FameEX Morning Crypto News Recap | May 20, 2024

SEC to Determine Ethereum Spot ETF Approval This Week

ETF Store President Nate Geraci stated on Twitter that the SEC is set to decide on the Ethereum spot ETF this week. For launch, the SEC must approve the 19b-4 (trading rule changes) and S-1 (registration statement). However, there's a chance the SEC may approve the 19b-4s while delaying the S-1, particularly due to low current participation.

The Dow Jones Industrial Average Tops 40,000 for the First Time, Analysts Predict a Climb to 42,500 by Year's End

The Dow Jones Industrial Average surpassed 40,000 for the first time in its 128-year history, marking a major milestone in the ongoing bull market. This achievement follows the longest weekly winning streak since February, driven by an inflation report that renewed hopes for Federal Reserve interest rate cuts.

Fed to Loosen Capital Requirements for Large Banks, New Plan May Halve Original Proposal

The Federal Reserve plans to ease capital increase requirements for large banks. The original proposal called for an average capital increase of nearly 20%, but the new plan may reduce this requirement to approximately half of that.

Hong Kong Cyberport Adds 400 New Companies in a Year, Start-Ups Raise Over 40.6 Billion Yuan

In his essay "Solidifying the Foundation and Improving the Quality of Development," Hong Kong Financial Secretary Paul Chan Mo-po disclosed that over 400 companies joined Hong Kong Cyberport in the past year, bringing the total to over 2,000, including 8 unicorns. He also noted that artificial intelligence development is accelerating, aiding the digital transformation of Hong Kong businesses.

Japan's Economy Returns to Negative Growth, Potential Delay in Central Bank's Interest Rate Hike

Japan's economy saw negative growth after one quarter. Nobuyasu Atago, Chief Economist at Rakuten Securities Economic Research Institute, stated that the Bank of Japan cannot overlook this GDP data, making interest rate hikes inadvisable. He predicted that the central bank might wait for the second quarter GDP data in August before taking any action.

U.S. Department of Justice Investigates Public Blockchain Activities

Galaxy researcher Christine Kim noted that the U.S. Department of Justice's prosecution of the Peraire-Bueno brothers for exploiting MEV-Boost relay software highlights its focus on public blockchain activities. This case points to potential legal challenges where on-chain actions, although technically allowed, could be deemed criminal under U.S. law, indicating heightened scrutiny of blockchain activities by U.S. authorities.

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