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Monday, March 10, 2025

US Regulator Rescinds Biden's Blocks, Says Banks Can Engage In Some Crypto Activities

 by Zachary Stieber via The Epoch Times,

A U.S. regulator said on March 7 that banks can engage in some activities related to cryptocurrencies.

The Office of the Comptroller of the Currency (OCC) clarified in a statement that the permitted activities include keeping hold of crypto assets and maintaining reserves for stablecoins, a class of crypto that features prices tied to other assets.

The OCC said it was rescinding a 2021 policy that set limits on when banks could hold crypto, including the requirement that banks must show they have controls in place to ensure they conduct the activity in a “safe and sound manner.”

“The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones,” Acting Comptroller of the Currency Rodney E. Hood said in a statement. 

Today’s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC, regardless of the underlying technology. I will continue to work diligently to ensure regulations are effective and not excessive, while maintaining a strong federal banking system.”

The OCC previously issued a series of letters outlining its stance on crypto-related services.

In July 2020, the office said that banks could provide banking services to any lawful business, including crypto firms. In October 2020, the office said that banks can hold reserves from stablecoin issuers. In January 2021, the office said that banks could utilize technologies such as stablecoins to perform permitted functions, such as payment activities.

Later in 2021, though, the OCC said that banks could not engage in crypto-related activities until they notified its supervisory office that it intended to engage in the activities and had received approval from supervisors. The OCC also said that supervisors, before issuing approval, had to evaluate the bank’s systems and make sure the bank could safely engage in such activities.

That’s the position that the OCC has now reversed.

The OCC also said it was withdrawing from joint statements issued on crypto risks to banks, including a 2023 statement with the Federal Reserve and the Federal Deposit Insurance Corporation that said volatility in the crypto space meant there were key risks associated with the sector.

Crypto, including bitcoin, can serve as digital investments and payment methods. Bitcoin, with a limited supply of 21 million coins, also functions as a store of value similar to gold.

President Donald Trump has championed crypto and recently signed an order establishing a bitcoin reserve. The president told reporters that the foundation of the reserve will be the bitcoin seized from criminals.

https://www.zerohedge.com/crypto/us-regulator-rescinds-bidens-blocks-says-banks-can-engage-some-crypto-activities

Beam drops on phase 1/2 data for genetic lung disease candidate

 Beam Therapeutics' stock dropped 9% after initial phase 1/2 data on BEAM-302 for alpha-1 antitrypsin.

https://seekingalpha.com/news/4419041-beam-drops-9-data-for-genetic-lung-disease-candidate

Immunocore initial data for HIV functional cure candidate

 Immunocore presents initial multiple ascending dose data for HIV functional cure candidate in an oral presentation at CROI 2025

IMC-M113V was well tolerated, with no dose-limiting toxicities

Signals of dose-dependent reduction in active reservoir, and viral control after complete antiretroviral treatment interruption in some PLWH

Enrollment in MAD portion of the trial continues with higher doses being evaluated

https://www.globenewswire.com/news-release/2025/03/10/3040106/0/en/Immunocore-presents-initial-multiple-ascending-dose-data-for-HIV-functional-cure-candidate-in-an-oral-presentation-at-CROI-2025.html

Trump turns screws on Zelensky heading into Jeddah talks

 President Trump is inflicting mounting pain on Ukrainian President Volodymyr Zelensky ahead of planned talks in Saudi Arabia on Tuesday, as U.S. officials look to secure concessions Trump can bring to Russian President Vladimir Putin for a peace deal. 

The summit of top U.S. and Ukrainian envoys in Jeddah this week follows Zelensky’s explosive visit to the White House on Feb. 28, when Trump and Vice President Vance called the war-time leader ungrateful and unwilling to move toward a ceasefire. 

In the 10 days since, Trump has suspended U.S. military aid to Ukraine, halted intelligence support for strikes on Russia, and talked about potentially deporting tens of thousands of Ukrainian refugees who fled from the war. 

Zelensky has consistently signaled Ukraine’s willingness to sign a mineral rights deal with the U.S. However, Trump said this weekend that the economic deal alone would not be enough to revive U.S. support for Ukraine’s military. 

