The US has to Borrow Just to Pay the Interest on its Debt

The US has to Borrow Just to Pay the Interest on its Debt

Gregory Mannarino:  3-14-2025

 Headlines screaming “ITS OVER” are certainly attention-grabbing, but the situation surrounding US debt is far more nuanced than a simple doomsday declaration.

The claim that the US needs to borrow just to pay the interest on its debt is a significant one, and while not entirely accurate yet, it highlights a worrying trend. Let’s break down the reality, the risks, and what it might mean for the future.

The statement hinges on the fact that the US national debt is substantial and growing. As of late 2023, it sits well above $30 trillion. With interest rates rising, the cost of servicing that debt has also increased dramatically. This year, the US is projected to spend hundreds of billions of dollars on interest payments alone.

The concern is that these interest payments are becoming so large that they contribute significantly to the overall deficit. This deficit, in turn, necessitates further borrowing, creating a potential “debt spiral” where borrowing is required simply to cover the interest on existing debt.

The US is not currently solely borrowing to pay interest. The deficit is driven by a complex interplay of factors, including government spending programs, tax policies, and economic conditions. However, the increasing burden of interest payments is undoubtedly exacerbating the situation.

However, these factors are becoming increasingly challenged. Economic growth is slowing, and political gridlock often hinders meaningful fiscal reforms. The consequence? The rising interest payments are indeed becoming a larger and larger portion of the deficit, inching closer to the terrifying scenario painted by the headline.

While the US isn’t solely borrowing to pay interest yet, the escalating burden of debt servicing is a serious concern. The path forward requires a commitment to fiscal responsibility, sustainable economic growth, and effective monetary policy.

 Ignoring the warning signs and failing to address the issue could lead to dire consequences for the US economy and its global standing. It’s not necessarily “over,” but the future depends on decisive action taken now. Ignoring the problem is not an option.

Watch the video below from Gregory Mannarino for further insights and information.

https://youtu.be/KTr67CSGiTI

Iraq Economic News and Points to Ponder Saturday Afternoon 3-15-25

Iraq discusses with the IMF strengthening the dinar

March 14, 2025  Baghdad - Al-Zaman:  The Iraqi delegation concluded its meetings with the International Monetary Fund, with the participation of Finance Minister Taif Sami and the Governor of the Central Bank of Iraq, Ali Al-Alaq, in Amman.

The Ministry of Finance stated in a statement that "the meetings focused during discussions on Iraq's economic performance and prospects for sustainable growth, with the International Monetary Fund commending the progress made."

He continued, "The meeting also discussed non-oil GDP growth of 5% in 2024, driven by the expansion of the agricultural sector and increased public spending, with growth expected to reach 3.5% in 2025," noting "the effort to reduce dependence on oil revenues, which will enhance economic diversification and stability."

He pointed out that "actual spending for 2024 and revenue forecasts for 2025, along with deficit financing strategies, will be reviewed, as will updating the public debt strategy to ensure financial sustainability and enhance investor confidence in government bonds."

The meeting addressed "reforms in the financial sector," with the International Monetary Fund stressing the importance of modernizing the banking system to attract foreign capital, and emphasizing "expanding cooperation with international correspondent banks to facilitate trade financing."

The International Monetary Fund (IMF) renewed its support for developing Iraq's fiscal policy, proposing to provide advisors and experts to assist the Ministry of Finance in managing public debt and improving the tax system, as well as increasing the use of the Iraqi dinar in key transactions to strengthen the national currency.

The meetings reflected "Iraq's commitment to financial reforms, enhancing economic stability, and adopting investment-friendly policies, in line with its strategic partnership with the International Monetary Fund." LINK

try: The Coming Years Will Witness A Qualitative Leap In The Industrial Sector Through New Projects And Modern Production Lines.

Local | 05:16 - 03/15/2025  Mawazine News – Baghdad  The Ministry of Industry confirmed, on Saturday, that the industrial sector will witness a qualitative leap in the coming years, while indicating that 196 partnership contracts were concluded with the private sector to boost production.

Ministry spokeswoman Duha Al-Jubouri said: "The ministry did not adopt the full privatization of factories, but rather resorted to partnerships with the private sector in accordance with the ministry's partnership law," noting that "the number of effective partnership contracts has reached 196 contracts, distributed among 27 companies."

She added, "50 of these contracts were concluded during the period from October 27, 2022, until now.

" She explained that "some contracts have been signed, while others are still under study or in the foundation stone laying stage," noting that "the partnerships covered multiple sectors, including communications and energy,

Which included the manufacture of power stations and transformer assembly, the petrochemical industries, as well as the automotive industry, which included the assembly and manufacture of machinery, in addition to armoring and conversion projects for various wheels."

