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FameEX Morning Crypto News Recap | September 25, 2023

2023-09-25 12:10:25

NFT Market in a Slump: 30-Day Drop of 34% Reflects Cooling Trend in Digital Collectibles

Recent data reveals a sustained downturn in non-fungible token (NFT) sales, with a 3.2% weekly decrease and a notable 34% monthly plunge. As September approaches its conclusion, NFT sales have reached $341.37 million since August 24. This decline raises questions about the long-term sustainability and volatility of the NFT market.

US House Committee Approves CBDC Anti-Surveillance State Act with Backing from 60 Congressional Members

The US House Financial Services Committee has approved the CBDC Anti-Surveillance State Act, marking the first legislative attempt in the US to counter central bank digital currencies. Congressman Tom Emmer emphasized that the bill aims to prevent the Biden administration from creating a financial surveillance tool that could threaten American values.

UK Online Safety Bill Enacted Despite Strong Opposition from Civil Liberties Groups

The UK Online Safety Bill, designed to create a safer online environment, has received approval from both houses of parliament and is poised to become law. However, it faces significant criticism from civil liberties groups and activists who fear potential repercussions for online privacy and encryption. Despite its safety goals, the bill's impact on digital rights remains a contentious issue.

Federal Reserve Signals One More Rate Hike in 2023 with 'Soft Landing' Focus

The U.S. Federal Reserve is set to increase the federal funds rate by the end of 2023, as indicated by their forecasts. This decision follows the recent decision to keep interest rates unchanged during the Federal Open Market Committee (FOMC) meeting. Chairman Jerome Powell emphasized the importance of maintaining a "restrictive policy" to combat inflation and noted the need for further data to guide their actions.

FTX Initiates Legal Action Against Former Employees of Hong Kong Affiliate

FTX, a bankrupt cryptocurrency exchange, has filed a lawsuit against former employees of its Hong Kong affiliate, Salameda, in an attempt to retrieve $157.3 million. FTX alleges that this amount was fraudulently withdrawn in the hours preceding the exchange's bankruptcy declaration. The legal action seeks to address the disputed withdrawal and recover the funds, marking a significant development in the aftermath of FTX's financial troubles.

EU Parliament Research Urges Non-EU Countries to Strengthen Cryptocurrency Regulations

The European Parliamentary Research Service (EPRS) has emphasized the importance of increased oversight by non-European Union regulators to enhance stability and growth in the global cryptocurrency market. The report points out that the United States has a complex regulatory landscape involving multiple state and federal entities, leading to challenges in legal clarity and regulatory certainty.

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

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