Trump Targets Fed Chair Powell as Crypto Markets Face Regulatory Crosswinds

Washington's political tremors reverberated through financial markets as former President Donald TRUMP escalated his feud with Federal Reserve Chairman Jerome Powell. The Justice Department has opened a criminal probe into alleged misuse of funds during Fed building renovations—a move Powell decries as political retaliation for interest rate decisions. This development coincides with tightening crypto regulations globally, creating parallel pressures on both traditional and digital finance sectors.

In Argentina, Coinbase abruptly suspended peso services amid operational challenges, leaving Latin American traders scrambling. Meanwhile, Italy's CONSOB regulator issued stark warnings to influencers promoting crypto assets, emphasizing that disclaimers won't shield them from legal consequences. The regulatory squeeze comes as Wyoming launches its Frontier Stable Token (FRNT) on Solana—now trading on Kraken—marking a U.S. state's bold entry into the stablecoin arena.

Market observers note these events reflect growing institutionalization of crypto assets, with SOL and stablecoin projects gaining traction even as regulators clamp down on promotional excesses. The canceled NFT Paris event underscores how bearish conditions continue pruning speculative corners of the market.