She continued, "The partnerships included the mining, electrical, and construction industries, as well as the maintenance and rehabilitation of gas turbine units, in addition to the establishment of new factories to produce phosphate fertilizers, medicines, insulin, and human vaccines."

Al-Jubouri emphasized that "these contracts will contribute to improving and increasing production," noting that "these projects, being huge factories operating with modern technologies, will require several years to complete their construction and operation."

She added, "The coming years will witness a qualitative leap in the industrial sector through new projects and modern production lines."   https://www.mawazin.net/Details.aspx?jimare=260195

Industry: 196 Partnership Contracts With The Private Sector To Boost Production

Aluminum factory in Iraq. "Internet"  Money and Business   Economy News – Baghdad  The Ministry of Industry confirmed on Saturday that the industrial sector will witness a qualitative leap in the coming years, noting that 196 partnership contracts have been concluded with the private sector to boost production.

Ministry spokeswoman Dhuha Al-Jubouri said in a statement reported by the official news agency and reviewed by Al-Eqtisad News, "The ministry did not adopt the full privatization of factories, but rather resorted to partnerships with the private sector in accordance with the ministry's partnership law."

She noted that "the number of effective partnership contracts has reached 196, distributed among 27 companies."

She added that "50 of these contracts were concluded during the period from October 27, 2022, until now."

She explained that "some contracts have been signed, while others are still under study or in the foundation stone laying stage," noting that "the partnerships covered multiple sectors, including communications and energy, which included the manufacture of power stations and transformer assembly, the petrochemical industry, as well as the automotive industry, which included the assembly and manufacture of machinery, in addition to armoring and conversion projects for various wheels."

She continued, "The partnerships included the mining, electrical, and construction industries, as well as the maintenance and rehabilitation of gas turbine units, in addition to the establishment of new factories to produce phosphate fertilizers, medicines, insulin, and human vaccines."

Al-Jubouri emphasized that "these contracts will contribute to improving and increasing production," noting that "these projects, being huge factories operating with modern technologies, will require several years to complete their construction and operation."

She added, "The coming years will witness a qualitative leap in the industrial sector through new projects and modern production lines."   https://economy-news.net/content.php?id=53424

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Saturday Afternoon 3-15-25

Good afternoon Dinar Recaps,

2,300,000 CREDIT AND DEBIT CARDS LEAKED ON DARK WEB AS HACKERS INFECT MILLIONS OF DEVICES, DRAIN BANK ACCOUNTS: REPORT

Millions of debit and credit cards have been leaked on the dark web amid an explosion in the number of devices infected by data-stealing malware, according to cybersecurity and anti-virus firm Kaspersky.

Kaspersky says that from 2023 to 2024, at least 2.3 million bank cards were exposed via infostealer malware and posted on the dark web.

Over the same period, infostealer malware infected 26 million devices running Windows. The cybersecurity firm says bank card information is stolen in every 14th infection by this type of malware.

According to Kaspersky expert Sergey Shcherbel, the actual number of devices infected by infostealers is most likely higher.

“Cybercriminals often leak stolen data in the form of log files months or even years after the initial infection, and compromised credentials and other information continue to surface on the dark web over time. Therefore, the more time passes, the more infections from previous years we observe.”

The cybersecurity firm says the infostealer malware known as Redline was the most prevalent of the data-thieving malware, accounting for 34% of the total infections in 2024. Risepro, which primarily focuses on stealing banking card details and passwords, is another fast-spreading infostealer.

“The most significant surge in 2024 was in infections caused by Risepro, whose share of total infections increased from 1.4% in 2023 to almost 23% in 2024.”

According to Kaspersky, the Risepro infostealer, which is also targeting cryptocurrency wallet data, is spreading through software cracks, game mods and key generators.

Kaspersky advises individuals and organizations monitor bank notifications, enable two-factor authentication and run full security scans on all devices to remain vigilant against these types of malware threats.

@ Newshounds News™
Source:  DailyHodl

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BRICS LOOK TO BLOCKCHAIN FOR ALLIANCE PAYMENT SYSTEM

Amid the alliance’s efforts to move away from the US dollar-dominated financial system, the BRICS bloc is reportedly eyeing blockchain as the basis for its developing payment system. Indeed, the collective is introducing a new proposal to push its efforts for economic autonomy forward.

The BRICS bloc has been engaged in a faceoff with the US since the return of President Donald Trump to the White House. Specifically, he has threatened 150% tariffs on the alliance amid its de-dollarization efforts. In response, the bloc has fractured, with some continuing to pursue movement away from the greenback.

