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Veteran trader Peter Brandt has urged the U.S. Federal Reserve to stay hawkish and increase interest rates another 100 basis points to protect the nation’s wealth. He stressed that there is nothing more destructive to wealth than inflation, emphasizing that the Fed “must keep their feet to the floorboard to prevent a re-occurrence of inflationary pressures.” Peter Brandt’s Advice for the Federal Reserve Veteran trader Peter Brandt has urged the Federal Reserve to remain hawkish and increase interest rates by another 100 basis points. Brandt has been a futures and FX career trader since 1975. He is a chartist and the author of the Factor Report. He trades a variety of markets, including Dow futures, bonds, corn, crude oil, European wheat, Osaka Dow, U.S. dollar, and sugar. “The U.S. Fed was negligent for not aggressively raising rates in early 2021,” he tweeted Thursday. “Traders knew this, but the Ph.D.s had their heads up their butts.” He added: “But now, I congratulate the Fed as...

Federal Reserve Chair Jerome Powell has reaffirmed the Fed’s hawkish stance. Noting that the latest economic data indicates that the Fed’s policy “may not be restrictive enough” and “has not been restrictive for long enough,” Powell stated that the central bank could raise interest rates “at consecutive meetings.” Fed Chairman Powell on Rate Hikes Federal Reserve Chair Jerome Powell reaffirmed the Fed’s hawkish stance on Wednesday during a central banker panel hosted by the European Central Bank in Sintra, Portugal. With the next Federal Open Market Committee (FOMC) meeting slated for July 25-26, Powell emphasized that the Fed is not done curbing inflation and hinted at the possibility of consecutive interest rate hikes. The Federal Reserve paused raising interest rates in June after 10 consecutive rate hikes. “If you look at the data over the last quarter, what you see is stronger than expected growth, a tighter than expected labor market, and higher than expected inflation,” Pow...

According to the Commodity Futures Trading Commission (CFTC), Michael Ackerman, the operator of an alleged fraudulent digital asset trading scheme, has been issued with an injunction order which bars him from trading in any CFTC-regulated markets or registering with the CFTC. The injunction also requires Ackerman to pay $27 million in restitution to defrauded victims and a civil monetary penalty of $27 million. Only $10 Million Was Used to Trade Digital Commodity Assets The Commodity Futures Trading Commission (CFTC) announced on June 28 that a default judgment granting a permanent injunction has been issued against Michael Ackerman, the operator of a fraudulent digital asset trading scheme. According to the commission, the injunction granted by Naomi Reice Buchwald, a judge with a U.S. District Court, bars Ackerman from trading on regulated markets and registering with the CFTC. The statement also revealed that Ackerman, who was sentenced to five years of probation with a year of...

Javier Milei, a liberal presidential candidate in Argentina, stated recently that he has the funds needed for the dollarization of the country at the current market prices. Milei noted that his team had signed an NDA (non-disclosure agreement) with unknown third parties that would provide the liquidity needed to close the Central Bank of Argentina. Javier Milei Develops Dollarization Proposal in Argentina Javier Milei, a liberal presidential candidate in Argentina, has advanced his government plan to eliminate inflation in the country if elected. He stated he already has the funds to dollarize the economy at current market prices. Milei, who has made dollarization a pivotal part of his government plan, declared : While they attack, defame, operate, etc., we have been advancing in negotiations and we have already obtained the dollars to dollarize the economy at the value of the market dollar. We continue working to solve a big problem in Argentina, which is inflation. Milei expl...

Failed crypto exchange FTX has unexpectedly halted the sale of its stake in the artificial intelligence (AI) startup Anthropic. The stock has been viewed as a source of funds that can be used to compensate customers who suffered losses as a result of the coin trading platform’s collapse. Cryptocurrency Exchange FTX Postpones Sale of Anthropic Shares Bankrupt crypto exchange FTX has decided to hold off the sale of its stake in the AI company Anthropic. The stock, worth $500 million, has been among the exchange’s most sought-after assets, Bloomberg noted in a report. According to sources who chose to remain anonymous, bidders have been informed this month about the pause by Perella Weinberg Partners, the financial services firm acting as an advisor in FTX’s bankruptcy which was looking to sell the Anthropic shares. The AI startup was established in 2021 by former employees of Openai, the developer of the chatbot Chatgpt . In May of this year, Anthropic announced it had raised $450 m...

