FameEX Morning Crypto News Recap | June 8, 2023

Russian Finance Minister Discusses Russia's Defense Against Dollar Attacks and the Significance of Advancing Alternative Settlements
Russian Finance Minister Anton Siluanov discussed the alleged economic attack on Russia by the U.S. dollar and outlined measures taken to maintain trade. He emphasized the significance of fostering settlements in national currencies.

JPMorgan CEO Jamie Dimon Advises Against Challenging US Dollar's Status as Reserve Currency
JPMorgan Chase CEO Jamie Dimon has voiced his opposition to challenging the reserve currency status of the U.S. dollar, citing the United States' pivotal role in the global economy. Dimon emphasized the importance of preserving the U.S. dollar as the fundamental reserve currency and cautioned against undermining it amidst the de-dollarization trend.

Janet Yellen Calls on Congress to Implement Tighter Regulations for Crypto Industry Amid SEC Crackdown
Janet Yellen, the current Treasury Secretary and former Federal Reserve Chair, has called on Congress to implement additional regulatory measures for the cryptocurrency industry. Yellen referred to Treasury reports highlighting the risks associated with the rapidly expanding sector, emphasizing the need for increased oversight.

Philippines Postpones Release of Crypto Framework
Despite recent market setbacks, the financial regulator in the Philippines has chosen to prioritize thoroughness over haste in developing a legal framework for the crypto industry. Although the publication of guidelines was originally scheduled for late 2022, ongoing work is still underway, with the possibility of unveiling the results later this year.

Volcano Energy, El Salvador's Bitcoin Mining Company, Commences Operations with $250M Investment
A public-private partnership in El Salvador has secured an initial investment of $250 million towards the creation of a Bitcoin mining farm. The funds will be used to launch a 241-megawatt power generation park in the Metapán region, marking the beginning of the ambitious project backed by a total of $1 billion.

US Financial Services Committee Sets Date to Discuss Crypto's Future Outlook
The U.S. House of Representatives committee has announced a hearing to discuss important matters concerning the cryptocurrency industry. While specific topics were not disclosed, the community anticipates the discussion to cover crucial aspects. The hearing is set to take place on June 13 at 2:00 pm Eastern Time and will be livestreamed on the committee's website.

UK Financial Conduct Authority (FCA) Introduces Enhanced Regulations for Crypto Advertising
The UK's Financial Conduct Authority (FCA) has introduced a set of regulations to curtail certain marketing practices by cryptocurrency firms, with the goal of safeguarding consumers. The FCA will classify crypto as high-risk investments under the new rules, which are scheduled to come into effect on October 8, 2023.

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