FameEX Morning Crypto News Recap | July 31, 2023

Hydropower Plant in Kyrgyzstan to Host State-of-the-Art $20 Million Crypto Mining Facility
Kyrgyzstan plans to construct a cryptocurrency mining facility at a hydroelectric station to optimize power generation capacity and reduce electricity losses. The project will leverage the surplus generating capacity of the station, which currently surpasses the transmission network's capacity.

SEC Chair Gary Gensler Labels Crypto as Highly Speculative and Susceptible to Fraud
SEC Chair Gary Gensler has labeled crypto as a highly speculative asset class, warning of its susceptibility to fraud due to numerous bad actors. He highlighted the practice of commingling funds and trading against customers on crypto platforms as concerning issues.

India and Brazil Oppose China's Swift BRICS Expansion Plans
India and Brazil, both members of BRICS, are hindering China's rapid expansion efforts within the bloc, according to a media report. The two countries have varying reasons for opposing Beijing's plan to enhance the organization's geopolitical influence swiftly. They share a common aim to slow down the enlargement process, as suggested by sources.

US Representatives Bilirakis and Schakowsky Question Apple's Blockchain and NFT Policies
US Representatives Gus Bilirakis and Jan Schakowsky, from the House Innovation, Data, and Commerce Subcommittee, have requested information and documents from Apple about its iOS App Store policies related to blockchain, NFTs, and distributed ledger technologies. They express concerns that these policies could stifle innovation and hinder America's technological leadership in these fields.

Maine Senator Appeals to Biden for Clemency of Ross Ulbricht During President's Auburn Visit
During his visit to Auburn, Maine, on July 28, 2023, President Joe Biden was greeted by Republican Senator Eric Brakey, who handed him a note. The message suggested that Biden should contemplate granting clemency to Ross Ulbricht, the creator of Silk Road.

Russian President Vladimir Putin Slams Dollar's Political Weaponization
Russian President Vladimir Putin expressed strong opposition to the use of the dollar as a political weapon during a meeting with the New Development Bank's president, Dilma Rousseff. He highlighted that this weaponization, along with recent changes in global finance, has posed challenges for the institution's efforts to support third-world countries in challenging conditions.

Pro-XRP Lawyer Accuses SEC of Favoring Corporate Capitalism at the Expense of Investors
John Deaton, a lawyer advocating for XRP, alleges that the U.S. Securities and Exchange Commission's (SEC) actions targeting the cryptocurrency industry are primarily motivated to protect corporate capitalism, rather than focusing on safeguarding investor interests.

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