According to ShibDaily, Federal Reserve Chair Jerome Powell has reiterated that the central bank is not authorized to own Bitcoin, despite a proposal from Senator Cynthia Lummis suggesting otherwise. During a press briefing after the year's final Federal Open Market Committee (FOMC) meeting, Powell emphasized that the Federal Reserve has no plans to hold Bitcoin as part of its reserves and does not intend to seek legislative changes to allow such actions. This stance comes amid growing interest in cryptocurrencies as President-elect Donald Trump prepares to take office.

Powell's statements highlight the central bank's reluctance to integrate Bitcoin into its monetary policy framework, maintaining a focus on preserving the dollar's dominance in global markets. In contrast, some members of the incoming Trump administration are exploring alternative reserve assets. Experts suggest that creating a Strategic Bitcoin Reserve could lead to tensions between regulatory agencies and the executive branch, complicating efforts to incorporate Bitcoin into federal financial systems.

Senator Lummis, however, has proposed a plan to grant the Federal Reserve the authority to hold Bitcoin. In an interview with Yahoo Finance, she outlined her proposal for the U.S. government to acquire 200,000 Bitcoin annually over five years, ultimately amassing one million Bitcoin. The plan includes holding the Bitcoin for at least 20 years, with projections suggesting the reserve could appreciate to $16 trillion. Lummis believes a Bitcoin reserve could strengthen the U.S. dollar and address challenges related to the country's large debt.

Lummis expressed enthusiasm about working with President-elect Trump's pick for Crypto Czar, David Sacks, on comprehensive digital asset legislation and her proposed Bitcoin reserve. She described the upcoming administration as potentially the most pro-digital asset in history. This article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making investment decisions.

According to U.Today, Cardano (ADA), a prominent altcoin, is maintaining its position above the $1 threshold despite a cautious sentiment prevailing in the broader cryptocurrency market. Discussions are ongoing regarding the possibility of a supercycle for ADA, which could potentially influence its future trajectory.

On Thursday, Charles Hoskinson, the founder of Cardano, addressed security concerns related to the cryptocurrency. He highlighted that Ethereum's researchers have not engaged with Cardano's research or examined its network thoroughly. This lack of engagement, according to Hoskinson, has led to misunderstandings about Cardano's capabilities and its security mechanisms. These comments were made in response to ongoing debates within the crypto community about the comparative strengths and weaknesses of different blockchain networks.

The discussions around Cardano's potential supercycle and its security features come at a time when the cryptocurrency market is experiencing varied sentiments. While some investors remain optimistic about ADA's future, others are cautious due to the overall market conditions. Cardano's ability to maintain its value above the $1 mark is seen as a positive sign by its supporters, who believe in the coin's long-term potential.

According to U.Today, Cardano (ADA) has reached a significant milestone by surpassing 100 million transactions, marking a notable expansion and increased adoption of the network. November was a particularly remarkable month for Cardano, with the ADA price experiencing a substantial surge of 216%. The network also saw a rise in transaction volume, as reported by Cardano developer Input Output Global (IOG). The total number of transactions increased by 2.65 million over the month, reaching a total of 100.57 million.

As of November 29, 2024, IOG reported the existence of 1,979 Cardano-based projects, including 603 new ones. The number of token policies grew by 10,132, and the issuance of native tokens climbed by 80,000. Additionally, Plutus scripts increased by 9,102, totaling 100,800. The Fund13 voting for Project Catalyst commenced on November 28.

In terms of network updates, Cardano released Node v.10.1.2 in November, an update to the previously released v.10.1.1, capable of crossing the Chang #2 hard fork. A minor node release, 10.1.3, addressing Issue #4772, was also announced. Plan 529 was introduced, named after Epoch 529, which begins on December 20, 2024, and is expected to be the date for the mainnet hard fork governance action initiation. This plan provides an opportunity for Stake Pool Operators (SPOs) and the Interoperability Coordination Committee (ICC) to vote on ratifying the hard fork in January 2025.

Regarding smart contract development, the Plutus team completed work on serializing Agda-proof objects, advancing towards delivering a tool for certified compilation. A Cardano Improvement Proposal (CIP) to add modules to Untyped Plutus Core is currently in progress. A new version of the Protocol Insights dashboard, along with the v.2445.0 distribution, was released. The hard fork working group proposed naming the second hard fork in the Chang upgrade the Plomin hard fork, in honor of Matthew Plomin, USDM's president and cofounder, who passed away unexpectedly in November. This proposal has been adopted.

The Cardano constitution was recently approved, marking a significant step forward for Cardano and the broader crypto industry. The decision to ratify it now lies with the Cardano community, with the ratification expected to be submitted on-chain in January 2025.