FameEX Morning Crypto News Recap | July 19, 2023

US Legislators Urge SEC to Cease Crypto Regulatory Measures After XRP Verdict
US lawmakers are urging the SEC to abandon its aggressive regulation of the cryptocurrency industry after the recent XRP ruling. They criticize the SEC for relying on enforcement actions rather than clear rules or guidance, suggesting that their actions are politically motivated.

SEC Chair Promotes Expanded Adoption of AI for Enhanced Market Surveillance and Enforcement
SEC Chairman Gary Gensler suggests leveraging artificial intelligence (AI) in enforcement and market surveillance to enhance the SEC's effectiveness. While acknowledging the potential benefits, he highlights concerns and mentions ongoing rule development to address AI-related challenges.

Limited Availability of Leading Gold Tokens in Open Market as Top Holders Maintain High Concentration Levels
The value of gold has risen by 3.8% against the US dollar in the past six months. Two significant gold-backed cryptocurrencies, PAX Gold (PAXG) and Tether Gold (XAUT), have a combined value of nearly $1 billion. However, the distribution of these tokens among the 31,000 holders remains concentrated despite a total of almost 500,000 tokens in circulation.

Stock-to-Flow Analyst Plan B Anticipates Bitcoin's Price Surging to $40K-$50K During Halving
Bitcoin's fourth block reward halving is projected to occur around April 24, 2024. Analysts, including Plan B, predict a price surge before the event, with Bitcoin potentially reaching $40,000 to $50,000. Investors and supporters are eagerly anticipating the market movement leading up to the halving.

Shinhan Bank of South Korea Successfully Concludes Stablecoin Remittance Pilot with Asian Partners
Shinhan Bank successfully completed its second stablecoin remittance pilot, leveraging the Hedera network for real-time settlement in South Korean, Thai, and Taiwanese currencies. The project enabled seamless integration with national currencies and employed the Ethereum Virtual Machine (EVM), making it adaptable for various stablecoin implementations.

EU Remains at the Forefront of Web3 with Metaverse, AI, and Crypto Strategies
The European Union (EU) has actively pursued a leading position in Web3 advancements, emphasizing the importance of staying current. Notably, the EU implemented comprehensive crypto regulations through the Markets in Crypto-Assets (MiCA) framework. Furthermore, the EU is proactively developing regulations for AI systems' development and deployment, showcasing its commitment to technological progress.

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