FameEX Morning Crypto News Recap | June 8, 2023

Exploring Russia's Measures to Safeguard Against Dollar Attacks and Promote Alternative Settlements: Insights from the Russian Finance Minister
Russian Finance Minister Anton Siluanov addressed the purported economic assault on Russia through the U.S. dollar, highlighting strategies implemented to sustain trade. He underscored the importance of promoting transactions conducted in national currencies.

JPMorgan CEO Jamie Dimon Cautions Against Undermining US Dollar's Reserve Currency Position
JPMorgan Chase CEO Jamie Dimon opposes efforts to challenge the U.S. dollar's reserve currency status, citing its crucial role in the global economy. Dimon stresses the need to safeguard the U.S. dollar as the fundamental reserve currency and advises against undermining it amid the ongoing de-dollarization trend.

Janet Yellen Urges Congress to Enforce Stronger Regulations for Crypto Industry Amid SEC Crackdown
Janet Yellen, the Treasury Secretary and former Federal Reserve Chair, has urged Congress to introduce enhanced regulations for the cryptocurrency industry. Citing Treasury reports that identify risks within this rapidly growing sector, Yellen emphasized the necessity of heightened oversight.

Philippines Delays Publication of Crypto Framework
The Philippines' financial regulator has opted for a cautious approach in crafting a legal framework for the crypto industry, prioritizing thoroughness despite recent market setbacks. While the publication of guidelines was initially slated for late 2022, work is ongoing, and there is a chance of revealing the outcomes later this year.

El Salvador's Bitcoin Miner Volcano Energy Launches with $250M Investment
El Salvador's public-private partnership has obtained $250 million in initial investment for establishing a Bitcoin mining farm. The funds will be utilized to initiate a 241-megawatt power generation park in the Metapán region, signaling the start of the ambitious project supported by a total of $1 billion.

US Financial Services Committee Schedules Meeting to Explore the Future of Cryptocurrency
The U.S. House of Representatives committee has scheduled a hearing to address significant matters related to the cryptocurrency industry. Although specific topics were not revealed, the community expects vital aspects to be discussed. The hearing will be held on June 13 at 2:00 pm Eastern Time and will be available for live streaming on the committee's website.

UK FCA Implements Tighter Regulations on Crypto Advertising
The UK's Financial Conduct Authority (FCA) has implemented regulations targeting specific marketing practices of cryptocurrency firms, aiming to protect consumers. Under the new rules taking effect on October 8, 2023, the FCA will classify cryptocurrencies as high-risk investments.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.