Recently released email exchanges from 2018 reveal that multiple U.S. Securities and Exchange Commission (SEC) officials were in deliberation over Ether’s status as a security. These emails were published by Ripple in its legal battle with the SEC, which accuses Ripple of illegally selling XRP for more than seven years as unregistered securities. Meanwhile, in order to “restore sanity” in the U.S Securities and Exchange Commission and remove its current chair, Gary Gensler, Rep. Warren Davidson (OH-08) and House Majority Whip Tom Emmer (MN-06) proposed a bill on June 12 called “The SEC Stabilization Act.” This bill intends to counteract what they’ve seen as “long series of abuses” that have gone unchecked within the existing SEC framework.
PBN Research
Inflation
https://qz.com/us-inflation-hit-its-lowest-level-since-march-2021-1850532918
For the eleventh month in a row, US inflation cooled between April and May, with the prices of goods and services rising by just a timid 0.1% in May—another strong signal to the Federal Reserve that it should hold interest rates steady or even drop them.
A 12-month overview shows an annual inflation rate of 4% in May, a significant drop from the 4.9% in April.
Circle
The CEO of stablecoin issuer Circle has put pressure on lawmakers to pass a stablecoin bill and get it signed by President Joe Biden as other countries forge ahead.
“Indeed, today, emerging laws in the European Union, Japan and Hong Kong are establishing new rules for US-issued dollar stablecoins. That is a point worth repeating – other nations are enacting laws to regulate the use of the US dollar. The time has come for the United States to lead the development of global rules that will determine how our own currency moves around the world,” Allaire said.
Ripple
Ripple is calling for a fresh investigation into William Hinman, a former director of the U.S. Securities and Exchange Commission’s Division of Corporation Finance.
The development came after documents in an ongoing lawsuit brought by the SEC against Ripple were released earlier in the day that showed behind-the-scenes edits and correspondence about a now-infamous 2018 speech about crypto regulation.