BRICS New Proposal Eyes a Blockchain-Based Payment System

Throughout the last year, the BRICS bloc has targeted its own independence from the US dollar. The currency has continued to be weaponized, with the Biden administration instituting sanctions and Trump now introducing tariffs. Indeed, the collective has gone as far as to challenge the influence of the Petrodollar.

Those efforts have only taken a step forward this week with the 2025 summit nearing. Indeed, the BRICS bloc is eyeing blockchain technology for an alliance payment system that will further challenge the greenback, according to a new proposal.

cording to a new report, BRICS 2025 chairmanship holder, Brazil, has introduced the new initiative. It would seek to streamline cross-border transactions and lower costs to increase efficiency for local currency settlement. Although the bloc has assured it will not challenge the US dollar’s dominance, it would encourage and promote local currencies.

It will now be up to Trump and the US to identify the difference. Throughout his first two months back in office, he has not shown that kind of discernment when it comes to the greenback. Specifically, his campaign trail activities that signaled the US dollar’s status as a global reserve asset remained one of his most important focuses.

@ Newshounds News™
Source:  Watcher Guru

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Seeds of Wisdom RV and Economic Updates Saturday Morning 3-15-25

Good Morning Dinar Recaps,

US CONGRESSMAN TO INTRODUCE NEW CRYPTO BILL PROTECTING TRUMP’S STRATEGIC BITCOIN RESERVE

Recent reports revealed that another member of the US House of Representatives will introduce a new bill on March 14 to codify US President Donald Trump’s executive order for a Strategic Bitcoin Reserve (SBR). This move follows recent efforts by several US lawmakers to formalize and protect Trump’s crypto plan.

New Bill Proposes US Bitcoin Reserve’s Protection

On Friday, Bloomberg reported that US Representative Byron Donalds will introduce a bill to codify President Trump’s executive order to establish a national Bitcoin (BTC) reserve. The proposed legislation reportedly seeks to formalize Trump’s plan and protect the strategic reserve from potential industry-adverse administrations in the future.

According to the report, the bill “would ensure that the reserve and stockpile could not be eliminated by executive action from a future president.” The US President signed an executive order on March 6 to create a strategic BTC reserve and a “Digital Asset Stockpile” within the US Department of the Treasury.

The order indicates that these initiatives would be funded by crypto seized from government criminal and civil forfeiture proceedings, including the US’ 200,000 BTC holdings and other digital assets already owned by the Treasury Department.

In a statement to Bloomberg, Donalds affirmed that the “Democrats waged a war” on the crypto industry and it “is the time for Congressional Republicans to decisively end.” The legislation requires at least 60 votes in the US Senate and a House majority to pass.

The US Representative’s move is the latest in the recent efforts from various US lawmakers to give Bitcoin recognition as a strategic asset at the state and national levels under the new crypto-friendly administration, including Senator Cynthia Lummis’s actions to codify President Trump’s recent executive order.

On Tuesday, US Senator Lummis reintroduced her reserve bill, initially introduced last July, in the Senate to implement a BTC purchase program. As reported by Bitcoinist, the bill is co-sponsored by Republican Senators Jim Justice, Marsha Blackburn, Bernie Moreno, Roger Marshall, and Tommy Tuberville.

The Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, or Bill S954, aims to “ensure the transparent management of Bitcoin holdings of the Federal Government, to offset costs utilizing certain resources of the Federal Reserve System, and for other purposes.”

The US Senator highlighted the “landmark legislation that will codify President Trump’s bold vision to establish the United States Strategic Bitcoin Reserve and strengthening our nation’s economic foundation for generations to come."

Lawmakers Split Over Trump’s Crypto Reserve

Meanwhile, US Representative Nick Begich also introduced the “Bitcoin Act on 2025,” a companion bill to Senator Lummis’ legislation, to the US House on Tuesday. The legislation, co-sponsored by six Republican Representatives, is “designed to ensure the United States secures its financial independence and maintains its leadership in the global digital economy.”

Begich emphasized the need for the United States to establish a formal Bitcoin reserve, like its gold reserves, as “America cannot afford to fall behind in this financial revolution.”

Nonetheless, recent reports revealed that other Congress members are opposing President Trump’s crypto plan. Democratic Representative Gerry Connolly recently wrote a letter to Treasury Secretary Scott Bessent, pushing to abandon the strategic reserve plans.

The congressman considers, “Such a reserve provides no discernible benefit to the American people but would significantly enrich the President and his donors. It would also constitute unsound fiscal policy by picking winners among currencies via social media and wasting taxpayer dollars.”

The letter also asks for the documents and communications about the reserves, soliciting a “detailed list of safeguards that are in place to protect against government officials financially benefiting from the strategic cryptocurrency reserve.”

