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According to DLNews, crypto businesses may face suspension of services in the European market, valued at nearly $1 trillion, unless they are granted additional time to comply with the European Union's new Markets in Crypto-Assets (MiCA) regulation. A letter addressed to the European Securities and Markets Authority (ESMA) by several crypto and blockchain trade associations warns that without an extension, the market's reputation and customer interests could be at risk. The letter, from the European Crypto Initiative, Blockchain for Europe, the Electronic Money Association, and the International Association for Trusted Blockchain Applications, highlights potential negative financial impacts across EU member states if compliance is not achieved in time. The next phase of MiCA's implementation is scheduled for December 30, introducing new regulations for crypto asset service providers (CASPs), including exchanges, wallet providers, and custodians. While these regulations are seen as a catalyst for the crypto industry's growth in Europe, industry representatives express concerns over the perceived slow response from regulators, which may hinder their ability to capitalize on this opportunity. ESMA recently finalized the implementing rules of MiCA, which detail the compliance requirements for individual state regulators and crypto firms. However, CASPs cannot authorize firms until they receive ESMA's rules, which were submitted to the European Commission on October 16 and endorsed on October 31. This leaves EU state regulators with limited time to publish their authorization requirements and approve firms by the December 30 deadline. MiCA offers a grace period of up to 18 months for firms to transition from existing local CASP regulations to MiCA. However, the trade associations argue that this grace period is insufficient, as crypto firms may still need to cease cross-border services. MiCA allows individual countries to select different grace periods, up to the 18-month limit. Some states, like Denmark, France, and Greece, have opted for the full 18 months, while others, such as Ireland, chose 12 months, and Lithuania only five months. The lengthy application process, involving extensive paperwork, further complicates the timeline for authorizations, potentially extending beyond many countries' grace periods. The letter emphasizes the threat to MiCA's passporting provisions, which allow CASPs authorized in one state to offer services across the EU. The trade associations urge ESMA to extend the grace period for MiCA authorization to the end of June, which would reduce regulatory uncertainty and enable CASPs to continue services while applications are processed. Vyara Savova, a senior policy expert with the European Crypto Initiative, suggests that ESMA could also address the issue by advising member states to harmonize their timelines and extend their grace periods. ESMA has not yet responded to the request for comment.

According to U.Today, former CFTC Chair Chris Giancarlo, often referred to as "Crypto Dad" for his supportive stance on digital assets, has confirmed that he is not seeking to replace SEC Chair Gary Gensler. In a recent social media post, Giancarlo expressed his disinterest in addressing what he described as Gensler's "mess." Gensler, who previously led the CFTC from May 2009 to January 2014, has been known for his stringent approach towards cryptocurrencies since taking over the SEC. Giancarlo, who joined the CFTC as a commissioner in 2014 and led the agency from August 2017 to July 2019, has also dismissed rumors about taking a crypto-related position at the US Department of Treasury. During his tenure at the CFTC, Giancarlo declared that Bitcoin and Ethereum, the two leading cryptocurrencies, were not securities. In June 2020, he also stated that the Ripple-affiliated cryptocurrency was not a security, although this claim was met with skepticism due to Ripple's involvement in the report he co-authored. This report was released shortly before former SEC Chair Jay Clayton initiated legal action against Ripple in December 2020. Gensler, upon assuming leadership of the SEC, adopted a more aggressive stance towards the crypto industry, initiating numerous legal actions against crypto companies. His agency recently decided to appeal a lawsuit in early October. With Gensler anticipated to leave the SEC, there is speculation that the agency may drop all non-fraud-related crypto cases. Among the potential candidates to succeed Gensler are Dan Gallagher, Robinhood's chief legal officer, and former SEC Commissioner Paul Atkins. Meanwhile, SEC Commissioner Hester Peirce, known as "Crypto Mom," has reportedly shown no interest in the position.

According to PANews, the European Banking Authority (EBA) released new guidelines on November 14 for payment service providers (PSPs) and crypto asset service providers (CASPs). These guidelines clarify the obligations of these institutions to comply with the restrictive measures imposed by the European Union and its member states during transfers. The EBA highlighted that these guidelines will assist financial institutions in effectively implementing restrictive measures within their governance and risk management frameworks to avoid operational and legal risks. The EBA emphasized that any weaknesses in the controls, internal policies, and procedures of financial institutions could lead to legal and reputational risks. Such vulnerabilities could undermine the effectiveness of the EU's restrictive measures and potentially impact the stability of the EU financial system. The new guidelines mandate that PSPs and CASPs adopt reliable screening systems to prevent users or entities from circumventing these measures. These guidelines are set to take effect on December 30, 2025.

