FameEX Morning Crypto News Recap | August 20, 2024

US Democratic Party Releases Platform with No Mention of Blockchain or Crypto Assets

Fox Business reporter Eleanor Terrett noted that on the first day of the Democratic National Convention, the US Democratic Party officially released its party platform, which made no mention of blockchain technology, Bitcoin, digital assets, or anything related to encryption.

Fed Rate Cut Expectations Rise, International Gold Prices Could Hit $3,000 Per Ounce Next Year

According to Fortune magazine, as the likelihood of a Federal Reserve rate cut grows, optimism in the capital market about rising gold prices increases. The U.S. Precious Metals Exchange suggests that if global geopolitical uncertainty intensifies and central banks continue buying gold, international gold prices could reach $3,000 per ounce next year.

Analysts Suggest Harris Presidency Could Be More Crypto-Friendly

TD Cowen analyst Jaret Seiberg suggests that Kamala Harris's potential presidency could be more favorable to cryptocurrencies than the current Biden administration. While the Harris administration might continue to support investor protection and maintain the SEC's role in regulating tokens and trading platforms, these measures could be slightly stricter compared to those under the Trump administration.

Coin Center Granted Retrial in Lawsuit Against U.S. Treasury and IRS

The cryptocurrency think tank Coin Center has gained approval from the U.S. Court of Appeals to re-examine its lawsuit against the Treasury Department and the IRS. Coin Center initially sued in 2022 over a controversial amendment to U.S. tax law requiring the disclosure of certain crypto transactions and participants' personal details to the IRS.

SEC and Cboe Agree to Delay Submission of Solana ETF-Related Forms

The U.S. SEC raised concerns with ETF issuers about Solana potentially being classified as a security. As a result, the SEC and Cboe agreed to delay submitting the 19b-4 form, postponing the approval process. Meanwhile, VanEck’s Solana ETF S-1 registration remains on display, while 21Shares' has been withdrawn.

Yen Surges 2.4% Against Dollar, Potentially Sparking Fluctuations in Global Risk Assets

The yen has risen 2.4% against the dollar since last Thursday, reaching 145 yen per dollar, indicating a shift toward safe-haven currencies. This yen strength led to the unwinding of carry trades in early August, causing sharp fluctuations in risk assets like Bitcoin. Bitcoin's price dropped from $70,000 to $50,000 before rebounding to $60,000 as the dollar strengthened against the yen.

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