ChainCatcher news, the Deputy Secretary for Financial Services and the Treasury, Chen Haolian, urged investors to participate in virtual currency trading preferably through licensed exchanges.Chen Haolian stated that the Hong Kong government is working hard to build the entire ecosystem. Currently, the Invest Hong Kong is actively promoting relevant enterprises to expand their business in Hong Kong. The virtual asset ecosystem is not limited to exchanges; it also includes virtual asset exchange-traded funds and central bank digital currencies (CBDC) among other products. The consultation on the regulation of stablecoins has been completed, and preparations for the relevant legislation are underway to submit to the Legislative Council for review.

ChainCatcher news, according to Jinshi reports, former U.S. Treasury Secretary Summers stated that the Federal Reserve's 50 basis point rate cut in September is "a mistake," but it also has no "significant impact."It is reported that traders are currently pricing in less than a 25 basis point rate cut by the Federal Reserve in November, while Bank of America has adjusted its expectation for a November rate cut from 50 basis points to 25 basis points.

ChainCatcher news, the Secretary for Financial Services and the Treasury, Christopher Hui, chaired the fourth meeting of the Financial Technology Project Execution Coordination Group. He stated that the Hong Kong government and financial regulatory bodies have been strongly supporting the development of financial technology, including improving financial infrastructure, building a more vibrant fintech ecosystem, nurturing fintech talent, and facilitating discussions among participants on various aspects of fintech, including how to further integrate virtual assets into mainstream financial markets and the application of artificial intelligence in Hong Kong's financial markets. Cyberport and the Financial Management Bureau reported on the green and sustainable fintech concept validation testing funding scheme, as well as the latest developments in the wholesale central bank digital currency project Ensemble.

ChainCatcher news, according to Jinshi reports, four informed sources revealed that Tesla CEO Elon Musk has secretly funded a conservative political group in recent years, indicating that the billionaire entrepreneur had already been covertly supporting right-wing causes before endorsing Trump's re-election campaign in July.Two informed sources stated that Musk's donations to the "Building a Future for America" organization began in 2022, with total contributions amounting to millions of dollars, significantly boosting the morale of the organization. However, the exact amount and timeline of the donations remain unclear, and no documents have been found linking Musk to the organization's finances. Earlier on Wednesday local time, reports indicated that Musk also funded other pro-Republican groups.

ChainCatcher News: U.S. Treasury Secretary Yellen stated that in extreme circumstances, it is conceivable to conduct dollar interventions. (Jin Ten)

ChainCatcher news, according to Jinshi reports, U.S. Treasury Secretary Yellen stated that the Federal Reserve seems to expect interest rates to decline further. If we continue down this path, interest rates will eventually fall to neutral levels, hoping that the labor market can remain stable in the event of Federal Reserve action. The labor market and inflation indicate that we are on the path to a soft landing, and we are deeply considering how to enhance liquidity and access the Federal Reserve's discount window.

ChainCatcher news, according to South Korean media reports, several South Korean officers may have used highly classified military passwords as collateral when borrowing money from loan sharks to purchase cryptocurrency.The South Korean Ministry of Defense stated that in June of this year, an unnamed officer was sentenced to probation and added that he officially retired on September 19.A spokesperson stated that officials from the Defense Intelligence Command "became aware of the crime committed by an active-duty captain earlier this year" and prosecuted him in military court in March for violating the Military Secrets Protection Act. The officer was sentenced to two years and six months in prison, with a four-year probation. The intelligence agency is further investigating the situation of "active-duty officers" in a unit in the Chungcheong region using passwords to obtain loans for "trading or investing in cryptocurrency."Media reports indicate that there are allegations that "most of the soldiers involved in the incident are officers in their 20s and 30s. They are eager to borrow money for cryptocurrency trading or investment."

ChainCatcher news, Hong Kong Financial Secretary Paul Chan published a blog post, in which he pointed out that the Federal Reserve cut interest rates by 50 basis points last week, marking the first rate cut in over four years. Coupled with the recent rate cuts by several major central banks globally, this has strengthened the financial market's expectation of a gradual decline in global interest rates.The loose financial environment is also favorable for the asset market atmosphere and the business operating environment. Although under the linked exchange rate system, it can be expected that the future interest rate trend in Hong Kong will generally follow that of the U.S., the speed and extent of the cuts will depend on local capital flows and market conditions.In the context of a gradually improving overall environment, there is a greater need to further promote the Hong Kong market. As the appetite for investment risk gradually rises and investors chase higher returns, it is essential to explore broader and more diversified sources of funding for the Hong Kong market.Following the listing of the first ETF tracking Saudi Arabian stocks in the Asia-Pacific region at the end of last year, the Saudi Capital Market Authority recently announced the approval of the first ETF investing in Hong Kong stocks, which will be listed on the Saudi Stock Exchange, allowing local and Middle Eastern funds to invest more conveniently in stocks listed in Hong Kong. Hong Kong will continue to strengthen its promotion in various traditional and emerging markets and foster more cooperation. It is believed that as interest rates decline, it will better leverage funds from different markets to inject new momentum into Hong Kong's capital market.

