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Federal Reserve Chair Jerome Powell is receiving unexpected support from some GOP senators amid President Donald Trump’s threats to fire him. Republicans like Thom Tillis and Mike Rounds caution that dismissing Powell would jeopardize the Fed’s independence, potentially destabilizing the U.S. economy and eroding market confidence. Trump’s indecision on the matter has sparked debate, with some far-right House members urging action, while others, including House Speaker Mike Johnson, question the legal authority to remove Powell. Established over a century ago, the Fed is insulated from political interference, with dismissal requiring a justified “cause,” a threshold some argue is unmet by criticisms like a $2.5 billion renovation project. While certain Republicans, like Ohio Sen. Bernie Moreno, criticize Powell’s leadership and support his removal, others warn of the economic fallout for ordinary Americans and the risk of lengthy legal battles. As Powell’s term nears its end next year, Trump may soon have the chance to appoint a new chair, but the current controversy underscores the delicate balance between political influence and central bank autonomy.
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Bullish (BLSH), a cryptocurrency exchange operator, is set to go public with a valuation of $5.41 billion, pricing its IPO at $37 per share, surpassing the anticipated $32-$33 range, and raising $1.1 billion. This marks the company's second attempt at a public debut after a failed 2021 SPAC merger valued at $9 billion was halted by regulatory issues. The IPO has attracted significant institutional interest, with BlackRock and Ark Invest eyeing up to $200 million in shares. Bullish, which also owns CoinDesk, operates a digital assets exchange for institutional clients, handling $2.6 billion in daily volume in Q1. CEO Thomas Farley believes the digital assets industry is at a growth inflection point, positioning Bullish as a key player with a compliant, institutional-focused model. The IPO comes amid a robust 2025 market, with 133 IPOs worth over $50 million, up 58% from last year, and a cryptocurrency rally, including Bitcoin (+28%) and XRP (+57%). Bullish aims to follow the success of recent fintech IPOs like Circle (+130% since debut) and Figma (+2% since debut), signaling a strong recovery in the IPO landscape after challenging years.
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Bags, a Solana-based memecoin launchpad launched in May, is carving a niche by paying royalties to meme creators and artists, a strategy that sets it apart from competitors like Pump.fun and LetsBonk. With over $1 billion in trading volume in the past 30 days, Bags is the fastest-growing platform of its kind on Solana by revenue, despite being dwarfed by market leaders. Its model requires creators to specify royalty recipients, often the original artists, addressing ethical concerns around copyright seen in other platforms. However, while some creators earn six-figure payouts, Bags’ top tokens, BTH and NYAN, have plummeted by 20% and 32% in 24 hours, leaving traders with losses. This comes amid a broader memecoin market resurgence, with the sector’s value hitting $77 billion, up 11% in 30 days, and trading volume rising 45%. Solana remains a key blockchain for memecoin activity, seeing a surge in new tokens. Bags’ creator-first approach offers a fresh perspective, but the volatile nature of memecoins continues to pose risks for investors.
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Bullish, a cryptocurrency exchange operator backed by billionaire Peter Thiel, is poised to open nearly 62% above its IPO price of $37 per share on the NYSE, potentially valuing the company at $8.77 billion. The IPO raised $1.11 billion, marking the largest U.S. listing by a digital assets firm this year. This follows stablecoin giant Circle's successful $1.05 billion IPO, reflecting growing mainstream adoption of cryptocurrencies, with the sector's market value recently exceeding $4 trillion. Bullish, which acquired CoinDesk in 2023, benefits from a pro-crypto White House, regulatory wins, and corporate treasury adoption, alongside ETF inflows and bitcoin's record highs. The company's debut signals strong investor confidence and boosts prospects for future U.S. listings by other crypto firms like Gemini and Grayscale, who are eyeing public offerings during a revived IPO window driven by robust tech earnings and expectations of easing tariffs and interest rates. J.P. Morgan and Jefferies led the underwriting for Bullish's IPO, underscoring the sector's increasing integration into traditional financial markets.
