FameEX Morning Crypto News Recap | May 17, 2023

Eurozone Consumer Inflation Expectations Experience Significant Increase, Reports ECB
According to the European Central Bank, consumers in the euro area have significantly increased their inflation expectations for the near future. This follows the ECB's recent decision to slow down its rate hikes, suggesting that it is not yet ready to pause its monetary tightening measures.

Economist Suggests Declining Significance of US Dollar in International Transactions and as Reserve Currency
The U.S. dollar's role in international trade and as a reserve currency is experiencing a decline, as stated by a Canadian economist and professor at the University of British Columbia. He emphasizes the growing significance of other currencies in international transactions and as reserve currencies.

Exponential Growth in BRC20 Token Economy Fueled by Surge in Ordinal Inscriptions
In the past four days, a surge in Ordinal inscriptions has led to substantial growth in the BRC20 token economy, adding over 10,000 new coins. The current value of the BRC20 token economy has reached $497.75 million, consisting of a total of 24,677 unique tokens.

US Democrats' Support for SEC's Crypto Authority Draws Response from Crypto Community
The US Democratic Party has announced its support for granting the Securities and Exchange Commission (SEC) complete authority over cryptocurrencies. A memo detailing this stance was circulated among committee members prior to a hearing and shared on social media, triggering a negative response from members of the crypto community.

New European Tax Directive Mandates Reporting of All Crypto Asset Transfers
The European Council has given its approval to revised regulations that broaden tax reporting obligations to encompass transfers of crypto assets. This latest iteration of the Directive on Administrative Cooperation (DAC) serves as a framework for the automatic exchange of tax-related information between European nations.

EU Finance Ministers Give Approval to MiCA Crypto Regulation
The Economic and Financial Affairs Council of the European Union (EU) has approved the Markets in Crypto-Assets (MiCA) regulation in a vote on May 16. This eagerly anticipated regulation received the endorsement of finance ministers from all EU member states.

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