According to PANews, the Hong Kong Monetary Authority (HKMA) has issued a warning to the public to remain vigilant regarding certain overseas crypto asset institutions that are not licensed banks in Hong Kong. These entities have been using the term 'bank' in their names or when describing their products and services, which may potentially violate the Banking Ordinance. The HKMA has observed that two overseas crypto asset institutions, which are not licensed banks in Hong Kong, have recently held events in the city. During these events, one institution reportedly referred to itself as a 'bank,' while the other described its card products as 'bank cards' on its website. The HKMA is concerned that such representations might mislead consumers into believing that these institutions are licensed banks in Hong Kong and are regulated by the HKMA, or that their products and services are provided by licensed banks in Hong Kong. The HKMA emphasizes that crypto asset institutions not recognized in Hong Kong are not subject to its regulation. The use of the term 'bank' by overseas crypto asset institutions or claims of being licensed elsewhere does not imply that they are licensed banks in Hong Kong. Furthermore, products or services labeled with the term 'bank' are not necessarily provided by licensed banks in Hong Kong. The public is urged to exercise caution and verify the licensing status of any financial institution before engaging with them.

According to PANews, Intesa Sanpaolo SpA, Italy's largest bank, is broadening the scope of its digital asset division to include cryptocurrency spot trading. This move marks a significant step for traditional banks venturing into new markets.The bank established a proprietary cryptocurrency trading division within its corporate and investment banking sector in 2023. Initially, this division focused on trading cryptocurrency options, futures, and exchange-traded funds. Although spot trading has not yet commenced, the trading desk received the necessary internal approvals and technical systems about a month ago, paving the way for future operations.Cassie Craddock, Managing Director for Ripple in the UK and Europe, confirmed that Intesa Sanpaolo is collaborating with Ripple Custody, formerly known as Metaco, to develop custody solutions for various types of tokenized assets. This partnership aims to enhance the bank's capabilities in managing digital assets securely, reflecting a growing trend among traditional financial institutions to integrate cryptocurrency services into their offerings.

According to BlockBeats, the Hong Kong Exchanges and Clearing Limited (HKEX) has announced plans to introduce a new virtual asset index series on November 15, 2024. This initiative aims to provide a reliable benchmark price for the rapidly emerging asset class of virtual assets, supporting Hong Kong's ambition to become a leading digital asset hub in Asia.The index series will offer transparent and dependable benchmark pricing for Bitcoin and Ethereum within the Asian time zone, specifically UTC+8. By establishing a unified reference price for virtual assets, the series seeks to address the issue of price discrepancies for these assets across global exchanges. This move is expected to enhance the credibility and stability of virtual asset pricing in the region, contributing to the broader development of Hong Kong as a central player in the digital asset market.

According to PANews, asset management firm Bitwise has announced that the New York Stock Exchange Arca has filed a Form 19b-4 to list the Bitwise 10 Crypto Index Fund (BITW) as an Exchange-Traded Product (ETP). This move is part of Bitwise's ongoing efforts to convert its $1.3 billion publicly traded trust into an ETP structure. Currently, BITW shares are traded on the OTCQX Best Market.Bitwise highlights that the ETP structure offers several advantages for shareholders, including increased efficiency and regulatory protection. Notably, ETPs allow for continuous subscriptions and redemptions at net asset value (NAV), creating an arbitrage mechanism that enables the fund to trade more closely in line with its NAV on the secondary market.The Bitwise 10 Crypto Index Fund holds the ten largest cryptocurrency assets, ranked and weighted by market capitalization. As of October 31, 2024, the fund's holdings include Bitcoin (75.1%), Ethereum (16.5%), Solana (4.3%), XRP (1.6%), Cardano (0.7%), Avalanche (0.6%), Bitcoin Cash (0.4%), Chainlink (0.4%), Uniswap (0.3%), and Polkadot (0.3%).

