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FameEX Morning Crypto News Recap | October 7, 2023
2023-10-07 12:17:12
SEC Initiates Legal Action Against Musk, Aiming to Obtain His Testimony in Twitter Takeover Inquiry
The U.S. SEC is actively pursuing Elon Musk's testimony regarding his $44 billion acquisition of Twitter, now rebranded as X. The investigation revolves around Musk's purchase of Twitter shares before the takeover, leading to legal measures to secure his testimony. This ongoing dispute underscores the significant regulatory scrutiny surrounding the high-profile social media transaction and its potential repercussions for the billionaire investor.
Dubai Regulators Cease Sale and Circulation of Islamic Coin
Dubai's VARA has halted Bored Gen DMCC's distribution and marketing of Islamic Coin (ISLM) due to a lack of regulatory approval. The company must pause its marketing efforts until it secures the required authorizations. This move follows the cryptocurrency project's recognition as the blockchain innovation of the year, prompting concerns regarding its compliance with local regulations.
JPMorgan CEO Sounds Alarm on 2 'Noteworthy' Challenges Looming Over the US Economy with Potential 'Adverse Effects Jamie Dimon, CEO of JPMorgan Chase, has voiced apprehension about two "remarkable" developments with potential adverse effects on the U.S. economy. He urges investors and businesses to prepare for higher interest rates, as he doubts that inflation will continue to decline. In the most dire circumstances, this situation could result in widespread financial challenges for a significant portion of the population. Crypto Exchange Monitoring Unit Established through Collaboration of Hong Kong Authorities In response to the JPEX exchange crackdown, Hong Kong law enforcement and financial regulators have teamed up to better identify unlawful actions on cryptocurrency exchanges. Their joint initiative focuses on strengthening inter-agency coordination for future investigations, reinforcing oversight of digital currency activities, and ensuring effective cryptocurrency sector regulation. Eminent Economist Jeffrey Sachs Foresees Central Bank Digital Currencies Supplanting Dollar Dominance in Payments Economist Jeffrey Sachs foresees the looming decline of the US dollar's global dominance. He envisions central bank digital currencies (CBDCs) emerging as the primary cross-border transaction medium. Sachs points to the dollar's geopolitical misuse as a key driver of its anticipated decline over the next decade, potentially triggering a significant transformation in the international financial arena. Argentine Peso's Record Decline Amid National Push for Digital Currency The Argentine peso experienced a sharp decline, reaching historic lows after Economy Minister Sergio Massa introduced the idea of a national digital currency. At its peak, the informal blue exchange rate hit 850 pesos per US dollar but later stabilized at 843 pesos per dollar. Massa intends to submit a proposal for an Argentine digital currency to Congress for evaluation and potential implementation. Tesla CEO Elon Musk Labels Fiat Currency as a Scam Elon Musk, CEO of Tesla and SpaceX, argues that fiat currency is an entrenched scam, often overlooked in society. This view is echoed by Robert Kiyosaki, "Rich Dad Poor Dad" author, who frequently cautions against investing in the U.S. dollar and fiat currencies, branding them as "fake" money, reflecting a rising skepticism toward conventional currencies. SEC and Five Additional U.S. Regulatory Agencies Issue Cautionary Statements Regarding Cryptocurrency Investments The U.S. Securities and Exchange Commission (SEC) and prominent financial regulators have issued several alerts as part of World Investor Week, urging caution when investing in cryptocurrencies. They have emphasized the considerable financial risk associated with transactions involving crypto assets, including crypto asset securities, underlining the importance of vigilance and awareness within the cryptocurrency investment arena. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
