FameEX Morning Crypto News Recap | April 26, 2024

SEC Examines Proposed Regulations for Bitcoin Options Trading

The Securities and Exchange Commission (SEC) is currently assessing the adequacy of exchanges' surveillance and enforcement mechanisms for handling Bitcoin exchange-traded products (ETPs). The securities regulator is exploring how the introduction of Bitcoin options might impact the broader market, aiming to ensure robust oversight.

House Committee Ranking Member Indicates Imminent Stablecoin Legislation

Representative Maxine Waters, ranking member of the U.S. House Financial Services Committee, indicated that stablecoin legislation is nearing completion, requiring only a few more adjustments. She suggested that a stablecoin bill is expected to be introduced in the short term, signaling imminent legislative action.

Bitcoin Price Threatens to Hit 1-Week Lows Amid US GDP-Induced 'Stagflation' Concerns

Markets opened to troubled sentiment after U.S. Q1 gross domestic product (GDP) came in significantly lower than expected at 1.6%. At the same time, prices rose by more than anticipated, and reactions highlighted the difficult task of taming inflation ahead of the Federal Reserve. Bitcoin traders remain unfazed as BTC price action follows stocks downward on the back of surprise U.S. macro data. 

Decentralized AI Crucial for Reducing Bias in AI Algorithms

Calanthia Mei, co-founder of Masa Network, asserts that despite centralized AI receiving most funding, decentralized AI is essential for developing more transparent and unbiased AI solutions. Decentralized AI addresses fundamental flaws in AI systems, aiming to enhance safety and reduce bias, thus promoting a fairer use of technology.

Turkey Leads Global Rankings in Stablecoin Purchases Relative to GDP

Chainalysis reports that from April 2023 to March 2024, Turkey's stablecoin purchases amounted to 4.3% of its GDP, the highest globally. Thailand and Georgia also saw significant activity, with stablecoin purchases making up 1.3% and 0.7% of their GDPs, respectively. The U.S. ranked fourth with 0.5%, and the European Union recorded a 0.3% share, indicating diverse levels of stablecoin integration into national economies.

Nigeria Embraces New Crypto-Friendly Regulatory Body

Nigeria's president appointed a new SEC Chair tasked with regulating the capital market, enhancing investor confidence, and promoting economic growth. The appointment has been met with optimism from Nigeria’s blockchain community, who see the new Director-General of the Securities and Exchange Commission as a positive influence. His pro-crypto stance is considered a significant boon for the development of the local cryptocurrency industry.

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