FameEX Morning Crypto News Recap | September 25, 2024

U.S. House Financial Services Committee Probes SEC Leadership on Digital Asset Rulemaking

Members of the U.S. House Financial Services Committee questioned SEC leadership on Tuesday, seeking clarification on the agency's agenda and rulemaking, with a particular focus on regulations concerning digital assets.

Biden Calls for International Regulations on AI Development

U.S. President Biden emphasized the need for global regulations on AI development, highlighting that as AI technology becomes more powerful, it must align with shared values. He stressed the importance of establishing rules to ensure AI's positive social and ethical impact worldwide.

S&P Forecasts U.S. Economic Growth to Slow to 1.8% in 2025

S&P Global Ratings forecasts U.S. economic growth to slow from 2.7% this year to 1.8% in 2025. The report suggests consumers will reduce spending in the coming quarters. While the Federal Reserve is expected to cut interest rates, S&P views this as a precautionary measure rather than an immediate economic stimulus.

Goldman Sachs Predicts Continued Rise in U.S. Stocks Post-Election

David Kostin, Goldman Sachs' chief U.S. equity strategist, predicts the U.S. stock market will continue to rise after the presidential election. He forecasts the S&P 500 reaching 6,000 points within a year, a 5% increase from current levels, following this year's 20% gain.

IMF Chief Suggests U.S. Economy Could Achieve a Soft Landing

IMF Managing Director Georgieva expects the U.S. economy to achieve a soft landing, with monetary policy reducing inflation without triggering a recession. She praised the U.S. for supporting global economic growth amid slowdowns elsewhere and highlighted emerging Asian markets for their role in driving economic expansion.

U.S. Justice Department Files Antitrust Lawsuit Against Visa, Alleging Monopoly and Fee Hikes

The U.S. Department of Justice has filed an antitrust lawsuit against Visa, accusing it of using exclusive agreements to block competition and threatening suppliers. The complaint states Visa controls 60% of the U.S. debit card market, generating $7 billion in transaction fees. Attorney General Merrick Garland labeled Visa's actions as monopolistic, resulting in higher consumer prices.

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