FameEX Morning Crypto News Recap | May 20, 2024

SEC Set to Make Decision on Ethereum Spot ETF This Week

ETF Store President Nate Geraci announced via Twitter that the SEC is expected to make a decision on the Ethereum spot ETF this week. The SEC needs to approve both the 19b-4 (trading rule changes) and S-1 (registration statement) for the ETF to launch. There's a possibility that the SEC might approve the 19b-4s but delay the S-1 approval, especially given the current low participation.

The Dow Jones Industrial Average Surpasses 40,000 for the First Time, with Analysts Forecasting a Rise to 42,500 by Year-End

The Dow Jones Industrial Average closed above 40,000 for the first time in its 128-year history, marking a significant milestone as the bull market continues. This achievement follows the longest weekly winning streak since February, fueled by an inflation report that renewed hopes for Federal Reserve interest rate cuts.

Fed to Ease Capital Requirements for Large Banks, New Plan May Cut Original Proposal in Half

The Federal Reserve intends to relax capital increase requirements for large banks. The original proposal mandated an average capital increase of nearly 20%, but the new plan may reduce this requirement to about half of the initial proposal.

Hong Kong Cyberport Welcomes 400 New Companies in a Year, Start-Ups Secure Over 40.6 Billion Yuan in Funding

In his essay "Solidifying the Foundation and Improving the Quality of Development," Hong Kong Financial Secretary Paul Chan Mo-po revealed that over 400 companies joined Hong Kong Cyberport in the past year, increasing the total to over 2,000, including 8 unicorns. Additionally, the development of artificial intelligence is accelerating, supporting the digital transformation of Hong Kong businesses.

Japan's Economy Faces Negative Growth Again, Central Bank's Interest Rate Hike Plan May Be Delayed

Japan's economy experienced negative growth after one quarter. Nobuyasu Atago, Chief Economist at Rakuten Securities Economic Research Institute, stated that the Bank of Japan cannot ignore this GDP data and raising interest rates is currently inadvisable. He predicted that the central bank may wait for the second quarter GDP data in August before considering any action.

U.S. Department of Justice Examines Public Blockchain Activities

Galaxy researcher Christine Kim highlighted that the U.S. Department of Justice's prosecution of the Peraire-Bueno brothers for exploiting a flaw in MEV-Boost relay software underscores its focus on public blockchain activities. This case reveals potential legal issues where on-chain activities, though technically permissible, could be criminal under U.S. law, signaling an increased scrutiny of blockchain by U.S. authorities.

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