On The Wire: Today's Top Stories In Finance & Tech

Your daily briefing of some of the most important stories from the crypto, finance, and tech space.

The daily news roundup from REX Wire

Welcome to your daily briefing, where we bring you stories from the forefront of finance, technology, and market analysis, sent directly to your inbox.

In today's roundup, the Fed has put the brakes on the party wagon for now. The UK needs to get its house in order if it truly want to be a "crypto hub". A Chinese citizen is in court, accused of laundering £5 billion from a fraud using bitcoin. And the BIS appears to be trying to compete with crypto as it trials a privacy-centric CBDC.


FOMC Hold, But Jay Injects Caution

As expected, the Fed held rates at their current levels. As ever, though, it's Powell's speech that gave the most clues to the road map for the coming months.

FOMC Hold, But Jay Injects Caution
As expected, the FOMC kept rates at 525-550 bps, but the idea they will stay there for longer sent markets into a correction.

Trial Underway For Alleged Bitcoin Laundering Linked To £5 Billion Fraud

Jian Wen faces trial in London for laundering bitcoin from a £5 billion Chinese fraud involving over 128,000 investors between 2014-2017. Charged with converting illicit funds into cash and luxury items, Wen pleads not guilty, claiming ignorance of the funds' origins.

Trial Underway For Alleged Bitcoin Laundering Linked To £5 Billion Fraud
The London trial begins for a woman accused of using bitcoin to launder £5 billion from a massive Chinese fraud.

UK's Stance On Crypto ETFs Raises Questions

The UK's restrictive approach to cryptocurrency ETPs contrasts with global trends. Despite Prime Minister Sunak's vision of a UK crypto hub, the FCA's 2021 ban on crypto-related derivatives, including ETPs, persists due to concerns over volatility and financial crime.

UK’s Stance On Crypto ETFs Raises Questions
The UK remains cautious on crypto ETFs, unlike the US and Europe, citing regulatory concerns.

The Petrodollar Era: Shaping Global Finance

Established in the 1970s, the petrodollar system made the US dollar the currency for oil transactions, influencing global economics, energy policies, and US-Middle East relations. Its impact extends to military alliances, energy dependency, and debates on sustainability.

The Petrodollar Era: Shaping Global Finance
The petrodollar system reshaped global finance and geopolitics, linking oil trade to the US dollar.

BIS CBDC Positions To Take On Crypto With Privacy Features

Project Tourbillon claims to provide cash-like anonymity, but the language used to promote the initiative suggests the BIS is seeking to co-opt the ethos of crypto and prove they can do it better.

BIS CBDC Positions To Take On Crypto With Privacy Features
Tourbillon is a privacy-focused CBDC, but the language around it suggests that it’s competing for crypto’s market.

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