FameEX Morning Crypto News Recap | March 14, 2023
Goldman Sachs Forecasts No March Interest Rate Increase Due to US Banking System Stress
Goldman Sachs has updated its forecast for the US interest rate hike that was expected at the Federal Open Market Committee (FOMC) meeting in March, citing stress in the banking system. According to the bank's economists, led by chief economist Jan Hatzius, they no longer anticipate a rate hike at the FOMC meeting on March 22. This announcement was made to clients on Sunday.
US Federal Reserve Faces Internal Investigation Over Silicon Valley Bank Collapse
The Federal Reserve is set to investigate the supervision and regulation of Silicon Valley Bank after its collapse. The review will be conducted by Vice Chair for Supervision Michael Barr and will be released to the public by May 1. The bank's failure has prompted a call for a thorough and transparent investigation by Federal Reserve Chair Jerome Powell.
Amid Financial Crisis, American Crypto Firms Look to Partner with European Banks
US-based crypto firms are exploring international diversification amidst the recent banking crisis in the US. The loss of three crypto-friendly banks, including Silvergate Capital, Silicon Valley Bank, and Signature Bank, has raised concerns. As a potential solution to the crisis, the firms are now seeking to partner with European banks and explore diversification across international jurisdictions.
Political Contributions and Lobbying Efforts in Cryptocurrency Industry Surge in 2022
An analysis of federal lobbying data by OpenSecrets found that the cryptocurrency industry has significantly increased its political influence through a surge in lobbying spending, reaching $21.6 million in 2022. The rise in political contributions and lobbying efforts indicates the growing significance of the cryptocurrency industry in politics as lawmakers and regulators attempt to develop policies to govern digital assets.
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