FameEX Morning Crypto News Recap | June 26, 2024

U.S. SEC Chairman Gary Gensler: Ethereum Spot ETF Approval Progressing Smoothly

SEC Chairman Gary Gensler responded to inquiries about the Ethereum spot ETF approval process, stating, "I don't know the exact time, but it's going well." He mentioned his team is waiting for asset managers to provide "appropriate disclosures." Reports suggest that Gensler's stance on cryptocurrencies could impact Joe Biden's re-election chances, but Gensler declined to comment on this.

JPMorgan: Liquidity in World’s Largest Bond Market Showing Improvement

JPMorgan interest rate strategist Jay Barry and colleagues report that liquidity in the world's largest bond market is improving due to lower volatility, with broad liquidity indicators continuing to trend positively into 2024. Although their preferred indicator, "market depth," has steadily improved over the past year, it remains about 50% below the ten-year average due to persistent sensitivity to market uncertainty.

Consumer Advocacy Group Places Tether Under Scrutiny in Washington, DC

On June 26, consumer advocacy group Consumers' Research brought its review of Tether to Washington, D.C. The organization distributed flyers in House and Senate offices highlighting Tether's "huge fraud risks" and concerns over terrorist financing.

Gold and Copper Prices Steady as Fed Signals Tougher Stance

Gold and copper prices remained steady last Friday, supported by strong U.S. services sector activity, which bolstered expectations of a more hawkish Federal Reserve. Since then, gold prices have slightly increased as investors await new PCE data and policymakers' comments to gauge the timing of a rate cut. Fed Chairwoman Daly noted a rate cut might be needed if inflation drops rapidly or the labor market cools more than expected.

South Korea Enacts "Virtual Asset User Protection Act" Executive Order, Effective July 19

The South Korean State Council has approved an executive order for the Virtual Asset User Protection Act, effective July 19. This decree mandates that virtual asset service providers (VASPs) protect user deposits via banks. It also grants VASPs the authority to halt users' cash deposits and withdrawals of virtual assets based on specified reasonable grounds.

Iran Officially Launches Central Bank Digital Currency, Pilot Project Begins in July

Iran officially launched its central bank digital currency (CBDC) last Sunday to streamline transactions within its banking system. The pilot project, starting in July on Kish Island, involves two major banks, Mellat and Tejarat, and focuses on retail transactions. The digital rial aims to enhance Iran's digital economy and payment infrastructure.

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