According to BlockBeats, the Federal Reserve's meeting minutes released on August 22 indicate that the majority of its members believe a rate cut in September may be appropriate. The minutes reveal that the upward risks to inflation have diminished, and nearly all members expect the decline in inflation to continue. However, there is a growing concern among the members about the increasing downside risks to employment.
According to Odaily, the Federal Reserve's recently released meeting minutes indicate that several members saw a justification for a rate cut during the July meeting. This insight comes amid ongoing discussions about the direction of monetary policy and its impact on the economy.
According to BlockBeats, on August 21, the U.S. Bureau of Labor Statistics released preliminary estimates for the annual benchmark revision. The data indicates that the total nonfarm employment in the United States for March 2024 has been revised down by 818,000 jobs, representing a 0.5% decrease.
According to PANews, the U.S. Bureau of Labor Statistics has not yet updated its webpage to release the preliminary benchmark revision for the total nonfarm employment for March 2024, which was originally scheduled for publication.
According to PANews, the U.S. Bureau of Labor Statistics has released the Employment and Wage Census Report for the first quarter of 2024. The report indicates that as of March 2024, the total employment in the 370 largest counties in the United States reached 153.5856 million people, marking a 1.3% increase compared to the previous year. Additionally, the average weekly wage in the U.S. rose to $1,527 during the same period, reflecting a 4.2% year-over-year growth.
According to BlockBeats, on August 21, the U.S. Department of Labor's Bureau of Labor Statistics (BLS) will release the Quarterly Census of Employment and Wages (QCEW) data for the first quarter of this year. Wall Street institutions generally expect a downward revision in employment figures for the year ending in March, though the extent of the revision varies among different analysts.Economists from Goldman Sachs and Wells Fargo predict that the BLS will revise the non-farm employment growth figures down by at least 600,000 jobs for the year ending in March, which translates to a reduction of approximately 50,000 jobs per month. JPMorgan's analysts estimate a downward revision of around 360,000 jobs, while Goldman Sachs suggests that the revision could be as high as 1 million jobs. If the employment figures are revised down by more than 501,000 jobs, it would mark the largest downward adjustment in 15 years.
According to BlockBeats, on August 20, U.S. stock futures remained largely unchanged following a strong performance the previous day. The market is speculating that the Federal Reserve may soon signal a readiness to begin cutting interest rates. After the S&P 500 Index strengthened for the eighth consecutive day on Monday, traders took a brief pause.Trading volumes have decreased as investors are hesitant to make significant bets ahead of this week's Jackson Hole Economic Symposium. Kyle Rodda, a senior market analyst at Capital.Com Inc., noted that recent data has alleviated concerns about a slowdown in U.S. economic growth without sparking fears of a resurgence in inflation.
According to PANews, the Seychelles National Assembly has approved a draft bill aimed at regulating Virtual Asset Service Providers (VASPs). The legislation mandates that VASPs seeking licenses must establish substantial operations within Seychelles, including having resident directors and offices staffed with competent employees. This law aims to balance innovation with anti-money laundering efforts and comply with the recommendations of the Financial Action Task Force (FATF).
According to Odaily, the U.S. Department of Justice has announced that a former CEO of a Kansas bank has been sentenced to 293 months (approximately 24 years and 5 months) in prison for embezzling substantial funds to participate in a cryptocurrency scam, leading to the bank's collapse. Court documents reveal that 53-year-old Shan Hanes admitted to one count of embezzlement by a bank executive. During his tenure as CEO of Heartland Tri-State Bank (HTSB), Hanes conducted 11 wire transfers totaling $47.1 million between May and July 2023, funneling the money into a cryptocurrency wallet to engage in a crypto scam. These funds eventually ended up in multiple cryptocurrency accounts controlled by unidentified third parties. The Federal Deposit Insurance Corporation (FDIC) covered the $47.1 million loss due to the bank's federal insurance protection. Hanes' fraudulent actions led to the collapse of Heartland Tri-State Bank, resulting in a $9 million loss for investors. A federal judge has ordered a separate hearing within the next 90 days to finalize the restitution. The Department of Justice stated that Hanes' actions not only betrayed the bank and its investors but also undermined public confidence in financial institutions. The case was investigated by multiple agencies, including the Federal Bureau of Investigation (FBI) and the FDIC Office of Inspector General.
According to Cointelegraph: Mango Markets DAO is currently deliberating a settlement offer with the United States Securities and Exchange Commission (SEC) in response to accusations that it violated U.S. securities laws. The decentralized autonomous organization (DAO), which oversees the Solana-based decentralized exchange (DEX), initiated a vote on an “SEC Settlement Offer Proposal” on August 19.The proposed settlement entails Mango DAO neither admitting nor denying any wrongdoing while agreeing to pay a $223,228 fine. Additionally, the DAO would cease all offers, sales, and resales of its MNGO tokens within the U.S., destroy any remaining tokens in its possession, and request that the tokens be delisted from all exchanges.At the time of writing, the proposal has garnered significant support, with over 106 million votes in favour and more than two days left in the voting period. The DAO’s Treasury, which holds nearly $2 million in USD Coin (USDC) and other assets, would be used to pay the fine if the settlement is accepted.Mango Markets has been under scrutiny since October 2022, following a manipulation scheme by trader Avraham Eisenberg, who exploited the protocol and drained $110 million from the platform. Eisenberg was later found guilty of fraud and manipulation in an April trial. The incident led to investigations by the SEC, Department of Justice, and Commodity Futures Trading Commission, all of which accused Mango DAO, Mango Labs, and Blockworks Foundation of violating securities regulations.The settlement proposal is seen as an attempt to avoid litigation and resolve the SEC’s allegations without admitting guilt. However, the settlement has yet to be accepted by the SEC. If approved, Mango DAO would close this chapter and refocus on its operations, though the DEX has been struggling to recover since the October heist.In related developments, MNGO token prices rose by 5.3% on the day of the proposal's release, reaching $0.015, though they remain 97% below their all-time high of $0.50 in September 2021.This proposed settlement marks a crucial moment for Mango Markets DAO as it navigates the complex regulatory landscape surrounding decentralized finance (DeFi) and seeks to move forward from a tumultuous period in its history.