Pennsylvania, Wisconsin drive surge in crypto interest among swing states
According to a16z’s “State of Crypto” report, crypto interest has surged in three of the top five swing states since 2020.
According to a16z’s “State of Crypto” report, crypto interest has surged in three of the top five swing states since 2020.
The European Securities and Markets Authority acknowledged the legal limitations raised by the European Commission but emphasized the importance of the framework’s initial objectives.
Industry watchers are pointing to Bitcoin’s increasing correlation with the winning odds of former President Donald Trump.
Italy plans to raise the tax on Bitcoin capital gains to 42% and remove the 750 million euro minimum revenue requirement for the Digital Services Tax.
John Deaton, a Republican candidate for a Massachusetts US Senate seat, slammed incumbent Senator Elizabeth Warren in their first debate for building an “anti-crypto army.”
According to BlockBeats, on October 15, Federal Reserve's Daly stated that the Fed's monetary policy remains restrictive as efforts continue to reduce inflation. Daly emphasized that the progress towards the Fed's goals is uncertain and vigilance is necessary. The Federal Reserve aims to achieve a 2% inflation target while maintaining full employment in the job market.
According to Odaily, market sources indicate that the New York Federal Reserve's one-year inflation expectation for September stands at 3%, unchanged from the previous value of 3.00%. Data from the New York Fed reveals that consumers' inflation expectations for the next three years have risen to 2.7%, up from the previous 2.5%. Additionally, consumers' inflation expectations for the next five years have increased to 2.9%, compared to the prior 2.8%.
According to Morgan Stanley’s Chief Investment Officer Lisa Shalett, the Federal Reserve is expected to cut interest rates again in November, but policymakers are proceeding cautiously due to stubborn inflation. Speaking at a recent forum, Shalett noted that while the labor market remains mixed, the Fed has shifted away from aggressively pursuing its 2% inflation target.Fed Treads Carefully on Rate CutsShalett emphasized that the Fed's focus has shifted to the labor market, indicating that inflation is no longer cooling fast enough to warrant aggressive cuts.Most Fed policymakers are aligned with further rate reductions in the coming months. However, Atlanta Fed President Raphael Bostic suggested that a rate cut might be skipped in November, highlighting cautious sentiment.Economic Data Signals Modest InflationRecent data reflects persistent inflationary pressure:CPI inflation rose slightly more than expected in September, while PPI growth remained flat.September jobs data and other positive economic indicators have shifted market expectations from a 50 basis point cut to a more modest 25 basis point cut during the Fed’s Nov. 6-7 policy meeting.Traders now assign an 89% chance of a 25 bps rate cut in November, with bond markets beginning to rally as inflation expectations are priced in.Political Uncertainty Adds Market VolatilityShalett noted that November 5 Election Day could bring further uncertainty, with polls showing Vice President Kamala Harris and former President Donald Trump tied in seven swing states.She cautioned that no clear election result may emerge immediately, adding to market volatility.Investment Strategies for a Volatile MarketGiven the current market conditions, Shalett recommends investors take shelter in real assets:Gold, commodities, real estate, and energy infrastructure assets offer protection from rising volatility.Hedge fund strategies focusing on market-neutral positions are also favored as a safeguard against unpredictable market conditions.
According to BlockBeats, on October 15, the Argentine judiciary has officially recognized the legal validity of blockchain-based smart contracts for the first time. This landmark decision grants legal enforceability to smart contracts in Argentina, paving the way for their application in various commercial fields such as lease agreements and purchase payments.The first legally recognized smart contract is a loan agreement built on the Cardano blockchain. This contract was established by two Argentine Cardano ambassadors, Mauro Andreoli and Lucas Macchia, involving a four-month loan of 10,000 ADA (approximately $3,430) with an annual interest rate of 10%. Andreoli stated, "We have just signed the first legally and judicially binding contract on the Cardano network that fully complies with the laws of the Argentine Republic." He emphasized that any breach of this contract could be enforced in court, requiring obligations to be fulfilled in ADA.To ensure the legal validity of the smart contract, both parties also signed a supplementary legal document detailing the contract's content, the blockchain used, and the transaction IDs of the relevant wallet addresses. This approach may set a standard process for the future legalization of smart contracts.
According to Foresight News, Bloomberg reports that China has initiated the taxation of overseas investment gains for its super-rich citizens. In recent months, wealthy individuals in major Chinese cities have been asked to self-assess or have been summoned by tax authorities to evaluate potential tax liabilities, including unpaid amounts from previous years. Sources indicate that these individuals could face an investment gains tax of up to 20%, with some also potentially facing penalties for late payments. The final amounts, however, are negotiable.China's tax enforcement measures follow the implementation of the Common Reporting Standard (CRS) in 2018, a global information-sharing system aimed at preventing tax evasion. Although local regulations have long stipulated that residents are subject to taxes on global income, including investment gains, enforcement has only recently intensified.