#federal reserve
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FTX-Linked Bank Silvergate to Disburse Millions in Fines
Silvergate, a banking partner of the bankrupt entities FTX and Alameda, will pay fines totaling $63 million to the Federal Reserve and the California Department of Financial Protection and Innovation (DFPI). Of this sum, $43 million will be paid to the Fed and $20 million to the DFPI. Additionally, the SEC seeks to impose another $50 million in penalties on the company. U.S. Senator Proposes to Dissolve the Federal Reserve
Senator Mike Lee has proposed a bill called the "Abolish Act," which seeks to dismantle the Federal Reserve System as a government entity. This legislation also aims to repeal the foundational Federal Reserve Act of 1913, which established the Fed. 
Bitcoin’s Largest Drop Since August: What’s Next?
Andre Dragosch, director and head of research Europe at Bitwise warns that Bitcoin could face further declines in the coming weeks due to U.S. Federal Reserve policies. Despite this, he sees the price drop as a prime opportunity to accumulate BTC, citing its scarcity.
Fed Hack Claims Dismissed
The hacker group LockBit, which recently claimed to have breached the U.S. Federal Reserve and stolen over 30 TB of secret documents, only managed to release confidential data from Evolve Bank & Trust. This included information about file domains, virtual machines, and more. 
Key Points from the U.S. Federal Reserve Press Release
• Growth in economic activity has slowed down.
• Job gains have decelerated, yet unemployment rates remain low.
• The U.S. banking system is sound and resilient.
• Stricter financial and credit conditions for households and businesses may influence economic activity, hiring, and inflation.
• The target inflation rate of 2% remains a constant goal.