@ Newshounds News™

Source:  Bitcoinist

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GOLD ETFS WINNING THE ASSET RACE WITH BITCOIN FUNDS–FOR NOW

The price of the traditional safe-haven asset has soared recently, but bitcoin is the real “hot sauce,” says analyst Eric Balchunas.

Gold exchange-traded funds in the U.S. are leading in assets under management again after briefly being dethroned by the new American Bitcoin ETFs, a result of the traditional risk-off asset’s surge to a record high and BTC’s recent slump.

American ETFs giving investors exposure to gold’s price are collectively managing close to $150 billion in assets, VettaFi data shows. The 11 Bitcoin ETFs—approved by the SEC last year—now have over $93 billion in managed assets.

In December, Bitcoin ETFs briefly overtook their gold counterparts, according to K33 Research, thanks to the cryptocurrency’s price increase following the election of U.S. President Donald Trump, whose policies were widely expected to boost the digital asset industry.

Bitcoin spiked to an all-time high at nearly $109,000 in January the day of his inauguration. But it has steadily lost ground and was recently trading around $84,000, down about 25% from that record.

Friday’s BTC price comes the precious metal hit a record of $3,014 per ounce as investors spooked by the new president’s trade war look for less volatile investments. Gold is a traditional safe-haven asset favored during periods of economic turbulence.

Bitcoin has largely traded similar to tech stocks and other risk-on assets over the past year.

“Bitcoin has some safe haven qualities, but lately it’s behaved more like a risk asset, and that’s why we’ve seen more outflows in those spot ETFs,” etf.com’s Senior Content Editor Kent Thune, who oversees research at the publication, told Decrypt, noting gold’s status as an inflation hedge and safe-haven investment in the “current environment.”

The new Bitcoin ETFs smashed expectations last year following their approval after new capital from investors previously locked out of the world of crypto investing flooded the market. The funds collectively breached $3 billion in net flows just one month after they started trading—beating the launch of the gold ETFs 20 years ago.

But macroeconomic uncertainties and traders concerned about Trump’s policies, including his tariffs on favored trading partners, have led to massive outflows this year, helping push the price of Bitcoin down.  

Still, this trend could soon be reversed, Bloomberg ETF analyst Eric Balchunas said, as Bitcoin is the real “hot sauce.”

“It’s not really a reflection of customer interest,” he said, adding gold catching up with Bitcoin again was simply down to “the market.”

“Most regular people want stocks and bonds and spice—they want real speculative stuff. So to me, gold isn’t hot sauce, and the fact that Bitcoin could act as hot sauce made it still a lot better over the past year than gold, even though gold is going up.”

“I just think that gold can never be hot sauce,” he said, adding that while gold has won the battle, Bitcoin could win the war in the medium- to long-term.

@ Newshounds News™

Source:  Decrypt

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“Tidbits From TNT” Saturday Morning 3-15-2025

TNT:

Tishwash:  Net foreign investment into Iraq declined by 48%.

The Iraqi Statistical Office issued an official report stating that net foreign investment into Iraq fell from $2.9 billion in the second quarter to just $1.5 billion, a decline of 48%.

Foreign direct investment plays a pivotal role in strengthening the Iraqi economy, as it contributes to reducing dependence on the state for foreign currency, in addition to supporting vital economic sectors, according to economic expert Manar Al-Obaidi.

Meanwhile, the Iraqi government announced that net foreign direct investment over the past two years amounted to $63 billion, which contradicts official data released by the Iraqi Statistical Office  link

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Tishwash:  The role of electronic payment in strengthening our banking system

Dr. Haitham Hamid Mutlaq Al-Mansour

 In light of the rapid technological developments witnessed worldwide, financial and banking systems are facing radical transformations aimed at enhancing efficiency, transparency, and financial inclusion. Among these transformations, the electronic payment system stands out as a fundamental pillar in reforming banking systems, especially in developing countries like Iraq.

 The Iraqi banking system, which has suffered for many years from structural challenges and weak infrastructure, has begun to witness positive transformations thanks to the adoption of electronic payment technologies.

Electronic payment affects the banking system in general through:

1. Increased confidence in the banking system: Electronic payments enhance customer confidence in the banking system by providing secure and fast payment methods. When individuals feel their financial transactions are secure and easy to conduct, they are more likely to deposit their money in banks rather than keeping it in cash.

2. Promoting financial inclusion: Electronic payments facilitate access to banking services for individuals and small businesses, especially in remote areas or areas with a lack of bank branches. When more people can open bank accounts and conduct financial transactions easily, this leads to increased deposit rates, as depositing money in banks becomes more attractive than keeping it outside the banking system.

