Former Treasury Official Warns of Potential Economic Catastrophe if US Dollar Ceases to Be Global Reserve Currency
Former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury, Monica Crowley, has issued a strong warning about the potentially "catastrophic" implications of the US dollar losing its reserve currency status. According to Crowley, this would lead to a total implosion of the global economic system, resulting in the end of the US dollar. Since World War II, the US dollar has been considered a safe haven, but Crowley emphasized that the US has abused this privilege with reckless monetary and fiscal policies, leading to the devaluation of the dollar.
New Cryptoasset Promotion Legislation Expected in UK This Year
Under a new amendment to the Financial Services and Markets Act, the UK's Financial Conduct Authority (FCA) will be regulating crypto companies under existing promotions law. The regulatory oversight will extend to overseas companies as well. Registered companies will be able to approve their own ads for a limited duration. The amendment is slated to be discussed in Parliament.
Binance Faces Escalating Hurdles and Suffers $2 Billion in Outflows
According to a report by the Wall Street Journal, Binance, the leading crypto trading platform, has witnessed a net outflow of more than $2 billion on the Ethereum blockchain over the past week, as per data from crypto analytics firm Nansen. In total, Binance's publicly disclosed wallets currently hold over $63 billion worth of cryptocurrency assets.
Canadian Budget 2023 Vows to Safeguard Citizens from Cryptocurrency Risks
The Canadian government is proposing new powers for law enforcement to freeze or seize crypto assets linked to criminal activity, as part of their 2023 budget plan. Additionally, the government aims to protect citizens from the risks associated with cryptocurrency by implementing measures such as requiring financial institutions and pension funds to disclose their exposure to volatile crypto markets.
Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.