February 2023

Genesis Reaches Restructuring Agreement, Gemini Offers $100 Million for Earn Users

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Overview Genesis, a subsidiary of Digital Currency Group, has reached an agreement with creditors to restructure debt. The plan will include the sale of Genesis Global Trading and the issuance of convertible preferred stock. Cameron Winklevoss of Gemini has stated that Gemini will contribute up to $100 million more for the recovery for Earn users. …

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Fed Set to Raise Rates 0.25%, Market Expects Inflation to Abate

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• The Federal Reserve will determine its next policy decision regarding interest rates on February 1st. • Current expectations are for a +0.25% rate hike, with the market assigning a near 100% certainty of this outcome. • Jerome Powell recently said the Fed is not at a sufficiently restrictive policy stance yet and that ongoing …

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Arizona looks to join El Salvador with Bitcoin Legal Tender Bill

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• Sen. Wendy Rogers (R-AZ) has introduced bills that would make bitcoin legal tender in Arizona, allowing it to be used to pay for debts, taxes and other financial obligations. • The proposed legislation defines bitcoin as a decentralized, peer-to-peer digital currency with no central bank. It also allows state agencies to accept cryptocurrency as …

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