According to Odaily, Polish Central Bank member Kotecki has indicated that there is potential for interest rate cuts in 2025 if the country experiences low economic growth. This statement highlights the central bank's readiness to adjust monetary policy in response to economic conditions.
According to Odaily, analysts at Malayan Banking Berhad (Maybank) have indicated in a foreign exchange research and strategy report that the market widely anticipates the U.S. core Consumer Price Index (CPI) for July to slightly decrease from 3.3% in June to 3.2%. This expected inflation data is considered most favorable for the market. While such data might reduce the likelihood of aggressive rate cuts by the Federal Reserve and potentially lead to a further rise in the U.S. dollar, an improvement in risk sentiment could slow the dollar's upward momentum.
Welcome to the Artificial Intelligence Outlook for Forex trading. https://www.youtube.com/watch?v=2yhMCXZp_AA VIDEO TRANSCRIPT Okay, hello everyone, and welcome back. My name is Greg Firman, and this is the Vantage Point AI ...
According to Foresight News, the U.S. Securities and Exchange Commission (SEC) has reached a settlement with Ideanomics over a $40 million cryptocurrency revenue fraud case. The SEC accused Ideanomics of fraudulently reporting over $40 million in cryptocurrency revenue in 2019. All parties involved have agreed to the settlement.Former Ideanomics Chairman and CEO Bruno Wu has agreed to pay over $3.3 million in disgorgement, prejudgment interest, and a $200,000 penalty. Additionally, Ideanomics has agreed to pay a $1.4 million penalty and will hire an independent compliance consultant to review and enhance its internal accounting controls.
According to Odaily, A&A Company falsely claimed to have acquired a cryptocurrency mining company in Yunnan, China, defrauding over 700 investors in Singapore of 6.7 million SGD. Wang Xinghong, the CTO from China, was involved in this Ponzi scheme and earned over 130,000 SGD in rewards. He has been sentenced to five years in prison. The case revealed that Wang's accomplice, a man named Yang Bin, played a significant role in the scheme. Yang Bin established A&A Blockchain Innovation Pte Ltd (A&A) on April 20, 2021, and served as the company's chairman and leader. From May 20, 2021, to February 15, 2022, A&A promoted a cryptocurrency mining plan to local investors. The company falsely claimed to have purchased 70% of a cryptocurrency mining company in Yunnan, which allegedly owned 300,000 mining machines. A&A assured investors that these machines could mine cryptocurrencies like Bitcoin and Ethereum, promising a daily return of 0.5% on their investments. However, the entire investment plan was a Ponzi scheme, with A&A using funds from new investors to pay 'profits' to earlier investors.
According to Foresight News, the U.S. Internal Revenue Service (IRS) has released an updated draft version of tax form 1099-DA, which is intended for cryptocurrency brokers and investors to report certain transaction gains. The public has 30 days to provide feedback on this version to the IRS.IRS officials stated that the newly released 1099-DA update is more streamlined compared to the initial draft proposed by the IRS in April. Notably, the requirement for investors to fill in wallet addresses and transaction IDs has been removed, addressing privacy concerns that arose when the form was first introduced. Additionally, the updated form no longer requires the specific time of transactions, only the date.
According to PANews, the U.S. Securities and Exchange Commission (SEC) has issued subpoenas to at least three cryptocurrency venture capital firms this year. Sources familiar with the investigation revealed that the subpoenas are titled 'In the Matter of Certain Crypto Asset Intermediaries.' The SEC is investigating whether there have been violations of federal securities laws. DL News reviewed the subpoenas but could not disclose the specific targets of the SEC's investigation.The SEC's focus on crypto venture capital indicates that the agency is scrutinizing the initial funding channels for most crypto startups. An anonymous source stated that at least two other crypto venture capital firms received similar document requests. The subpoenas demand information on any token transaction contracts involving investors. A lawyer from a crypto venture capital firm not affected by the subpoenas described the investigation as an overly broad and costly search. This lawyer, who had heard about the investigation before speaking with DL News, requested anonymity to avoid public mention of the SEC.Elisha Kobre, a lawyer specializing in securities and commodities fraud at Bradley Arant Boult Cummings, commented that the SEC's scrutiny of venture capital is reasonable. He suggested that the SEC might consider this an additional enforcement area. Sources familiar with the investigation indicated that financial regulators might be interested in whether crypto venture capital firms act as 'statutory underwriters.' Statutory underwriters are broker-dealers who purchase securities intending to distribute them to the public.Many crypto startups file token financing records with the SEC but often seek exemptions from registering their securities, as they only offer future token rights to qualified investors. The SEC is reportedly interested in whether these qualified investors are distributing unregistered securities to a broader retail market. The source added that such actions could 'poison the initial issuance,' referring to the potential impact when investors sell tokens on the public market.
According to Odaily, Richmond Federal Reserve President and 2024 FOMC voting member, Thomas Barkin, stated that the Federal Reserve has time to assess whether the U.S. economy is normalizing or weakening. If the latter occurs, it would necessitate stronger actions from officials. Barkin emphasized the importance of evaluating the economic situation carefully before making any decisions.Kansas City Federal Reserve President, Esther George, noted that despite inflation exceeding targets, the labor market remains healthy. However, she is not yet ready to support a rate cut. Known for her hawkish stance, George highlighted the need for cautious assessment of progress, given that inflation surged to multi-decade highs two years ago. She stressed the importance of focusing on the worst-case scenarios in the data rather than the best-case scenarios.
According to BlockBeats, on August 8, market sources reported that the Central Bank of the Philippines has lifted the ban on establishing digital banks. The bank will now permit up to 10 digital banks to operate.
According to BlockBeats, on August 8, South Korean IT giant Kakao's founder and Chairman of the Management Reform Committee, Kim Beom-su, was arrested and indicted by prosecutors on charges of stock manipulation. The Seoul Southern District Prosecutors' Office arrested and charged Kim for allegedly violating the Capital Markets Act.Prosecutors suspect that Kim Beom-su manipulated stock prices during Kakao's acquisition of SM Entertainment in February last year. It is alleged that he artificially inflated SM Entertainment's stock price to over 120,000 KRW per share (approximately 625 RMB) to hinder a competing bid from HYBE.Additionally, former Kakao CEO Hong Eun-taek and former Kakao Entertainment CEO Kim Sung-soo were indicted without detention.