House Committee Advances CBDC Act Amidst Financial Market Shifts

House Committee Advances CBDC Act

In a pivotal move, the House Financial Services Committee has approved the CBDC Anti-Surveillance State Act. This legislation aims to counter potential surveillance threats posed by Central Bank Digital Currencies (CBDCs). It requires Congressional approval for any CBDC issuance, addressing concerns about privacy and the misuse of such currencies.

Federal Reserve Maintains Interest Rates

The U.S. Federal Reserve's decision to keep interest rates unchanged has significantly influenced financial markets. This decision, along with optimistic economic projections, suggests a prolonged period of higher interest rates. Consequently, the NASDAQ Composite Index fell by 1.53%, while Bitcoin (BTC) and Ethereum (ETH) experienced declines of 0.36% and 1.31%, respectively.

Cryptocurrency Market Dynamics

Bitcoin has shown bearish signals, dropping below its 50-day and 200-day Exponential Moving Averages (EMAs). If it does not recover, it may hit a support level of $26,755. Conversely, a positive shift could drive it towards the $28,187 resistance level. Similarly, Ethereum is struggling below its $1,626 resistance level and crucial EMAs, risking a fall below $1,600 and potentially reaching the $1,502 support mark.

SEC to Intensify Crypto Enforcement

The U.S. Securities and Exchange Commission (SEC) plans to ramp up enforcement actions against crypto exchanges, intermediaries, and DeFi platforms. This announcement underscores the SEC's commitment to regulating the evolving crypto landscape.

Stanford University Returns FTX Donations

Stanford University has opted to return $5.5 million received from FTX, distancing itself from the company's founders Sam Bankman Fried, Joseph Bankman, and Barbara Fried. This decision follows discussions with FTX debtors, reflecting the university's stance on maintaining ethical fundraising practices.