According to U.Today, Galaxy Digital CEO Mike Novogratz recently discussed the potential for Bitcoin to become a national reserve asset in the United States during an interview with Bloomberg. Novogratz suggested that if Bitcoin were adopted as a national reserve asset, its price could soar to $500,000. This speculation comes in light of a bill introduced by Senator Cynthia Lummis, which proposes that the US Treasury acquire 5% of Bitcoin's total supply. However, the bill, introduced in September, is expected to encounter significant legislative challenges.Novogratz expressed skepticism about the likelihood of Bitcoin being established as a reserve asset in the US. He argued that the US dollar does not require backing by other assets, citing the country's strong military, dominant economy, and established reserve currency status. He stated, "I don't necessarily think the dollar needs anything to back it up. We have the strongest military in the world. We have the dominant economy in the world and the reserve currency we've earned. And to need to back up the reserve currency is counterintuitive."Despite his doubts, Novogratz noted that if the proposal were implemented, it could prompt other nations to also purchase Bitcoin. He further speculated that Bitcoin might surpass the market capitalization of gold within the next decade. Reflecting on generational shifts in investment preferences, Novogratz remarked, "I'm turning 60 next week, and so I still own about gold. I'm an old guy. But let me tell you, no 40-year-olds own gold. No, 30-year-olds...And so as we see this generational shift, Bitcoin should match gold within five or ten years."Earlier this year, Novogratz predicted that Bitcoin's price could exceed $100,000 by the end of the year. Currently, Bitcoin is trading at $92,741, having reached a new all-time high of $93,477 earlier today, according to CoinGecko data.

According to Cointelegraph, a coalition of 18 U.S. states has initiated a lawsuit against the Securities and Exchange Commission (SEC) and its Chairman, Gary Gensler. The lawsuit accuses the SEC of "gross government overreach" in its regulatory actions against the emerging cryptocurrency industry. The states involved in this legal action include Nebraska, Tennessee, Wyoming, Kentucky, West Virginia, Iowa, Texas, Mississippi, Ohio, Montana, among others.The legal complaint argues that the SEC has overstepped its authority by attempting to regulate the crypto industry without explicit Congressional approval. The states claim that the SEC has been trying to seize regulatory control from the states through a series of enforcement actions. This move has sparked significant concern among the states, which view it as an infringement on their rights to regulate within their jurisdictions.The Blockchain Association has highlighted the financial burden these enforcement actions have placed on crypto firms. It reports that the industry's collective cost to combat the SEC's regulatory measures has reached $426 million. This substantial financial impact underscores the ongoing tension between the SEC and the crypto industry, which has been seeking clearer regulatory guidelines for digital assets.This lawsuit marks a significant development in the ongoing debate over the regulation of cryptocurrencies in the United States. As the situation unfolds, further updates and details are expected to emerge, shedding more light on the implications of this legal battle for both the SEC and the crypto industry.

According to Odaily, Federal Reserve Chair Jerome Powell has projected an increase in the Personal Consumption Expenditures (PCE) for October. The PCE is expected to rise by 2.3% compared to the same period last year, up from a 2.1% increase in September. Additionally, the core PCE, which excludes food and energy prices, is anticipated to climb by 2.8%, slightly higher than the 2.7% rise observed in September.These projections indicate a continued upward trend in consumer spending, reflecting ongoing economic adjustments. The PCE is a key indicator used by the Federal Reserve to gauge inflation and consumer behavior, influencing monetary policy decisions. Powell's forecast suggests that inflationary pressures remain a concern, prompting close monitoring of economic indicators to guide future policy actions. The anticipated increases in both overall and core PCE highlight the complexities of managing economic recovery amid fluctuating market conditions.

According to Odaily, Federal Reserve Chair Jerome Powell has reiterated the central bank's dedication to managing inflation effectively. Powell emphasized that the robust state of the economy allows the Federal Reserve to make decisions with caution and precision. This approach aims to ensure that inflation is kept in check while supporting economic growth.The Federal Reserve's strategy involves closely monitoring economic indicators and adjusting monetary policies as necessary to maintain stability. Powell's statement underscores the importance of balancing inflation control with the overall health of the economy. By taking a measured approach, the Federal Reserve seeks to navigate the complexities of the current economic landscape, ensuring that inflation does not hinder progress.Powell's comments reflect the ongoing efforts of the Federal Reserve to address inflationary pressures while fostering a conducive environment for economic development. The central bank remains vigilant in its mission to achieve its inflation targets, leveraging the strength of the economy to make informed policy decisions.

