Fed Hikes Interest Rates, Crypto Regulation Stalled

The Federal Reserve is widely expected to hike interest rates for the first time in more than three years today. The decision will likely have significant implications for consumers, with a potential increase in borrowing costs on consumer loans and higher interest rates on savings accounts.

Nvidia CEO Jensen Huang has expressed skepticism about calls from AI companies to coordinate a slowdown in development, calling such a move 'completely unnecessary'. In contrast, OpenAI CFO Sarah Friar downplayed the consequences of halting development, citing the vast amount of existing intelligence.

The Senate voted yesterday to stop the Clarity Act from advancing, leaving the crypto-focused bill stalled on Capitol Hill. The act's failure is a blow for the crypto industry, which will likely have to wait until next year for clearer regulation.