Paysafe will discontinue support for bank transfers of euros to and from Binance, the payments provider announced. The news comes when the world’s largest cryptocurrency exchange finds itself under pressure from regulators and banking partners in Europe and elsewhere. Paysafe to Stop Euro Deposits and Withdrawals for Binance Crypto exchange Binance, the global leader in terms of daily trading volume, will lose access to payments in the common European currency, another setback for its operations on the Old Continent that comes amid regulatory crackdown in various jurisdictions. “Following a strategic review, we have taken the decision to cease offering our embedded wallet solution to Binance across the region,” its U.K.-based payment processor, Paysafe, said in a statement, quoted by Bloomberg. The company added: Paysafe and Binance are now working to mutually implement an orderly and fair process to terminate this service over the next few months. Paysafe will no longer suppor...

Mastercard has introduced its Multi-Token Network (MTN), an app store powered by blockchain technologies for building regulated financial applications. “MTN represents one of Mastercard’s most ambitious projects in the digital asset space to date,” said the payment giant’s head of crypto and blockchain. “Our goal is to support the wider digital asset industry and interested parties to help fortify confidence in its future.” Mastercard Unveils Multi-Token Network Raj Dhamodharan, Mastercard’s head of crypto and blockchain, announced in a blog post on Wednesday: Today, we are taking the next step on our journey with the introduction of Mastercard Multi-Token Network, a tailor-made solution for the industry. “Our vision for MTN is to provide a set of foundational capabilities designed to make transactions within the digital asset and blockchain ecosystems secure, scalable, and interoperable — ultimately enabling more efficient payment and commerce applications,” he explained. The ...

The U.S. state of North Carolina has advanced a bill to study holding cryptocurrencies, particularly bitcoin, in the state treasury. The bill appropriates $50,000 from the state’s general fund to study three areas, including “The process of acquiring, securely storing, insuring, and liquidating … virtual currency, such as bitcoin, that may be held on behalf of the state.” North Carolina Explores Holding Bitcoin The U.S. state of North Carolina has advanced House Bill 721 (HB721) titled “State Precious Metals Depository Study.” The bill appropriates $50,000 from the state’s general fund, which is made up of tax revenues, excluding transportation, to the state treasurer to conduct a study that examines three key areas. The first area involves: The process of acquiring, securely storing, insuring, and liquidating … virtual currency, such as bitcoin, that may be held on behalf of the state. The second area is the “expected impact of allocating a portion of the general fund” to “virt...

Cryptocurrency exchange Binance has reconsidered a decision to delist some privacy tokens in several European markets. The leading coin trading platform will continue to offer trading in these digital assets after revising their classification to comply with EU regulations. Binance to Continue Support for Certain Privacy Coins Despite Earlier Intentions to Remove Them The world’s largest crypto exchange by trading volume, Binance, has decided to reverse a plan to delist privacy-oriented cryptocurrencies in several EU jurisdictions. The move comes after the company received feedback from some of the projects and traders. Last month, Binance informed customers it intends to remove 12 privacy coins in France, Spain, Italy, and Poland. Those set to be delisted on June 26 were dash ( DASH ), verge (XVG), beam (BEAM), monero ( XMR ), navcoin (NAV), firo (FIRO), horizen (ZEN), secret (SCRT), zcash (ZEC), pivx (PIVX), decred (DCR), and mobilecoin (MOB). At the time, the exchange cited lo...

U.S. presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has promised to ensure that “your right to use and hold bitcoin is inviolable” if he is elected U.S. president. “Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government institutions are more transparent and more democratic,” said the presidential hopeful. Robert F. Kennedy Jr.’s Bitcoin Promise U.S. Presidential candidate Robert F. Kennedy Jr. (RFK Jr.) has made a promise regarding bitcoin if he is elected president of the United States. Kennedy is a son of former U.S. Attorney General and Senator Robert F. Kennedy and nephew of former U.S. President John F. Kennedy. RFK Jr. tweeted Tuesday: As president, I will make sure that your right to use and hold bitcoin is inviolable. “Bitcoin is not only a bulwark against totalitarianism and the manipulation of our money supply, it points the way toward a future in which government ins...

