1. UBS Group: Chinese family offices plan to invest 5% of funds in Bitcoin.
According to @pete_rizzo_, UBS Group, a banking giant managing $6 trillion in assets, stated that Chinese family offices plan to invest 5% of their funds in Bitcoin. - Original
2. Federal Reserve's Bostic: There may be another rate cut this year.
On August 21, Federal Reserve's Bostic stated that there may be another rate cut this year. - Original
3. House of Representatives adds anti-CBDC provision to defense bill.
The latest version of the U.S. House of Representatives National Defense Authorization Act (NDAA) has added a provision called the "Anti-CBDC Surveillance State Act." This provision was previously proposed by House Majority Whip Tom Emmer as a standalone bill, aimed at prohibiting the Federal Reserve from directly issuing central bank digital currency (CBDC) to individuals. - Original
4. U.S. CFTC launches new initiative to advance digital asset regulation.
The acting chair of the U.S. CFTC, Caroline D. Pham, announced the launch of a new round of crypto sprint initiatives aimed at implementing the recommendations from the Digital Asset Market Working Group report to promote federal-level regulation of spot trading in digital assets. This initiative will be advanced in collaboration with the SEC and will widely solicit public opinions, focusing on topics such as leverage, margin, and financing transactions, with the deadline for comments set for October 20. - Original
5. U.S. Department of Justice states that writing non-malicious code does not constitute a crime.
U.S. Department of Justice official Matthew Galeotti stated that merely writing non-malicious code does not constitute a crime, and the Department will focus on combating fraud, money laundering, and other activities, rather than enforcing regulatory oversight on the crypto industry through criminal law. This statement came after the conviction of Tornado Cash founder Roman Storm, drawing attention from the industry. - Original
6. Bank of America reports that stablecoins will intensify competition with money market funds.
A report from Bank of America states that demand for stablecoins against U.S. Treasury bonds is expected to grow by $25 billion to $75 billion in the next year, which will put greater competitive pressure on money market funds (MMF). Some MMF clients are exploring tokenization to respond to competition. In July this year, BNY Mellon and Goldman Sachs successfully transferred tokenized MMF shares. The report points out that MMFs need to complete tokenization within a limited timeframe and offer competitive yields to respond to potential innovations and regulatory changes in the stablecoin industry. - Original
7. Pennsylvania lawmakers propose banning public officials from trading cryptocurrencies.
Pennsylvania lawmaker Ben Waxman introduced a bill that aims to prohibit public officials and their immediate family members from profiting from cryptocurrencies during their term, including trading, issuing, or promoting related assets. The bill requires that the trading volume during the term and within one year after leaving office must not exceed $1,000, and assets must be liquidated within 90 days of the bill's enactment. Violators could face up to 5 years in prison or a $50,000 fine. Waxman stated that this move responds to controversies regarding public officials profiting from their positions. - Original
8. Harvard professor reflects on underestimating Bitcoin's value and criticizes regulatory conflicts of interest.
Harvard University Economics Professor and former Chief Economist of the International Monetary Fund Kenneth Rogoff reflects on his prediction error in 2018. At that time, he forecasted that Bitcoin was more likely to be worth $100 than $100,000 in ten years, but now Bitcoin's actual price has surpassed $113,000, growing more than tenfold since 2018. Rogoff stated that he was "too optimistic about the U.S. setting reasonable cryptocurrency regulations," underestimating the role of Bitcoin in the global $20 trillion underground economy, which has supported its price. He also criticized the "obvious conflict of interest" between regulators and cryptocurrencies, stating that regulators hold hundreds of millions or even billions of dollars in cryptocurrencies without facing any consequences. - Original
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