FameEX Morning Crypto News Recap | July 26, 2023

An Economist's Analysis: Challenges of BRICS Currency Competing Against the US Dollar
An economist analyzes the potential of a unified BRICS currency to challenge the US dollar. She highlights the importance of foreign exchange reserves and the investment community's trust, noting that currently, only China in the BRICS bloc possesses such a reserve currency.

Respite for a Struggling Industry: The Ripple vs. SEC Battle
On July 13, 2023, the U.S. District Court for the Southern District of New York (SDNY) delivered a significant ruling in the case involving the Securities and Exchange Commission (SEC) and Ripple Labs, Inc. The court's order was seen as a landmark victory by digital asset experts in the struggling industry. The SEC accused Ripple and its senior leaders of conducting unregistered offering and sale of "crypto-asset securities" related to the XRP token (XRP).

Resilient Euro-Anchored Projects Counter $3 Billion Drop in Stablecoin Economy as Leading USD Tokens Shrink
In less than 40 days, the stablecoin economy has seen a decline of over $3 billion in value. The USD-pegged tokens, USDP and GUSD, faced the most significant 30-day reductions, with declines of 45.1% and 27.2%, respectively.

Argentina Strikes Fresh IMF Disbursement Agreement
Argentina and the IMF have struck a fresh deal to expedite resource disbursement in 2023. Economy Minister Sergio Massa revealed the agreement involves funds released in August and November, providing much-needed reserve replenishment for the struggling nation. While specific figures weren't disclosed, Massa expressed that the payments met Argentina's expectations.

Bitfarms Announces Launch of Two Bitcoin Mining Farms in Paraguay
Nasdaq-listed Bitcoin mining firm Bitfarms revealed its acquisition of two power purchasing agreements in Paraguay to establish new mining facilities. The agreements secure 50 MW of power in Villarrica and 100 MW in Iguazu, with a focus on using hydroelectric energy to ensure renewable operations at the new sites.

Wyoming Initiates Search for 'Stable Token' Commission Leader to Pave the Way for State Stablecoin
Wyoming is taking steps to develop its stablecoin, known as the "stable token" project, by hiring a head for the stable token commission. This executive will lead a team in establishing a legislative framework for the initiative. The Wyoming Stable Token Act, passed in March 2023, allows the issuance of a U.S. dollar-pegged stablecoin redeemable for fiat held by the state.

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