U.S. Federal Reserve
Recent News About U.S. Federal Reserve
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In a speech delivered at the 2023 Ohio Bankers League "Main Event" in Columbus, Ohio, Federal Reserve Governor Michelle W. Bowman expressed concerns over regulatory proposals that could impact credit card processing and related industries.
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In the realm of finance's future, a unique column by Fortune Magazine, titled "Future of Finance," engages prominent figures within major companies, delving into their roles, their company's integration within the crypto ecosystem and the implications of this evolution on the usage of currency.
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Bitcoin (BTC) embarked on a robust rally Aug. 29 in response to a U.S. court's verdict that the U.S. Securities and Exchange Commission erred in rejecting crypto asset manager Grayscale's bid to transform its bitcoin trust into an exchange-traded fund (ETF), with the court deeming the decision as "arbitrary and capricious."
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On Aug. 29, a federal court issued a ruling that increases the likelihood that the SEC will grant approval for various applications for bitcoin spot exchange-traded funds (ETFs).
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Bitcoin's value has experienced a significant crash, attributed to a broader apprehension within the financial markets, with the leading cryptocurrency witnessing a decline of more than 7%.
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A Chinese government official was sentenced to life in prison Aug. 22, due to his involvement in illegitimate business operations associated with a 2.4 billion Chinese yuan Bitcoin mining venture, alongside unrelated corruption.
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Amidst what was initially perceived as the imminent approval of a spot-based Bitcoin exchange-traded fund (ETF), optimism has started to fade, evidenced by $42 million worth of outflows from BTC alone during the week, as of Aug. 21.
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In a recent podcast conversation, Michael Saylor of MicroStrategy shared his viewpoint that the involvement of major corporations in procuring and securely holding Bitcoin within their control shouldn't spark apprehension, according to a press release.
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Confirmed through correspondence with a spokesperson from Binance, it has been affirmed that Binance Connect, the compliant division responsible for cryptocurrency buying and selling within the Binance exchange, is scheduled to terminate its operations on Aug. 16, according to a press release.
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El Salvador President Nayib Bukele initially unsettled many in the financial world with his endorsement of Bitcoin; however, his current oversight of a surging bond rally has proven too enticing to resist. Exceptional returns of around 70% — the highest among emerging market dollar bonds this year — are luring investors who were once cautious or completely avoiding these securities, Bloomberg reported.
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The U.S. Securities and Exchange Commission is expected to approve multiple spot bitcoin exchange-traded funds (ETFs), potentially including Grayscale Bitcoin Trust (GBTC) with the first decision anticipated as soon as next week.
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Circle CEO Jeremy Allaire recently revealed around 70% of USD Coin (USDC) adoption originates from countries outside the United States.
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Rep. Maxine Waters, D-Calif., recently expressed concern about PayPal's launch of its own stablecoin, called PYUSD.
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Katie Haun's venture capital firm, Haun Ventures, raised $1.5 billion for a crypto-focused fund at a time when the crypto industry faced a steep downturn.
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Bitcoin's price fell nearly 1% to around $29,500 amid a flat market trend, following a 4% drop below $30,000 last week due to the Federal Reserve's interest rate hike.
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The federal government needs to keep fighting inflation, despite a drop of more than 5% compared to last year, Federal Reserve Chair Jerome Powell said.
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According to a recent survey by the CFA Institute, investment professionals in emerging markets, especially in China and India, are more supportive of central bank digital currencies (CBDCs) compared to those in developed markets. Meanwhile, the High Court of Singapore ruled that cryptocurrency is property capable of being held in trust, and the judge highlighted that he sees no difference between crypto, fiat money, or other objects of value created by mutual faith in them.
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Existing regulations should be enforced upon crypto companies instead of inventing new ones, U.S. House Rep. Maxine Waters, D-Calif., said during a contentious House committee session this week.
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U.S. lawmakers issued a letter to Securities and Exchange Commission Chair Gary Gensler questioning his approach to digital asset regulation.
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Myanmar's first entirely crypto-based banking institution, the Spring Development Bank, which could expand access to financial services and funding for the country's shadow government and its citizens, was set to launch July 22.