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The Fed’s Big Rate Cut
The Federal Reserve cut interest rates by 50 basis points today, signaling the start of anticipated rate reductions in 2024. This shift in monetary policy is driven by cooling inflation and a slowdown in economic growth. As a result, mortgage rates are projected to decline, with expectations that they could fall below 6% by the… Read more
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Coinbase opposes SEC proposal to redefine exchanges to include DEXs
Coinbase has submitted a strongly worded comment letter to the US Securities and Exchange Commission (SEC) opposing the agency’s proposal to expand the definition of “exchange” to include decentralized exchanges (DEXs). Read more
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Feds Want the Easy Unsubscribe
According to reports from the Federal Trade Commission, multiple U.S. federal agencies are coordinating efforts to make it easier for consumers to unsubscribe from apps, memberships, and services, as part of an initiative called “Time is Money.” Read more
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Russia Legalizes Crypto Mining and Brings an Experimental Regime
Russia’s lower house of the Federal Assembly, known as the State Duma, has passed two crypto-related laws on Tuesday, a Russia based policy expert told CoinDesk and Ria Novosti, Russia’s state-owned domestic news agency reported. Read more
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Russia proposes allowing traditional exchanges to handle crypto trading
Russia’s Ministry of Finance has proposed allowing traditional exchanges to handle digital asset trading for select investors, Interfax reported on July 10. Read more
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How the UAE’s Stablecoin Decision Could Impact Local Businesses, Crypto and a Future CBDC
The Central Bank of the United Arab Emirates (CBUAE) has approved new regulations for stablecoins, enabling it to integrate Dirham-backed digital currencies into its financial ecosystem. Read more
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Coinbase derides SEC’s $2.6 billion budget request; American Securities Association calls for lower amount
“Yet again the SEC asks for more money that will go to regulation by enforcement when it has used none of its massive budget for real crypto rulemaking that would actually foster regulatory clarity.” Read more
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New York Bans Algo-Feeds for Minors
New York has passed groundbreaking legislation to protect minors from the potential harms of algorithmically curated social media feeds. The Stop Addictive Feeds Exploitation (SAFE) for Kids Act prohibits platforms from delivering algorithm-based content to users under 18 without parental consent, aiming to address concerns about the impact of “addictive feeds” on children’s mental health. Read more
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Bitwise CIO says market undervaluing Washington’s shifting attitude toward crypto
Bitwise CIO Matt Hougan believes the market is underestimating the significance of Washington’s evolving attitude toward cryptocurrencies. Hougan said in a June 4 memo that the US political landscape regarding crypto has changed significantly toward a more positive stance in recent weeks, and the market would been at a new all-time high already if its impact… Read more
