Former US Commodity Futures Trading Commission Chairman Gary Gensler told a conference that most of the cryptocurrencies being sold through initial coin offerings should be classified as securities by regulators. Gensler also said in an interview that if cryptocurrencies gets broad adoption, "it needs to come inside of the public policy envelope."
Larry Kudlow, chief economic adviser to President Donald Trump, has offered perspective on Trump's comments on the Federal Reserve's interest-rate policy, emphasizing that Trump was expressing opinion as a businessman, respects the Fed's independence and was not calling for a policy change. "I think the bigger picture is ... the White House, the president, the Federal Reserve, everybody wants this economic boom to continue," Kudlow said.
At least 19 people have died as a result of Hurricane Matthew and volunteer organization CrowdSource Rescue estimates 1,300 people in the Florida Panhandle remain unaccounted for in the storm's aftermath. Michael's path through Florida included a direct hit to Tyndall Air Force Base, where many buildings were destroyed and hangars housing F-22 Raptor fighter jets were damaged.
Jumpstart Our Business Startups Act 3.0, which would remove obstacles to capital formation and would cut costs for small companies, is likely to be enacted regardless of how midterm elections turn out, according to a report from Moody's Investors Service. The measure has solid bipartisan support, the report says.
AFME has urged the European Commission to ensure uninterrupted cross-border activity in the event of a no-deal Brexit. AFME CEO Simon Lewis says it is essential the commission act swiftly to prevent UK clearinghouses from losing EU clients to avoid market disruption and financial instability.
Central banks in the EU and the US aim to keep inflation under control but face pressure from governments to loosen monetary policy. European Central Bank President Mario Draghi calls such requests "one of the risks in the geopolitical sphere".
The Italian government has delivered a last-minute budget to the European Commission for review. The commission has one week to assess the proposal, and Italy must submit new plans if adjustments are required.
The Spanish economic recovery might have passed a cyclical peak, European Central Bank Vice President Luis de Guindos says, noting downside risk has emerged. He warns that weakening conditions in emerging markets pose further risk to growth.
Meeting minutes show the Bank of England's Money Markets Committee wants greater education on the transition to an alternative benchmark from Libor. The call comes as markets prepare to switch in late 2021 and as securities linked to the Sterling Overnight Index Average and the Secured Overnight Financing Rate gain traction.
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