will be determined at the final approval hearing scheduled for December 11. Previously, in 2023, approximately 89,000 BlockFi investors filed a class action lawsuit, alleging they suffered losses during the company's bankruptcy proceedings.

The three major U.S. stock indexes closed higher. The Nasdaq Composite Index ended the 23rd up 1.82% at 21,484.28 points compared to the previous day. The Dow Jones Industrial Average rose 1.81% to close at 45,596.90 points, while the S&P 500 Index ended up 1.43% at 6,461.23 points.

On the 22nd (local time), according to the economic news account Walter Bloomberg, global investment bank Barclays forecasted that the U.S. Federal Reserve (Fed) would begin cutting interest rates starting in September. Barclays had previously expected the Fed to cut rates starting in December, but revised its outlook, bringing it forward by three months.

According to the economic news account Walter Bloomberg on the 22nd (local time), former U.S. President Donald Trump stated, "Fed Chair Jerome Powell is already too late in signaling a rate cut," and added, "The rates should have been cut a year ago."

According to economic news account Walter Bloomberg on the 22nd (local time), the Canadian government is reportedly planning to lift the retaliatory tariffs that had been imposed on several US-made products.

The three major U.S. stock indices are showing an upward trend. As of 00:35 on the 23rd, the Nasdaq Composite Index is trading at 21,535.97 points, up 2.06% from the previous day. The Dow Jones Index is up 2.08% at 45,717.70 points, and the S&P 500 Index is up 1.70% at 6,478.18 points.

According to cryptocurrency-focused media outlet CoinDesk on the 21st (local time), State Street has joined JPMorgan's blockchain-based bond issuance and settlement system. State Street participated as a custodian in Singapore's OCBC Bank commercial paper transaction through the Digital Debt Service. The bonds held by clients will be managed in the form of digital wallets, and these wallets are operated on JPMorgan's blockchain settlement system, Kinexys.

The three major U.S. stock indices closed lower. On the 22nd, the Nasdaq Composite Index fell 0.34% from the previous day to finish at 21,100.31 points. The Dow Jones Industrial Average dropped 0.34% to close at 44,785.50 points, while the S&P 500 Index ended trading down 0.40% at 6,369.97 points.

On the 21st (local time), according to Eleanor Terrett, host of Crypto in America, Matt Galeotti, Acting Deputy Assistant Attorney General of the U.S. Department of Justice Criminal Division, stated in his Jackson Hole speech: "Going forward, under the principles of fair notice, if software is truly decentralized and entirely consists of automated P2P transactions," and "if it can be demonstrated that a third party does not have custody or control over user assets, then even if there is criminal intent, there will be no new charges under Section 1960(b)(1)(c) against the third party." Section 1960(b)(1)(c) is the legal provision related to the charges on which Tornado Cash founder Roman Storm was convicted. One legal expert commented, "Storm could use Galeotti's latest remarks as a basis in his appeal." Galeotti further added, "Genuine innovators do not need to fear losing their freedom." Industry figures from the virtual asset (cryptocurrency) sector present gave a standing ovation, and one member who has been active in the DeFi (decentralized finance) industry for 10 years was reportedly moved to tears.

On the 21st (local time), according to the cryptocurrency-focused media outlet Watcher Guru, a United States appellate court has invalidated the $464 million (approximately ₩620 billion) civil fraud penalty imposed on Donald Trump, the former President of the United States. This decision reflects, in part, the Trump team’s argument that the financial penalties imposed at the first trial were excessive. President Trump, who was indicted for allegedly exaggerating the value of his real estate assets in order to secure loans on favorable terms from financial institutions, previously received a large penalty in the civil trial. However, this appellate decision does not represent the final conclusion of the case, and the associated legal dispute is expected to continue.

On the 21st (local time), The Block, a media outlet specializing in virtual assets (cryptocurrencies), reported that the Office of the Comptroller of the Currency (OCC) has withdrawn the consent order previously issued to the virtual asset bank Anchorage Digital. A consent order is a system for settling a case through an administrative disposition without litigation, based on an agreement between the parties. The OCC issued this order in 2022 during the Biden Administration, citing deficiencies in Anchorage's Anti-Money Laundering (AML) and Know Your Customer (KYC) programs. This move is interpreted as a signal that the US government is shifting toward a more favorable regulatory stance on the virtual asset industry.

According to economic news account Walter Bloomberg on the 21st (local time), a US Department of Justice official urged Jerome Powell, Chairman of the Federal Reserve (Fed), to dismiss Federal Reserve Board Member Lisa Cook. Previously, the Trump Administration had requested a Department of Justice investigation, alleging that Cook was involved in mortgage fraud.

On the 21st (local time), according to the economic news account Walter Bloomberg, Beth Hammack, President of the Federal Reserve Bank of Cleveland, stated, "Considering the data so far, there will be no rate cut in September." President Hammack's statement is interpreted as blocking the market's recent expectations for early easing by the Fed. She reaffirmed her stance that a premature rate cut is not desirable when price stability and employment indicators are not yet sufficiently supported.

The three major U.S. stock indices are showing a downward trend. As of 00:05 on the 22nd, the Nasdaq Composite Index is trading at 21,142.57 points, down 0.14% from the previous day. The Dow Jones Industrial Average is down 0.22% at 44,837.76 points, and the S&P 500 Index is down 0.21% at 6,382.09 points.

The three major U.S. stock indexes ended mixed. On the 21st, the Nasdaq Composite Index closed at 21,172.86 points, down 0.67% from the previous day. The Dow Jones Industrial Average rose 0.04% to 44,938.06 points, and the S&P 500 Index ended trading down 0.27% at 6,394.33 points.

Nick Timiraos, a journalist at The Wall Street Journal (WSJ), known as an unofficial spokesperson for the Fed, stated on his official X (formerly Twitter) on the 20th (local time), "According to the July FOMC minutes, the decision to keep rates unchanged last month was supported by the majority of committee members." He added, "If it weren't for the disappointing employment data released right after the meeting, the possibility of a rate cut in September would have remained uncertain."

According to the minutes of the July 2025 Federal Open Market Committee (FOMC) meeting released by the Fed on the 20th (local time), some committee members pointed out that it is practically impossible and inappropriate to adjust monetary policy only after fully assessing the impact of tariffs on inflation. A majority of members mentioned that it may take time for the effects of tariffs to be fully reflected. It was also noted that, amid stagnant progress in the slowing inflation rate, tariffs are putting upward pressure on commodity prices. However, it was projected that the increase in import prices would be smaller than previously expected and that the timing of the increase would also be delayed. In addition, most members judged that the risks of inflation outweighed those of the labor market, and concerns over rising asset values were raised. The labor market is expected to gradually weaken, and the unemployment rate is projected to surpass the natural rate by the end of the year and remain at this level through 2027.