FameEX Morning Crypto News Recap | November 15, 2024

Fed Chairman Powell Foresees Additional Rate Cuts

Federal Reserve Chairman Powell expects interest rates to decrease further, though not drastically, in the short term. He highlighted economic trends such as a cooling job market and inflation. Powell warned that sustained high rates could lead to higher unemployment, and emphasized that the Fed will eventually adjust policy toward a more neutral stance.

US Senator Proposes Fed Sell Gold to Invest in Bitcoin

U.S. Senator Cynthia Lummis has proposed that the Federal Reserve sell some of its gold reserves to acquire Bitcoin. A vocal supporter of Bitcoin, Lummis believes Bitcoin, with its growth potential and security, offers more value than gold, which, although historically seen as a safe haven, is becoming less appealing to long-term investors.

Franklin Templeton Extends Money Market Fund Trading to Ethereum

Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund (FOBXX) to Ethereum. Launched in 2021, FOBXX is the first money market fund using a public blockchain to track transactions and ownership. With a market cap of $410 million, it is now the third-largest tokenized money market fund.

US Congress Set to Move Forward with Stablecoin Legislation by Year-End

U.S. Congress may move forward with a stablecoin bill during the "lame duck" session, spurred by global regulatory pressures and growing financial sector involvement. With $170 billion in stablecoins, mostly U.S. dollar-pegged, regulators worry that failing to regulate could harm the U.S.'s competitiveness in the global cryptocurrency landscape.

18 U.S. States File Lawsuit Against SEC, Claiming Over-Regulation of Crypto Sector

Eighteen U.S. states have filed a lawsuit against the SEC, accusing the agency of unconstitutional overregulation of the crypto industry under Chairman Gary Gensler. The lawsuit, led by Republican state attorneys general, claims that the SEC's enforcement-heavy approach oversteps its authority and infringes on states' rights to regulate their economies.

Trump's Team Weighs Pro-Crypto Mersinger for CFTC Chairman Position

The Trump transition team is considering Summer Mersinger for CFTC chairman, citing her pro-crypto views and support for less stringent regulation. Mersinger has criticized the CFTC's enforcement-focused approach. Other contenders include Jill Sommers and Josh Sterling. Her potential appointment could significantly shape the future of U.S. cryptocurrency market regulation.

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