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The Federal Reserves consultation on changes to the supplementary leverage ratio (SLR) will end on August 26.June 27, according to people familiar with the matter, the European Union and the United States believe that they can reach some form of trade agreement before the July 9 deadline. European Commission President Ursula von der Leyen told EU leaders behind closed doors at a summit on Thursday that she was confident that a deal could be reached before the deadline to avoid an escalation of the conflict that would damage the economy. Von der Leyen said the Trump administration shared a new proposal this week. During the discussion, the tone of the leaders shifted, with many expressing a willingness to accept a certain degree of imbalance in the trade agreement to avoid trade escalation. According to people familiar with the matter, Thursdays leaders debate did not reveal the degree of imbalance that the groups countries were prepared to endure. The EU has been seeking to reach a mutually beneficial agreement, but will evaluate any final outcome and decide at this stage the degree of asymmetry it is willing to accept.Russian President Vladimir Putin: Russia and the United States have good prospects for economic cooperation.June 27, Russian President Vladimir Putin said on Friday that Russia is ready to hold a new round of peace talks with Ukraine, possibly in Istanbul, but the time and place have not yet been agreed. Putin said there were big differences in the proposals made by the two sides in previous talks, but he expressed hope that continued dialogue would help narrow the gap. Putin told reporters that the negotiators of the two sides have been in contact. Russia is ready to return the remains of another 3,000 Ukrainian soldiers.Russian President Vladimir Putin: Global demand for crude oil and petroleum products is rising.

U.S. SEC Chair Says Much to be Done to Protect Crypto Investors

Jimmy Khan

May 17, 2022 09:34

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Cryptocurrency assets are extremely speculative, and investors need greater safeguards or risk losing faith in the markets, according to Gary Gensler, head of the US Securities and Exchange Commission.


Individuals who acquire cryptocurrencies don't often receive the same disclosures that people who buy traditional assets get, such as whether the trading platform they're using is trading against them or if they genuinely control the assets they keep in digital wallets, according to Gensler.


"We have this fundamental bargain: you, the investing public, may choose the risk you want to take, but there has to be full and fair information, and individuals aren't meant to lie to you," he said at the Financial Industry Regulatory Authority's annual conference in Washington.


His remarks follow the dramatic fall of TerraUSD, a so-called stablecoin that lost its dollar peg last week.


The fall of the token sent cryptocurrencies sliding, with bitcoin erasing the gains it had made over the weekend to trade around $30,000, considerably below its November 10 high of $69,000.


While crypto markets are considered to be decentralized, most activity takes place on a few trading platforms, which, together with token issuers, must engage with the SEC to tighten industry regulations and disclosures, according to Gensler.


"Anti-fraud, anti-manipulation, ensuring sure there's no front-running, making sure an order book is truly true and not made up," he said of core market principles.


According to Gensler, the SEC would remain "a policeman on the beat" while working with the Commodity Futures Trading Commission to ensure that all cryptocurrencies are protected.


"There's a lot to be done here, and the investing public isn't effectively protected in the meanwhile," he added.

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