FameEX Morning Crypto News Recap | September 13, 2024

U.S. House Proposes BRIDGE Digital Assets Act to Create Joint Digital Asset Advisory Committee

Tennessee Congressman John Rose introduced the "BRIDGE Digital Assets Act" to establish a Joint Digital Assets Advisory Committee between the SEC and CFTC. The committee, consisting of 20 private sector members, will offer guidance on digital asset regulations and policies, representing various interests within the crypto industry.

ECB's Diminished Growth Forecast Could Open Door to Future Rate Cuts

Eoin Walsh, portfolio manager at 24 Asset Management, highlighted that the ECB's lower economic growth forecast, combined with inflation nearing target levels, may offer the central bank greater flexibility for future interest rate cuts.

OpenAI and Other Companies Meet with White House to Discuss AI Energy Infrastructure

On September 12, executives from OpenAI, Anthropic, Google, and Microsoft met at the White House to discuss energy infrastructure for AI and high-performance computing. Goldman Sachs projects AI will boost data center electricity demand by 160% by 2030. An OpenAI spokesperson highlighted that building AI-grade infrastructure will create many jobs in the U.S.

Standard Chartered Bank Predicts Bitcoin Will Hit a New High by End of 2024

Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, predicts that Bitcoin will hit new highs by the end of 2024, regardless of the U.S. presidential election result. He forecasts Bitcoin could reach $125,000 if Trump wins and $75,000 if Harris is elected.

Grayscale Launches First US XRP Trust, Paving the Way for Potential ETF

Grayscale will introduce the first US XRP trust, setting the stage for potential XRP ETFs. This "closed-end" fund will offer qualified investors direct investment in XRP, representing a major milestone in the development of XRP-focused investment products in the U.S.

Fed's Cease-and-Desist Order to United Texas Bank Raises Alarms on Cryptocurrency Regulation

On September 12, the U.S. Federal Reserve issued a cease-and-desist order to crypto-friendly United Texas Bank for deficiencies in managing foreign correspondent banking and virtual currency customers. The Fed cited issues in risk management and Bank Secrecy Act compliance, sparking concerns about stricter regulatory policies on cryptocurrency activities.

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