3. Reducing reliance on cash: In economies that rely heavily on cash, deposit rates are relatively low due to the widespread cash culture. By adopting electronic payments, reliance on cash can be reduced and individuals and businesses can be encouraged to deposit their money in banks, leading to higher deposit rates.

4. Improving the efficiency of banking operations: Electronic payments reduce banks' operational costs, as they eliminate the need for traditional branches and their staff. This improvement in efficiency can translate into better returns on deposits, making them more attractive to savers. 

5. Increased transparency and anti-corruption: Electronic payments enhance transparency in the financial system, as financial transactions become recorded and monitored. This reduces the risk of corruption and tax evasion, enhancing customer confidence in the banking system and encouraging deposits.

Global data clearly demonstrates the strong positive relationship between the spread of electronic payments and increased deposit rates in the banking system. It is noted that countries that have adopted effective electronic payment systems, such as China, India, and Kenya, have seen significant increases in deposit rates, demonstrating the impact of electronic payments on the banking system. This is as follows:

1. China:

It is one of the most advanced countries in the field of electronic payments, with more than 80% of the population relying on platforms such as Alipay and WeChat Pay. According to World Bank reports, deposit rates in China have increased significantly with the spread of electronic payments, with the deposit-to-GDP ratio reaching more than 180% in 2022. Electronic payments have contributed to increased financial inclusion, with the number of bank accounts increasing from 64% in 2011 to more than 90% in 2022. 

2. India:

Following the launch of the Unified Payments Interface (UPI) system in India, bank deposits increased significantly. In 2022, the deposit-to-GDP ratio reached 75%, up from 60% in 2016. Electronic payments have contributed to an increase in the number of bank accounts from 35% in 2011 to more than 80% in 2022.

3. Kenya:

Kenya is a pioneer in the use of mobile payments through M-Pesa. Bank deposits have increased from 20% in 2007 to more than 70% in 2022, thanks to the spread of electronic payments and increased financial inclusion.

4. Sweden:

Sweden is one of the countries with the highest reliance on electronic payments, with cash transactions accounting for less than 1% of total transactions. Meanwhile, the Swedish deposit-to-GDP ratio is around 90%, reflecting high confidence in the banking system.

In Iraq, the deposit-to-GDP ratio remains relatively low compared to other countries, recording a 9% decline. However, since 2024, the banking sector has begun to witness a significant decline in the total value of deposits, with a 9% decline from IQD 133.5 trillion in 2023 to IQD 123.5 trillion in 2024. This decline is despite the increase in the number of bank accounts following the widespread adoption of electronic payments, which rose from 23% to approximately 50% in just a few years. This reveals the reasons behind the decline in the value of deposits in the banking system, especially in light of the Central Bank's move to promote electronic payment tools and increase reliance on the banking sector. This poses significant challenges for the government to address, developing medium- and long-term plans, and adopting supportive policies to address these challenges, which include the following:

1. Weak technological infrastructure: Iraq's telecommunications and internet networks continue to suffer from quality and coverage issues, hindering the effective implementation of electronic payment systems.

2. Low levels of financial literacy: A large portion of the population relies on cash transactions due to a lack of sufficient awareness of the benefits of electronic payment and how to use it.

3. Lack of a legal and regulatory framework: The implementation of electronic payment requires clear laws and regulations that govern electronic payment operations, protect consumer rights, and facilitate and enhance the flexibility of payment processes.

4. Security concerns: Some individuals still fear the risks of cyber-hacking and data theft, which limits their use of electronic payments.  link

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Tishwash:  A politician warns of the repercussions of Al-Kadhimi's return... he carries an American agenda.

Abdul Hamid al-Dulaimi, a member of the United Anbar Alliance, warned on Friday of the repercussions of the return of former Prime Minister Mustafa al-Kadhimi, describing him as carrying an American agenda that does not serve the people's interests. 

In a statement to Al-Maalouma Agency, Al-Dulaimi said, "Former Prime Minister Mustafa Al-Kadhimi represents the last American card for Iraq, as he has clear plans to create widespread chaos in Iraq by fueling demonstrations to destabilize the country's security and stability for reasons that have become known to everyone, in addition to spreading political differences between the poles of the political process and planting a spirit of division among its components by strengthening the regional government over the center." 

He added, "Al-Kadhimi's return to Baghdad carries within it American agendas, the outlines of which will become clear in the coming period, amid warnings from political and security sources of the repercussions of his return and its negative impact on the political process." He indicated that "Al-Kadhimi is working to attract the Sadrist movement by all means to strengthen his front and the illusions of those affiliated with the movement that his plan is in the interest of Iraq." 

