The crypto market experienced a downturn as weak economic indicators from China reignited fears of a recession. The China Caixin Manufacturing PMI fell unexpectedly, with the weak export demand weighing on production and the headline number.
Ripple’s Chief Legal Officer called for SEC Chair Gary Gensler’s recusal from voting on any enforcement case that raises the issue of crypto classification as securities, except for BTC. Ripple CEO Brad Garlinghouse also urged elected officials in the US to take notice of the SEC v Ripple case’s outcome, which could impact the US crypto regulatory landscape.
XRP was down, reversing a previous gain. ETH staking inflows tumbled for the second consecutive day and reached their lowest level since March 5th, suggesting a possible shift in sentiment. ETH also tracked the broader cryptos market into negative territory.
HSBC and NatWest Group have introduced transfer restrictions for crypto-related transactions, going against British Prime Minister Rishi Sunak’s aim to make the UK a crypto hub.
Meanwhile, Hong Kong is moving closer to becoming a crypto hub, as the HK Securities and Futures Commission launched a consultation on the proposed requirements for operators of virtual asset trading platforms, with a new licensing regime to be implemented.