FameEX Morning Crypto News Recap | June 26, 2024

U.S. SEC Chairman Gary Gensler: Smooth Progress for Ethereum Spot ETF Approval

SEC Chairman Gary Gensler stated that the Ethereum spot ETF approval process is "going well," although he did not specify a timeline. He noted that his team is waiting for asset managers to make "appropriate disclosures." Reports indicate that Gensler's stance on cryptocurrencies could impact Joe Biden's re-election chances, but Gensler declined to comment on this.

JPMorgan Reports Improved Liquidity in World’s Largest Bond Market

JPMorgan interest rate strategist Jay Barry and colleagues report that liquidity in the world's largest bond market is improving due to lower volatility, with broad liquidity indicators trending positively into 2024. Despite this, their preferred indicator, "market depth," has improved steadily over the past year but remains about 50% below the ten-year average due to ongoing market uncertainty.

Consumer Advocacy Group Scrutinizes Tether in Washington, DC

On June 26, consumer advocacy group Consumers' Research reviewed Tether in Washington, D.C. They distributed flyers in House and Senate offices, emphasizing Tether's "huge fraud risks" and potential links to terrorist financing.

Gold and Copper Prices Remain Stable Amid Fed's Tougher Stance

Gold and copper prices remained steady last Friday, supported by strong U.S. services sector activity, boosting expectations of a hawkish Federal Reserve. Since then, gold prices have slightly increased as investors await new PCE data and policymakers' comments to gauge potential rate cuts. Fed Chairwoman Daly noted that a rate cut might be needed if inflation drops rapidly or the labor market cools more than expected.

South Korea Implements "Virtual Asset User Protection Act" Executive Order, Effective July 19

The South Korean State Council has approved the Virtual Asset User Protection Act executive order, effective July 19. This mandates that virtual asset service providers (VASPs) protect user deposits through banks and grants them the authority to halt users' cash deposits and virtual asset withdrawals based on specified reasonable grounds.

Iran Launches Central Bank Digital Currency with Pilot Project Starting in July

Iran officially launched its central bank digital currency (CBDC) last Sunday to streamline banking transactions. The pilot project begins in July on Kish Island with major banks Mellat and Tejarat, focusing on retail transactions. This initiative aims to bolster Iran's digital economy and payment infrastructure.

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