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The US economy quickly recovered in 2024 from the COVID-19 lockdown slump leading to a fresh sense of enthusiasm across the country. The Dow Jones Industrial Average hit all-time highs this year touching 37,903 on Wednesday’s closing bell. The Nasdaq composite also touched 15,605 during the same period and the US equity markets are moving in the right direction in 2024. Also Read: Not Technology, Finance Jobs in the U.S. Receives High Demand However, it is the affluent Americans who are driving the US economy this time around and not the middle-class segment.  Affluent Americans who purchased government bonds received higher yields than other contemporaries in 2024. The development is what’s likely delaying the Fed’s rate cuts this year. US Economy: A Balancing Act From Affluent Americans Source: Bloomberg While the rising value of homes is causing trouble for the middle class, affluent Americans are enjoying the rewards...

Changpeng Zhao has reportedly resigned from the Binance.US Board of Directors. The former Binance CEO has also relinquished his voting rights in the US affiliate and will not participate in any governance decisions. Binance .US has announced that Changpeng Zhao, who recently resigned as the CEO of the global crypto exchange Binance , has stepped down as Chairman of the Board of Directors. CZ has also transferred his voting rights and will no longer be involved in the US-based crypto platform’s governance, according to a statement posted on X on Tuesday. “As CZ transitions to life after Binance, he has decided to step down from his role as Chairman of our Board of Directors and transferred his voting rights through a proxy arrangement, whereby his interest in the company is purely economic and he will no longer be involved in our governance,” the company said in the post. The update by the Binance .US team also pointed out that while it may ...

Galaxy Digital names Leon Marshall its head of Europe operations. The crypto company had recently partnered with DWS in Europe. Galaxy Digital shares are down about 30% versus their YTD high. Galaxy Digital just revealed plans of expanding its footprint in Europe. Its shares are keeping about flat at writing. Leon Marshall to head Galaxy’s European operations On Thursday, the blockchain company named Leon Marshall the Chief Executive of its Europe an operations. He has previously served as an executive at Genesis. Marshall has been tasked with seeking opportunities and leading the digital assets platform further into Europe. He will remain its global head of sales as well. Earlier this year, the New York based firm announced a strategic alliance with DWS on digital assets ETPs – exchange-traded products. The asset manager will eventually work with Galaxy Digital on other digital asset solutions as well. “GLXY” is currently down abo...

Republican Senator Tom Emmer has long been a critic of Gary Gensler and the U.S. Securities Exchange Commission’s cryptocurrency oversight strategy. Minnesota Senator Tom Emmer has slammed United States Securities Exchange Commission (SEC) Chairman Gary Gensler for his flawed “crypto information-gathering efforts” and insisted Gensler should appear before Congress to explain the cost of his “regulatory failures.” Emmer’s comments came from a Dec. 10 tweet to his 67,500 Twitter followers, where he made reference to a bipartisan Blockchain Caucus letter he co-authored to the SEC Chairman on Mar. 16. Emmer said, “we now know Gensler's crypto information-gathering efforts were ineffective” citing the collapses of the Terra ecosystem and bankrupt crypto platforms Celsius, Voyager and FTX. He declined to provide Congress with the information requested in the letter, which would've informed Congress of the apparent inconsistencies in Gensler's approach that caused him to miss Ter...