Finally, Al-Dulaimi stressed that “America follows a policy of planting its spies inside countries to implement its agenda as it deems appropriate for the interests of its country.”  link

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Mot: .... Ya KNows - as Ya Season - Ya Get To ~~~~

Mot: Lifes Choices - YOU Decide!!! 

MilitiaMan & Crew-Iraq Dinar News-IMF-Affirms Major Transactions in Dinar-Central Bank Iraq-Ministry of Finance

MilitiaMan & Crew-Iraq Dinar News-IMF-Affirms Major Transactions in Dinar-Central Bank Iraq-Ministry of Finance

3-14-2025

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=wC6YLrRxwcs

Seeds of Wisdom RV and Economic Updates Friday Afternoon 3-14-25

Good Afternoon Dinar Recaps,

RIPPLE BREAKS GROUND IN MIDDLE EAST: SECURES FIRST PAYMENT LICENSE

▪Ripple has become the first blockchain payments provider to receive official licensing from the Dubai Financial Services Authority (DFSA).

▪Ripple’s Middle Eastern expansion strategy started backin 2020 when the company established its regional headquarters in the DIFC.

Ripple has become the first blockchain payments provider to receive official licensing from the Dubai Financial Services Authority (DFSA). With this approval, Ripple can tap into UAE’s $40 billion cross-border payments market.

On 13 March 2025, Ripple announced unlocking fully regulated cross-border crypto payments in the UAE, “bringing faster, cheaper, and more transparent transactions to a $40B market.”

Commenting on the development, Ripple CEO Brad Garlinghouse said, “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption.”

“Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit,” he added.

Ripple’s First License In The Middle East

The company receiving operational rights within the Dubai International Financial Centre (DIFC) means that Ripple’s global payments product will be available for businesses in the UAE.

Welcoming Ripple to the Middle East, Arif Amiri, DIFC CEO said, ”We are thrilled that Ripple is deepening their commitment to Dubai by securing a DFSA license that makes them the first blockchain-enabled payments provider in DIFC.”

Ripple’s Middle Eastern expansion strategy started back in 2020 when the company established its regional headquarters in the DIFC.

“As the Middle East, Africa and South Asia’s leading global financial centre, DIFC is proud to support forward-thinking companies like Ripple as they shape the future of finance and accelerate the adoption of blockchain technology in the payments industry,” said Amiri.

UAE : Global Hub For Outbound Finance With  $400bn+ Market For International Trade

Notably, Ripple insists that it is seeing increasing demand from across the Middle East, “from crypto-native firms and traditional financial institutions alike.”

According to a 2024 business survey carried out by Ripple, 64% of Middle East and Africa (MEA) finance leaders see faster payments and settlement times as the biggest value proposition for incorporating blockchain-based currencies into their cross-border payments business.

“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s Managing Director for Middle East and Africa.

@ Newshounds News™
Source:  99 Bitcoins

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BINANCE FOUNDER CZ DENIES TRUMP FAMILY INVESTMENT, PARDON TALKS

The Wall Street Journal reported that representatives of the Trump family were in talks with Binance to take a stake in the exchange giant's U.S. arm.  Reported in this morning's Dinar Recaps Blog,  Source:  Bitcoinist

Representatives for the family of U.S. President Donald Trump are holding discussions with Binance about investing in its U.S. arm, according to a Wall Street Journal report on Thursday.

The WSJ said that the exchange giant's founder Changpeng "CZ" Zhao, who is the firm's largest shareholder, was also seeking a pardon, citing people familiar with the matter. Zhao, who was then the company's CEO, pleaded guilty on money laundering charges in November 2023 and served four months in prison.

Zhao denied the WSJ report in an X post.

"The WSJ article got the facts wrong," he wrote Thursday. "Fact: I have had no discussions of a Binance US deal with…well, anyone."

@ Newshounds News™
Read more: Decrypt

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KENTUCKY SENATE PASSES BILL PROTECTING BITCOIN SELF-CUSTODY RIGHTS

Yesterday evening, the Kentucky Senate unanimously passed a bill aimed at protecting Bitcoin self-custody rights and digital asset mining operations. With a decisive 37-0 vote, the legislation, titled AN ACT relating to blockchain digital assets (HB 701), now moves to the Governor’s desk for final approval.

Sponsored by Representatives Adam Bowling and T.J. Roberts, the bill affirms the right of individuals to self-custody digital assets through self-hosted wallets. Additionally, it prevents local zoning laws from discriminating against digital asset mining businesses, ensuring that Bitcoin miners can operate freely within the state.

