Crypto Assets Industry Trends
Regulation and Macroeconomics
The US non-farm payroll data exceeded expectations, which may alleviate the pressure for interest rate cuts. In June, 147,000 new jobs were added, higher than the expected 110,000, indicating resilience in the labor market. This may ease the pressure on the Federal Reserve to cut interest rates, although Fed Chair Powell stated that a rate cut in July is still under consideration.
The U.S. House of Representatives passed the "Big and Beautiful" bill, which Trump will sign into effect on Independence Day. The bill involves adjustments to taxes and spending, sparking controversy due to cuts in aid and increased long-term debt.
U.S. Senator Lummis has proposed a tax bill for digital assets, which includes measures such as tax exemptions for small transactions, modifications to lending rules, and delays in the confirmation of mining income. It is expected to generate approximately $600 million in fiscal revenue over the next 10 years.
The Governor of the Bank of England warned that stablecoins could threaten public trust in currency and called for close attention to the risks brought by payment innovations.
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FTX applies for China and 49 other