According to BlockBeats, market sources have reported that Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), has made a statement suggesting he might leave his position at the SEC. This development comes amid ongoing discussions and scrutiny surrounding the regulatory landscape in the financial sector.Gensler, who has been at the helm of the SEC, has played a significant role in shaping the regulatory framework for securities and financial markets in the United States. His potential departure could have implications for the future direction of the SEC and its regulatory policies. The financial community is closely monitoring the situation, as any changes in leadership could influence the agency's approach to key issues such as cryptocurrency regulation, market oversight, and investor protection.The SEC, under Gensler's leadership, has been actively involved in addressing emerging challenges in the financial markets, including the rise of digital assets and the need for enhanced transparency and accountability. His tenure has been marked by efforts to modernize the regulatory environment and adapt to the evolving landscape of financial technologies. As the news of his possible departure circulates, stakeholders are considering the potential impact on ongoing regulatory initiatives and the broader financial ecosystem.

According to CoinDesk, the UK government is set to initiate a pilot program for a digital gilt instrument utilizing distributed ledger technology (DLT). This announcement was made by the Treasury in a statement released on Thursday. The digital gilt instrument, akin to a bond, is part of a broader strategy to enhance financial services growth and competitiveness. Finance Minister Rachel Reeves is expected to reveal this initiative during her first Mansion House speech, alongside measures to regulate Environmental, Social, and Governance (ESG) ratings providers and pension mega funds. Gilts, which are government-issued bonds in the UK, will be at the center of this innovative approach.The Mansion House Speech serves as an annual platform for the finance minister to outline long-term visions. Since the Labour Party assumed power in July, there has been limited communication regarding its stance on cryptocurrency. However, the Treasury's recent statement indicates that the upcoming speech aims to reassure businesses of the government's commitment to innovation, especially in the wake of crypto-friendly policies following Donald Trump's election victory. The pilot project for the digital gilt instrument underscores the government's dedication to advancing the financial services sector through technological innovation. DLT, the technology supporting crypto assets, allows data to be maintained and updated across multiple nodes, ensuring transparency and security.Tulip Siddiq, the economic secretary at the Treasury, has indicated that the Labour Party will soon unveil its plans for the crypto sector. According to Bloomberg, Labour is expected to follow the previous Conservative government's path by introducing legislation for stablecoins and staking. This move is anticipated to align with the ongoing global trend of integrating digital assets into traditional financial systems, further solidifying the UK's position as a leader in financial innovation.

According to Odaily, Federal Reserve official Barkin has stated that the central bank is actively working towards normalizing its balance sheet. The focus is on achieving this goal without using the balance sheet as a tool to tighten financial conditions. Barkin emphasized that the most reliable inflation data comes from government sources, specifically citing the Consumer Price Index (CPI) and Personal Consumption Expenditures (PCE) as key indicators.The Federal Reserve's approach to balance sheet normalization is part of its broader strategy to manage economic stability. By focusing on government-provided inflation metrics, the Fed aims to maintain transparency and accuracy in its economic assessments. The CPI and PCE are widely regarded as essential measures for understanding inflation trends, providing insights into consumer behavior and spending patterns.Barkin's comments highlight the Fed's commitment to a methodical and data-driven approach in its monetary policy decisions. As the central bank navigates the complexities of economic recovery and inflation control, the emphasis remains on utilizing reliable data to inform its strategies. This approach is crucial in ensuring that the Fed's actions align with its long-term objectives of fostering economic growth and stability.

According to Odaily, Gary Gensler, the current Chair of the U.S. Securities and Exchange Commission (SEC), reiterated his call for cryptocurrency exchanges to adhere to regulations during the annual securities regulation conference on Thursday. He emphasized the necessity for projects selling securities to provide appropriate disclosures. Gensler highlighted that among the approximately 10,000 digital assets in circulation, most, except for Bitcoin, Ethereum, and stablecoins, could potentially be classified as securities. The potential securities in the crypto market are valued at around $600 billion, representing less than 0.25% of the global capital markets.Gensler's remarks come in the wake of Donald Trump's election as President, who had previously stated his intention to dismiss Gensler upon taking office. Despite this, Gensler may choose to remain as an SEC commissioner after his term as Chair concludes. His comments underscore the ongoing regulatory challenges facing the cryptocurrency industry, as the SEC continues to push for greater transparency and compliance within the rapidly evolving digital asset landscape.

