GM. The Federal Reserve held interest rates steady today at 3.50% to 3.75% during Jerome Powell’s final policy meeting as Chair, as the Senate prepared to confirm Kevin Warsh as his successor.

Meanwhile, Canada proposed a nationwide ban on nearly 4,000 crypto ATMs, Alex Mashinsky received a lifetime industry ban and a $4.7 billion judgment, and the first prediction market ETFs are coming to the NYSE.

Here are the details on the Fed's leadership handoff, ATM crackdowns, and political betting funds. 👇

Fed Holds Rates at 3.50%-3.75% in Powell's Final Meeting

The Federal Reserve left its benchmark rate unchanged at 3.50% to 3.75%, extending a fourth straight pause as officials weighed sticky inflation against softening growth. The decision was widely expected, but it landed as Kevin Warsh moved closer to the chair after clearing the Senate Banking Committee.

That overlap gave the meeting an unmistakable handoff atmosphere. Jerome Powell’s term as chair ends on May 15, making this likely his last policy meeting in command, while Warsh’s 13-11 committee vote pushed his nomination toward the full Senate and a probable June debut atop the central bank.

The split inside the committee revealed how unsettled the policy picture has become. Governor Stephen Mirran dissented in favor of a 25 basis point cut, while Beth Hammack, Neel Kashkari, and Lorie Logan wanted no rate change but also no lingering hint that easing still leans ahead.

Markets took the message as restrictive and unresolved. Bitcoin traded just under $76,000, stocks drifted lower, Treasury yields rose to 3.93% on the two-year and 4.40% on the 10-year, while WTI crude near $105 a barrel deepened the bind Warsh may soon inherit.

Canada Pushes Ban on 4,000 Crypto & Bitcoin ATMs

Canada’s federal government is pushing a nationwide ban on bitcoin and crypto ATMs, arguing the nearly 4,000 machines have become a favored channel for scams targeting seniors and vulnerable users. Finance officials outlined the proposal in an economic update. The plan would override provincial licensing systems already applied in places like Quebec.

The measure would still allow in-person crypto purchases through staffed money-services businesses, where employees can manage compliance and monitor suspicious activity. Ottawa cited FINTRAC’s recent enforcement against 84 money-services businesses as part of a wider fraud crackdown. The proposal mirrors similar moves already taken in Indiana, Tennessee, and New Zealand.

Alex Mashinsky Faces Lifetime Crypto Industry Ban

The Federal Trade Commission entered a $4.7 billion judgment against former Celsius chief Alex Mashinsky, though nearly all of it was suspended, leaving him liable for $10 million. The order was filed in federal court in Manhattan. It also permanently bars him from the crypto and financial services industries.

The settlement stems from FTC accusations that Mashinsky and other Celsius executives used deceptive marketing to sell lending and custody services before the platform collapsed in 2022. The order also imposes long-term reporting duties. Mashinsky is already serving a 12-year prison sentence after pleading guilty to fraud and token manipulation.

Wall Street Launches First Prediction Market ETFs

Roundhill Investments plans to list six funds tied to election outcomes on the New York Stock Exchange. These products use swap agreements to provide exposure to whether specific parties control the government. Asset managers aim to expand access by allowing these contracts within standard retail brokerage accounts.

Investors could lose all their capital if the targeted political party fails to win the specified race. The funds will automatically roll into the next election cycle once an outcome is determined by market pricing. This launch follows the recent withdrawal of federal proposals that prohibited political event betting through prediction markets.

Data of the day

Global prediction market volume reached $25.7 billion last month as retail users drove a surge in activity. A new report indicates that most traders operate with less than $10,000 while returning more frequently to the platforms. Participation grew across sports and geopolitics as category engagement deeply expanded.

Sports led the industry with $10.1 billion in quarterly volume while political markets generated $5 billion in total. Most participants find crypto a simple entry point for these contracts with median trade sizes near $3. Future projections suggest that these decentralized systems could eventually reach $240 billion annually.

More breaking news

• ZetaChain said a targeted exploit drained $333,868 from three internal wallets after attackers chained cross-chain messaging flaws, while user funds remained untouched across four networks.

• Hong Kong’s central bank warned fake stablecoins using HKDAP and HSBC tickers are already circulating, even though no licensed issuers have launched any regulated tokens.

• Visa expanded its stablecoin settlement pilot to nine blockchains, lifting annualized volume to $7 billion and supporting more than 130 stablecoin-linked card programs across 50 countries.

• A judge formally rejected Sam Bankman-Fried’s abandoned retrial bid, calling claims of government threats against witnesses wildly conspiratorial and contradicted by the record.

• Ripple and OKX expanded RLUSD across more than 280 spot pairs, while also letting traders use the $1.5 billion stablecoin as collateral in derivatives markets.

• The U.S. soldier accused of using classified Maduro raid information to place Polymarket bets pleaded not guilty and was released on a $250,000 bond.

• PumpFun burned $370 million in PUMP tokens, or 36% of circulating supply, and pledged 50% of future net revenue to a one-year buyback-and-burn program.

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