Binance’s attempt to prevent the U.S. Securities and Exchange Commission (SEC) from making public statements alleging that the crypto exchange mishandled U.S. customers’ assets has been denied by the judge overseeing its enforcement case. A former SEC head of internet enforcement warned that the motion may “prompt the criminal authorities to expedite whatever action, if any, they plan on taking with respect to Binance.” Judge Denies Binance’s Motion Against SEC Binance’s motion against the U.S. Securities and Exchange Commission (SEC) was denied by Judge Amy Berman Jackson on Monday. The motion was filed as part of the case in which the SEC charged Binance , CEO Changpeng Zhao (CZ), and Binance US with securities law violations. The cryptocurrency exchange filed a motion asking Judge Jackson to prevent the securities regulator from making public statements alleging that Binance and Zhao mishandled the assets of U.S.-based customers. The cryptocurrency exchange argued that the SEC h...

In a recent submission to the Eighth Judicial District Court in Las Vegas, the Nevada Financial Institutions Division has expressed its intention to take decisive action against the crypto custodian Prime Trust. The regulatory body seeks to not only shut down Prime Trust but also swiftly seize its property, assets, books, papers, documents, and records. The state’s financial overseer aims to place Prime Trust under receivership, ensuring a comprehensive resolution to the matter. Nevada Regulator Moves to Shut Down Prime Trust as Crypto Custodian Faces Insolvency and Asset Accessibility Issues Nevada’s financial watchdog has raised concerns about the financial status of crypto custodian Prime Trust. In a recent development, the Nevada Financial Institutions Division revealed that Prime Trust faced insolvency and was unable to fulfill customer withdrawal requests. This disclosure, made five days ago, prompted the regulator to assert that Prime Trust had breached its fiduciary respon...

The International Monetary Fund’s (IMF) executive director for Russia says a growing number of countries are switching to trade in Chinese yuan, not only with China but also with third countries. He stressed that it is wrong for the U.S. dollar to be widely used globally given that the U.S. government uses the currency “for the purposes of national interests” and “the economic and financial obligations of one country.” IMF Director on De-Dollarization Gaining Momentum Worldwide The International Monetary Fund’s (IMF) executive director for Russia, Aleksei Mozhin, shared his thoughts on the global de-dollarization trend in an interview with RIA Novosti Monday. He explained that Washington’s policies and actions have compelled countries around the world to seek alternatives to the U.S. dollar, noting that more nations are ramping up the use of alternative currencies, particularly the Chinese yuan, in cross-border transactions. The IMF executive director described: We can see that I...

On Monday, FTX released a second investigative report accusing co-founder Sam Bankman-Fried and senior executives of commingling customer deposits and corporate funds and misusing them. The report alleges that they spent $243 million on luxury residential real estate for senior staff and family members, as well as on commercial properties. FTX Execs Accused of $243 Million Real Estate Spending Spree, Retaliation, and Fraud A second investigative report by FTX debtors alleges that “commingling and misuse of FTX.com customer deposits occurred for several years.” The report criticizes this fraudulent practice for making it “extraordinarily challenging” to trace the origins of specific transactions or distinguish between operating funds and customer assets. As part of the report, it states that FTX.com owed customers $8.7 billion as of the date of the bankruptcy petition. “The image that the FTX Group sought to portray as the customer-focused leader of the digital age was a mirage,” th...

Kristalina Georgieva, the International Monetary Fund (IMF)’s managing director, has said Egypt needs to plug leakages of foreign reserves if it wishes to successfully support its currency. According to the IMF leader, Egyptian authorities must also do more to support the vulnerable and to ensure that such support does not benefit the rich. Multiple Exchange Rates ‘Create Privileged Positions for Some’ According to the International Monetary Fund (IMF)’s managing director, Kristalina Georgieva, attempting to shore up the Egyptian currency without first plugging foreign reserves leakages is akin to “putting water in a bucket that has holes.” Georgieva also argued that Egypt’s multiple exchange rate policy has created a system that only benefits the privileged. However, in her remarks during an interview with Asharq Business, the IMF boss insisted the global lender is still holding discussions with Egyptian authorities. She also highlighted how a closer working relationship with the ...

