SEC Closes Gemini Probe; Trump Slaps 25% Tariff on China

The U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the Gemini cryptocurrency exchange, while President Trump announced a 25% tariff on $200 billion worth of Chinese goods. Here's a recap of the week's key events in the world of Bitcoin and finance.

The SEC's probe into Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has been closed without any enforcement action. The investigation, which began in 2018, focused on whether Gemini's Bitcoin futures contracts were securities. The SEC's decision not to take action suggests that it may be taking a more lenient stance on cryptocurrencies, although the regulatory landscape remains uncertain.

In a significant development, President Trump announced a 25% tariff on $200 billion worth of Chinese goods, escalating the ongoing trade war between the two countries. The move has sparked concerns about the potential impact on global economic growth and financial markets. The U.S. has already imposed tariffs on $250 billion worth of Chinese goods, and China has retaliated with tariffs on $110 billion worth of U.S. goods.

In other news, the U.S. Federal Reserve left interest rates unchanged, as expected, but signaled that it may cut rates in the future if the economy weakens. The Fed's statement noted that economic activity has been rising at a moderate rate, but that business fixed investment and exports have been weak. The Fed also expressed concern about the ongoing trade tensions and their potential impact on the economy.

The European Central Bank (ECB) also left interest rates unchanged, but President Mario Draghi hinted that the ECB may provide further stimulus if the economy weakens. The ECB's statement noted that economic growth has been slowing, and that the risks to the outlook remain tilted to the downside. The ECB also expressed concern about the impact of trade tensions on the global economy.

In the world of cryptocurrencies, Bitcoin's price has been volatile, with a sharp decline followed by a partial recovery. The price of Bitcoin fell below $10,000 for the first time since June, but has since recovered to around $11,000. The volatility in Bitcoin's price has been driven by a range of factors, including regulatory uncertainty, geopolitical tensions, and technical developments.

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