FameEX Morning Crypto News Recap | September 25, 2024

U.S. House Financial Services Committee Questions SEC Leadership on Digital Asset Regulations

On Tuesday, members of the U.S. House Financial Services Committee questioned SEC leadership, seeking clarification on the agency's agenda and rulemaking, particularly regarding regulations related to digital assets.

Biden Urges Global Regulations for AI Development

U.S. President Biden stressed the importance of establishing global regulations for AI development, emphasizing that as AI technology advances, it should reflect shared values. He called for rules to ensure AI's positive social and ethical impact on a global scale.

S&P Projects U.S. Economic Growth to Decelerate to 1.8% in 2025

S&P Global Ratings predicts U.S. economic growth will slow from 2.7% this year to 1.8% in 2025. The report anticipates reduced consumer spending in the coming quarters, and while the Federal Reserve may cut interest rates, S&P sees this as a precautionary measure, not an immediate stimulus.

Goldman Sachs Anticipates Further Gains in U.S. Stocks After Election

David Kostin, chief U.S. equity strategist at Goldman Sachs, expects the U.S. stock market to rise further after the presidential election. He predicts the S&P 500 will reach 6,000 points within a year, a 5% increase from current levels, following a 20% gain this year.

IMF Chief Indicates U.S. Economy May Achieve a Soft Landing

IMF Managing Director Georgieva anticipates a soft landing for the U.S. economy, with monetary policy curbing inflation without causing a recession. She commended the U.S. for bolstering global growth amid other countries' slowdowns and acknowledged emerging Asian markets for contributing to economic expansion.

U.S. Justice Department Sues Visa for Antitrust Violations, Citing Monopoly and Fee Increases

The U.S. Department of Justice filed an antitrust lawsuit against Visa, alleging it used exclusive agreements to hinder competition and threaten suppliers. The complaint claims Visa holds 60% of the U.S. debit card market, earning $7 billion in transaction fees. Attorney General Merrick Garland described Visa's actions as monopolistic, leading to higher consumer costs.

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