Casey Wagner

New York

finance + crypto policy journalist @blockworks_, prev @business, go hoos @uva - please support my NYC marathon fundraiser for lung cancer research

Articles

DeFi Education Fund advocates for safe harbor

6 days ago | blockworks.co | Casey Wagner

As new leadership prepares to take over the US Securities and Exchange Commission, a crypto advocacy group believes now is the time to revive a 2020 proposal, Blockworks has exclusively learned. The DeFi Education Fund is asking the SEC to establish a "safe harbor" for token issuers, allowing them a limited registration exemption while they develop decentralized networks. It's an idea Commissioner Hester Peirce first floated five years ago.
Initial jobless claims fall, but continuing claims hit post-pandemic high

1 week ago | blockworks.co | Casey Wagner

Fewer people than expected filed for unemployment benefits last week, data released this morning shows. Initial jobless claims fell by 9,000, coming in at 215,000 for the week ended April 12 - a sign that neither federal layoffs nor tariffs are weighing on the labor market. At least for now. Continuing claims, however, are on the rise, signaling that while companies may not be engaging in significant layoffs, they also aren't ramping up hiring.
US equities, dollar continue to slip weeks after initial Liberation Day announcement

1 week ago | blockworks.co | Casey Wagner

It's been two weeks since Liberation Day sent global markets into a tailspin. We've seen a lot these past 14 days, but I wouldn't dare say we've seen it all. To oversimplify it: We've seen stocks fall, then rise, then fall again. Gold did the opposite, posting a surprising drop in the days after Liberation Day. But the precious metal has since hit a new record high.
Big banks report big loans in Q1

1 week ago | blockworks.co | Casey Wagner

US equities were relatively stable Tuesday as investors enjoyed a break from back-to-back tariff headlines and digested a batch of positive bank earnings. Goldman Sachs, Citibank and Bank of America reported this week. A couple data points of note: Banks don't seem worried about potential loan and lease losses In some cases, they're actually holding less - like Goldman Sachs, which set aside $287 million in credit loss provisions during Q1, compared to $351 million in Q4 2024.
Trump administration walks back tariff 'exemption' on electronics

1 week ago | blockworks.co | Casey Wagner

If you logged off on Friday at the close and didn't check futures prices or the news until this morning (unlikely, I know, but maybe you spent the weekend at the Masters), you have some catching up to do. To recap: The US Customs and Border Protection late Friday night issued guidance exempting certain consumer electronics (smartphones, computers, etc.) from both reciprocal tariffs on China and the 10% global tariff on all imports.
Congress keeps talking crypto amid trade war shifts

2 weeks ago | blockworks.co | Casey Wagner

Investors may still be recovering from tariff policy whiplash, but the world keeps spinning. Representatives on the House Financial Service's Digital Assets Subcommittee met today for a hearing on US crypto policy. That topic may not be top of the news cycle, but is still big in Washington. Rep. Brad Sherman from California, who has long been skeptical of any legislation deemed "pro crypto," had an interesting take. "New coins" will overtake "old coins," he said, and he's all for new coins.
US stocks, cryptocurrencies surge on tariff reversal

2 weeks ago | blockworks.co | Casey Wagner

US equities and cryptocurrencies surged Wednesday after President Trump issued a stark reversal on tariff policies. The Dow Jones Industrial Average gained 2,600 points Wednesday afternoon while the S&P 500 surged 9.1%, marking the biggest intraday rally for both indexes in five years. The Nasdaq Composite rallied almost 12%, a daily gain not seen since 2008. Bitcoin and ethereum gained as much as 6% and 11%, respectively.
Trade war hits Treasurys

2 weeks ago | blockworks.co | Casey Wagner

As equities posted a modest rebound, it was US Treasury markets that had Wall Street worried this morning. The 10-year yield climbed above 4.51% around midnight, just as President Trump's 104% tariff against Chinese imports went into effect. The question on everyone's mind now is why. I know I wrote yesterday that foreign bond holders could be selling, and this is still a possibility. But the overnight moves point to a perhaps more frightening reality: The basis trade is unwinding.
US stocks, cryptocurrencies erase early gains as tariff negotiation optimism wavers

2 weeks ago | blockworks.co | Casey Wagner

US equities and cryptocurrencies stalled Tuesday afternoon, reversing earlier gains after the White House dashed hopes that international tariff negotiations were on the table. The S&P 500 and Nasdaq Composite - after rallying more than 4% each at the start of the session - were back in the red by the close, ending the day about 2% and 1% lower, respectively. Bitcoin and ether were trading 4% and 6% lower on the day at 4 pm ET.
VIX shows volatility will not be stopping anytime soon

2 weeks ago | blockworks.co | Casey Wagner

Surprise, surprise. Wall Street's favorite fear index is spiking. The Cboe Volatility Index was hovering around 48 Monday afternoon after spiking to 60 overnight. The index measures projected S&P 500 volatility over the next 30 days. The VIX's 30-day moving average has been on the rise in recent weeks, coming in at 21.4 at the beginning of the month vs.