ChainCatcher News, former U.S. President Trump stated: "We have long requested to increase more Secret Service personnel to ensure my safety. I am receiving more protection from the Secret Service." (Jin Ten)

ChainCatcher News, President Biden stated, "I have instructed my team to ensure that the Secret Service has sufficient resources to secure Trump's safety."

ChainCatcher news, during the opening speech at the Invest in UAE Forum, Hong Kong's Under Secretary for Financial Services and the Treasury, Chen Haolian, stated that over the past year, Hong Kong and Dubai have continuously strengthened their partnership in the financial sector. Last year, a Hong Kong licensed insurtech company began a strategic collaboration with the oldest insurance company in the UAE, and their digital asset custody insurance has been approved by the Central Bank of the UAE to operate locally.In terms of cross-border payments, Chen Haolian pointed out that the Hong Kong Monetary Authority and the Central Bank of the UAE, along with three other central banks and the Bank for International Settlements Innovation Hub, are collaborating on a project called Multiple Central Bank Digital Currencies (mBridge) to explore the application of wholesale central bank digital currencies. The project completed its pilot phase in 2022, with 20 banks from four jurisdictions participating. This year, the project has reached the Minimum Viable Product (MVP) stage and will further expand participation from the public and private sectors.

ChainCatcher News: U.S. Treasury Secretary Yellen stated that the U.S. economy is in good shape, and the cooler employment data in recent months indicates that the economy is undergoing a soft landing rather than a recession. Yellen mentioned that there have been no significant layoffs in the U.S., and the economy is experiencing a "deep recovery."

ChainCatcher news, according to Jinshi reports, U.S. Treasury Secretary Yellen declined to comment on when U.S. interest rates might be lowered, only stating that all signs indicate robust consumer and investment spending, and that the U.S. has a good, healthy job market. U.S. mortgage rates have decreased, and there may be further room for reduction.

ChainCatcher News, former U.S. Treasury Secretary Summers stated that the Federal Reserve's monetary policy is not as tight as investors might think, making it easier for the market to enter bubble territory. In an interview with Bloomberg last Saturday, Summers mentioned that the U.S. economy remains strong, with good employment conditions and resilient economic growth. This surprised some Wall Street giants like JPMorgan CEO Dimon and Bridgewater founder Dalio, who had previously predicted that the economy would fall into recession as the Federal Reserve began its fight against inflation. However, Summers pointed out that a strong U.S. economy could actually be bad news for U.S. stocks, as it suggests that the Federal Reserve's monetary policy is not as tight as the market believes. Summers warned that the likelihood of the Federal Reserve not cutting interest rates in 2024 may have slightly increased to over 15%, which is bearish for U.S. stocks. (Jin Ten)

ChainCatcher message, the global government affairs team of platform X issued a statement in response to "the Brazilian Supreme Court will suspend X's operations in the country before August 29":"Shortly, we expect Judge Alexandre de Moraes to order the shutdown of X in Brazil—simply because we will not comply with his illegal orders to censor his political opponents. These opponents include a formally elected senator and a 16-year-old girl, among others. When we tried to defend ourselves in court, Judge de Moraes threatened to imprison our Brazilian legal representative. Even after she resigned, he froze all her bank accounts. Our challenges to his obviously illegal actions have either been dismissed or ignored. The fundamental issue is that Judge de Moraes is asking us to violate Brazil's own laws.In the coming days, for the sake of transparency, we will publish all of Judge de Moraes's illegal demands as well as all relevant court documents. Unlike other social media and tech platforms, we will not secretly comply with illegal orders. For users in Brazil and around the world, X remains committed to protecting your freedom of speech."

ChainCatcher news, Solana Labs co-founder Anatoly Yakovenko tweeted that the next U.S. Treasury Secretary needs to understand the meme value of the trillion-dollar coin and mint it as a unique NFT.Yakovenko pointed out that even if the physical coin is lost, the NFT will still exist, and this practice will fundamentally change the way central banks operate.

ChainCatcher News: Former U.S. Treasury Secretary Summers recently stated on Bloomberg Television's "Wall Street Journal" program, "Involving politicians is a foolish game," and "The end result is higher inflation and a weaker economy."Summers warned that any president's influence on U.S. monetary policy will ultimately harm the economy. Government officials "always want to print more money, lower interest rates—floor it to boost the economy." This pressure raises expectations for inflation and pushes up long-term interest rates. Such actions by government officials will only "exacerbate inflation while output shows no substantial growth."As for the Federal Reserve's current policy decisions, Summers stated that, given the market volatility and the stock market sell-off have eased since the turmoil last Monday, "based on the current facts," any emergency rate cut is unnecessary.However, Summers believes that at the September policy meeting, "a 50 basis point cut may be appropriate." (Jin Ten)