FameEX Morning Crypto News Recap | August 16, 2023

SEC Postpones Bitcoin ETF Approval Deadlines to Early 2024
The SEC holds the power to extend the evaluation period for crypto ETF applications by up to 240 days. This means that companies submitting applications in July 2023 might not receive decisions until as late as March 2024 due to potential delays.

Bank of America Evaluates the Impact of PayPal's USD Stablecoin and the FedNow System
Bank of America's assessment of PayPal's USD stablecoin and the FedNow system anticipates limited near-term PYUSD adoption due to regulatory uncertainty. The bank acknowledges stablecoins' capacity to enhance payment efficiency, despite expectations that PayPal's coin won't expedite regulatory clarity.

Russian Ruble Hits 16-Month Low Against US Dollar
The Russian ruble has reached a 16-month low against the US dollar, falling below RUB100 per dollar. This decline is attributed to Western countries' imposition of a price cap on Russian oil. Experts suggest that the ruble's struggle against the US dollar may be due to the latter's recent strengthening.

Former SEC Official Expects Significant Changes in Crypto Regulations Following Election Day
The former SEC head of internet enforcement has outlined favorable shifts for the crypto sector, including potential approval of bitcoin exchange-traded funds (ETFs). Envisaged changes involve a Republican presidency, SEC Chairman Gary Gensler's resignation, and the appointment of "crypto mom" Hester Peirce as the interim SEC Chair.

Ethereum Wallet Linked to Donald Trump Contains $2.8M, Recent Report Reveals
Former President Donald Trump's Ethereum wallet holds $2.8 million, as disclosed in a recent financial statement. The report, released by watchdog group Citizens for Responsibility and Ethics in Washington, highlights Trump's earnings of approximately $7.6 million from his crypto-related endeavors, including NFT collections featuring his image.

Commencement of China's Fresh AI Regulations Evident as Implementation Begins
China's "Generative AI Measures," jointly developed by six government agencies including the Cyberspace Administration and the Ministry of Science, become operational on August 15. The guidelines, published on July 10, outline AI activity and management regulations in the country.

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