ФРС снизила ставку по федеральным фондам на 25 базисных пунктов, впервые с декабря

cryptonews.ruОпубліковано о 2025-04-17Востаннє оновлено о 2025-09-18

ФРС объявила о снижении ключевой процентной ставки на 25 базисных пунктов, что полностью соответствовало ожиданиям рынка. Первоначальная реакция биткоина оказалась сдержанной — значительных колебаний не последовало.

Параллельно нарастает политическое давление со стороны администрации Трампа. Президент активно критикует ФРС за недостаточно быстрое снижение ставок и предпринимает конкретные шаги для изменения состава её руководства. В частности:

  • Была отстранена член совета директоров Лиза Кук;

  • Экономический советник Стивен Миран назначен в Совет управляющих ФРС (утверждён республиканцами в ускоренном порядке);

  • Трамп публично заявил о скором получении «большинства в совете директоров», что, по его словам, оживит рынок недвижимости и экономику.

Эти действия обострили дискуссию о независимости ФРС. Рынки внимательно следят за ситуацией, поскольку дальнейшая политика центробанка будет зависеть не только от экономических показателей, но и от политической конъюнктуры.

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Jeff Amico of GensynAI warns that investors in Real-World Asset (RWA) tokenized lending pools may lack creditor rights in case of borrower default. He notes a common structure where users receive a yield-bearing stablecoin from a platform, but the underlying loan and collateral are held by separate legal entities. This setup means investors have no enforceable claims against the borrower, the special purpose vehicles (SPVs), or the collateral itself, relying instead on the platform's promise to return funds. Amico emphasizes that investors must first identify who legally owes them money and what credit enhancement mechanisms exist, rather than focusing solely on nominal yield. Protections like collateral or first-loss capital are meaningless unless the lien is properly perfected and an agent is designated to enforce it on the investor's behalf. Investors without a formal credit agreement are particularly vulnerable. He cites Pareto/FalconX as a better model where depositors are direct contractual creditors, though this comes with higher minimum investments and KYC requirements. This highlights a trade-off: the crypto industry's permissionless ideals often conflict with the legal protections required for secure lending. Amico argues that weak legal structures could limit the RWA sector's growth. Traditional finance offers a clear template with defined creditor rights and perfected liens. Tokenized lending needs infrastructure, like oracles, to verify off-chain loan agreement status and collateral perfection, as smart contracts cannot do this autonomously. Ultimately, transparency is key. Some investors may accept weaker protections for open access, while others may prefer stronger legal rights. The legal structure of a lending pool will be as critical as its advertised yield, especially during a default, determining whether a token holder has enforceable rights or merely a platform promise.

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