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According to BlockBeats, Ripple's Chief Legal Officer, Stuart Alderoty, announced on June 27 that the court has once again ruled against the Securities and Exchange Commission (SEC). The ruling was due to the SEC's illegal revocation of a proxy advisory firm's rules without adhering to the Administrative Procedure Act. The court pointed out that this illegal act was personally directed by SEC Chairman Gary Gensler. The case is known as 'National Association of Manufacturers v. SEC'.The case states that the SEC's 2020 rules never came into effect and were revoked in November 2021. The revocation process began shortly after the new SEC Chairman, Gary Gensler, took office. In June 2021, Chairman Gensler instructed his team to reconsider the 2020 rules and suspended their enforcement during this period. For more detailed information, refer to the official SEC statement.

According to Odaily, digital asset bank Custodia Bank has submitted a court summary to the Tenth Circuit Court of Appeals in the United States, challenging the decision of a Wyoming judge to grant the Federal Reserve unrestricted power to reject its master account. Custodia is asking the appellate court to instruct the Wyoming District Court to revoke its decision to reject Custodia's application for a master account and grant it a master account. Caitlin Long, CEO of Custodia, has hired two senior Supreme Court lawyers to defend her company.The lawyers for Custodia argue that the Federal Reserve's power to refuse to open a master account for state-chartered banks undermines the dual banking system, which allows banks to freely choose whether to operate under state or federal charter. They also claim that the Federal Reserve's power to discriminate against state-chartered banks seeking to obtain a master account may violate the Monetary Control Act, which allows state-chartered banks seeking to obtain Federal Reserve services to have fair access.They emphasized the word 'shall' used by Congress in the Monetary Control Act and wrote that 'all services of all Federal Reserve Banks... should be open to non-member deposit institutions', to illustrate that Congress intended all eligible banks to have equal access to the services of the Federal Reserve.In early May, Custodia hoped to operate as an uninsured bank, issuing a stablecoin backed by cash and other assets. However, the Federal Reserve determined that the bank was not entitled to a master account in the Federal Reserve System and rejected its application to join the Federal Reserve System, indicating that the Federal Reserve intends to isolate the payment track from crypto assets. It is reported that a Federal Reserve account allows the holder to transfer reserves directly to another financial institution without another intermediary.

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According to Odaily, insiders involved in the pilot project have reported a significant decrease in the usage of India's Central Bank Digital Currency (CBDC), the digital Rupee. The usage has dropped to one-tenth of its peak in December 2023. Initially, the Reserve Bank of India (RBI) managed to achieve one million daily retail transactions with the digital Rupee by incentivizing banks and allocating part of the wages in digital currency. However, once these incentives ended, the daily transaction volume fell to approximately 100,000, indicating a lack of organic demand. The central bank is currently focusing on testing technology and developing use cases, with no immediate plans for rapid expansion.

According to Odaily, Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), recently spoke about the intersection of cryptocurrency and securities law, the political implications of crypto regulation, and his priorities at the SEC during an interview at the Bloomberg Investment Summit on June 25. Gensler emphasized that there is no inconsistency between crypto securities and existing securities laws. He pointed out that the rules governing securities are clear and can protect investors, ensuring fair, orderly, and efficient markets. Despite this, he believes that many entities within the cryptocurrency field do not comply with these laws. This non-compliance is a key issue that the SEC aims to address through its regulatory oversight. Regarding the growing political significance of the cryptocurrency industry, Gensler stated that his primary responsibility is to protect investors and supervise issuers, ensuring access to fair, orderly, and efficient markets. He added that while others can participate in political discussions, his duty is to maintain the integrity of the capital markets.

According to BlockBeats, on June 25, UBS economists reiterated their outlook for a soft landing of the US economy. They predict that the Federal Reserve will begin to cut interest rates in September and believe that the market may have misjudged the extent of the Fed's future rate cuts.UBS pointed out that although there have been abnormal fluctuations in economic data since the outbreak of the pandemic, certain trends now seem to have been established. The US labor market, which was severely overheated two years ago, has returned to a state close to pre-pandemic levels, driven by strong growth in labor supply.In addition, there are signs of a slowdown in retail sales and inflation. In May, the core CPI, excluding food and energy prices, only rose by 0.16%, marking the smallest increase since August 2021. Although the core inflation rate is showing a downward trend, it is still much higher than pre-pandemic levels.

According to Odaily, the Bitcoin mining industry in Paraguay has responded to the National Electricity Administration's (ANDE) involvement in shutting down several illegal Bitcoin mines. Bruno Vaccotti, the public affairs director of Bitcoin mining company Penguin, revealed the existence of three 'vulture contracts' that have slowed the development of Bitcoin mining operations in Paraguay. In a radio interview, Vaccotti admitted that illegal mining activities have damaged ANDE's revenue. However, he criticized the agency's statements about Bitcoin mining activities. He stated that Penguin pays $850,000 in electricity bills each month, which is almost 50% of the $2 million loss claimed by ANDE due to illegal cryptocurrency mining. The 'vulture contracts' are agreements signed by ANDE with other undisclosed Bitcoin mining third parties. These contracts have affected the power supply for new mines and caused losses to the country. Vaccotti said that these contracts, which involve a large amount of energy, are usually signed by foreign investors seeking speculation. The energy allocated to these parties is prevented from being used for these operations, thereby damaging the potential for real Bitcoin mining investors to utilize the involved energy. Vaccotti emphasized that this could have a greater impact than the illegal activities ANDE is investigating.

According to BlockBeats, on June 25, Federal Reserve's Daly expressed the need for careful consideration to avoid prematurely relaxing interest rates or maintaining a status quo for too long. Daly's statement highlights the delicate balance central banks must maintain to ensure economic stability. The timing of interest rate changes is crucial in managing inflation and economic growth. A premature relaxation could lead to inflationary pressures, while a prolonged status quo could stifle economic growth. Therefore, Daly's cautionary stance underscores the importance of strategic decision-making in monetary policy.

According to CryptoPotato, the ongoing dispute between the United States Securities and Exchange Commission (SEC) and Ripple Labs regarding the classification of XRP as a security is expected to have significant implications for the entire industry. The case, which has been in progress for several years, is currently in the trial phase.David Hirsh, the Chief of the Crypto Asset and Cyber Unit at the SEC, recently resigned after serving the SEC for over nine years. His resignation came shortly after the SEC reduced its demanded penalty from Ripple from $2 billion to $102.6 million. This reduction was a response to Ripple's legal team's request for a penalty not exceeding $10 million. The SEC justified the revised penalty by comparing it to the gross profit of the violative conduct, resulting in a $102.6 million penalty, significantly higher than the $10 million cap insisted by Ripple.However, Ripple's legal challenges are not limited to the SEC case. Brad Garlinghouse, the company's CEO, is also involved in a separate lawsuit in California. This lawsuit is related to statements he made years ago about his personal investment in XRP. Despite the case proceeding to trial, the presiding judge dismissed several allegations, including those suggesting that Ripple violated federal securities law. Ripple's chief lawyer stated that the New York ruling that XRP is not a security remains undisturbed, and one state law claim based on a 2017 statement is going to trial. Garlinghouse reiterated his support for the statements he made in 2017 and considered the dismissal of allegations a significant victory for the company.

Welcome to the Artificial Intelligence Outlook for Forex trading. https://www.youtube.com/watch?v=kB73l36v9lk VIDEO TRANSCRIPT Okay, hello everyone, and welcome back. My name is Greg Firman, and this is the VantagePoint AI Market ...