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According to the European-Mediterranean Seismological Centre, a 6.4-magnitude earthquake struck off the coast of Antigua and Barbuda at 10:50 a.m. local time on the 16th. The epicenter was located at 17.2336 degrees north latitude and 61.3383 degrees west longitude, with a focal depth of approximately 70 kilometers. There are currently no reports of casualties or property damage.According to the official measurement of the China Earthquake Networks Center, a magnitude 3.4 earthquake occurred at 22:53 on May 16 in Wuqia County, Kizilsu Kirghiz Autonomous Prefecture, Xinjiang (40.47 degrees north latitude, 74.86 degrees east longitude), with a focal depth of 12 kilometers.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 6.1 occurred near the Leeward Islands (17.56°N, 61.08°W) at 22:50 on May 16. The final result is subject to the official rapid report.On May 16th, according to an official notice, the Indian government has implemented new restrictions on silver imports, changing several categories of silver products from a free import policy to a restricted import policy. Under the revised regulations, the import of silver bars, unwrought silver, and semi-finished silver (including silver powder) now requires government approval. Certain categories of silver imports are also subject to regulations from the Reserve Bank of India. These changes are introduced through revisions to the import policy catalog under the Harmonized System of Trade (HS) of India. This move comes as the Indian government intensifies its efforts to tighten regulations on precious metal imports and control rising import bills. Previously, the Indian central government had increased import duties on gold and silver from 6% to 15%. Simultaneously, the Directorate General of Foreign Trade (DGFT) has tightened regulations regarding the duty-free import of gold by jewelry and gemstone exporters under the "pre-authorization" scheme.On May 16, according to a report by the Islamic Republic of Iran Broadcasting (IRNA), a fire broke out at an oil factory in the northwestern Iranian city of Maragay at around 10:00 AM. The Iranian Red Crescent website reported that IRNA official Mohammad Hossein Kabadi stated that the organizations rescue personnel immediately rushed to the scene after receiving the fire report to conduct search and rescue operations. As of now, the fire has injured at least 10 people, and the rescue operation is still ongoing.

SEC Chair Mulls Waiving Some Crypto Regulation Rules

Jimmy Khan

Jul 15, 2022 14:42

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Gary Gensler, chairman of the Securities and Exchange Commission (SEC), said that crypto firms may be excluded from certain securities regulations to assist in their regulatory compliance.


He said, "We do have substantial permissions from Congress to exercise our exemptive authorities that we may modify," in an interview on July 14.


According to Bloomberg, the vehemently anti-crypto SEC head stated that such a strategy is employed for stock offerings and asset-backed securities. He did, however, reiterate earlier cautions that many businesses provide unregistered securities and are not in compliance.

Commodity or Security?

Gensler views the majority of crypto assets as securities. They haven't yet been formally designated as such in the US, however. He has fought with the Commodity Futures Trading Commission (CFTC), the second main financial regulator, for control of the asset class.


A commodity is an asset without a business in control, like gold, but a security is similar to a stock that includes a corporation and an investment contract. Although there is some gray area around cryptocurrencies, several of them more closely resemble its characteristics.


There is "a viable road ahead," according to the SEC chair, who has asked cryptocurrency firms to get in touch with the organization. Industry executives have, however, often argued that the SEC has not given them clear instructions on how to register.


A number of cryptocurrency businesses have lately come under fire from the government for allegedly conducting unregistered securities transactions. The most well-known lawsuit, involving the fintech company Ripple and its XRP coin, is nearing its conclusion. A victory for the SEC may create a precedent and prove disastrous for the cryptocurrency market.


Leading financial authorities and lawmakers in America have put off regulating cryptocurrencies.


Federal agencies are urged to "take a leadership role in international engagement and global control of digital assets compatible with democratic norms and U.S. global competitiveness," according to an executive order on digital assets issued by the Biden administration in March.


Since then, there hasn't been much movement, and it's doubtful that any crypto legislation will be passed this year. There is a narrow line between encouraging innovation that may turn the nation into a financial centre and enforcing a harsh crypto crackdown, as some politicians and bankers are asking for.

Market Consolidation in Crypto

As the week comes to a close, cryptocurrency markets have seen a little increase, but they are still range bound. The total market value has increased by 3.2 percent on the day to $970 billion, but the impetus for future gains is restricted.


The price of Bitcoin (BTC) has increased by 1.5 percent today to $20,707, while the price of Ethereum (ETH) has improved by 8.1 percent to trade at $1,209 at the time of this writing.

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