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June 28, UBS said that gold has been the leader among global major assets so far in 2025. With the continued purchase of gold by central banks and the increase in exchange-traded funds (ETFs), data from the European Central Bank showed that gold has surpassed the euro to become the worlds second largest reserve asset after the US dollar. Although gold prices have fallen slightly from their historical highs as optimistic expectations that the most severe phase of the trade war may end have increased, we are still optimistic about the long-term value of gold. We believe that the downward trend in real interest rates, the weakening of the US dollar, the high geopolitical risk premium, and the structural shift in institutional gold purchases will continue to support gold prices. For example, data from the World Gold Council shows that the average annual gold purchases of central banks in the past three years have exceeded 1,000 tons-more than double the average level of the previous decade.Polish Presidential Office: Polish President Duda arrived in Kiev to meet with Ukrainian President Zelensky.On June 28, local time, the Israeli Defense Forces said that they had detected a missile coming from Yemen. Subsequently, air defense alarms were sounded in many places in southern Israel, including the Negev region. The Israeli army said that the missile was "very likely" to have been successfully intercepted. Nasreddin Amir, an official of the Yemeni Houthi armed forces press office, later posted on social media that Israels aggression against the Gaza Strip has not stopped and the suffering of the people of Gaza is still worsening. Therefore, the Houthi armed forces will continue to attack Israel to the best of their ability.On June 28, the Republican-controlled Senate of the United States released a new version of a $4.2 trillion tax and spending plan, and the voting process is about to start as the July 4 deadline set by Trump approaches. The new draft reflects the compromise of various factions within the Republican Party. Previously, there were differences within the party on the extent of cuts to social security programs such as Medicaid and the speed of phasing out the renewable energy tax credit policy during the Biden administration. The draft includes a temporary agreement reached with House Republicans to increase the state and local tax (SALT) deduction limit from $10,000 to $40,000 for five years, after which it will be restored to the original standard. Republicans plan to start the voting process for the tax reform bill as early as noon local time on Saturday, and the final vote may be scheduled in the early hours of Sunday. Party leaders plan to recall House members early next week in order to complete the legislative process before the Independence Day deadline set by Trump.U.S. Senate Budget Committee: Senate Republicans plan to end electric vehicle tax credits by the end of September.

Peirce of the US Securities and Exchange Commission Sees Movement on Stableco in Laws

Cory Russell

May 13, 2022 10:33

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The collapse of the stablecoin TerraUSD and a destabilizing drop in Tether, the world's biggest stablecoin by market size, have given cryptocurrency markets an overall worth of almost $1 trillion this week.


Stablecoins are digital currencies that are linked to conventional assets such as the dollar.


During an online panel discussion organized by the London-based Official Monetary and Financial Institutions Forum policy think tank, SEC Commissioner Hester Peirce remarked, "One area we could see some movement is around stablecoins."


"That's an area that has certainly gained a lot of attention this week," Peirce continued, highlighting the possibility for stablecoins to be used in future marketplace constructions.


She went on to say that the SEC's wide regulatory jurisdiction allows it to catch digital currencies and the technological platforms on which they are exchanged.


The instability in crypto markets, US Treasury Secretary Janet Yellen told a Senate banking subcommittee this week, demonstrated the need for a "appropriate" regulatory structure.


In March, President Joe Biden signed an executive order mandating the government to evaluate the risks and advantages of developing a central bank digital currency, as well as other cryptocurrency problems.


Gary Gensler, the chairman of the Securities and Exchange Commission, has stated that the agency should address stablecoin risks because asset-linked cryptocurrencies raise concerns about financial stability and monetary policy because they have features that are similar to and potentially compete with bank deposits and money market funds.


He also said that there are concerns about their potential for illegal usage.


Peirce, the SEC's lone Republican commissioner, said on Thursday that possible regulation should allow for a "trial-and-error" regulatory framework, adding that "some people have indicated it should be at the SEC; others want it to be the banking regulators."


There are many possible approaches to addressing stablecoins.


We also need to provide space for failure when it comes to experimenting."

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