Aurelia Butler

More stories

  • 150 Shares139 Views

    in Cryptocurrency

    Bitcoin critic Gary Gensler to step down from SEC in January 2025

    WASHINGTON – The Securities and Exchange Commission (SEC) announced the upcoming departure of its Chair, Gary Gensler, who will leave the agency at noon on January 20, 2025. Gensler, who began his term on April 17, 2021, has been at the helm of the SEC during a period of significant rulemaking and enforcement designed to enhance the U.S. capital markets’ efficiency, resilience, and integrity.Under Gensler’s leadership, the SEC has implemented major reforms across various sectors of the financial markets. In the Treasury markets, the SEC adopted rules to promote central clearing and narrow broker-dealer exemptions from registration, targeting a reduction in costs and risks. Equity markets saw their first substantial updates in nearly two decades, with unanimous approval for changes to the National Market System, including more efficient trading, narrower spreads, lower fees, and a shortened settlement cycle.Gensler’s tenure also emphasized the robustness of financial systems, with amendments to Form PF requiring certain investment advisers to report significant events promptly. Money market funds underwent reforms to bolster their liquidity and transparency, especially during market stress.In corporate governance, the SEC updated insider trading rules, executive compensation recovery policies, and shareholder voting procedures. New rules were also adopted to require more timely disclosures by those acquiring significant company stakes.The SEC’s focus on investor information led to the adoption of rules enhancing disclosures on cyber and climate risks, data breaches, and the operations of special purpose acquisition companies (SPACs). The agency also increased market transparency by publishing aggregate data on investment funds and advisers.Accounting and auditing oversight saw progress as well, with the Public Company Accounting Oversight Board (PCAOB) updating numerous standards and securing a protocol with Chinese authorities for the inspection and investigation of auditors of China-related companies listed in the U.S.Enforcement actions during Gensler’s term resulted in approximately $21 billion in penalties and disgorgement, with over $2.7 billion returned to harmed investors. The SEC also continued to address investor protection in the crypto markets, bringing actions against intermediaries for various violations.Gensler’s career has included roles as Chair of the U.S. Commodity Futures Trading Commission, senior advisor to U.S. Senator Paul Sarbanes, and professor at the MIT Sloan School of Management. He has been recognized with the Alexander Hamilton Award, the U.S. Treasury’s highest honor, among other accolades.The announcement of Gensler’s departure comes as part of a statement from the SEC, reflecting on the Chair’s contributions and the agency’s advancements during his tenure.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

  • 225 Shares199 Views

    in Cryptocurrency

    Bybit x Block Scholes Quarterly Institution Report: Markets Anticipate Watershed Moments as Trump Returns as the “Crypto President”

    Bybit, the world’s second-largest cryptocurrency exchange by trading volume, in collaboration with Blocks Scholes, releases a special quarterly report delving into post-election dynamisms and market outlook as crypto investors embraces America’s first “crypto president”. The long-form report also looks ahead at what comes next, noting an “insatiable” appetite for BTC exposure among institutional investors. However, the report proposes that institutions’ bullish buy-ins of BTC may not immediately spill over into altcoins—for want of viable options in the current ETF ecosystem. Overall, investors are betting on more Trump trades, positive economic prospects, and possibilities of further rate cuts, all of which could positively guide the path forward of BTC with its strengthening correlation with macro assets. Key Insights:Trump rebranded as the “crypto president”: Trump’s dramatic return to office marks a striking shift in his posture on crypto. Previously a skeptic, if not a critic, he centered his 2024 campaign on advocating for BTC. This reversal carries significant implications for U.S. policy and regulatory frameworks, as the world’s largest economy switches gears to take a leadership role in the digital assets space. Market profits on prospective political gains: The post-election premium propelled BTC prices to rally from around $70k to over $90k within weeks. This intense volatility is seen not merely as speculative but as a broader reflection of market sentiment aligning with optimistic political developments. Regulatory outlook: Impactful crypto regulatory reforms are on the table with a Republican majority in the U.S. Congress. Targeted political spending during the election reshaped legislative priorities, particularly in key Senate races. As pro-crypto lawmakers take office, changes are in the air for crypto hopefuls seeking clarity and a pro-investment climate in the regulatory sphere. Altcoins Rising: With its dominance, BTC rallies often entail potential gains in ETH and SOL. Historically, Bitcoin’s dominance peaks during bull markets, followed by a shift of capital into altcoins as investors pursue higher returns. With the incoming administration’s pro-crypto stance, networks enabling smart contracts and decentralized finance (DeFi) may attract renewed interest as legislative focus on innovation in the cryptocurrency sector could accelerate investment in altcoins.Trump’s triumph marks a pivotal moment for crypto, bringing potential regulatory clarity and increased market engagement. As the stars align for the crypto industry politically and financially, market participants anticipate a transformative period with marked volatility, offering both new opportunities and challenges.Users can access the Full Report here. #Bybit / #TheCryptoArk /#BybitResearchAbout BybitBybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle (NYSE:ORCL) Red Bull Racing team.For more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.comFor more information, please visit: https://www.bybit.comFor updates, please follow: Bybit’s Communities and Social MediaDiscord | Facebook (NASDAQ:META) | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | YoutubeContactHead of PRTony AuBybittony.au@bybit.comThis article was originally published on Chainwire More

