FameEX Morning Crypto News Recap | May 10, 2024

Ex-Commissioner Challenges SEC's Sweeping Approach to Cryptocurrency

Troy Paredes, who served as a commissioner at the U.S. Securities and Exchange Commission (SEC) from 2008 to 2013, argued that the SEC may be overreaching by designating certain digital assets as securities. He also noted the existence of an ongoing "jurisdictional question" concerning the extent of the SEC's regulatory power over these digital assets.

Taiwan Recommends Enhanced Anti-Money Laundering Rules for Cryptocurrency Service Providers

Taiwan plans to revise its Anti-Money Laundering (AML) rules to enhance fraud control for virtual asset service providers (VASPs). The Ministry of Justice has suggested changes to the AML laws that could lead to jail terms of up to two years and fines reaching $1.5 million for noncompliance. These proposed amendments are set for review by Taiwan's Legislative Yuan.

Apple to Deploy Proprietary Processors in Data Centers for AI Tasks

Apple plans to introduce new AI features this year by employing data centers equipped with its own advanced processors, similar to those used in Macs. These chips will operate cloud servers tasked with executing complex AI operations on Apple devices. Simpler AI functions, however, will be processed directly on consumer devices like iPhones, iPads, and Macs, as reported by insiders familiar with the developments.

Deutsche Bank Analyst Forecasts Potential Failure for Most Stablecoins

After examining 334 currency pegs since 1800, Deutsche Bank analysts predict that although a few stablecoins may endure, the majority are expected to fail. Stablecoins, designed to equate the value of fiat currencies like the US dollar, act as stable mediums for trading. The successful ones possess credibility, adequate reserve backing, and operate under strict regulatory conditions—qualities absent in many prominent stablecoins.

JPMorgan Strategist Suggests Yen's Fall Against Dollar Could Upset Inflation Expectations

David Lebovitz, global market strategist at JPMorgan, warned that a continued decline of the yen against the dollar could destabilize inflation expectations. He identified 160 as a crucial market threshold, beyond which the weakening yen may prompt significant worries. Lebovitz expects that surpassing this level could lead to heightened discussions about the need for intervention.

ECB Vice President Guindos: No Further Actions Promised After June Rate Cut

ECB Vice President Guindos asserted that following the scheduled rate cut in June, the ECB will refrain from making any future commitments. He underscored the significance of data dependency after June and expressed reluctance to adhere to a predetermined policy path. This stance coincides with escalating internal debates at the ECB about the pace of policy easing subsequent to their initial rate reduction.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​