FameEX Morning Crypto News Recap | August 16, 2023

SEC Delays Approval Deadlines for Bitcoin ETF to Early 2024
The SEC possesses the authority to elongate the assessment duration for crypto ETF applications by a maximum of 240 days. Consequently, firms that file applications in July 2023 might face potential delays, resulting in decisions being postponed until as late as March 2024.

Bank of America Analyzes the Influence of PayPal's USD Stablecoin and the FedNow System
Bank of America foresees constrained short-term adoption of PYUSD due to regulatory uncertainties while recognizing stablecoins' potential for enhancing payment efficiency. However, the bank remains doubtful about PayPal's coin expediting regulatory clarity within the industry.

Russian Ruble Reaches Lowest Point Against US Dollar in 16 Months
The Russian ruble has hit a 16-month low, dropping below RUB100 against the US dollar, which experts attribute to Western nations capping Russian oil prices. Analysts speculate that the ruble's challenge against the US dollar might stem from the dollar's recent surge in strength.

Anticipated Crypto Regulation Overhaul Post Election Day: Insights from Former SEC Official
The ex-SEC internet enforcement chief has detailed positive changes for the crypto industry, such as possible greenlights for bitcoin ETFs. Projected scenarios include a Republican president, SEC Chair Gary Gensler stepping down, and "crypto mom" Hester Peirce taking interim SEC Chair role.

Recent Report Unveils $2.8M in Ethereum Found in Wallet Connected to Donald Trump
A recent financial statement reveals that Donald Trump possesses $2.8 million in an Ethereum wallet. The disclosure, presented by watchdog Citizens for Responsibility and Ethics in Washington, underscores his earnings of around $7.6 million from crypto activities, encompassing NFT collections featuring his likeness.

Implementation of China's New AI Regulations Begins, Showing Initial Effects
China's collaborative "Generative AI Measures," involving six government bodies like the Cyberspace Administration and Ministry of Science, will take effect on August 15. These regulations, released on July 10, detail management and activity guidelines for artificial intelligence within the country.

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