Fed Chair Powell on Elevated Inflation; Could Trump's Crypto Enthusiasm Help Win Votes?

Jerome Powell says elevated inflation is not the only economic risk. And a poll says Trump's new crypto enthusiasm could help him win votes. You're watching Coin Desk daily, I'm your host, Jen Sani Federal Reserve Chairman Jerome Powell testified before Senate Committee on Tuesday. In the opening remarks, Chairman Powell stated that elevated inflation is not the only risk faced by the economy. The fed chair said quote, reducing policy restraint, too late or too little could unduly weaken economic activity and employment and quote. The price of Bitcoin briefly bounced on the news but quickly gave back any gains. As of 10 a.m. eastern time, Bitcoin was trading above $57,500 layer two network Starnet will open staking on its ecosystem by the end of 2024. Stark Warre Ceo Ellie, Ben Sasan announced at the Ethereum community conference. Ben Sasan submitted a stark net improvement proposal to the community which suggests that users can choose whether they would like to be a staker with rewards for participation to be proportional to the amount of strk tokens staked if the proposal is approved by the community. A test net for staking on star net will go out soon and the staking feature could make its way to main net by the last quarter of 2024. And former President Donald Trump's recent embrace of digital assets and crypto innovation could win him some votes as he seeks a return to the White House in November. This is according to an industry sponsored poll released on Wednesday, Trump. The Republican party's presumptive nominee for president made a series of positive remarks about aiding the US crypto sector that has caught the attention of some voters that according to the poll that was paid for by crypto investment firm paradigm. The snapshot of Republican sentiment suggests 13% of those who weren't planning on voting for him felt his crypto position made them see him in a more positive light. That's according to the data compiled by polling firm echelon insights. That's it for coin desk daily. Get more updates on coindesk.com and we'll see you next time.