FameEX Morning Crypto News Recap | May 17, 2023

ECB Reports Significant Increase in Eurozone Consumer Inflation Expectations
The European Central Bank reveals that consumers in the euro area have raised their inflation expectations considerably. This development comes after the ECB's recent decision to moderate its rate hikes, indicating that it intends to continue its monetary tightening measures without an immediate pause.

Economist Highlights Waning Importance of US Dollar in International Transactions and as Reserve Currency
A Canadian economist and professor at the University of British Columbia highlights the diminishing role of the U.S. dollar in international trade and as a reserve currency. He underscores the increasing importance of alternative currencies in global transactions and as reserve currencies.

Surge in Ordinal Inscriptions Sparks Exponential Growth in BRC20 Token Economy
Over the last four days, a surge in Ordinal inscriptions has driven significant expansion in the BRC20 token economy, resulting in the addition of more than 10,000 new coins. The current valuation of the BRC20 token economy stands at $497.75 million, encompassing a total of 24,677 distinct tokens.

Crypto Community Reacts to US Democrats' Endorsement of SEC's Crypto Authority
The US Democratic Party has publicly declared its support for granting the Securities and Exchange Commission (SEC) comprehensive control over cryptocurrencies. A memo outlining this position was distributed among committee members ahead of a hearing and subsequently shared on social media platforms, leading to a backlash from the crypto community.

European Tax Directive Update Requires Reporting of All Crypto Asset Transfers
The European Council has granted its approval for updated regulations that extend tax reporting requirements to cover transfers of cryptocurrency assets. This revised version of the Directive on Administrative Cooperation (DAC) establishes a framework facilitating the automatic exchange of tax-related information among European countries.

EU Finance Ministers Greenlight MiCA Crypto Regulation
The Economic and Financial Affairs Council of the European Union (EU) has given its unanimous approval to the Markets in Crypto-Assets (MiCA) regulation. This highly anticipated and comprehensive regulation garnered support from finance ministers across all EU member states.

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