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FameEX Morning Crypto News Recap | December 18, 2023
2023-12-18 12:04:10
US Legislators Criticize SEC and Chair Gensler for Failing to Offer Transparent Regulation for the Crypto Sector
U.S. lawmakers are criticizing the Securities and Exchange Commission (SEC) and Chairman Gary Gensler for failing to offer clear regulation in the cryptocurrency industry. Some lawmakers view this as detrimental to the market and believe it creates unnecessary chaos and uncertainty. Gensler's stance on providing limited clarity has drawn strong criticism from several congressmen.
Goldman Sachs: Don't Anticipate an Immediate Bitcoin Surge Following Spot Bitcoin ETF Approvals
Goldman Sachs has cautioned investors not to expect an immediate surge in Bitcoin's price following the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). While viewing the ability to transact a familiar product at scale as positive, the bank does not anticipate an instant rally in Bitcoin's value upon ETF approval.
U.S. Legislators Introduce Legislation to Combat Terrorism and Digital Asset-Related Threats A bipartisan group of U.S. lawmakers has introduced a bill aimed at combating terrorism by imposing sanctions on foreign entities, including cryptocurrency platforms, that assist terrorists with financial transactions. The proposed legislation seeks to provide the Treasury Department with increased resources to address emerging threats associated with digital assets. Bank of China Executes Inaugural Cross-Border Digital Yuan Commodity Transaction The Bank of China Hong Kong has successfully conducted its maiden cross-border trade using the digital yuan. The transaction involved receiving payment for an imported iron ore commodity bulk trade from its sister bank, the Bank of China. This move demonstrates the digital yuan's viability as a settlement option for such transactions. Russian Government Explores Cryptocurrency Exports with Commodity-Like Characteristics The Russian government is considering permitting cryptocurrency miners to export their digital assets, treating them similarly to other exports like natural gas. Ivan Chebeskov, the Deputy Minister of Finance, mentioned this possibility in connection with a bill introduced in 2022 to legalize cryptocurrency mining. If passed, this bill could enable miners to conduct cryptocurrency exports akin to commodities. IMF Head Advocates for Transparent Crypto Regulation and Cautions Against Potential Financial Stability Risks from Widespread Crypto Adoption The head of the International Monetary Fund (IMF) is advocating for transparent global cryptocurrency regulations, highlighting concerns that widespread crypto adoption could potentially jeopardize macro-financial stability. She emphasized the importance of establishing clear rules to mitigate crypto-related risks while utilizing the technology to enhance the efficiency and accessibility of the financial system. NFT Sales Surpass $500 Million Mark, Led by Unprecedented Bitcoin Growth Over the past week, non-fungible token (NFT) sales have risen by 52.81%, totaling $503.35 million. Bitcoin has taken the lead in the NFT market this week, generating $276.79 million in sales. This data underscores Bitcoin's increasing presence in the NFT sector, with eight of the top ten NFT collections in terms of weekly sales originating from the Bitcoin blockchain. Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.
