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On May 5, the National Australia Bank expected the Reserve Bank of Australia to cut interest rates by 100 basis points before August, and a 50 basis point cut this month was a foregone conclusion. The bank called on the Reserve Bank of Australia to change its thinking in several aspects. First, the Reserve Bank of Australia needs to recognize that inflation risks are no longer balanced, but tend to be downward due to the slowdown in global growth. Second, shift from a cautious mentality to bold action. No matter what happens, lowering interest rates will be the top priority of the Reserve Bank of Australia.May 5th, gold prices strengthened on Monday, boosted by a weaker dollar, as investors waited for more clarity on trade policy between the United States and its trading partners and looked forward to the Federal Reserves policy decision later this week. Tim Waterer, chief market analyst at KCM Trade, said, "The dollar was sluggish before the Federal Reserves interest rate meeting this week, which pushed gold prices slightly higher. Before the Fed meeting, we may see gold prices continue to trade in the $3,200-3,350 range. However, any new news about the trade agreement could lead to another increase in volatility."Australian Prime Minister Albanese: Will hold talks with Indian Prime Minister Modi tomorrow.Faraday Future’s FX Models announced significant pre-order success for its FX Super One MPV, securing 300 orders in a B2B agreement.U.S. stock index futures extended losses, with Dow futures down 0.7%, S&P 500 futures down 0.8% and Nasdaq futures down about 1%.

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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