• March 25, 2024

New S&P year-end target, energy sector rally: Monday's market takeaways

As US Equities (^GSPC, ^DJI, ^IXIC) have begun to lose steam following last week's historic highs, Yahoo Finance Reporter Josh Schafer joins the Live show to break down Monday's top market takeaways.  Schafer highlights Oppenheimer's upgraded call for the S&P 500, having already reached the previously forecast 5200 less than three months into the year. He also discusses the energy sector's rally over the last month and bitcoin's (BTC-USD) rise back over the 70,000 threshold.  For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino

  • March 25, 2024

EU Not Banning Self-Hosted Cryptocurrency Wallets, Says Circle Policy Director

According to Foresight News, Circle's EU Strategic Policy Director, Patrick Hansen, has confirmed that the European Union has not banned self-hosted cryptocurrency wallets or trading. There is no such prohibition in place. However, using non-KYC self-hosted wallets for encrypted payments, such as to merchants, will be more difficult, depending on the merchant's setup. Previously, comments made by a member of the European Parliament were misinterpreted when confirming the approval of new EU anti-money laundering regulations (AMLR).

  • March 25, 2024

EU Financial Markets Supervisor Publishes First Report on MiCA Regulation

According to CoinDesk, the European Securities and Markets Authority (ESMA) has published the first in a series of final reports on rules under the European Union's landmark Markets in Crypto Assets (MiCA) regulation. The report, which follows a consultation last year, includes proposals on information the regulator will require from firms for authorization under MiCA. It also outlines requirements for firms to establish intent to provide crypto services and intent to acquire crypto assets, as well as how service providers should address complaints. The ESMA submitted the report to the European Commission, the executive arm of the 27-member bloc, to be adopted and says it 'will provide further advice and technical guidance in this area if requested.' ESMA's third consultation package seeks public comment on proposed rules covering the detection and reporting of suspected market abuse in crypto assets, guidelines on policies and procedures for crypto-asset transfer services, and other measures until June 25. The European Banking Authority (EBA) has been consulting alongside ESMA on measures under MiCA since the package's finalization in 2023. MiCA rules for stablecoins are set to take effect in July, and the entire package will be implemented by all member states in December. MiCA regulates crypto issuers and service providers that want to operate in the EU, and allows for a single license that lets firms offer services in all member states.

  • March 25, 2024

US Regulators to Hear Terra and Co-founder Do Kwon Case

According to Foresight News, US regulators in Manhattan will hear the case against Terra and its co-founder Do Kwon on Monday. Do Kwon has been transferred to a foreigner 'reception center' in Montenegro since March 23, awaiting a final extradition decision, and will be absent from the trial. The US Securities and Exchange Commission (SEC) accuses Do Kwon of misleading investors about the stability of TerraUSD in 2021. Federal prosecutors in New York also charge Do Kwon with fraud and are seeking to extradite him to the United States.

  • March 25, 2024

Ripple vs. SEC Legal Battle Nears Trial Phase as Joint Letter Filed

According to CryptoPotato, the legal battle between Ripple and the US Securities and Exchange Commission (SEC) is nearing its trial phase, scheduled for April 23. Prior to the trial, both parties must comply with necessary court requirements. American lawyer James Filan revealed that the regulator filed its opening remedies-related brief and supporting documents under seal. The redacted version of the data will be presented no later than March 26. Initially, the SEC had to file its brief with respect to remedies by March 13, but it was granted an extension on the deadline. Ripple’s opposition letter should come no later than April 22, according to the magistrates’ latest ruling. Despite their differences, Ripple and the SEC recently filed a joint letter seeking the authorities’ approval to govern sealing issues relating to the upcoming remedies-related briefing. The document proposes a schedule for redactions soon after the reply briefs are filed, allowing sufficient time for the parties to meet and confer. The possible resolution of the case is one factor that could propel a price rally for XRP, in the event of a Ripple victory. The outcome of the trial will be closely watched by investors and the cryptocurrency community.

  • March 25, 2024

How discount stores are carrying the retail sector

While consumer spending has remained relatively strong through inflation, retailers have struggled to stay relevant, with Macy's (M) announcing it will shutter 150 locations. Discount retailers like The TJX Companies (TJX) and Burlington Stores (BURL), however, have held up as consumers seek sales elsewhere under the pressure of inflation. JLL Americas President of Retail Naveen Jaggi joins Yahoo Finance Live to discuss the state of retail and the consumer, as well as the success of brands like Burlington. He discusses Burlington's recent growth and how it relates to the consumer: "Today, they're opening over 60 stores a year and they're taking 50, 60, 70,000 square feet in some places. To me, I'm watching that entire sector and saying where the US consumer is shopping, that's the sector I want to watch because that tells me where we spend our dollars has the most sustainability in the long run and today more than ever, the dollar value sector is grabbing a more lion's share of the US consumer than ever before." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino

  • March 25, 2024

Binance and Taiwan’s High Prosecutors Office Discuss Expanding Cooperation in Combating Crime

Richard Teng, the CEO of Binance, led a delegation from Binance that met with Chief Prosecutor Chang, Tou-Hui of Taiwan's High Prosecutor's Office on March 22. The parties engaged in profound discussions, specifically centered around crime prevention in the digital assets space and potential expansion of collaboration in this area. A track record of successful cooperation already exists between Binance and Taiwan's law enforcement agencies. As part of its comprehensive global law enforcement training program, Binance has so far rolled out training courses to over 10 various units across Taiwan, having in excess of 1,000 law enforcement officers participate. During this meeting, both Binance representatives and Taiwanese officials considered methodologies to further deepen cooperation combating illegal activities to maintain the integrity of the financial environment. Binance CEO, Richard Teng, emphasized one of his top three commitments, endured since his appointment to the role, was to perpetually work alongside regulators. He showed appreciation towards Taiwan's law enforcement agencies for their substantial support and emphasized his fulfillment of that commitment. In response to the meeting, Chief Prosecutor Chang, Tou-Hui expressed gratitude towards Binance for their ongoing support and assistance towards Taiwan's law enforcement agencies. Damien Ho, a member of Binance's APAC regional team, underscored the primary role of collaboration between the public and private sectors in preventing and battling illicit activities in Web3. Ho expressed his optimistic outlook towards fortifying cooperation with Taiwan's law enforcement agencies in the future. Binance remains committed to not only continuing its contributions to secure user assets but also to establish a safer and more dependable virtual assets ecosystem.