The bill outlines several key provisions, including:

▪Protection for Bitcoin self-custody: Individuals have the legal right to use and store digital assets in self-hosted wallets.
▪Prohibition of discriminatory zoning laws: Local governments cannot impose zoning changes that unfairly target digital asset mining businesses.
▪Exemptions from money transmitter licensing: Home Bitcoin miners and digital asset mining businesses are exempt from Kentucky’s money transmitter requirements.
▪Clarification of securities laws: Digital asset mining and staking as a service are explicitly not classified as securities under Kentucky law.

After passing through the Kentucky House with a 91-0 vote on February 28, 2025, the bill moved swiftly through the Senate. The March 13 vote saw full bipartisan support, with 37 senators voting in favor, zero opposed, and one not voting.

The legislation now awaits the Governor’s signature, which would officially enshrine Bitcoin self-custody protections and digital asset mining rights into Kentucky law. If signed, Kentucky will become one of the more Bitcoin-friendly states in the country, setting a precedent for other states to follow.

@ Newshounds News™
Source:  Bitcoin Magazine

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“Tidbits From TNT” Friday 3-14-2025

TNT:

Tishwash:  Economist: Markets will face a recession during Eid due to weak purchasing power

Economic expert Salah Nouri predicted that market activity would be limited as Eid al-Fitr approaches, explaining that this is linked to the scale of citizen demand, which directly depends on purchasing power.

Nouri explained in an interview with Al Furat News Agency that "most citizens are low-income, low-level employees, and covered by social welfare, which affects the level of spending in the markets." 

He also predicted that "the dollar exchange rate will decline on the parallel market in the coming period, due to low demand for purchases."

Local markets are experiencing an economic slowdown as the Eid season approaches, with economic experts pointing to the possibility of a recession due to weak consumer purchasing power.

This decline is attributed to several factors, most notably the rising cost of living and declining real income, which has negatively impacted buying and selling activity. link

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Tishwash:  Government Advisor: We Have a Large Financial Surplus Enough for Iraq to Cover Two Years of Imports

Mohammed Al-Najjar, the Prime Minister's Advisor for Investment Affairs, confirmed that the Central Bank has a large financial surplus sufficient for Iraq to cover two years of imports.

Al-Najjar said in the program "Under Two Lines," broadcast on Al-Iraqiya News, followed by the Iraqi News Agency (INA), that "the US administration is dealing positively with Iraq, contrary to what is being circulated in the media," noting that "there is a moderate discourse from the United States because the energy market cannot bear it."

He added, "The Central Bank has a large financial surplus sufficient for Iraq to cover two years of imports," stressing that "there are mechanisms that the Central Bank is working with the US Federal Reserve to structure."

He pointed out that "the government is currently implementing the banking reforms agreed upon between Washington and Baghdad," explaining that "everyone is trying to protect Iraq because it is not in their interest for Iraq to be exposed to any crisis."

He continued, "The cost of reconstruction and bridges in the country does not exceed 12 trillion dinars." link

************

Tishwash:  MP Ali Shaddad sets the expected date for the budget tables to reach the House of Representatives and confirms that disagreements still exist.

Member of the Iraqi Council of Representatives, Ali Shaddad, said on Friday that amending Article (12) of the Budget Law for the three years (2023, 2024, 2025) is the reason for the delay in the current year's budget schedules reaching the Council of Representatives.

Shaddad expected the amendment of this controversial article between Baghdad and Erbil to be completed, and for the schedules to reach the Council of Representatives for discussion by the end of this March.

He pointed out that Article (12) of the Budget Law, which is being amended by the Council of Ministers, relates to the costs of producing the region's oil.

Shaddad explained to Noon News Agency that Article (12) indicated that the cost of producing and transporting one barrel of crude oil in the region amounts to $6, while the regional government believes that this amount is much less than the actual costs, due to the mountainous nature of the northern oil sites.

He pointed out that the region is also demanding an increase in its share of local fuel consumption, indicating that the central government and the Ministry of Oil do not have the authority to make this increase without referring to the Council of Representatives.

Shaddad hinted at internal and external pressures being exerted to expedite a final agreement to pass the budget and resume the region's oil exports via the Turkish port of Ceyhan.  link

************

Mot:  Splains alot -- HUH!!! 

Mot: . ole ""Earl"" is Soooo Wise at Times!!!

Seeds of Wisdom RV and Economic Updates Friday Morning 3-14-25

Good Morning Dinar Recaps,

TRUMP FAMILY ALLEGEDLY IN TALKS TO ACQUIRE BINANCE US STAKE AS CZ ‘SEEKS’ PARDON – REPORT

A recent report alleges that the Trump Family has been in talks to take a stake in crypto exchange Binance’s US arm, which could facilitate the company’s return to the country. Simultaneously, the exchange’s co-founder, Changpeng Zhao, also known as “CZ,” has allegedly been “pushing” for a pardon from the Trump administration.

