Eagle Crest Asset Management

August 19, 2024

Wall Street Awaits Fed Chair Powell’s Speech at Jackson Hole

According to BlockBeats, market data on August 19 indicates that Wall Street is betting on Federal Reserve Chair Jerome Powell confirming an imminent rate cut at the Jackson Hole annual meeting. However, as the focus shifts from 'whether there will be a rate cut' to 'how much the rate cut will be,' stock traders might face disappointment.Steward Partners Global Advisory's Managing Director Eric Beiley stated, 'If traders hear about an imminent rate cut, the stock market will react positively. If they don't hear the desired information, it could trigger a massive sell-off.' The market fully expects the Federal Reserve to begin rate cuts at the September meeting. However, Powell's speech on Friday could easily keep the timing of the rate cuts under wraps. Given his cautious nature, he might reveal the extent of rate cuts in a vague manner after the Fed completes its easing measures. 'The market is confident that rate cuts are imminent,' Beiley added. If Powell does not emphasize this as the future path, it will be a significant surprise.

August 19, 2024

Harris Proposes Tax Cuts and Affordable Housing in Economic Plan

According to Odaily, U.S. Vice President Kamala Harris recently outlined proposals aimed at reducing taxes for most Americans, banning grocery price gouging, and constructing more affordable housing. These measures are part of her 'Opportunity Economy' plan, which she intends to implement if elected to the White House. In her first major economic speech as the Democratic presidential nominee, Harris pledged to introduce a new child tax credit of up to $6,000 for families with young children, reduce taxes for families with children, and lower prescription drug costs. Harris also called for the construction of 3 million new homes over four years and proposed tax incentives for builders who construct homes for first-time buyers. Speaking to supporters at a rally in North Carolina, Harris stated that while the U.S. economy is strong, prices remain too high. She emphasized that, if elected president, her primary focus would be on the middle class. 'I firmly believe that when the middle class is strong, America is strong,' she said.

August 19, 2024

Better Markets CEO: SEC Likely To Win Ripple Lawsuit

According to PANews, Dennis Kelleher, President and CEO of the nonprofit organization Better Markets, which aims to create a safer financial system for Americans, has stated that the U.S. Securities and Exchange Commission (SEC) has a 90% chance of winning its lawsuit against Ripple over XRP. Kelleher criticized the court's ruling, arguing that the judge in the Ripple case misapplied the law.Previously, Ripple's legal chief had anticipated that the SEC would appeal, although the probability of overturning the lower court's decision was estimated to be less than 10%.

August 17, 2024

SEC Charges Novatech Ltd. and Its Leaders for Cryptocurrency Fraud

According to Foresight News, the United States Securities and Exchange Commission (SEC) has filed charges against NovaTech Ltd. and its leaders, Cynthia and Eddy Petion, for orchestrating a cryptocurrency fraud scheme. The SEC alleges that the scheme deceived over 200,000 investors worldwide, including a significant number of Haitian Americans.The SEC's complaint outlines that under the leadership of the Petions, NovaTech was promoted as a multi-level marketing (MLM) and cryptocurrency asset investment program. The charges indicate that the company misled investors about the nature and potential returns of their investments, leading to substantial financial losses for many involved.This case highlights the ongoing regulatory scrutiny and legal actions taken by the SEC to protect investors from fraudulent schemes in the rapidly evolving cryptocurrency market. The SEC continues to emphasize the importance of due diligence and caution for investors considering involvement in cryptocurrency and MLM investment opportunities.

August 16, 2024

Ripple's Legal Status Unaffected By Potential SEC Appeal, Says Top Lawyer

According to U.Today, Ripple's chief legal officer, Stuart Alderoty, recently discussed the possibility of the U.S. Securities and Exchange Commission (SEC) appealing the court's decision regarding XRP's legal status. Alderoty mentioned that he would not be surprised if the SEC decides to appeal. However, he emphasized that XRP's classification as a non-security would remain unchanged despite any potential appeal. Judge Analisa Torres had previously ruled that the secondary sales of XRP were not securities, a decision that Alderoty insists will stand regardless of the SEC's actions.Earlier this month, Judge Torres issued a final judgment in the Ripple case, requiring the San Francisco-based company to pay $125 million in penalties. Despite the significant fine, Ripple viewed the outcome as a victory over the SEC, which it has criticized for years. Following the ruling, Alderoty appeared on CNBC, asserting that the SEC lost on all critical points. He also noted that the agency had sixty days to file an appeal.Bloomberg's senior litigation analyst, Elliott Stein, suggested that the Ripple case could have a positive impact on Coinbase's ongoing legal battle with the SEC. Alderoty echoed this sentiment, stating that the court's decision would significantly influence the broader cryptocurrency industry. He also criticized the SEC's approach to regulating the crypto sector, arguing that it had deviated from its primary mission. Despite the ongoing regulatory challenges, Alderoty expressed optimism that Ripple's legal victory would help the industry move forward.

