US CPI surges. Trump taps “crypto-friendly” OCC and CFTC heads

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This week was packed with major crypto events and news. Let’s dive into the biggest highlights in this weekly digest 👇

quick weekly news

Bitcoin price sees $94K dip as crypto retreats on US CPI overshoot

Starting this digest with a not-so-bright yet highly important update – the US CPI report revealed a 0.5% inflation surge this month, pushing the year-on-year inflation rate from 2.9% to 3%. This signals to the markets that interest rates in the US are unlikely to be lowered in the next meeting and may even be increased to curb inflation.

“Headline CPI inflation is up for four straight months, and Core CPI is officially back on the rise. Inflation in the US is HOT,” said The Kobeissi Letter, an industry-leading commentary on global capital markets.

Kobeissi also noted that the market does not anticipate another rate cut until December 2026, reinforcing a more pessimistic outlook.

Notably, rising inflation is not the only factor shaping this view. Another major concern in recent weeks is the looming US Tariff War with both its partners and rivals. These tariffs are expected to fuel inflation further, while affected countries may retaliate with their own tariffs, hurting US export-driven companies.

What’s more, the US’s aggressive stance toward its closest allies – Canada, Mexico, and the EU, is adding uncertainty to financial markets, which in turn impacts the US fund market and the crypto market.

SEC seeks pause in Binance lawsuit in sign crypto crackdown is ending

However, despite growing crises in the US economy, crypto adoption continues to progress. The SEC has agreed to suspend its lawsuit against Binance, the world’s largest cryptocurrency exchange by volume, signaling the potential end of “Operation Choke Point” for crypto.

“This is the start of a sea change in how crypto will be regulated in America,” said Alex Thorn, Head of Research at Galaxy Research.

This decision comes two years after the SEC accused Binance of multiple violations, including sanctions evasion, money laundering, and other financial crimes. The case forced Binance’s former CEO, CZ, to step down, pay a hefty fine, and face a three-month trial. Meanwhile, Binance US nearly ceased operations and only recently started hinting at a potential comeback in 2025.

Given these developments, it seems likely that Binance US has been preparing for a return. While no official announcement has been made, the possibility of its revival appears stronger than ever.

Trump taps more “crypto-friendly” government officials into regulatory space

Meanwhile, Trump’s administration continues to advance its pro-crypto agenda by nominating Jonathan Gould as the next Comptroller of the Currency (OCC), the top US banking regulator. Gould is a former Chief Legal Officer at blockchain infrastructure firm Bitfury and is currently a partner at the law firm Jones Day.

Kristin Smith, CEO of the Blockchain Association, praised the nomination, stating that “he is an excellent choice for Comptroller of the Currency,” emphasizing that his expertise in the Web3 space will make him an effective leader for the agency.

At the same time, Trump is considering a16z’s Head of Policy, Brian Quintenz, for another key regulatory role – Chairman of the Commodity Futures Trading Commission (CFTC). According to CoinTelegraph, if Quintenz is confirmed, he is likely to push for pro-crypto policies, positioning the CFTC as the primary regulator for the crypto industry.

Moreover, Quintenz previously served as a Republican CFTC commissioner during Trump’s first presidential term (2016–2020). Even then, he advocated for integrating digital asset derivatives and crypto products into the federal agency’s regulatory framework. Given his long-standing stance, it is unlikely that he will reverse course upon assuming the role – unlike former SEC Chair Gary Gensler, who shifted to an anti-crypto position after taking office.

New York senator introduces bill to create a crypto task force

Finally, adding to the positive crypto momentum, the largest U.S. city, New York, plans to introduce a bill to establish a crypto task force. Notably, New York has been a Democratic stronghold since 1988, making this move particularly significant.

If approved, the task force will be responsible for developing a comprehensive crypto policy for the city, aligning with the broader wave of crypto adoption across the country. It will include representatives from the Department of Financial Services, environmental conservation groups, and academic experts in economics.

Additionally, the task force will assess New York’s position relative to 20 other U.S. states currently considering crypto investment legislation. According to Matthew Sigel, Head of Digital Assets Research at VanEck, such legislation could potentially generate $23B in Bitcoin demand.

Notably, this is far from the only crypto-focused bill introduced recently. At least 27 states have already joined the race for crypto adoption, and it seems like nationwide adoption is only a matter of time. This pro-crypto stance is also influencing other countries, as the Czech central bank is now exploring the possibility of purchasing Bitcoin.

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