The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! The crypto market dipped again this morning after U.S. CPI data came in slightly hotter than expected. On top of that, Fed Chair Powell's comments on Tuesday made it clear that quantitative easing isn't on the agenda unless we're in a zero-rate environment. In other words, money printing alone is less likely to save your bags anytime soon.

In today's newsletter, a16z's Brian Quintenz is set to be tapped for CFTC chief, Elon Musk sparks another round of memecoin pump and dumps, Galaxy and Ripple aid MoonPay's scramble for $160 million in USDC following the TRUMP token launch and more.

Meanwhile, "I smell opportunity," Bitwise CIO Matt Hougan says amid the dichotomy between retail and institutional crypto sentiment.

Let's get started.

President Trump plans to nominate Brian Quintenz, head of global policy at venture capital firm a16z crypto, to chair the Commodity Futures Trading Commission, Bloomberg reported, citing a document sent by the White House to Capitol Hill.

Elon Musk's latest profile change on X to "Harry Bōlz" triggered another memecoin pump-and-dump frenzy.

Crypto onramp MoonPay scrambled to secure $160 million in USDC amid overwhelming demand following the launch of President Trump's official memecoin, enterprise lead Keith Grossman said in a recent podcast.

Starknet-based lending protocol zkLend publicly acknowledged it was exploited for over $9 million.

Crypto-friendly SEC Commissioner Hester Peirce said in an interview with Bloomberg that many memecoins likely do not fall under the agency's jurisdiction, as their regulation depends on facts and circumstances.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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