In a recent turn of events, a Reuters poll indicates that the market increasingly expects the Reserve Bank of New Zealand (RBNZ) to implement a 25 basis point rate cut in the fourth quarter, lowering the interest rate to 5.25%. This information comes from the Golden Ten report, presenting a shift in expectations compared to April's survey, which had forecasted a rate cut in the third quarter.
According to Blockworks: In a noteworthy development, the U.S. Senate passed Joint Resolution 109 last Thursday, aiming to overturn the controversial digital asset accounting rules under the Employee Accounting Bulletin (SAB) 121, instituted by the Securities and Exchange Commission (SEC). SAB 121, proposed in March 2022 and enacted the following month, mandates custodians of digital assets to list liabilities and "matching assets" on their balance sheets for all the cryptocurrencies they hold. This resolution will now proceed to President Joe Biden for review. The White House has previously communicated that the President would exercise his veto power once the resolution gets Senate approval. The staff at SEC has justified the accounting rules, arguing that such measures are crucial to offset "the noteworthy risks and uncertainties inherent in protecting crypto assets." This motion by the Senate underlines the ongoing discourse surrounding the regulatory landscape for cryptocurrencies.
According to Odaily News: Federal Reserve official, Neel Kashkari, has suggested that it might be prudent to keep interest rates at their current levels for the time being. This approach could provide the necessary time and data to discern the future trajectory of inflation. In addition, Kashkari highlighted that the progression of the Fed's balance sheet reduction is satisfactory and reaffirmed the institution's commitment to achieving its inflation target of 2%.
As reported by Bitcoin Magazine, El Salvador, the first country to make Bitcoin legal tender, has recently launched a new website dedicated to tracking its treasury's Bitcoin holdings. According to the data displayed, El Salvador currently possesses 5,748.76 BTC, valued at upwards of US$350 million. Further, the website indicates that the country has increased its Bitcoin holdings by 7 BTC in the preceding week. This development further underscores El Salvador's commitment to Bitcoin as part of its national financial strategy. Despite volatility risks associated with digital assets, El Salvador continues to build upon its Bitcoin treasury.
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According to Bloomberg, the Swiss National Bank (SNB) is exploring the use of tokenized central-bank money for transaction settlement. The institution's wholesale Central Bank Digital Currency (CBDC), which operates on the infrastructure of Swiss stock-market provider SIX, allows banks to use tokenized central-bank money to settle transactions such as bond purchases on the same platform. This method eliminates credit risk and enables users to leverage digital assets, potentially offering features like programmability. SNB's President, Thomas Jordan, spoke at a Bank for International Settlements conference in Basel on Monday. He outlined two other approaches to transaction settlement with tokenized assets that the SNB is considering. However, he noted that both methods have their pros and cons. The Real-Time Gross Settlement (RTGS) link might limit the potential to enhance the current system, while the backed private token money could pose regulatory challenges as it isn't a direct claim on the central bank but would be used as such. Jordan did not specify whether the SNB's pilot CBDC project would continue beyond its current end-date in June. He previously stated that the project has been successful so far.
According to PANews, Patrick McHenry, the Chairman of the House Financial Services Committee, has indicated that the US Congress may vote on the 'Financial Innovation and Technology Act of the 21st Century' (FIT21) before the end of May. FIT21 is set to grant the Commodity Futures Trading Commission (CFTC) jurisdiction over crypto commodities and the Securities and Exchange Commission (SEC) jurisdiction over cryptocurrencies provided in investment contracts. Furthermore, FIT21 has established rules for companies that must register with the SEC and CFTC. These rules include requirements related to customer disclosure, asset protection, and operations. The legislation aims to provide a clear regulatory framework for digital assets, addressing long-standing market regulation and consumer protection issues. It is reported that FIT21 is the most comprehensive cryptocurrency legislation passed by a congressional committee to date, marking a significant milestone in digital asset regulatory legislation.
According to PANews, Wells Fargo, the third-largest bank in the United States, has disclosed in a filing to the U.S. Securities and Exchange Commission (SEC) on May 10th that it holds 2,245 shares of Grayscale GBTC. In addition to this, Wells Fargo also holds a small amount of ProShares BITO and shares of Bitcoin ATM provider Bitcoin Depot. This information was initially reported by Bitcoin Magazine.
According to CryptoPotato, the legal dispute between Ripple and the US Securities and Exchange Commission (SEC) has escalated, with recent filings focusing on the nature of a key witness's declaration. Speculations are surfacing about a potential settlement this summer as both parties await a judicial ruling. The legal case between Ripple and the SEC, which began in December 2020, has seen increased activity in recent weeks. This is largely due to the trial process commencing on April 23. Shortly after this date, Judge Sarah Netburn issued a new scheduling order focused on the motion for remedies and entry of final judgment. On April 29, the SEC filed its opposition to Ripple's motion to strike new expert materials, centering on testimony from key witness Andrea Fox, known as the 'Fox Declaration'. Ripple had previously argued that the declaration was an unsolicited expert opinion, while the SEC described it as 'standard summary evidence in support of calculations for disgorgement'. The SEC insisted that the declaration was not an expert report and did not rely on specialized experience. It claimed that the 'Fox Declaration' consisted of data derived from Ripple's own documents, including tax returns and financial statements, which could be useful in determining the lawsuit's outcome. In response, Ripple filed a letter supporting its initial request, stating that the SEC failed to demonstrate that the declaration was summary evidence rather than expert testimony. Ripple further argued that even if Andrea Fox could be considered a summary witness, the SEC failed to disclose her before the end of the discovery process. Earlier this week, the SEC filed its remedies reply brief and supporting exhibits under seal. The redacted and public version of the information was presented a day later. American lawyer Jeremy Hogan stated that this marked the end of the briefs phase and that the legal battle has now entered a stage with fewer developments, with both parties awaiting the judge's ruling. Hogan previously predicted that the lawsuit might officially close this summer following a $100 million settlement, significantly less than the $2 billion penalty sought by the SEC and much more than the $10 million Ripple agreed to pay.
According to PANews, the US House of Representatives has voted in favor of a resolution aimed at overturning the Securities and Exchange Commission's (SEC) cryptocurrency custody accounting standards. The vote was passed with a result of 228-182, with majority support from Republicans and 21 Democrats voting in favor. The announcement, first issued in 2022, has sparked controversy over the past year. It requires cryptocurrency custody companies to record customer-held cryptocurrencies as liabilities on their balance sheets. The crypto industry fears this move could prevent banks from protecting digital assets. At present, it is unclear whether this resolution will become law. However, the White House issued a 'government policy statement' on Wednesday, stating that President Biden will veto the resolution. The White House stated that 'restricting the SEC's ability to maintain a comprehensive and effective financial regulatory framework for crypto assets will bring serious financial instability and market uncertainty.' The resolution may be submitted to the Senate Banking Committee and subsequently voted on by all members of the Senate.