FameEX Morning Crypto News Recap | September 26, 2024

SEC Chairman Gary Gensler Discloses House Testimony: $4.9 Billion in Fines and Disgorgement for Fiscal Year 2023

During a congressional hearing celebrating the SEC's 90th anniversary, Chairman Gary Gensler outlined the agency's significant achievements and future goals. In fiscal year 2023, the SEC launched 784 enforcement actions, imposed $4.9 billion in fines and disgorgements, and returned $930 million to harmed investors.

Anthony Pompliano: BTC Exhibits Best Performance After Fed Rate Cuts

Anthony Pompliano, CEO of Professional Capital Management, noted that Bitcoin was the top-performing asset after the Fed's rate cut, with gold and oil futures following. He highlighted that Bitcoin consistently benefits when liquidity in the market increases, positioning it as a key winner in such scenarios.

Tether and Circle Face Annual Revenue Declines of $488 Million and $144 Million, Respectively, for Every 50 Basis Point Rate Cut by the Federal Reserve

Bluechip, a stablecoin research firm, indicated that a 50 basis point rate cut by the Federal Reserve will lead to a $488 million annual revenue drop for Tether and a $144 million decrease for Circle. As interest rates fall, the reduced returns on U.S. Treasuries may push stablecoin issuers to seek riskier investments to offset lost income.

South Korea to Establish Fund for Digital Asset User Protection and Recovery

South Korea's Financial Services Commission (FSC) has approved the establishment of a Digital Asset User Protection Foundation, proposed by the Digital Asset Exchange Joint Advisory Group (DAXA). Launching in October, the Foundation will negotiate with exchanges for user fund transfers, choose a bank for cash management, and select a provider for Korean won trading services.

Hong Kong Securities and Futures Commission Reveals HK$77 Million in Virtual Asset Trading Revenue for First Half of the Year

The Hong Kong Securities and Futures Commission's "Financial Review of the Securities Industry" reported that virtual asset trading activities generated HK$77 million in revenue in the first half of the year. This is the first instance of the Commission providing details on virtual asset trading within the securities sector.

Bitcoin Mining Difficulty Falls 4.6% to 88.4 T

On September 26, Bitcoin's mining difficulty was adjusted at block height 862,848, reducing by 4.6% to 88.4 T. During the past week, the network's average computing power was recorded at 637.39 EH/s, indicating a shift in mining conditions and overall network activity.

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