FameEX Morning Crypto News Recap | August 11, 2023

Bitcoin Mining Council Unveils Sustainable Expansion: Fresh Survey Illuminates the Industry's Energy Efficiency and Power Advancements
The Bitcoin Mining Council's latest report showcases advancements in electricity consumption, technological efficiency, and sustainable power in the industry during H1 2023. Notably, the report reveals that the BMC now holds a substantial 43.4% share of the global mining network.

TSMC Makes Strides Toward 2-Nanometer Chips in Taiwan: A Potential Game-Changer for Bitcoin Mining
Taiwan Semiconductor Manufacturing Co. (TSMC) is making significant progress in semiconductor innovation, announcing plans for 2-nanometer chip production at new plants in Kaohsiung and potentially Hsinchu County by 2025. Mass production timelines are yet to be confirmed.

SEC's Position on XRP's Security Status Not Being Challenged, Lawyer Provides Clarification
The SEC won't contest the decision that XRP isn't a security, per a lawyer. Their appeal focuses on "programmatic and individual sales issues." If successful, Ripple's use of exchanges for sales could be restricted based on the outcome of the appeal.

US Inflation Surges to 3.2% in July, Prompting Concerns and Splitting Market Views
The latest Bureau of Labor Statistics data highlights a complex inflation situation in the US. The Consumer Price Index for All Urban Consumers (CPI-U) showed a 3.2% annual rise in July, driven by housing costs. This aligns with a 0.2% increase in June, fueled by food and automobile insurance costs impacting inflation calculations.

Circle Gears Up with $1 Billion in Reserves to Address Market Challenges Posed by PayPal and Other Competitors
Circle's USDC stablecoin has contracted from $45 billion to $26 billion in circulation by mid-2023. In response to potential challenges from traditional finance and tech sectors, Circle maintains a $1 billion cash reserve to safeguard against market cap declines, according to CEO Jeremy Allaire.

Stablecoins Posed as Crucial to Upholding Global Reserve Status of US Dollar: WSJ Opinion Piece
Brian Brooks and Charles Calomiris argue in a Wall Street Journal op-ed that enacting U.S. stablecoin laws is vital for re-establishing the dollar's global prominence. The Clarity for Payment Stablecoins Act, proposed by Patrick McHenry, seeks to address this but has encountered hurdles due to bipartisan disagreements.

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