FameEX Morning Crypto News Recap | April 26, 2024

SEC Evaluates New Regulatory Proposals for Bitcoin Options Trading

The Securities and Exchange Commission (SEC) is reviewing the effectiveness of exchange surveillance and enforcement systems for managing Bitcoin exchange-traded products (ETPs). The agency is investigating the potential market impacts of introducing Bitcoin options to ensure comprehensive regulatory oversight.

House Committee Ranking Member Suggests Stablecoin Bill Could Be Introduced Soon

Representative Maxine Waters, ranking member of the U.S. House Financial Services Committee, announced that stablecoin legislation is close to completion, needing just a few final tweaks. She indicated that a stablecoin bill is expected to be introduced soon, highlighting the likelihood of swift legislative action.

Bitcoin Price Nears One-Week Lows as Concerns Over US GDP and 'Stagflation' Grow

The market opened on a low note as U.S. Q1 GDP growth was reported at just 1.6%, well below expectations, alongside unexpectedly high price increases. This scenario underscores the challenges of curbing inflation ahead of Federal Reserve actions. Meanwhile, Bitcoin traders appeared undisturbed, with BTC prices tracking a downward trend alongside stocks in response to the surprising U.S. economic data.

Decentralized AI Essential to Minimizing Bias in AI Algorithms

Calanthia Mei, co-founder of Masa Network, emphasizes that while centralized AI garners the majority of funding, the key to developing transparent and unbiased AI lies in decentralized solutions. Decentralized AI targets fundamental flaws within AI systems to improve safety and decrease bias, promoting a more equitable technological landscape.

Turkey Ranks Highest Globally in Stablecoin Buying as a Percentage of GDP

From April 2023 to March 2024, Chainalysis found that Turkey's stablecoin purchases were 4.3% of its GDP, the highest worldwide. Thailand and Georgia followed, with purchases constituting 1.3% and 0.7% of their GDPs respectively. The U.S. came in fourth at 0.5%, while the European Union had a 0.3% share, demonstrating varied integration of stablecoins across different national economies.

Nigeria Establishes New Regulator Supportive of Cryptocurrency

Nigeria's president has appointed a new SEC Chair to oversee the capital market, boost investor confidence, and spur economic growth. The blockchain community in Nigeria has warmly received the new Director-General of the Securities and Exchange Commission, viewing his pro-crypto stance as highly beneficial for the growth of the local cryptocurrency industry.

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