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, Solana takes #1 spot for NFT volumes due to Ethereum's high gas costs, and major crypto exchanges implement updates to accommodate new FCA regulations for UK customers. Meanwhile, the US Justice Department is leading in crypto law enforcement, pushing the SEC into the back seat.

Elsewhere, India's cash and digital payments rise simultaneously, discussions on wage inequality surge as FTSE 100 CEOs' earnings outpace average salaries, and the Fed's stance on high interest rates defies market expectations.


Solana Flips Ethereum For NFT Volumes

As high gas prices make smaller transactions uneconomical on Ethereum, Solana has developed a thriving NFT scene and it set to maintain its trajectory for the foreseeable future.

Solana Flips Ethereum For NFT Volumes
Momentum has shifted to Solana as Ethereum NFTs face headwinds from high gas prices.

Cash Use Grows In India Despite "Demonetization" Move

Curiously, both physical cash in the economy and digital payments are on the rise, but it's likely that the two are catering to different use cases.

Cash Use Grows In India Despite “Demonetization” Move
Physical cash use and digital payments are both growing in India, but for different reasons.

FTSE 100 Bosses Have Already Earned The Average UK Salary

The top UK CEOs earn over 100 times the median wage, something criticized as "obscene inequality" by trades unions.

FTSE 100 Bosses Have Already Earned The Average UK Salary
Research shows that the top executives earn more than 100 times the average wage for UK employees.

Fed Maintains High Interest Rate Outlook For Extended Period

Fed's December minutes show a unanimous decision to maintain high interest rates, aiming to ensure inflation aligns with targets. Market reactions were muted, with bond yields slightly decreasing, despite futures markets predicting six rate cuts in 2024, against the Fed's forecast of three.

Fed Maintains High Interest Rate Outlook For Extended Period
Federal Reserve’s December meeting minutes indicate high interest rates to continue, contrasting with market expectations.

Crypto Exchanges Roll Out Updates For UK Customers

Exchanges have introduced measures including a crypto knowledge test to ensure compliance with the FCA's new rules, which come into force on Sunday.

Crypto Exchanges Roll Out Updates For UK Customers
Major exchanges have requested that UK customers provide information about their financial circumstances and crypto knowledge.

US Justice Department Leads In Crypto Regulation Amid SEC Challenges

The US Justice Department significantly outperformed the SEC in crypto regulation in 2023, securing major legal victories against industry giants. Despite the SEC's numerous lawsuits, its efforts were often entangled in complex legal challenges, leaving the industry in regulatory uncertainty.

US Justice Department Leads In Crypto Regulation Amid SEC Challenges
In 2023, the US Justice Department led the charge in crypto regulation, overshadowing the SEC’s efforts in legal battles.

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