It is not clear whether Trump’s pressure has moved Ukraine and Russia any closer on the terms of a potential deal, as Russia ramps up aerial attacks on weakened Ukrainian defenses. 

“It’s pretty clear that the deal that Trump wants is unsustainable for Ukraine, so I don’t know how much he will be able to get out of there,” said Eugene Finkel, the author of “Intent to Destroy: Russia’s Two-Hundred-Year Quest to Dominate Ukraine,” published last year. 

Finkel, a political science professor at Johns Hopkins University, said Ukraine this week would likely agree to the “concepts of a deal” on Ukraine’s rare earth extraction, and perhaps commit in principle to holding future talks with Russia. 

Zelensky is visiting Saudi Arabia, with plans to meet Crown Prince Mohammed bin Salman on Monday. Andriy Yermak, Zelensky’s top deputy, is expected to lead the Ukrainian delegation in the talks with the U.S.

Secretary of State Marco Rubio will join Trump’s special envoy, Steve Witkoff, and national security adviser Mike Waltz on the American side. 

The Trump administration has drastically shifted the U.S.’s stance on Russia’s war in Ukraine, now in its fourth year. 

While former President Biden insisted on letting Ukraine decide when the time was right for peace talks, promising to back its military to the end, Trump has sought to strong-arm Zelensky into accepting terms that largely track with Putin’s demands. These include keeping Ukraine out of NATO, forcing Ukraine to cede swaths of territory occupied or claimed by Russia, and possibly forcing Zelensky out of office. 

As the U.S. retreats from backing Ukraine, Europe has jumped into action. Germany’s new president has signaled huge increases in defense spending; British Prime Minister Keir Starmer has pledged to increase military spending, and European defense stocks are soaring amid broader expectations around weapons production on the continent. 

Finkel said Europeans were trying to make up for lost time. 

“They had three years to do something. They haven’t done it, and now they all got alarmed [by the Zelensky-Trump meeting] and started moving at breakneck speed,” he said. 

Military experts say Ukraine can likely stay in the fight for a few months even without U.S. weapons, but that its ability to defend against Russia’s aerial attacks will become severely limited, leaving its military installations, energy infrastructure and population centers exposed. Europe would need to drastically ramp up weapons production to plug the gap. 

The U.S. suspension of intelligence sharing may prove even more painful for Ukraine’s military in the short term, as experts say Europe has a limited ability to fill that void.

Fox News host Maria Bartiromo pressed Trump in an interview that aired Sunday on whether he is “comfortable” with the idea that Ukraine “may not survive” the war with Russia.

“Well, it may not survive anyway,” Trump replied. “But, you know, we have some weaknesses with Russia. It takes two. Look, it was not going to happen, that war, and it happened. So, now we’re stuck with this mess.”

Branislav Slantchev, a political science professor at the University of California, San Diego, who studies the war, said there was no indication yet that Trump could extract terms from Zelensky that would be acceptable to Putin. He added Zelensky was right when he said peace remains far away, a comment that drew angry responses from across Trump World. 

“It’s not because the Ukrainians don’t want it. I think Ukrainians are desperate to get it,” he said. “It’s the Russians who are not stopping. From their perspective, this is going, you know, and not according to plan, but it is going in their favor.”

Early in the war, Putin laid claim to four regions of eastern Ukraine, despite Russia controlling only some parts of these areas. Slantchev said it was unclear whether Putin would accept a deal largely drawn along the current front lines, given his official — and illegal — annexation of territories that extend further into Ukraine. 

There are also open questions about security guarantees. England and France have suggested they might send peacekeepers into the country to enforce the terms of a ceasefire deal, but Putin may reject the presence of any European troops in Ukraine. And Ukraine has so far demanded a U.S. role in security guarantees, which both Trump and Putin oppose. 

While Trump said Friday that Ukraine is “more difficult” to deal with than Russia, he has so far demanded little from Russia in the negotiations. Slantchev said the Russian side of the negotiations was likely just as problematic.

