FameEX Morning Crypto News Recap | February 22, 2024

Nvidia's Q4 Net Income Beats Forecasts, Triggering a Widespread Rally in AI-Themed Tokens

Nvidia announced on February 22nd that its Q4 net profit reached $12.285 billion, exceeding market expectations of $10.34 billion. This strong financial performance triggered a notable rally in AI concept tokens, reflecting the market's positive reaction to Nvidia's earnings announcement.

Texas Crypto Company Files Lawsuit Against SEC, Contesting Regulatory Authority Over Digital Assets

Reuters reported on February 22 that Lejilex, a crypto company from Texas, alongside the Crypto Freedom Alliance of Texas (CFAT), has initiated legal action against the SEC. They claim the SEC has exceeded its regulatory authority regarding digital assets and are urging the court to determine that digital assets on exchanges should not be classified as securities.

Financial Secretary Paul Chan Mo-po of Hong Kong: Aiming for Swift Submission of Virtual Asset OTC Trading License Draft Law to Legislative Council

Hong Kong's Financial Secretary, Paul Chan Mo-po, detailed in a statement on February 21st that the Securities and Futures Commission has improved transparency around virtual asset trading by releasing a list of suspicious platforms since last September. As of February 14th, this initiative has led to the identification of 14 platforms, ensuring the public receives transparent and prompt information.

Federal Reserve Minutes: Policy Rates May Have Hit Current Cycle's High, Officials Caution Against Quick Interest Rate Reductions

According to Planet Daily, minutes from the Federal Reserve meeting indicate that officials view demand as potentially exceeding expectations, hinting that policy interest rates may have reached their zenith this cycle. There's widespread concern over the perils of swiftly lowering interest rates, with some officials also fearing that progress in managing inflation might stall.

Andrew Yang and 300 Experts Worldwide Urge Government Intervention on AI Deepfakes

Over 300 worldwide specialists in technology, AI, digital ethics, and child protection have collectively endorsed an open letter, urging governments to promptly address the issue of deepfakes. They emphasize the critical necessity for immediate governmental intervention to combat the escalating challenge posed by these advanced digital manipulations, underscoring the importance of establishing regulatory frameworks.

ECB Declares Digital Euro CBDC Intended Mainly for Payment Use, Not Investments

The ECB revealed in a blog post on February 19 that the digital euro CBDC is tailored for payment transactions, not for investment, with a zero-interest policy and non-availability to businesses. It's structured with specific restrictions and a "reverse waterfall" feature to reduce the risk of banking intermediation and prevent large-scale deposit withdrawals, ensuring it's not utilized for investment purposes.

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