FameEX Morning Crypto News Recap | November 15, 2024

Fed Chairman Powell Anticipates Further Rate Cuts

Federal Reserve Chairman Powell expects interest rates to decline further, but not significantly in the near term. He noted ongoing economic trends, including a slowing job market and cooling inflation. Powell emphasized that maintaining high rates could increase unemployment, and the Fed aims to shift policy toward a more neutral stance over time.

US Senator Suggests Fed Sell Gold to Purchase Bitcoin

U.S. Senator Cynthia Lummis has proposed that the Federal Reserve sell part of its gold reserves to purchase Bitcoin. A strong Bitcoin advocate, Lummis argues that while gold is a traditional safe-haven asset, Bitcoin's growth potential and security make it a more attractive option for investors seeking long-term value.

Franklin Templeton Expands Money Market Fund Trading to Ethereum

Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund (FOBXX) to Ethereum. Launched in 2021, FOBXX is the first money market fund to utilize a public blockchain for transaction and ownership tracking. With a market cap of $410 million, it ranks as the third-largest tokenized money market fund.

US Congress Could Advance Stablecoin Legislation by Year-End

U.S. Congress may advance a stablecoin bill during the "lame duck" session, driven by growing global regulations and financial sector interest. With $170 billion worth of stablecoins in circulation, predominantly U.S. dollar-pegged, regulators are concerned that failure to act could put the U.S. at a disadvantage in the global cryptocurrency market.

18 U.S. States Sue SEC, Alleging Over-Regulation of Crypto Industry

Eighteen U.S. states have sued the SEC, accusing it of unconstitutional overregulation of the crypto industry under Chairman Gary Gensler. The lawsuit, filed by Republican state attorneys general, claims the SEC’s enforcement-heavy approach exceeds its authority and infringes on states' rights to regulate their own economies.

Trump Team Considers Pro-Crypto Mersinger for CFTC Chairman Role

The Trump transition team is considering Summer Mersinger for CFTC chairman, due to her pro-crypto stance and support for relaxed regulation. Mersinger has criticized the CFTC’s enforcement-heavy approach. Other candidates include Jill Sommers and Josh Sterling. This potential appointment could influence the future direction of U.S. crypto market regulation.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.