FameEX Morning Crypto News Recap | July 18, 2024

Three Major European Regulators Release Guidance on Crypto Asset Regulation

On July 17, the three major European regulatory agencies (EBA, EIOPA, and ESMA, collectively known as ESA) issued a consultation document on Market Guidelines for Crypto Asset Regulation (MiCAR). This document provides a template for interpretations and legal opinions on crypto asset classification and introduces standardized tests to promote a unified approach to classification across Europe.

Flowdesk CEO: The US Market for Crypto Innovation is Vast, and the EU Can Learn from Its Regulatory Challenges

Guilhem Chaumont, CEO of Flowdesk, believes U.S. crypto regulation issues can be resolved through coordination, citing the EU's MiCA regulation as an effective model. The EU approach avoids the need for multiple state licenses, unlike in the U.S. Chaumont suggests that removing these bottlenecks could accelerate growth to three times the current rate in France.

Hong Kong to Enforce Regulatory Framework for Fiat Stablecoin Issuers

Hong Kong plans to implement a regulatory framework for fiat stablecoin issuers. This regime aims to provide clear guidelines and oversight, ensuring stability and transparency in the stablecoin market. The new regulations will establish standards for issuance, governance, and risk management, promoting a secure environment for stablecoin transactions.

Commerzbank: Eurozone Bond Market Rebounds, Anticipates ECB Rate Cuts

Michael Leister, head of interest rate strategy at Commerzbank Research, noted the eurozone bond market's continued recovery despite strong U.S. economic data. Markets have nearly fully priced in a 25 basis point rate cut by the ECB in September, December, and next March. Additionally, markets anticipate a 65 basis point rate cut by the Federal Reserve by year-end.

Marex Solutions: Wall Street's Move to Small-Cap Stocks May Boost Crypto Market

Marex Solutions stated that Wall Street's shift from large-cap to small-cap stocks could boost the crypto market. Ilan Solot, senior global strategist at Marex, noted that sector rotation might be a key macroeconomic factor for cryptocurrencies. As interest in Mag 7 stocks wanes, funds may move to small-cap stocks initially, but Solot believes cryptocurrencies will ultimately benefit from this shift.

Vitalik Buterin Cautions Against Political Support Tied to Crypto Views

Ethereum co-founder Vitalik Buterin urged against supporting political candidates solely for their pro-crypto stance, emphasizing the importance of broader values like individual freedoms and technological advancement. He warned, "Crypto-friendly now does not mean crypto-friendly five years from now."

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