Republicans on the House Financial Services Committee have publicly criticized SEC Chair Gary Gensler for what they deem to be a flawed regulatory approach. In a letter led by Committee Chairman Patrick McHenry, they express direct concerns to Gensler. They are troubled by the Commission's reluctance to consider stakeholder feedback and its failure to conduct thorough economic analysis.
In an opinion piece for CoinDesk, Ken Timsit, managing director of blockchain company Cronos Labs, wrote that French President Emmanuel Macron’s efforts to make his country a leader in Web3 are paying off, with major companies including Circle, Crypto.com, and Binance, the largest crypto exchange in the world, selecting Paris as their European headquarters. France has hosted industry-leading events such as NFT Paris, Paris Blockchain Week, and EthCC, while Macron has also implemented policies like tax cuts for crypto profits.
Amid a regulatory crackdown in the United States, billionaire Mike Novogratz's cryptocurrency group, Galaxy Digital, is expanding into Europe, seeking to establish a strong presence in the region, according to Financial Times. Leon Marshall, Galaxy's first head of Europe, says one key motivator for this expansion is the progress that's been made in Europe in developing legal frameworks for trading digital assets.
In a press release issued by the Federal Reserve, recent data suggests that the U.S. economy is growing at a modest pace, with robust job gains and a steady low unemployment rate.
The April Consumer Price Index (CPI) report, released by the U.S. Bureau of Labor Statistics, reveals a 0.4% monthly increase and a 4.9% yearly rise in the cost of goods and services for all urban consumers.