FameEX Morning Crypto News Recap | September 26, 2024

SEC Chairman Gary Gensler Reveals House Testimony: $4.9 Billion in Fines and Disgorgement for FY 2023

At a congressional hearing marking the SEC's 90th anniversary, Chairman Gary Gensler highlighted key accomplishments and priorities. In fiscal year 2023, the SEC initiated 784 enforcement actions, levied $4.9 billion in fines and disgorgements, and returned $930 million to affected investors.

Anthony Pompliano: BTC Shows Strongest Performance Following Fed Rate Cuts

Anthony Pompliano, CEO of Professional Capital Management, stated that Bitcoin outperformed all assets following the Fed's rate cut, with gold and oil futures coming in second. He emphasized that whenever liquidity increases in the market, Bitcoin emerges as the major beneficiary.

For Each 50 Basis Point Rate Cut by the Federal Reserve, Tether and Circle Will See Annual Revenue Drops of $488 Million and $144 Million, Respectively

Bluechip, a stablecoin research firm, reported that each 50 basis point rate cut by the Federal Reserve will reduce Tether's annual revenue by $488 million and Circle's by $144 million. Lower interest rates diminish returns from U.S. Treasuries, potentially compelling stablecoin issuers to pursue riskier investments to compensate for the lost revenue.

South Korea Plans Digital Asset User Protection Fund to Aid Fund Recovery

South Korea's Financial Services Commission (FSC) has approved the creation of a Digital Asset User Protection Foundation, proposed by the Digital Asset Exchange Joint Advisory Group (DAXA). Set to launch in October, the Foundation will negotiate with exchanges to transfer user funds and virtual assets, select a bank for cash management, and appoint a provider for KRW trading services.

Hong Kong Securities and Futures Commission Reports Virtual Asset Trading Revenue of HK$77 Million in First Half of the Year

The Hong Kong Securities and Futures Commission's "Financial Review of the Securities Industry" revealed that virtual asset trading activities generated HK$77 million in revenue during the first half of the year. This marks the first time the Commission has disclosed details regarding virtual asset trading within the securities industry.

Bitcoin Mining Difficulty Decreases by 4.6% to 88.4 T

On September 26, Bitcoin's mining difficulty was adjusted at block height 862,848, decreasing by 4.6% to 88.4 T. The average computing power of the entire network over the past week stood at 637.39 EH/s, reflecting changes in mining conditions.

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