Daily Update:

• Speaking at a “Bloomberg Crypto” TV interview, SEC Commissioner Hester Peirce said the SEC is closely looking at existing cases against crypto firms, stating that over the past few years “enforcement cases have been used as a way to make regulatory policy” which is “very atypical”. This comes after the SEC filed a request on Monday to pause its current case against Binance over mishandled customer funds for 60 days, as the SEC continues to develop its regulatory framework for crypto-assets. 

• During Chair Powell’s testimony with the Senate yesterday, he reiterated that with the policy stance “now significantly less restrictive than it had been”, the Fed does “not need to be in a hurry to adjust” rates. Current market expectations suggest a rate cut is only fully priced in for the July FOMC meeting. 
• When asked about the conditions required for the Fed to switch from QT to QE, Chair Powell responded that QE is a tool the Fed “tends to use” when it is at the “effective lower bound and can’t cut interest rates anymore, so nothing like what you’re seeing in the current day”.
• He added that the Fed “would use QE going forward only in the situation when rates were at zero, and we’re a long way from zero now”. 

• Uniswap has launched their Ethereum layer 2 blockchain – Unichain Mainnet.
• Ripple has announced a partnership with Portuguese FX provider, Unicâmbio, to integrate Ripple’s faster cross-border payments, initially focusing on financial settlements between Portugal and Brazil. This comes as Ripple is now looking to expand its presence in Europe.

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This Week’s Calendar:

Charts Of The Day:

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