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January 19th - On January 15th, Dai Houliang, Chairman of China National Petroleum Corporation (CNPC), met with Canadian Prime Minister Mark Carney in Beijing. The two sides exchanged views on promoting and expanding Sino-gas cooperation.The yield on Japans 40-year government bonds rose to 3.895%, a record high.On January 19th, Peng Yongtao, Director of the Service Industry Survey Center of the National Bureau of Statistics, stated that the service sector contributed 61.4% to national economic growth, an increase of 3.7 percentage points from the previous year; the service sector boosted GDP growth by 3.0 percentage points, an increase of 0.1 percentage points from the previous year; and the service sectors added value accounted for 57.7% of GDP, an increase of 0.9 percentage points from the previous year. In the fourth quarter, the added value of the service sector reached 21,594.8 billion yuan, a year-on-year increase of 5.2%, contributing 63.2% to economic growth and boosting GDP growth by 2.8 percentage points. The service sectors added value accounted for 55.7% of GDP. In December, the service sector production index increased by 5.0% year-on-year, 0.8 percentage points faster than in November.On January 19th, Hu Hanzhou, Director of the Energy Statistics Department of the National Bureau of Statistics, stated that under the "dual carbon" target, my country is actively promoting the green and low-carbon transformation of its energy sector. The proportion of coal consumption continues to decline, while the proportion of clean energy consumption is steadily increasing, further optimizing the consumption structure. By 2025, the proportion of non-fossil energy in total energy consumption will increase by approximately 2 percentage points compared to the previous year, surpassing oil to become the second largest energy source and the main driver of energy growth. Preliminary calculations indicate that total energy consumption in 2025 will increase by 3.5% compared to the previous year. After deducting energy consumption for raw materials and non-fossil energy, energy consumption per unit of GDP will decrease by more than 5% compared to the previous year. Energy consumption per unit of added value in industrial enterprises above a designated size has continued to decline for two consecutive years, achieving new results in industrial energy conservation and emission reduction.On January 19th, BetaShares Chief Economist David Barsanese stated that Trumps threats against Europe regarding Greenland could ultimately backfire. He pointed out that no self-respecting European country is likely to relinquish Greenland simply because of tariff threats. Furthermore, imposing higher tariffs on major trading partners will only exacerbate the risks facing the US economy, especially if Europe ultimately retaliates with trade measures. Barsanese added that if Trump is ultimately forced to concede and fails to obtain Greenland, it will once again expose the hollow nature of these threats and undermine all future negotiations.

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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