FameEX Morning Crypto News Recap | June 7, 2024

As expected, the European Central Bank lowered interest rates by 25 basis points, adjusting the three principal rates to 4.25%, 3.75%, and 4.50% respectively

The European Central Bank cut interest rates by 25 basis points as expected, adjusting the marginal lending rate to 4.50%, the deposit facility rate to 3.75%, and the main refinancing rate to 4.25%. Previously, these rates were 4.75%, 4.00%, and 4.50%, respectively, meeting market predictions.

ECB Prioritizes Forward-Looking Forecasts, Projects Inflation to Decline to 2%

Carsten Brzeski from ING Bank notes the ECB is now prioritizing forward-looking forecasts over historical data. After the latest rate cut, President Lagarde highlighted inflation expectations, with ECB staff anticipating it will drop to the 2% target by next year's end. This shift represents a strategic move away from the reliance on past data that characterized previous meetings.

JPMorgan Chase: Strengthened US Crypto Regulations, New Stablecoin Bill Poses Threat to Tether's Dominance

JPMorgan Chase has noted that US cryptocurrency regulations have become stricter, with a stablecoin bill expected to pass before the presidential election. This legislation could undermine Tether's dominance in the market. Furthermore, the US House of Representatives recently approved a bill barring the Federal Reserve from issuing central bank digital currencies, reducing the likelihood of their introduction.

Saudi Arabia's Central Bank Engages in mBridge Cross-Border Digital Currency Initiative

The Central Bank of Saudi Arabia has become a participant in Project mBridge, a cross-border digital currency project initiated by the Swiss Bank for International Settlements (BIS) in 2021. Working alongside the central banks of China, Hong Kong, Thailand, and the UAE, the project tests the use of Central Bank Digital Currencies (CBDCs) for immediate cross-border transactions and payments.

Tether Secures 25% Ownership in BitDeer, Rising to Second Largest Shareholder

A filing with the U.S. Securities and Exchange Commission indicates that Tether, the issuer of UST, has acquired a 25% stake in Bitcoin mining company BitDeer. This makes Tether the second-largest shareholder of BTC mining shares, just behind Victory Courage Ltd., which is reportedly associated with Wu Jihan.

Lawsuit Filed Against US Securities and Exchange Commission for Alleged Transparency Issues in Enforcement Actions

Fox Business's Eleanor Terrett reports that the American Securities Association has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), accusing it of "lack of transparency" in enforcement actions and failing to respond to Freedom of Information Act requests.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​