FameEX Morning Crypto News Recap | March 14, 2023
Goldman Sachs Predicts No March Rate Hike Due to Stress in US Banking System
Goldman Sachs has revised its prediction for the expected US interest rate hike at the Federal Open Market Committee (FOMC) meeting scheduled for March. Due to stress in the banking system, the bank's economists, led by chief economist Jan Hatzius, have updated their forecast and no longer expect a rate hike at the upcoming meeting. This announcement was communicated to clients on Sunday, indicating a shift in expectations for the future of US monetary policy.
Internal Probe Launched into US Federal Reserve Regarding Silicon Valley Bank Failure
The Federal Reserve has launched an investigation into the supervision and regulation of Silicon Valley Bank following its collapse. The review will be led by Vice Chair for Supervision Michael Barr and is expected to be made public by May 1. Federal Reserve Chair Jerome Powell emphasized the need for a thorough and transparent review in light of the bank's failure.
US Cryptocurrency Companies Seek European Banking Partnerships During Financial Turmoil
The recent banking crisis in the US has prompted concerns among US-based crypto firms, particularly after the loss of three crypto-friendly banks - Silvergate Capital, Silicon Valley Bank, and Signature Bank. In light of this, crypto firms are exploring diversifying across international jurisdictions and are looking to partner with European banks as a potential solution to the financial crisis.
Crypto Industry Sees a Surge in Political Contributions and Lobbying Efforts During 2022
According to an analysis of federal lobbying data by OpenSecrets, the cryptocurrency industry has increased its political influence by spending $21.6 million on federal lobbying in 2022, a significant increase from previous years. This surge in political contributions and lobbying efforts reflects the growing importance of the cryptocurrency industry in the political arena, as lawmakers and regulators continue to grapple with how to regulate digital assets.
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