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On August 21st, KPMG UK Senior Economist Dennis Tartakov stated that UK government borrowing continues to veer off track. Net public sector borrowing in July was £1.8 billion, up from £1.1 billion in the same period last year. Since the start of the fiscal year in April, the gap between forecasts and actual borrowing has remained around £2.3 billion. "Normally, July sees strong personal income tax revenue, but thats not enough to put public sector borrowing levels back on track for the fiscal year," Tartakov said, adding that the Burnham governments promised cost-of-living bailout measures are likely to keep borrowing high in the near term. However, market demand for more debt is limited.On August 21, it was learned that Russian Deputy Foreign Minister Sergei Ryabkov stated in an interview that Russia is open to dialogue with the United States on the Ukraine issue, but will not compromise its principles. Ryabkov pointed out that the US has demonstrated a willingness to engage in constructive dialogue and understand Russias position. However, the more crucial issue at present is whether "Washington can influence the decisions of the Kyiv regime and its European backers, who are still fantasizing about inflicting a strategic defeat on Russia." Ryabkov stated that US Secretary of State Marco Rubio has indicated the need for new solutions, and Russia is willing to listen to these proposals. He emphasized that Russia is open to dialogue with the US, but this does not mean that Russia will abandon its principles.On August 21, it was reported that the Japanese government will allocate an additional 150 billion yen (approximately US$944 million) to support chip startup Rapidus, increasing spending in an effort to compete with companies like TSMC. According to a source familiar with the matter, Japans Ministry of Economy, Trade and Industry will seek more funding for the domestic chip foundry in the 2027 fiscal year budget. This government-backed joint venture, established in 2022, aims to manufacture cutting-edge 2-nanometer chips by 2027 and help Japan reduce its dependence on TSMC. Policymakers consider Rapiduss success and its technological independence in AI, robotics, and quantum computing crucial to national security.Bernstein raised its price target for NetEase (NTES.O) from $150 to $160.August 21 - According to the Philippine Institute of Volcanology and Seismology, a 5.1-magnitude earthquake struck near Agusan del Norte province in southern Philippines at approximately 5:12 p.m. on August 21, with a depth of 10 kilometers. The earthquake was felt in several nearby areas. No damage is expected.

Crypto Market Daily Highlights: SEC Targets Paxos and Binance USD

Skylar Shaw

Feb 14, 2023 16:30

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The top ten cryptocurrency index had a gloomy session on Monday. The descent was headed by BNB and MATIC. BTC finished the day below $22,000 for the seventh straight session.


On Monday, there were no US economic indications to inform investors, so attention was focused on the cryptocurrency news sources.


Investors were alarmed by the news that the Securities and Exchange Commission has switched its attention from staking to stablecoins. News of the SEC intending to sue Paxos over the release and listing of Binance USD broke on Monday (BUSD). The company violated investor protection regulations, according to the SEC.


In response to the Wells notice, Paxos issued a statement in which it said that it "categorically disagrees with the SEC staff" since BUSD is not considered a security under federal securities laws. The SEC Wells notification is specific to BUSD exclusively. There are absolutely no further claims against Paxos, to be clear. Paxos has always placed a high priority on protecting its clients' investments.


"BUSD produced by Paxos is always backed 1:1 with US dollar-denominated reserves, completely segregated, and stored in bankruptcy distant accounts," the statement said. On this matter, we will interact with the SEC staff, and if necessary, we are ready to fight vehemently.


Response to SEC Action The CEO of Binance, CZ, said the following in response to Paxos and BUSD: "IF BUSD is declared as a security by the courts, it will have significant consequences on how the crypto business will expand (or not develop) in the countries where it is ruled as such."


"Given the current regulatory uncertainty in some areas, we will be assessing additional initiatives in certain jurisdictions to ensure our users are sheltered from excessive damage," CZ stated in a series of tweets.


Additionally, CZ retweeted a tweet from Miles Deutscher in which Miles presented various reasons in support of the SEC's classification of stablecoins as securities. But given that a STABLECOIN blatantly fails the Howey Test, how on earth can it classified as a security? Nobody has ever purchased BUSD with the goal of making money.


After hearing that Kraken had reached a settlement with the SEC and would be discontinuing its crypto-staking services, the SEC announced its most recent action.


Investor confidence will continue to be weighed down by regulatory uncertainty since the SEC is now targeting stablecoins and crypto staking.


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