According to Odaily, Ed Yardeni, President of Yardeni Research, has emphasized the importance of the Federal Reserve's interest rate strategy in maintaining the strength of the U.S. dollar. Yardeni suggests that the Fed may need to halt interest rate cuts to ensure the dollar remains robust. He highlights the solid performance of the U.S. economy and notes that Yardeni Research has consistently held a positive outlook on the dollar.A few months ago, the dollar experienced a decline as market expectations leaned towards multiple interest rate cuts by the Federal Reserve. Yardeni argues that such a move would be a mistake. He points out that both the U.S. Treasury market and the dollar's performance support his perspective. By stopping or reducing interest rate cuts, Yardeni believes the Federal Reserve can contribute to sustaining the dollar's strength.

According to BlockBeats, on November 14, former President Donald Trump announced the appointment of Elon Musk to head a newly established Government Efficiency Department. This decision has sparked significant debate, with Ulrich Leuchtmann, Head of Foreign Exchange and Commodity Research at Deutsche Bank, expressing concerns about the potential impact on the U.S. economy. Leuchtmann argues that Musk's approach, which often eschews gradual and cautious methods, could lead to disastrous outcomes. He questions the wisdom of creating such a department if its recommendations are unlikely to be implemented, suggesting that it could portray the president as indecisive, a scenario Trump would likely want to avoid.Leuchtmann further elaborates on the economic implications, noting that the aggressive austerity measures proposed could be strategically used to bolster the U.S. dollar. By significantly reducing the capital needs of the U.S. Treasury, the overall capital demand of the economy would decrease, potentially making U.S. Treasury bonds scarce and expensive. However, he cautions that the initial impact on the dollar might be overshadowed by an inevitable expansionary monetary policy response. This complex interplay of economic strategies and political maneuvers highlights the challenges and uncertainties surrounding Musk's appointment and the broader implications for the U.S. economy.

According to Odaily, Federal Reserve Governor Kugler on Thursday strongly defended the independence of central banks, asserting that keeping monetary policy decisions free from political influence can improve inflation outcomes. Kugler emphasized that central bank independence is fundamental to achieving low inflation, particularly in developed economies. She highlighted the importance of transparency and accountability as part of maintaining credibility.Kugler used the Federal Reserve as an example, noting that officials, including Fed Chair Powell, strive to clearly communicate the Fed's goals and actions. "Monetary policy operates, in part, by attempting to influence public perceptions of future economic conditions, so it is crucial to clearly convey these intentions," she stated. This clarity helps build credibility by legitimizing decisions and can make policy decisions more effective. Kugler added, "If a central bank acts in a way that convinces the public it is actively pursuing its stated goals, the central bank will be more credible."

According to Odaily, Federal Reserve Governor Kugler has indicated that if progress in reducing inflation stalls, the Federal Reserve may need to pause its rate cuts. Kugler emphasized that a gradual reduction in interest rates would be appropriate if the labor market shows signs of weakening. He noted that the labor market has rebalanced and is generally cooling down, while significant progress has been made in controlling inflation.Kugler's comments come amid ongoing discussions about the Federal Reserve's monetary policy strategy. The central bank has been closely monitoring economic indicators to determine the appropriate course of action. The potential pause in rate cuts reflects concerns about maintaining economic stability and ensuring that inflation continues to decrease. The Federal Reserve's approach aims to balance the need for economic growth with the goal of achieving stable prices.The labor market's current state plays a crucial role in the Federal Reserve's decision-making process. As the market shows signs of cooling, the central bank is considering the implications for future policy adjustments. Kugler's remarks highlight the importance of a cautious approach to interest rate changes, ensuring that any adjustments align with broader economic objectives. The Federal Reserve remains committed to its dual mandate of promoting maximum employment and stable prices, navigating the complexities of the current economic landscape.

According to Odaily, a survey conducted by Bank of America prior to the election night indicated that 25% of fund managers anticipated a 'no landing' scenario for the U.S. economy over the next 12 months and during a potential Trump 2.0 era. This scenario suggests that the economy would not experience a significant slowdown, inflation would not continue to decline, and might even rebound, necessitating another rise in interest rates.Following the announcement of the election results, the proportion of fund managers expecting this 'no landing' scenario increased to 33%. This shift reflects growing concerns about the economic trajectory, where the absence of a slowdown could lead to persistent inflationary pressures. The potential for interest rates to rise again underscores the challenges faced by policymakers in balancing economic growth with inflation control. The survey highlights the uncertainty surrounding the U.S. economic outlook and the implications of political developments on financial markets.