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FameEX Morning Crypto News Recap | June 19, 2023

2023-06-19 12:09:30

JPMorgan Anticipates Dollar Supremacy to Continue Regardless of China Surpassing US as the World's Biggest Economy
JPMorgan strategists predict that although China is projected to become the world's largest economy by 2030, the U.S. dollar is likely to retain its dominant position throughout the 21st century. They draw parallels with the historical precedent of the U.S. surpassing Great Britain as the largest economy.

Twitter in Disarray as FTX 2.0 Reboot Sparks Controversy: Advocates Rally Behind Revival, Critics Express Doubt
Twitter users are actively debating the potential reboot of the FTX estate based on recent reports. The discussions reveal a divided sentiment, with critics expressing reservations while supporters eagerly embrace the idea of a revitalized FTX 2.0.

Venezuela Reportedly Planning to Liquidate the Petro Cryptocurrency
Reports suggest that Venezuela is considering winding down its petro cryptocurrency operations. This move follows allegations of corruption involving the former head of Sunacrip, the Venezuelan cryptocurrency watchdog, in a potential $20 billion scheme related to the settlement of Venezuelan oil sales.

Russian President Putin Addresses US Dollar Dominance and Denies De-Dollarization Plan for Russia
Russian President Vladimir Putin has addressed the decline of the U.S. dollar's dominance, asserting that Russia is not involved in its downfall. He emphasized that de-dollarization is not Russia's objective, while acknowledging global trends that could potentially lead to the end of the U.S. dollar's reign.

Economist Peter Schiff: US Dollar Decline Predicted to Exceed Yellen's Economist Peter Schiff warns that the decline of the U.S. dollar will surpass Treasury Secretary Janet Yellen's warning, potentially leading to a significant decrease in the standard of living. Additionally, Schiff highlights that Federal Reserve Chairman Jerome Powell is concerned about the ongoing financial crisis but aims to avoid causing market turbulence.

Economist Steve Hanke Issues Warning of Impending 'Ugly' Recession, Criticizes Federal Reserve's Lack of Direction
Economist Steve Hanke, a former member of Ronald Reagan's Council of Economic Advisors, criticizes the U.S. Federal Reserve, stating that it lacks direction and is uncertain in its actions. Hanke also forecasts a grim economic downturn in 2024, referring to it as an "ugly recession."

SEC Enforcement Director Explains Strategy Shift in Recent Actions, According to Report
Gurbir Grewal, the director of the SEC's enforcement division, has commented on the crypto industry, stating that it has been predominantly built on noncompliance. Due to this ethos, the SEC has initiated enforcement actions and had to adapt its strategies to address the lack of compliance within the industry.

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