Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Fed money printer goes into reverse: What does it mean for crypto?
Over the last two years or so, the United States Federal Reserve has flooded the financial system with excess liquidity — benefiting stocks, crypto and other markets as well. Now, the Fed is going in the opposite direction in order to combat inflation. In addition to raising interest rates, the central bank has begun the process of quantitative tightening (QT). It’s not entirely clear how the crypto markets will respond to the Fed’s QT efforts, but the short-term outlook probably isn’t good for risk assets.
CFTC sues Gemini claiming crypto exchange lied in futures contract evaluation
United States crypto exchange Gemini faces action from the U.S. Commodity Futures Trading Commission (CFTC) for certain alleged activity dating back to 2017. The CFTC essentially asserts that Gemini acted dishonestly in 2017 during its push to add Bitcoin futures trading contracts to its offerings. The commission claims Gemini was not honest during its evaluation process.
“Gemini has been a pioneer and proponent of thoughtful regulation since day one,” Gemini told Cointelegraph in response to the lawsuit. “We have an eight year track record of asking for permission, not forgiveness, and always doing the right thing. We look forward to definitively proving this in court.”
City of Shenzhen airdrops 30M in free digital yuan to stimulate consumer spending
Residents of the city of Shenzhen could receive some of China’s central bank digital currency, the e-CNY, as part of an airdrop. Shenzhen is working with one of China’s top food delivery apps to airdrop a total of 30 million e-CNY in a lottery-style giveaway for certain app users. At least 15,000 in-app merchant…