  • 138 Shares149 Views

    in Cryptocurrency

    Ike Goes Live on Mainnet: Unlocking Liquid Staking on Aleph Zero

    Ike is proud to announce the official launch of its Liquid Staking Token (LST), sA0, on Aleph Zero. This milestone provides the Aleph Zero community with a new way to engage with the network by offering staking flexibility without compromising on rewards.What Is sA0?sA0 is Ike’s native Liquid Staking Token, designed to enhance the staking experience on Aleph Zero. With sA0, users can stake their AZERO tokens to support network security and earn rewards, all while keeping their assets liquid. This means they can use sA0 tokens across Aleph Zero’s ecosystem, unlocking new opportunities for participation and growth. Meaning, sA0 empowers users to “stake and use” at the same time. sA0 BenefitsThe launch of sA0 is a significant step in Ike’s roadmap toward progressive decentralization. Ensuring most of the slots are open for permissionless entry when governance live, Ike launched with 7 initial validators including Deutsche Telekom (OTC:DTEGY) & STC Bahrain. As part of this journey, Ike will soon introduce community-driven governance features, including permissionless validator registration, initially scaling to have 30 slots with a fully transparent on-chain bonding process. This will enable a dynamic and competitive validator ecosystem, with the community playing a central role in decision-making.Stephen Novenstern, Founder at Ike, commented:With sA0 now live, Ike invites the Aleph Zero community to explore the benefits of liquid staking. In the coming months, Ike will focus on expanding the utility of sA0 within the ecosystem and rolling out governance features that further empower the community to shape its future. Users can see more in the Ike Docs here. About IkeIke is the home of the sA0 Liquid Staking Protocol smart contracts live on Aleph Zero WASM. Together with the community, validators, and other builders in the ecosystem, they are fundamentally reshaping the network, delivering liquidity at the base layer, composable rewards, increasing participation and ultimately enhancing network security. Drawing inspiration from the Japanese art of Ikebana, Ike is committed to fostering a harmonious and resilient ecosystem. By providing users with flexibility and liquidity in their staking journey, Ike empowers the Aleph Zero community to unlock the full potential of their assets while contributing to the network’s growth and stability.Users can stay updated on the latest developments and engage with other like-minded individuals by joining the Ike Discord community and following on Twitter.ContactDirector of GrowthAlexios KonstantinidisIkehello@ike.xyzThis article was originally published on Chainwire More

  • 113 Shares119 Views

    in Economy

    South African Reserve Bank cuts repurchase rate to 7.75%

    PRETORIA – The South African Reserve Bank (SARB) has announced a reduction in the repurchase rate by 25 basis points to 7.75%, effective from November 22, 2024, as conveyed in a statement by the Governor, Lesetja Kganyago. This decision, taken unanimously by the Monetary Policy Committee (MPC), comes amidst a complex global economic landscape characterized by a stronger dollar, rising interest rates, and new inflationary pressures.The MPC noted that South Africa’s growth recovery is gaining traction, with positive indicators such as a decrease in unemployment and a potential boost from the newly implemented Two-Pot pension system. Despite mixed data outcomes and subdued manufacturing figures, the mining sector showed strength and job gains were broad-based. The Committee forecasts growth to reach 2% by 2027.Consumer price inflation in South Africa has dipped below the target range, registering at 2.8% in October. This is attributed to a stronger exchange rate and lower oil prices compared to the previous year. Inflation is expected to remain below 4% until mid-2025, with a modest increase projected thereafter due to higher electricity prices.The MPC anticipates that inflation expectations will moderate further, aligning closer to the midpoint objective over the forecast horizon. The risks to the inflation outlook are considered balanced, with potential medium-term uncertainties such as higher food, electricity, water, insurance premiums, and wage settlements.The committee’s decision to lower the policy rate aligns with the goal of achieving the inflation target while maintaining a cautious approach due to the unpredictable global interest rates and the recent depreciation of the rand. Although further easing of rates is forecasted, the MPC emphasizes that future decisions will be made on a case-by-case basis, responsive to data developments and sensitive to the balance of risks.The SARB’s commitment to delivering low and stable inflation, coupled with structural reforms aimed at supporting growth capacity and rebuilding fiscal and monetary policy space, remains pivotal in the face of external challenges. The MPC also acknowledged recent positive credit rating outlooks and the potential for structural reforms to bolster long-term growth prospects.This announcement follows similar rate cuts by the European Central Bank in October, and by the Bank of England and the US Federal Reserve in November. The MPC’s decision is based on a press release statement, which provides insight into the economic conditions and policy considerations guiding the bank’s actions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

