FameEX Morning Crypto News Recap | May 10, 2024

Former Commissioner Criticizes SEC's Broad Perspective on Cryptocurrency

Troy Paredes, a former commissioner at the U.S. Securities and Exchange Commission (SEC) from 2008 to 2013, argued that the SEC might be overstepping its authority by classifying certain digital assets as securities. He also mentioned that there remains an unresolved "jurisdictional question" regarding the SEC's regulatory authority over digital assets.

Taiwan Stricter Anti-Money Laundering Regulations for Cryptocurrency Service Providers

Taiwan is set to amend its Anti-Money Laundering (AML) regulations to strengthen fraud prevention measures for virtual asset service providers (VASPs). The Ministry of Justice's proposed amendments to the AML laws include imposing up to two years of jail time and fines as high as $1.5 million for non-compliance. These proposals will be reviewed by Taiwan’s Legislative Yuan.

Apple Plans to Utilize In-House Processors in Data Centers for AI Operations

Apple is set to launch new AI features this year, utilizing data centers with its own high-end processors, akin to those in Macs. These processors will power cloud computing servers that manage complex AI tasks on Apple devices. Meanwhile, simpler AI functionalities will be handled directly on consumer devices such as iPhones, iPads, and Macs, according to people familiar with the matter.

Deutsche Bank Analyst Predicts Most Stablecoins Could Collapse

Deutsche Bank analysts, after reviewing 334 currency pegs since 1800, suggest that while some stablecoins may survive, most are likely to fail. Stablecoins aim to mirror the value of fiat currencies like the US dollar and serve as a secure trading medium. Successful ones typically have credibility, are backed by sufficient reserves, and function within a regulated framework—attributes that many leading stablecoins currently lack.

JPMorgan Strategist Warns: Yen's Drop Against Dollar May Destabilize Inflation Expectations

David Lebovitz, JPMorgan's global market strategist, expressed concerns that a further slide of the yen against the dollar might destabilize inflation expectations. He highlighted that the market perceives 160 as a critical level, above which the yen's weakening could trigger significant concerns. Lebovitz anticipates increased discussions about potential intervention if the yen surpasses this threshold.

ECB Vice President Guindos: No Commitments to Additional Measures Post-June Rate Reduction

ECB Vice President Guindos stated that following the scheduled rate cut in June, the ECB will not commit to any future actions. He emphasized the importance of data dependency post-June and expressed reluctance to commit to a specific policy path. This comes as internal discussions at the ECB intensify regarding the pace of policy easing after the initial rate reduction.

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