August 16, 2024

Better Markets CEO Predicts SEC's 90% Chance Of Winning Ripple Appeal

According to U.Today, Better Markets CEO Dennis Kelleher believes that the U.S. Securities and Exchange Commission (SEC) has a 90% chance of winning the Ripple case on appeal. Kelleher criticized the July 2023 ruling by Judge Analisa Torres, stating that it misinterpreted decades of securities law and deprived unsophisticated investors of necessary protections. Judge Torres had ruled that only Ripple's institutional sales violated securities laws, a decision that has sparked significant debate.The ruling was later rejected by U.S. District Judge Jed Rakoff, who argued that the method of sale should not influence the legal status of a token. This ongoing legal battle has seen various opinions and predictions, with Ripple's top lawyer, Stuart Alderoty, expressing confidence that XRP's legal status will remain unaffected by any appeal. He noted that the current ruling is already established law.In a recent development, Judge Torres issued a summary judgment, ordering Ripple to pay $125 million in penalties. Ripple CEO Brad Garlinghouse has indicated his willingness to take the case to the Supreme Court if necessary, highlighting the company's determination to contest the SEC's stance.

August 16, 2024

Dubai Court Recognizes Cryptocurrency Wages in Employment Contracts

According to Odaily, the United Arab Emirates has made significant updates to its judicial approach towards cryptocurrency. The Dubai Court of First Instance has acknowledged the validity of wages paid in cryptocurrency under employment contracts. Irina Heaver, a partner at UAE law firm NeosLegal, explained that the ruling in Case No. 1739 of 2024 marks a departure from the court's stance earlier in 2023, when similar claims were dismissed due to the lack of accurate valuation of the involved cryptocurrency. Heaver believes this indicates a 'progressive approach' towards integrating digital currencies into the national legal and economic framework.The recent case involved an employee who sued their employer for unpaid wages, wrongful termination compensation, and other benefits. The uniqueness of the case lies in the employment contract, which stipulated not only traditional statutory currency wages but also a monthly payment of 5,250 EcoWatt tokens as part of the salary. The core of the dispute was the employer's failure to pay the EcoWatt token portion of the wages for six months. In 2023, the court initially recognized the validity of the EcoWatt tokens in the contract but did not enforce payment in cryptocurrency due to the employee's inability to provide a clear method for converting the tokens to statutory currency.However, in 2024, the court took a significant step forward on this issue. It ruled in favor of the employee, explicitly requiring the employer to pay the wages in cryptocurrency as stipulated in the employment contract, without the need to convert it to statutory currency. Heaver stated that this ruling not only reflects the court's growing acceptance of cryptocurrency in employment contracts but also underscores the court's recognition of the transformative nature of financial transactions in the Web3 economy.

August 16, 2024

Ghana Central Bank Proposes New Cryptocurrency Regulations

According to Odaily, the Bank of Ghana (BoG) has introduced new regulatory measures for digital assets following an extensive internal review of Bitcoin, USDT, and other cryptocurrencies. On August 16, the central bank released draft guidelines for digital assets and is seeking feedback from the public and industry stakeholders on the forthcoming cryptocurrency regulations.The Bank of Ghana's data collected over the past three years indicates a significant increase in the demand for cryptocurrencies within the country. In response, the bank plans to implement laws addressing risks associated with money laundering, terrorism financing, and fraud, alongside other measures aimed at protecting consumers.The central bank has proposed an eight-pillar framework for cryptocurrency regulation, focusing primarily on enhancing registration and reporting requirements for cryptocurrency trading platforms or virtual asset service providers (VASPs).

August 16, 2024

Russia Considers Establishing Legal Cryptocurrency Exchange

According to PANews, Russian officials are discussing the creation of a legal cryptocurrency exchange as the country continues to pivot towards digital assets. Moscow's ministers and the central bank are in talks about establishing a 'Russian crypto exchange.' Finance Minister Anton Siluanov has been in discussions with the central bank regarding the proposal to set up a legal cryptocurrency exchange in Russia. Siluanov mentioned that while no mutually acceptable solution has been reached yet, a breakthrough might be imminent, with relevant legislation potentially ready for submission to the State Duma during the autumn session. He also noted that existing Russian cryptocurrency exchanges operate in a regulatory 'gray area,' but recent legislative efforts in cryptocurrency regulation mark significant progress for the country.Long-serving Finance Minister Siluanov and Central Bank Governor Elvira Nabiullina, both close allies of President Putin, have historically had differing views on cryptocurrency regulation. Nabiullina is a staunch cryptocurrency skeptic, whereas Siluanov favors a more progressive approach. This divergence has led to a prolonged stalemate in cryptocurrency policy. However, this deadlock was recently broken when President Putin ordered an acceleration in regulatory efforts. This directive has resulted in the swift introduction of regulations concerning cryptocurrency mining and the use of cryptocurrencies in cross-border trade.

August 15, 2024

Economists Predict Slight Increase in US Unemployment Claims

According to Odaily, the latest unemployment claims data is set to be released at 8:30 PM Beijing time on Thursday. Economists forecast that initial claims will reach 235,000, a slight increase from last week's 233,000. Last week, the unexpected drop in initial claims provided some relief to those concerned about further deterioration in the US labor market. Moody's Chief Economist Mark Zandi believes that while the Federal Reserve's focus on inflation remains, the risks to the labor market are higher than those posed by inflation. If this trend continues, further deterioration in the labor market could prompt the Federal Reserve to begin cutting interest rates sooner.