FameEX Morning Crypto News Recap | June 17, 2024

Bloomberg Analysts Forecast Global ETF Assets to Reach $35 Trillion by 2035

Global ETF assets could reach $35 trillion, tripling the current $13 trillion, based on a 10% compound annual growth rate. ETFs' low cost, intraday liquidity, tax efficiency, and flexibility will continue to attract investors and traders. This growth will drive new products, innovative designs, and increased sales efforts, building on the past decade's 17% growth rate.

T-Mobile Germany Plans to Enter Bitcoin Mining Business

On June 15, T-Mobile (German Telecom) announced plans to develop a Bitcoin mining business, expanding its crypto activities. Dirk Röder, head of Web3 infrastructure and solutions at Deutsche Telekom, revealed at BTC Prague that they have been running Bitcoin nodes since 2023 and will soon engage in Bitcoin mining activities.

SEC Commissioner Acknowledges Potential of Asset Tokenization, Predicts Global Market Could Hit $10 Trillion

SEC Commissioner Mark Uyeda recognized the benefits of asset tokenization, including securities, on June 14. He stated that using digital tokens on the blockchain can enhance "security, transparency, and immutability." Uyeda highlighted that tokenization eliminates intermediaries, simplifying transactions and reducing costs.

Crypto Startups Have Secured Over $100 Billion in Funding Since 2014

Crypto startups have raised over $100 billion since May 2014. DefiLlama data shows that by June 16, 2024, total funding in the cryptocurrency industry reached $101.35 billion. Initially, startups raised $17.14 million in their first month, but by May 2024, monthly funding had surged to $280.25 million.

Former House Speaker Paul Ryan Urges Development of US Stablecoin Regulatory Framework

Former House Speaker Paul Ryan urged lawmakers to develop a stablecoin regulatory framework in the U.S. In a Wall Street Journal commentary, Ryan argued that embracing stablecoins could make U.S. debt more attractive in international markets, especially amid growing national debt, and help prevent failed debt auctions.

El Salvador Government Proposes Banking Law Reform to Introduce Bitcoin Service Banks

The government of El Salvador has proposed a banking law reform to introduce banks that can offer Bitcoin and crypto services. This initiative will enable private investors to create banks providing Bitcoin and stablecoin services to sophisticated investors. If passed, these banks could offer various services, including economic risk management, financial product purchases, investment management, and hedging.

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