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FSB to Propose Crypto Regulations Next Week

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Today’s Cryptocurrency Headline

The Financial Stability Board (FSB), a global regulator, will develop plans to regulate the cryptocurrency market in the middle of next week. The FSB sets out its crypto agenda in July and is expected to present a consultation report to G20 finance ministers ahead of a meeting next Wednesday and Thursday in Washington. The Financial Stability Board will revisit its existing norms on stablecoins, which were first published in October 2020. The FSB will also submit another draft report for “promoting international consistency of regulatory and supervisory approaches to other crypto-assets and crypto-asset markets”.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin is up 0.44% over the last 24 hours and rose to an intraday high of $19,558.82. The largest cryptocurrency was mainly trading around the $19,500 price level during the weekend, suggesting a balance between supply and demand. The latest U.S. Consumer Price Index will be released on Thursday, which is widely expected to arrive at 8.1%, slightly lower than last month’s 8.3% but hardly enough to change the Fed’s monetary policy. If the inflation is higher than expected, the risky asset class could experience another sell-off this week.

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