FameEX Morning Crypto News Recap | June 27, 2023

Swiss National Bank Introduces Pilot Program for Wholesale CBDC Backed by Physical Currency
The Swiss National Bank (SNB) plans to launch a pilot project for a wholesale central bank digital currency (wCBDC), signaling a notable stride in exploring the possibilities of digital currencies. SNB Chair Thomas Jordan announced the project's imminent commencement, emphasizing its potential significance.

US House Implements Ban on Chatbot Usage for Members, with Exception of ChatGPT Plus
The US House of Representatives has approved regulations that forbid members from using AI large language models, except for OpenAI's ChatGPT Plus. This ban aligns with the government's dynamic stance on AI regulation, demonstrated by the recent bill proposal for establishing a federal AI commission.

US Lawmaker Seeks Information from Treasury and SEC on Crypto Market Structure Bill
Rep. Maxine Waters has demanded that Treasury Secretary Janet Yellen and SEC Chair Gary Gensler respond by June 30 to inquiries about the "Digital Asset Market Structure" bill presented by Republican lawmakers. Waters aims to engage key officials and gather information on the proposed legislation.

HSBC Launches Cryptocurrency Services in Hong Kong
HSBC plans to offer cryptocurrency services in Hong Kong, with a focus on cryptocurrency ETFs listed on the Stock Exchange of Hong Kong. The exchange currently features three crypto ETFs: CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF, and Samsung Bitcoin Futures Active ETF.

United States Drops in Economic Freedom Rankings, Study Reveals
Television presenter and author John Stossel discussed the findings of a Heritage Foundation study that unveiled a notable decrease in economic freedom in the United States. Released in February, the research indicated a drop from the 20th to the 25th position in economic freedom rankings for the US in 2023. Stossel presented these findings in a video released on June 20, 2023.

JPMorgan Highlights Four Global Outlook Scenarios, Raises Concerns of "Boil the Frog" Recession in the Face of Approaching Global Downturn
JPMorgan economists have presented four global outlook scenarios, with a "boil the frog" recession emerging as the most likely outcome. The bank warns that the tightening measures in developed markets point towards an impending synchronized global downturn, anticipated to take place in 2024.

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