FameEX Morning Crypto News Recap | September 13, 2024

U.S. House of Representatives Introduces BRIDGE Digital Assets Act to Form Joint Digital Asset Advisory Committee

Tennessee Congressman John Rose has proposed the "BRIDGE Digital Assets Act," aiming to create a Joint Digital Assets Advisory Committee between the SEC and CFTC. This committee will provide guidance on regulations and policies related to digital assets. Comprised of 20 private sector members, it will represent a wide range of interests within the crypto industry.

ECB's Lower Economic Growth Forecast Could Pave the Way for Future Rate Cuts

Eoin Walsh, portfolio manager at 24 Asset Management, noted that the ECB's weaker economic growth forecast, along with inflation nearing target levels, could provide the ECB with more flexibility for future interest rate cuts.

OpenAI and Other Firms Engage with White House on AI Energy Infrastructure Development

On September 12, executives from OpenAI, Anthropic, Google, and Microsoft met at the White House to discuss developing energy infrastructure for AI and high-performance computing. Goldman Sachs projects AI will increase data center electricity demand by 160% by 2030. An OpenAI spokesperson noted that building this AI-grade energy infrastructure will generate significant job opportunities in the U.S.

Standard Chartered Bank Forecasts Bitcoin Price to Reach New High by Late 2024

Geoff Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, predicts in his latest report that Bitcoin prices will reach new highs by the end of 2024, regardless of the U.S. presidential election outcome. He forecasts Bitcoin could hit $125,000 if Trump wins and $75,000 if Harris is elected.

Grayscale to Introduce First US XRP Trust, Setting Stage for Potential ETF

Grayscale is set to launch the first US XRP trust, laying the groundwork for potential XRP ETFs. This "closed-end" fund will offer qualified investors direct investment opportunities in XRP, marking a significant step in the development of XRP-focused investment products in the United States.

Fed's Cease-and-Desist Order to United Texas Bank Sparks Concerns Over Cryptocurrency Regulation

On September 12, the U.S. Federal Reserve issued a cease-and-desist order to United Texas Bank, a crypto-friendly institution, due to deficiencies in managing foreign correspondent banking and virtual currency customers. The Fed highlighted issues in risk management and Bank Secrecy Act compliance, raising concerns in the industry about tightening regulatory policies on cryptocurrency-related activities.

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