Investment Education

According to Odaily, the Hong Kong Securities and Futures Commission (SFC) has identified seven cryptocurrency exchanges operating without regulatory oversight. The exchanges listed as non-compliant include Taurusemex, Yomaex, Bitones.org, BTEPRO, CEG, XTCQT, and Bstorest. The SFC's action underscores its commitment to maintaining a secure and transparent financial market by ensuring that all trading platforms adhere to established regulatory standards. This move is part of a broader effort to protect investors and uphold the integrity of the financial system in Hong Kong.

According to Odaily, the Russian Ministry of Finance has proposed allowing licensed exchanges such as the Moscow Exchange and the St. Petersburg Exchange to offer digital currency trading services to selected qualified investors. Anatoly Aksakov, Chairman of the State Duma Financial Markets Committee, believes that Russia's largest exchanges are ready to handle cryptocurrency trading. He emphasized that once the legal framework is established, the exchanges should be able to commence crypto trading swiftly without any issues.

According to BlockBeats, on July 15, Gurbir S. Grewal, the head of the U.S. Securities and Exchange Commission (SEC) Enforcement Division, discussed cryptocurrency regulation at a recent symposium hosted by the William & Mary Law Review at the College of William & Mary School of Business. Grewal emphasized the necessity of enforcing federal securities laws in the evolving cryptocurrency market. He highlighted that the principles established in the 1946 Supreme Court ruling in SEC v. Howey, which defined securities, still apply to new investment schemes, including crypto assets. Grewal pointed out the significant investor losses caused by fraudulent crypto activities and stressed the urgent need to address these harms. He mentioned numerous charges brought against issuers involved in unregistered and deceptive offerings. Grewal underscored that innovation and compliance with securities laws are not mutually exclusive. The SEC is committed to working with cryptocurrency entrepreneurs to ensure adherence to regulations while fostering technological advancement. He concluded by emphasizing the need for robust enforcement to maintain public trust, protect investors, and enhance confidence in financial markets.

According to Foresight News, the U.S. Securities and Exchange Commission (SEC) is scheduled to hold a closed-door meeting on July 18. The agenda for this meeting includes discussions on solutions for enforcement actions. This has led to speculation that the regulatory body may be close to resolving its legal dispute with Ripple Labs. While the official agenda has not been disclosed, sources indicate that the meeting might cover the Ripple lawsuit and potential settlement options.

According to Odaily, the United States Producer Price Index (PPI) increased by 0.2% from the previous month and saw a year-over-year rise of 2.6%. The June PPI monthly rate was 0.2%, surpassing the expected 0.10% and improving from the previous value of -0.20%. The annual rate for June PPI stood at 2.6%, higher than the anticipated 2.30% and the prior 2.20%.

According to Odaily, the Hong Kong Monetary Authority (HKMA) has issued a notice to banks and licensed stored value facility holders. The notice details the results of a meeting held last month by its Financial Action Task Force (FATF), identifying jurisdictions with strategic deficiencies in their systems for combating money laundering, terrorist financing, and proliferation financing.The HKMA stated that the FATF has completed its fifth targeted review of virtual assets and virtual asset service providers, implementing relevant anti-money laundering measures. The task force will continue to monitor market trends and watch for significant developments that may require further action. The report on this review will be published in the coming weeks.

According to Odaily, Mary Daly, a representative of the US Federal Reserve, she expressed her growing confidence in the need for early relaxation of monetary policy during a phone conference with the media. This belief is based on recent inflation and employment data. 'Considering the information we have received so far, including data on employment, inflation, GDP growth, and economic prospects, I believe some policy adjustments may be necessary,' Daly stated. However, she declined to specify when she believes it would be appropriate for the Federal Reserve to cut interest rates.Daly has publicly stated that she does not believe prescriptive forward guidance, including the number and timing of rate cuts, is the best approach at this critical time. She pointed out that the risks faced by the Federal Reserve's dual goals of price stability and full employment have been better balanced. She believes that monetary policy is taking effect, but there is still 'considerable uncertainty' about how the economy will develop.

According to BlockBeats, on July 12, the Chairman of the US Federal Reserve in Chicago, Charles Evans, expressed that the inflation report for June was outstanding. He suggested that a rate cut or a series of rate cuts could be considered based on the data.Evans reassured that there is no need to panic about the unemployment situation as the job market is stable. He emphasized the importance of flexibility in policy decisions, stating that it is necessary to decide when to cut rates, rather than trying to predict the interest rate path for the next seven months.This statement indicates a potential shift in the Federal Reserve's approach to monetary policy, with a focus on responding to current economic conditions rather than attempting to forecast future trends. This could have significant implications for the US economy and financial markets.

According to Odaily, the United States Securities and Exchange Commission (SEC) has decided to abandon its investigation into PAXOS. The regulatory body has also determined that BUSD does not fall under the category of securities. This decision marks a significant development in the ongoing discussions surrounding the classification of digital assets. The SEC's decision to halt its investigation into PAXOS and its ruling on BUSD could potentially influence future regulatory decisions regarding other digital assets. However, it is important to note that the SEC's decisions are subject to change and may not necessarily set a precedent for future cases. The regulatory landscape for digital assets remains complex and evolving, with each case being evaluated on its own merits.

According to BlockBeats, the general inflation in the United States cooled down in June, further boosting the confidence of Federal Reserve officials that a rate cut could be imminent. Data from the US Bureau of Labor Statistics showed that the core Consumer Price Index (CPI), excluding food and energy costs, rose by 0.1% compared to May, marking the smallest increase since August 2021.Data released on Thursday showed that the index rose by 3.3% year-on-year, the lowest increase in over three years. Economists believe that the core index reflects potential inflation more accurately than the overall CPI. Due to the drag of falling gasoline prices, the overall CPI fell by 0.1% compared to the previous month and fell by 3% compared to the same period last year, marking the first decline since the outbreak of the COVID-19 pandemic.