Nigerian minister urges SEC to tackle crypto regulation challenges
Nigeria’s cryptocurrency regulations are currently being updated.
Nigeria’s cryptocurrency regulations are currently being updated.
Italy’s central bank will soon share how the country should apply the EU’s MiCA crypto laws, with its governor slamming Bitcoin and Ethereum as “unbacked” cryptocurrencies.
Uniswap Labs argues the SEC’s proposed legal amendments to give it power over DeFi are being made against “a legal backdrop that no longer exists.”
According to BlockBeats, US Treasury Secretary Janet Yellen has denied providing guidance or coordination to the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) regarding cryptocurrency regulation. Yellen made this statement while testifying before the US House Financial Services Committee on July 10.The Treasury Secretary's comments come amid ongoing discussions about the role of various regulatory bodies in overseeing the rapidly evolving digital currency sector. Yellen's statement indicates that she has not been directing or coordinating the actions of the SEC and CFTC, two key regulatory bodies in the US financial system.This news provides insight into the current state of cryptocurrency regulation in the US, highlighting the independence of the SEC and CFTC in their approach to this new financial technology. It also underscores the complexity of the regulatory landscape for cryptocurrencies, with multiple agencies involved and no clear guidance from the Treasury Department.
According to BlockBeats, Evercore ISI analyst Krishna Guha has given his assessment of Jerome Powell's recent comments on the 'constantly changing risk balance'. Guha interprets Powell's remarks as dovish, suggesting that he is laying the groundwork for a potential rate cut in September. This prediction is contingent on the forthcoming data, particularly the inflation report due on Thursday, maintaining and supporting the Federal Reserve's assessment of the risk balance.
According to Odaily, Loh Boon Chye, the CEO of the Singapore Exchange, has stated that the local ecosystem in Singapore is not yet prepared for a Bitcoin ETF (Exchange-Traded Fund). As time progresses and the ecosystem matures, the Singapore Exchange could be considered one of the most innovative exchanges or platforms in the world.The Singapore Exchange was formerly known as the Singapore Securities Exchange, which was established on May 24, 1973. On December 1, 1999, the Singapore Securities Exchange (SES) merged with the Singapore International Financial Exchange (SIMEX) to form the Singapore Exchange.The CEO's statement indicates that while the exchange is not currently ready to handle a Bitcoin ETF, there is potential for this to change in the future as the financial ecosystem in Singapore continues to develop and mature. This could position the Singapore Exchange as a leading innovator in the global financial market.
According to Odaily, analysts from Citi Research predict that the Federal Reserve will commence significant rate cuts in the next few months, continuing until the summer of 2025. This forecast was made last week, citing new signs of economic slowdown as the reason for the anticipated action. The analysts believe that the Federal Reserve will start reducing the rates by 25 basis points at each meeting from September 2024, resulting in a total of eight rate cuts by July 2025. This would lower the benchmark interest rate by 200 basis points, bringing it down from the current 5.25%-5.5% to 3.25%-3.5%. The rate is expected to remain unchanged for the rest of 2025. This prediction comes as a response to the emerging signs of an economic slowdown, which has led to the anticipation of these rate cuts. The Federal Reserve's actions are seen as a measure to stimulate the economy and prevent further deceleration. The impact of these rate cuts on the economy and the financial markets will be closely watched by investors and analysts alike.
According to Odaily, the Fantom Foundation has emerged victorious in a lawsuit against Multichain in the Singapore High Court. The court ruled that Multichain had breached its contract and ordered it to pay $2.1 million in damages. The court pointed out that Multichain's leadership's control over crypto assets violated the user agreement. The backdrop to this case was Multichain's admission of a key breach on social media. The Fantom Foundation plans to continue pushing for Multichain's liquidation process and provide support for the recovery and distribution of affected parties' assets. The court's decision marks a significant victory for the Fantom Foundation and serves as a reminder of the importance of adhering to user agreements in the rapidly evolving world of cryptocurrency.
According to the advocacy group, the US president still has an opportunity to counter Donald Trump’s “change of heart on cryptocurrency” by supporting regulation.
Former FTX executives Nishad Singh and Gary Wang, who both testified at Sam Bankman-Fried’s criminal trial, are scheduled to be sentenced later this year.