[News Brief] Apr 22, morning | Fed’s Kashkari: Consecutive Rate Hikes Possible if Middle East-Driven Inflation Reaccelerates

Fed’s Kashkari: Consecutive Rate Hikes Possible if Middle East-Driven Inflation Reaccelerates

Federal Reserve official Neel Kashkari said that consecutive rate hikes may be necessary if inflation resurges due to worsening tensions in the Middle East.

According to Odaily, Kashkari said in a written interview, “The next rate move could be a cut, or it could be a hike,” indicating that the policy response could vary depending on the inflation trajectory.

He explained that the key variable is whether the Strait of Hormuz will reopen soon or whether it will remain effectively shut due to expanding damage to regional infrastructure. In the latter case, a global energy shortage could intensify.

Kashkari added that long-term inflation expectations among businesses and households could become unanchored, and that the Federal Open Market Committee (FOMC) may need to respond forcefully.

Brent Crude Rises Above $100 per Barrel Intraday

According to Odaily, Gate data showed that Brent crude rose during intraday trading and surpassed $100 per barrel.

A sharp jump in international oil prices could increase inflationary pressure and affect rate expectations as well as risk appetite for risky assets.

U.S. Navy Resumes Vessel Support Through the Strait of Hormuz

According to PANews, The Wall Street Journal reported that the U.S. Navy has resumed support for ships transiting the Strait of Hormuz.

U.S. military officials said a Greek-flagged very large crude carrier carrying 2 million barrels of oil received U.S. Navy guidance and escort while passing waters near the Omani coast.

The vessel had remained in the Gulf region since early March and was en route to unload its cargo in India.

This move marks the resumption of the U.S. “freedom operation,” which had been suspended for about 36 hours. The U.S. Navy plans to assist the passage of around 12 ships, including very large crude carriers and container vessels, through the Strait of Hormuz over the next few days.

China’s Supreme People’s Court to Study Trial Standards for Cryptocurrency Cases

China’s Supreme People’s Court said it will study adjudication standards for new types of cases involving cryptocurrency and cross-border finance.

According to Odaily, Liu Guixiang, a full-time member of the adjudication committee of the Supreme People’s Court, said at a State Council Information Office briefing that the court will conduct in-depth research on judicial rules for emerging case types such as cryptocurrency and cross-border finance.

He also said judicial interpretations on civil compensation related to insider trading and market manipulation would be introduced as soon as possible to help stabilize capital markets and protect the rights and interests of small and medium-sized investors.

The policy is part of broader efforts to refine standards for disputes involving artificial intelligence cases, data property rights protection, data transactions, and AI-generated content in line with the expansion of the digital economy.

Coinbase Expands Global Multi-Currency Fiat Rails With Standard Chartered

Odaily reported that Coinbase is expanding the global multi-currency fiat rails of Coinbase Prime in partnership with Standard Chartered.

Under the partnership, support will be added for the Australian dollar, Singapore dollar, Canadian dollar, Swiss franc, euro, and pound sterling. Coinbase said the move is expected to help institutional clients manage global market operations on one platform while reducing FX-related costs and friction.

CME Group Launches AVAX and SUI Futures Contracts

PANews reported that CME Group has launched futures contracts for Avalanche (AVAX) and Sui (SUI) for investors.

The launch comes amid a broader trend of major exchanges expanding their altcoin derivatives offerings.

Belarus Includes Bitcoin and Other Crypto as Eligible Underlyings for Non-Deliverable OTC Financial Instruments

PANews reported that the Belarusian government and central bank have passed a resolution adding cryptocurrencies, including Bitcoin, to the list of eligible underlying assets for non-deliverable over-the-counter financial instruments.

The resolution took effect on May 27. Non-deliverable OTC financial instruments are contracts in which the underlying asset is not physically exchanged and gains or losses are settled in cash at maturity based on the price difference.

The move is seen as an effort to integrate cryptocurrencies into Belarus’s existing financial system and broaden the use of related investment products.

Former Hodlnaut CEO in Singapore Charged With Fraud for Concealing TerraUSD Exposure

PANews reported that Zhu Juntao, former CEO of Singapore-based crypto lending platform Hodlnaut, has been charged with six counts of fraud for allegedly concealing the firm’s exposure to TerraUSD and misleading users.

Prosecutors allege that Hodlnaut failed to disclose that it had invested $317 million of user funds into Terra’s Anchor Protocol and suffered losses of $189.7 million after the collapse of TerraUSD in 2022.

When Hodlnaut halted operations in August 2022, it owed users about $281 million but held only $88 million in assets.

Prosecutors further claim that Zhu instructed staff to issue false statements via the company’s official Telegram channel and email before and after the TerraUSD collapse, stating that the company had not invested in Luna or TerraUSD and had incurred no losses.

Zhu pleaded not guilty in court. A pre-trial hearing is scheduled for June 2026, and if convicted, he could face up to 20 years in prison on each charge.

U.S. Spot HYPE ETFs See $20.451 Million in Daily Net Inflows

PANews, citing SoSoValue data, reported that U.S. spot HYPE ETFs recorded net inflows of $20.4512 million on May 26 (U.S. Eastern Time).

The largest inflow came from the Bitwise Hyperliquid ETF (BHYP), which saw daily net inflows of $19.0458 million and cumulative net inflows of $55.025 million.

The 21Shares Hyperliquid ETF (THYP) recorded daily net inflows of $1.4054 million, bringing cumulative net inflows to $44.047 million.

As of the time of reporting, total net assets of spot HYPE ETFs stood at $117 million, with a net asset ratio of 0.88% and cumulative net inflows of $95.361 million.

BitMine’s Tom Lee: High Probability of a Crypto Supercycle, With ETH as a Key Beneficiary

According to Odaily, BitMine chairman Tom Lee said the crypto market is highly likely to enter a new supercycle, with Ethereum expected to be one of the main beneficiaries.

Lee cited the expansion of asset tokenization on Wall Street and the growth of AI agents as major drivers of the current cycle. He said both the broader crypto market and Ethereum are poised for a supercycle.

He also said Ethereum’s previous sharp correction created a buying opportunity. More than 39.2 million ETH are currently staked in the Ethereum ecosystem, accounting for about 32% of total supply.

According to market reports, BitMine acquired an additional 111,942 ETH last week, bringing its holdings to about 4.47% of Ethereum’s total supply of 120.7 million ETH.