  • 138 Shares99 Views

    in Economy

    South Africa’s repo rate cut by 25 basis points as expected

    Economists had expected the central bank to lower the repo rate by 25 bps, the same size of cut as in September.Annual inflation slowed sharply to 2.8% in October, its lowest level in over four years, dropping just below the central bank’s 3% to 6% target range. More

  • 125 Shares199 Views

    in Economy

    Kenya cancels proposed deals with Adani Group after U.S. indictments

    Ruto said he had also directed the cancellation of a 30-year, $736-million public-private partnership deal the energy ministry had signed with a unit of the Adani Group last month to construct power transmission lines.””I have directed agencies within the ministry of transport and within the ministry of energy and petroleum to immediately cancel the ongoing procurement,” Ruto said in his state of the nation address, attributing the decision to “new information provided by investigative agencies and partner nations”. U.S. authorities said on Wednesday that Gautam Adani, one of the world’s richest people, and seven other defendants agreed to pay about $265 million in bribes to Indian government officials.Adani Group denied the allegations and said in a statement that it would seek “all possible legal recourse”. Earlier on Thursday, Energy Minister Opiyo Wandayi had said there was no bribery or corruption involved in the award of the transmission lines contract. More

  • 125 Shares169 Views

    in Economy

    Cardinal Farrell named administrator to address Vatican pension financial challenges

    VATICAN CITY – In a decisive move to address the looming financial challenges of the Vatican’s Pension Fund, Pope Francis has appointed Cardinal Kevin Farrell as the Sole Administrator. The appointment, announced in a letter to the College of Cardinals on November 19, 2024, underscores the urgent need for structural reforms to ensure the fund’s sustainability.The Pope’s letter, released by the Holy See Press Office, conveys the gravity of the pension system’s prospective imbalance, as identified by recent analyses from independent experts. The current system, according to the Pope, fails to guarantee the fulfillment of future pension obligations, necessitating immediate action.Cardinal Farrell’s new role as Sole Administrator is part of a broader commitment to economic reform within the Vatican. The Pope expressed his confidence in Farrell’s leadership, stressing the importance of this new phase for the stability and well-being of the community.The management of the Pension Fund has been a longstanding concern, with the moral responsibility to provide fair and dignified pensions to employees of the Holy See and Vatican City State being a key motivator for successive Pontiffs. Addressing this issue, however, will require difficult decisions and sacrifices from all involved.Pope Francis called for unity and collaboration among the Roman Curia and institutions connected to the Holy See, emphasizing the need for urgent structural measures to achieve sustainability. Justice and equity across generations must remain a guiding principle in this endeavor.In his plea for prayer and support, the Pope highlighted the collective responsibility of his collaborators to facilitate this necessary path of change. The appointment of Cardinal Farrell marks a significant step towards confronting the challenges facing the Vatican’s pension system.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

  • 125 Shares99 Views

    in Economy

    EU sees slight uptick in new car registrations in October

    BRUSSELS – New car registrations in the European Union saw a marginal increase of 1.1% in October 2024, with Spain and Germany experiencing growth while France and Italy faced declines. The European Automobile Manufacturers Association ( ACEA (BIT:ACE)) reported these figures, indicating a mixed performance across major markets.Spain led the recovery with a 7.2% increase in new car registrations, and Germany followed with a 6% rise after three consecutive months of falling numbers. Contrasting these gains, France saw an 11.1% decrease, and Italy’s registrations dropped by 9.1%.Despite the modest overall growth in October, the year-to-date figures for new car registrations across the EU remained relatively stable with a 0.7% increase, totaling 8.9 million units. Spain (+4.9%) and Italy (+0.9%) reported positive performance over the ten months, whereas France and Germany experienced declines of 2.7% and 0.4%, respectively.Focusing on the electric vehicle market, battery-electric cars maintained a steady market share of 14.4% in October, but saw a 4.9% decrease in year-to-date volumes, with market share falling to 13.2% from 14% the previous year. Germany’s significant 26.6% drop in battery-electric car registrations was a major factor in this decline.Plug-in hybrid registrations also decreased by 7.2% in October, with market share dipping to 7.7%, a 0.7 percentage point decrease from the prior year. France (-26.9%) and Italy (-24.9%) recorded considerable declines in this category.On a positive note, registrations of hybrid-electric vehicles surged by 17.5% in October, with their market share climbing to 33.3%, surpassing petrol car registrations for the second consecutive month.Petrol car sales, on the other hand, fell by 6.8% overall in October, with France experiencing the largest drop of 32.7%. Diesel car registrations also declined, resulting in a market share of 10.9%.The ACEA’s report provides a snapshot of the current state of the European car market, reflecting a complex landscape of growth and decline across different segments and countries.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More