đšWhat Happened in Crypto Yesterday? TOP 3 NEWS:
1. Arthur Hayes Predicts Market Crash Post-Rate Cuts:
At Token2049 in Singapore, BitMEX co-founder Arthur Hayes warned of a potential short-term market crash if the Fed cuts interest rates. Despite optimism in some sectors, Hayes believes that cutting rates amid increased government spending and USD issuance could lead to a market collapse, similar to past financial stresses. His outlook suggests the expected 50-75 basis point rate cut may trigger turmoil, especially by narrowing the interest rate gap between the USD and JPY. Hayes argues that the market could "collapse a few days after the Fedâs rates,â citing the yenâs recent rapid depreciation as a sign of financial stress.
2. Republican Lawmakers Question Gensler on Crypto Airdrops:
In a bold move, GOP Reps. Tom Emmer and Patrick McHenry have called out SEC Chair Gary Gensler over the regulatorâs stance on crypto airdrops. In a letter, they demanded answers by Sept. 30 on how airdropsâfree distributions of tokensâcould be classified as securities. The lawmakers referenced lawsuits against Hydrogen Technology and Justin Sun, arguing that misclassifying airdrops could hinder the decentralization of blockchain technology. They also questioned the potential impacts on on-chain applications, economic growth, and tax revenue.
3. USDT on TON Chain Surpasses $1 Billion:
In a significant milestone for The Open Network (TON), Tether's USDT stablecoin reached over $1 billion in circulating supply. This marks a huge growth for TON, a blockchain platform closely tied to Telegram, and comes as Telegramâs Mini Apps integrate USDT into active communities. Within just five months, the TON blockchain has seen exponential growth in USDT activity, further positioning itself as a critical player in the stablecoin market.
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