Banking giant HSBC has begun letting customers buy and sell bitcoin and ethereum exchange-traded funds (ETFs) that are listed on the Hong Kong stock exchange (HKEX) using its mobile apps. The stock exchange currently has three crypto futures ETFs listed. HSBC Customers Can Trade Crypto Futures ETFs Using Mobile Apps Banking giant HSBC has reportedly begun allowing customers to buy and sell bitcoin and ethereum exchange-traded funds (ETFs) listed on the Hong Kong stock exchange (HKEX) through its mobile apps. Chinese reporter Colin Wu tweeted Monday: HSBC, the largest bank in Hong Kong, today allows its customers to buy and sell bitcoin and ethereum ETFs listed on the Hong Kong exchange, and is also the first bank in Hong Kong to allow it. The move will expand local users’ exposure to cryptocurrencies in Hong Kong. Wu further noted that HSBC has launched “Virtual Asset Investor Education Centre,” emphasizing: “Investors need to read and confirm the educational materials and risk...

Over 500 companies in Argentina have reportedly requested to pay for imports using Chinese yuan as the U.S. dollar shortage worsens. “The central bank doesn’t have dollars so it needs the emergency aid China is offering,” a trade economist in Buenos Aires explained. Chinese Yuan Usage Hits Record High in Argentina The Argentine customs agency has revealed that over 500 companies in Argentina, spanning various industries such as electronics, auto parts, textiles, oil, and mining, have requested to use Chinese yuan for import payments, Bloomberg reported Friday. As the scarcity of U.S. dollars persists in Argentina, the use of the Chinese yuan has reached an all-time high in the country. According to officials from the country’s central bank, import payments authorized in the Chinese currency have amounted to $2.9 billion. Marcelo Elizondo, a trade economist in Buenos Aires, explained: The central bank doesn’t have dollars so it needs the emergency aid China is offering … For Argen...

A North Korean analyst has cautioned that the actions taken by the U.S. to restrict the usage of the dollar and the growing interest of countries to join the BRICS bloc are “accelerating” the decline of the USD as the world’s dominant currency. North Korean State Media on De-Dollarization and the BRICS North Korea’s state media, the Korean Central News Agency (KCNA), published an article Sunday titled “Expansion of BRICS is an inevitable result of the present unfair international economic order.” The article is authored by Jong Il Hyon, an international affairs analyst of the DPRK. He explained that the primary driving force behind numerous countries joining the BRICS bloc is “the present unfair and unreasonable international economic order” that centers around the U.S.-led international monetary system built upon the dollar. Jong added that the U.S. established the Bretton Woods system in July 1944 with the dollar as the international standard currency after accumulating a vast a...

Global investment bank JPMorgan has presented four probable global outlook scenarios, with “boil the frog” recession emerging as the most likely outcome. The bank’s economists warned: “Broad-based developed-market tightening points to a more synchronized global downturn sometime in 2024.” JPMorgan’s Global Outlook and ‘Boil the Frog’ Recession Global investment bank JPMorgan has provided an overview of four potential global outlook scenarios that it expects to unfold in 2023 and 2024. The bank’s economists believe that the likelihood of the United States entering a recession outweighs the possibility of avoiding one. The most likely outcome, according to JPMorgan, is “boil the frog” recession, with the U.S. slipping into recession at the same time as the rest of the global economy. The economists assigned a 36% probability to this scenario, highlighting that it is primarily driven by the implementation of aggressive monetary tightening in response to persistent inflation. “Centra...

Around 50 Chinese nationals have reportedly been apprehended by Libyan authorities following allegations of running a cryptocurrency mining facility within the city of Zliten, local reports detail. Cryptocurrency mining is strictly prohibited by law in Libya. Libyan law enforcement officials have disclosed that the mining operation, situated in an abandoned iron factory, was effectively dismantled. Illegal Cryptocurrency Mining Operation Busted in Libya, 50 Chinese Nationals Arrested The New Arab, on June 23, 2023, published a report revealing the Libyan attorney general’s office’s announcement of the arrest of 50 Chinese nationals involved in crypto mining activities in Zliten. Siddiq Al-Sour, the attorney general (AG), shared visual evidence, including photographs and videos, showcasing the mining campus located in the eastern part of the Tripoli province. Furthermore, preceding the detention of the 50 Chinese individuals, ten individuals associated with the operation had already...

A U.K. citizen has been sentenced by а New York court to five years in prison for his role in a Twitter hack including the hijacking of accounts of U.S. political and business figures. The man is also responsible for the theft of large amounts of cryptocurrency in a SIM swap attack. Hacker Goes to Jail for Breaching Twitter Accounts of U.S. Officials and Business Leaders A British national got a five-year prison sentence for his involvement in a Twitter hack that targeted the accounts of leading U.S. politicians and businessmen. The hijacking is one of several crimes that he was charged with, including stealing cryptocurrency and cyberstalking victims. The sentencing comes after Joseph James O’Connor pleaded guilty in New York in May to participating in a number of online schemes including a Twitter hack that led to the impersonation of former U.S. President Barack Obama, President Joe Biden, Amazon founder Jeff Bezos, and billionaire investor Warren Buffett, among others, to adver...

