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June 16th - On Monday, local time, the spot delivery price of natural gas at the Wahaha Hub in Texas, a key indicator of shale basin prices, was 35 cents per million British thermal units (MMBtu), marking its first positive close since February and ending a 131-day streak of prices below zero. High temperatures, increased production following maintenance of some pipelines, and recent signs of expansion of key pipelines all contributed to the price increase. This positive news is a good sign for producers such as Pemlin Resources and Devon Energy, which had previously shut down some wells with extremely high gas-to-oil ratios to avoid further financial strain.On June 16th, PGIM, a US asset management firm, held a fringe view that the Federal Reserve would raise interest rates three times this year to curb an overheated economy, before reversing the rate hikes in 2027. The firm had previously predicted a rate cut by the Fed this year in April. PGIM stated that the US economy is "exceptionally strong" and inflation remains persistently high, necessitating a new strategy. Given this backdrop, and considering the Feds failure to achieve its 2% target for five consecutive years, PGIM expects the Fed to raise rates three times this year to bolster its credibility and anchor inflation expectations. PGIM stated, "If the rate hikes are described as a precautionary measure to address supply-side inflation and recent volatility in long-term Treasury bonds, then Warsh will gain political support." However, PGIM indicated that it expects the Fed to "reverse these rate hikes relatively quickly, implementing three rate cuts in 2027 and another in 2028, ultimately reaching a rate of 3.375%—below current levels and potentially close to the neutral rate."June 16 - According to Irans PressTV, sources revealed that at least three Iranian oil tankers and two cargo ships carrying essential supplies have successfully broken through the US naval blockade. These vessels continued their voyages on Monday evening local time, marking the first practical victory of the newly reached memorandum of understanding between Iran and the United States. According to sources, these ships, which had been stranded for months under the US blockade, have successfully navigated international waters. This comes less than 24 hours after the US and Iran reached the memorandum of understanding, which calls for an immediate end to the illegal US naval blockade of Iran as part of a comprehensive ceasefire.According to The Information, Qualcomm (QCOM.O) is in talks to acquire Tenstorrent to expand its artificial intelligence chip capabilities.According to Iranian television reports, three oil tankers and two ships carrying essential Iranian supplies have broken through the US naval blockade.

Lummis and Gillibrand Bill Aims to Give Crypto Oversight to the CFTC

Jimmy Khan

Jun 09, 2022 14:47

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With the collapse of TerraUSD (UST) and Terra LUNA in recent weeks, governments and authorities have been rushing to enact new crypto legislation. As the SEC v Ripple (XRP) lawsuit grinds on, both the CFTC and the SEC have been loud.


Some governments started working on establishing a more sophisticated crypto regulatory framework earlier than others.


With the issue of the White House Executive Order in March, the Biden Administration pushed cryptos front and center in the United States.


While the Executive Order did not specify who should be in charge of regulating the crypto industry, the administration recognized the necessity for legislators to create a legal framework.


Senators from both parties submitted a measure this week to address the difficulties that the crypto business confronts in the United States.


Lummis and Gillibrand are two of the most well-known politicians in the United States. Introduce a Bipartisan Bill to Regulate Cryptocurrencies

Kirsten Gillibrand, a Democrat, revealed in March that Congress is working on a "broad-based regulatory framework for how this business might possibly be governed in the future."


"Other aspects will be controlled by the Commodity Futures Trading Commission, and some sections will be regulated by the Securities and Exchange Commission," Gillibrand allegedly remarked at the time.


This week, news broke that US politicians are considering putting the CFTC in charge of cryptos and other digital assets.

The Responsible Financial Innovation Act was introduced by Senators Cynthia Lummis and Kirsten Gillibrand of the United States. 

The law would grant the CFTC authority over digital assets.


While cryptocurrency firms support the CFTC, legislators are uncertain. Indecisiveness has created a regulatory black hole in the digital asset industry.


A resolution to the categorization of cryptos and NFTs would be a step in the right direction for the digital asset industry, which includes both crypto and NFTs.


The Securities and Exchange Commission is now engaged in a protracted legal dispute with Ripple Labs over the selling of XRP, arguing that XRP is a security rather than a commodity.


The enactment of a law may be too late for Ripple Lab and XRP. However, it remains to be seen if the conclusion of the SEC v Ripple lawsuit would have any impact.


A Ripple win, whether via a settlement or in court, would strengthen the CFTC's position.


The crypto market is still beset by regulatory uncertainty. The crypto market should benefit from progress toward turning over the reins to the CFTC.

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