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Huge shakeup for crypto in the U.S.



In a significant development for the U.S. cryptocurrency industry, the United States House Financial Services Committee has successfully passed two crypto regulatory bills.

The bills, named the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act, were approved by a majority of U.S. lawmakers on July 26.

The Financial Innovation and Technology for the 21st Century Act, passing with a 35-15 vote, is set to establish clear rules for cryptocurrency firms regarding their registration requirements. It will provide guidance on when these firms should register either with the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).

Additionally, the Republican bill outlines a process for firms to obtain certification from the SEC, confirming the adequate decentralization of their projects.

This certification would enable digital assets to be registered as digital commodities with the CFTC. Congressman French Hill, a Republican and Vice Chairman of the House Financial Services Committee, expressed pride in the bill’s passage, highlighting its bipartisan support and emphasis on robust consumer protections and fostering innovation in the United States.

The second bill, the Blockchain Regulatory Certainty Act, has bipartisan sponsorship by Congressman Tom Emmer and Congressman Darren Soto.

Its objective is to remove hurdles and requirements for various entities in the blockchain sector, including miners, multisignature service providers, and decentralized finance platforms.

Emmer hailed the passing of this bill as a “huge win” for the United States. He clarified that the Blockchain Regulatory Certainty Act addresses which blockchain-related entities would qualify as money transmitters in the country.

If passed in the House of Representatives, the bill would affirm that blockchain entities not holding customer funds are not considered money transmitters, providing much-needed clarity for the industry.

Despite the success of these two bills, some lawmakers refused to support the proposed Digital Assets Market Structure bill. Democratic Representative Maxine Waters criticized the bill for being too accommodating to the crypto industry’s demands and overlooking regulatory guidance from the SEC.

She emphasized the importance of upholding existing securities laws to protect investors and foster innovation.

With the passage of these regulatory bills, the U.S. cryptocurrency industry is now on the path towards greater clarity and stability.

The legislation aims to strike a balance between protecting consumers and encouraging innovation, fostering a conducive environment for crypto-related businesses in the United States.

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Moody’s downgrades China credit outlook, cites growth concerns



Moody’s Investors Service has downgraded China’s credit outlook, expressing concerns about the country’s economic growth prospects and the ongoing property market crisis.

The credit rating agency revised its outlook from stable to negative, citing a combination of factors that are putting pressure on China’s economy.

China’s economic growth has been slowing down in recent years, and Moody’s warns that this trend is expected to continue. The country faces challenges such as high debt levels, a rapidly aging population, and a declining labor force. These factors could hamper its ability to sustain robust economic growth in the future.

Additionally, the ongoing property market crisis in China is a major concern for Moody’s. The real estate sector has been a significant driver of the country’s economic growth, but it is currently experiencing a severe downturn with falling property prices and a growing number of unsold homes. This crisis has the potential to further weigh on China’s economic performance.

Moody’s decision to downgrade China’s credit outlook raises questions about the country’s ability to manage its economic challenges effectively. It also underscores the importance of addressing issues in the property market to prevent a broader economic crisis.

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Australia Post to shift to alternate-day mail delivery



In a move aimed at modernising its operations and accommodating the growing e-commerce industry, Australia Post has announced plans to reduce letter deliveries to every second day.

This significant shift is part of a broader strategy to expand its parcel business and adapt to changing consumer preferences.

Australia Post has recognized the declining demand for traditional letter services in an increasingly digital age. With more people communicating electronically and relying on email and messaging apps, the postal service has faced challenges in sustaining daily mail deliveries. By transitioning to alternate-day letter delivery, Australia Post aims to optimize its resources and focus on meeting the surging demand for parcel deliveries, driven by the booming online shopping market.

This strategic shift comes as a response to the changing landscape of postal services worldwide. Many postal agencies are diversifying their services to remain relevant and profitable. Australia Post’s move is expected to not only streamline its operations but also reduce costs associated with daily letter deliveries, ultimately benefiting both the organization and its customers.

While the change may be welcomed by those who prefer faster parcel deliveries, it raises questions about the impact on individuals and businesses reliant on daily mail services. Australia Post will need to address concerns regarding the potential delay of important correspondence and provide solutions to ensure minimal disruption for customers during this transition period.

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RBA maintains 4.35% rates as mortgage applications surge



The Reserve Bank of Australia (RBA) has decided to keep its official cash rate at 4.35%, citing concerns over the rapidly increasing number of mortgage applications.

This decision comes after several consecutive meetings where the RBA has refrained from adjusting interest rates.

The central bank’s decision to hold rates steady reflects their cautious approach to managing the current housing market boom. Mortgage applications have seen a significant surge in recent months, driven by record-low interest rates and increased demand for housing. While this has been a boon for the real estate industry, it has raised concerns about the potential for a housing bubble and financial stability.

Experts are divided on whether the RBA’s decision is the right course of action.

Some argue that maintaining low-interest rates is necessary to support economic recovery, especially in the wake of the COVID-19 pandemic. Others worry that the continued surge in mortgage applications without rate adjustments could lead to unsustainable levels of household debt.

In light of this decision, homeowners, prospective buyers, and investors will be closely watching the housing market’s trajectory and wondering how long the RBA can maintain its current stance.

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