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue, the International Monetary Fund (IMF) reports interest in central bank digital currencies (CBDC) in Latam and the Caribbean is picking up, Lula criticizes the current international economic system, and Venezuela integrates the Russian Mir payments system. IMF Finds Interest in CBDC Picks up Steam in Latam and the Caribbean A report published by the International Monetary Fund (IMF) revealed that interest in central bank digital currencies (CBDC) remains high in Latam and the Caribbean. According to a recent survey with governments of the region, “half of the respondents were considering both retail and wholesale CBDC options.” Brazil is one of the countries experimenting with a two-tiered CBDC model, which is in its proof of concept stage. If issued, it would be connected to the “Open Finance” concept of the Central Bank of Brazil. The reasons for...

A subsidiary co-owned by Crédit Agricole and Santander has registered as a digital asset service provider in France. The registration of Caceis, a company that specializes in offering financial services to institutional investors, allows the two major European banks to tap into the crypto market. Crédit Agricole Asset Management Unit Obtains AMF Registration in France An asset servicing business owned by France’s second largest bank, Crédit Agricole, and Spain’s biggest bank, Santander, has registered with the French financial markets authority, Autorité des Marchés Financiers (AMF) as a digital asset service provider (DASP). The registration , granted by the AMF earlier this week, will allow the entity, Caceis, to provide custody services for digital assets, including cryptocurrencies. At the end of 2022, the firm had 4.1 trillion euros ($4.51 trillion) in assets under its custody. The move adds a major traditional financial services group to the growing number of crypto companie...

From the latter half of 2022 and continuing into 2023, the concept of de-dollarization has gained significant traction, making its mark on the mainstream media. This surge in attention can be attributed to the concerted efforts of BRICS countries such as Brazil, China, and Russia, who are endeavoring to diminish the dominance of the greenback, preventing it from reclaiming its former position as the alpha currency. Although a prevailing sentiment suggests that the U.S. dollar’s global reserve status is on the brink of dissolution, there are dissenting voices asserting that the hype surrounding de-dollarization has been exaggerated. Decoding De-Dollarization: Unraveling the Shift Away From the Greenback’s Global Hegemony Two noteworthy subjects have captured considerable public interest as of late: the strategies pursued by the BRICS nations (Brazil, Russia, India, China, and South Africa) and the concept of de-dollarization, which has emerged as a prominent talking point. Although ...

U.S. Treasury Secretary Janet Yellen has defended the dominance of the U.S. dollar amid rising efforts by emerging countries to de-dollarize. Brazilian President Luiz Inácio Lula da Silva, in particular, is set to raise the issue of de-dollarization at the next BRICS meeting. “There is a very good reason why the dollar is used widely in trade,” Yellen argued. Yellen Defends US Dollar’s Hegemony U.S. Treasury Secretary Janet Yellen defended the global dominance of the U.S. dollar Friday at a press conference in Paris, where she attended a summit on global finance hosted by French President Emmanuel Macron. Brazilian President Luiz Inácio Lula da Silva, who also attended the summit, appeared on a panel with South African President Cyril Ramaphosa. Reiterating his call for countries to abandon the U.S. dollar and trade in their own national currencies or other alternatives, the Brazilian leader stressed that the use of the USD in international trade puts countries like Brazil at a di...

Rich Dad Poor Dad author Robert Kiyosaki has shared a very simple way of telling whether an economy is in a recession. “There is a lot of hot air about ‘Are we in a recession or not.’ The answer is simple,” the famous author claimed. Robert Kiyosaki on How to Tell if We’re in a Recession The author of Rich Dad Poor Dad, Robert Kiyosaki, has explained how to tell if the economy is in a recession. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries. Kiyosaki tweeted Thursday: There is a lot of hot air about ‘Are we in a recession or not.’ The answer is simple. My rich dad said ‘If your neighbor loses his job, the economy is in a recession. You lose job, economy in depression. KISS. Keep It Super Simple. Be an entrepreneur. Never need a job. The famous author has cautioned about a ...