FameEX Morning Crypto News Recap | July 26, 2023

Examining the Economist's Analysis: BRICS Currency's Challenges in Competing with the US Dollar
The economist assesses the possibility of a unified BRICS currency challenging the US dollar, emphasizing the significance of foreign exchange reserves and investor confidence. Presently, China stands as the sole BRICS member with a reserve currency.

Relief Amidst Industry Struggles: The Ongoing Ripple vs. SEC Battle
The SDNY issued a significant ruling on July 13, 2023, in the SEC's case against Ripple Labs, Inc. The order was hailed as a landmark victory by experts in the digital asset industry, where Ripple and its senior leaders were accused of conducting unregistered offering and sale of "crypto-asset securities" linked to the XRP token (XRP).

Leading USD Tokens Shrink as Euro-Anchored Projects Show Resilience: Stablecoin Economy Witnesses $3 Billion Drop
The stablecoin economy witnessed a rapid decrease of over $3 billion in less than 40 days. Notably, USDP and GUSD, both USD-pegged tokens, experienced significant 30-day declines of 45.1% and 27.2%, respectively.

IMF and Argentina Reach New Disbursement Agreement
Argentina and the IMF have agreed to expedite resource disbursement in 2023, with funds scheduled for release in August and November. Economy Minister Sergio Massa stated that these payments fulfill Argentina's expectations for reserve replenishment, although exact figures were not disclosed.

Bitfarms Unveils Plans for Two Bitcoin Mining Farms in Paraguay
Bitfarms, a Nasdaq-listed Bitcoin mining company, secured two power purchasing agreements in Paraguay for new mining facilities. With 50 MW in Villarrica and 100 MW in Iguazu, the focus is on utilizing hydroelectric energy to ensure renewable operations at the sites.

Wyoming Launches Hunt for 'Stable Token' Commission Leader to Lay Groundwork for State Stablecoin
Wyoming is progressing in creating its stablecoin, the "stable token" project, by appointing a leader for the stable token commission. This individual will oversee the formulation of a legislative framework for the initiative. Enacted in March 2023, the Wyoming Stable Token Act permits the issuance of a U.S. dollar-pegged stablecoin backed by fiat held by the state.

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