“They probably found out what the Russian demands actually look like for real. And I think they realized that the absence of peace is not because Biden was super incompetent, that they didn’t know what they were doing and all this stuff, but just because the Russians are demanding stuff nobody can give them,” he said. 

“And so there’s kind of an attempt to see how much, what the maximum the Ukrainians would be willing to concede is, so the U.S. can work with the Russians.”

https://thehill.com/policy/defense/5186024-trump-zelensky-ukraine-talks/

Musk blames ‘massive cyberattack’ for X outage

 Elon Musk said his social media platform X was targeted in a “massive cyberattack” on Monday, prompting outages for thousands of users. 

“There was (still is) a massive cyberattack against X,” Musk wrote on the platform Monday afternoon. “We get attacked every day, but this was done with a lot of resources. Either a large, coordinated group and/or a country is involved. Tracing…” 

Musk did not provide any further information, and X did not immediately respond to a request for comment. 

The remark came hours after users first reported issues with the platform early Monday morning. 

Issues were first reported around 5:30 a.m. EDT, hitting a high of nearly 21,000 reports shortly before 6 a.m. Outage reports drastically dropped until about 9:30 a.m. EDT, when reports spiked back up, according to the outage-tracking website Downdetector.com. 

Outage reports peaked at more than 41,000 users shortly after 10 a.m., according to the website. The issues appeared to be resolved in about 45 minutes, but the outage returned less than 30 minutes later. As of 1 p.m. EDT, more than 35,000 users reported issues. 

It comes months after the Musk-owned platform experienced widespread error reports last August. Thousands of users were reportedly impacted and unable to access the app, while some users said the date showed up wrong on their feed

https://thehill.com/policy/technology/5186331-elon-musk-x-cyberattack-outage/

'Hamas offering 5-to-10-year truce with Israel: US official says'

 Hamas offered to hand over governance of the Gaza Strip in exchange for a five- to 10-year truce in its war with Israel, President Trump’s special envoy for hostage negotiations said on Sunday.

Adam Boehler told Israel Public Broadcasting (Kan) the U.S.- designated terrorist group offered the truce during direct talks with the U.S. over efforts to free remaining American and Israeli hostages. 

Boehler described the conversations as “baby steps,” but said Hamas proposed some “reasonable” and “workable” actions. 

Boehler said the conversations were “not a bad first offer.” 

“They suggested a five-year to 10-year truce, where Hamas would lay down all… weapons, and where the United States would help, as well as other countries, ensure that there’s no tunnels, there’s nothing taken on the military side, and that Hamas is not involved in politics going forward,” Boehler said. 

Boehler said he coordinated with Israel in his talks with Hamas, despite Jerusalem reportedly being caught off guard at the back channel negotiations with the U.S. 

Boehler said the Trump administration’s efforts to release Americans — at least one living and four believed deceased — would coincide with efforts to release dozens more living Israeli hostages, all kidnapped from southern Israel during Hamas’s terrorist attack on Oct. 7, 2023.

“The President wants every single hostage home, and he wants a peace, a calm in this region, that’s what he wants.” 

The U.S.-Hamas talks broke with past U.S. policy, and were outside the terms of a deal authored by President Biden that went into effect on Jan. 19. 

Under the terms of that deal, the release of additional hostages was supposed to happen alongside so-called phase two talks to end the war. 

Trump in early February proposed the U.S. taking over the Gaza Strip and turning it into the “riviera” of the Middle East. Trump called for the permanent relocation of the nearly 2 million Palestinians during the reconstruction effort, with no guarantee they could return.

Arab countries proposed an alternative plan but Trump shut them down, in part over provisions that kept Palestinians in Gaza. 

https://thehill.com/homenews/administration/5186374-hamas-offer-truce/

HC Wainwright Adjusts Trevi Therapeutics Price Target to $12.50 From $7.50

 Maintains Buy Rating

https://www.marketscreener.com/quote/stock/TREVI-THERAPEUTICS-INC-57531257/news/HC-Wainwright-Adjusts-Trevi-Therapeutics-Price-Target-to-12-50-From-7-50-Maintains-Buy-Rating-49288419/