Trump Family In ‘Deal Talks’ For Binance US Stake?

On Thursday, The Wall Street Journal (WSJ) reported that representatives of US President Donald Trump’s family have held talks to acquire a financial stake in Binance US since 2024. According to people familiar with the matter, the talks allegedly began as part of the global exchange’s plan to return to the US.

Binance reportedly contacted Trump’s camp, offering a business deal with the Presidential Family. The company “began exploring a return to the U.S. market last year around the time of Trump’s election win” and “told people it was willing to make a deal with Trump’s company and wanted to eliminate its legal problems,” the report states.

However, it was unclear how the Trump family stake would come together if they struck a deal. The WSJ sources said the options included the deal going through the Trump family crypto venture, World Liberty Financial (WLF).

Moreover, Steve Witkoff, the United States Special Envoy to the Middle East, was seemingly involved in the deal talks. Witkoff is a co-founder of WLF, but a Trump administration official denied any involvement, adding that he is “in the process of divesting from his business interests.”

The report claims that “After Trump won, Binance set up a working group under CEO Richard Teng, which included senior legal and compliance staff, to assess options. Executives knew that Zhao’s conviction complicated any return, as it would be difficult to sign up new commercial partners in the U.S. with a felon as a majority shareholder.”

As a result, the company executive “saw a potential legal playbook in the saga of Justin Sun,” who recently had the Securities and Exchange Commission (SEC) pause its lawsuit against him. This route consisted of “a cash infusion into World Liberty Financial in exchange for a pardon for Zhao,” the sources told the news media outlet.

CZ Denies Claims Of “Pushing” For A Pardon

The report also stated that Changpeng Zhao, Binance’s co-founder and largest stakeholder, has been “pushing for the Trump administration to grant him a pardon” amid the deal talks, which allegedly continued after the US President’s inauguration.

The news caused outrage among several crypto investors, who considered the potential financial deal for a pardon “the cherry on top” of the recent TRUMP and MELANIA memecoin controversies.

CZ responded to the report, denying the allegations. In an X post, he stated, “The WSJ article got the facts wrong.” He explained that over 20 people informed him they had been asked to confirm the “deal for a pardon” by the WSJ and other media outlets.

According to the Binance founder, he has not discussed a Binance US deal with anyone but noted, “No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA charge.”

To him, “they tried hard to make a story to report,” while the article feels like “an attack on the President and crypto, and the residual forces of the ‘war on crypto’ from the last administration are still at work.”

Meanwhile, Bloomberg reported on Thursday that WLF “has discussed doing business with the world’s largest digital-asset exchange, Binance Holdings Ltd., according to four people with knowledge of the talks.”

The article stated that it is unclear what stage these discussions reached but included the possibility of the crypto exchange developing a US-backed stablecoin with the Trump Family’s crypto venture.

@ Newshounds News™
Source:  Bitcoinist

~~~~~~~~~

BRAZIL TO PUSH CRYPTOCURRENCY AS A PRIORITY FOR INTERNATIONAL BRICS TRADE

Brazil will push crypto initiatives, including a blockchain payment system, to expedite international trading as part of its presidency at BRICS this year. Local media stated this would be a priority for the South American giant’s plans for the organization.

Brazil to Push Hard for Crypto Implementation in BRICS Trade

The agenda of Brazil as president of the BRICS bloc will feature an unlikely topic: crypto. Brazilian authorities are preparing to introduce proposals for the organization to consider cryptocurrency as a solution for international settlements both inside and outside the bloc.

Local journal “O Globo” noted that this topic would be a priority as Brazil is now the President of BRICS, taking the mantle from Russia. The proposal would support the need to expedite financial transactions among group members, and reduce the dependence on foreign currencies like the U.S. dollar.

While the idea of a BRICS common currency was floated before, with economists like Jim Rickards predicting it would leverage gold to undermine the dollar, this has not been suggested. Instead, BRICS is focusing on designing an efficient payment system to make use of digital national currencies or even stablecoins, which are already being used in international settlements, though informally.

President Donald Trump opposed the BRICS currency idea, proposing a 100% tariff regime if the organization abandoned the U.S. dollar for a new currency, defending the dollar’s role as the world’s trading coin.

Brazil could also present a system like Pix, that uses different networks and systems based on fiat currencies. Nonetheless, this might raise worries about the sovereignty and independence of the system, as fiat currencies might be subject to different regulatory standards.

Russian officials have confirmed that BRICS is indeed taking this as a priority, hosting talks to determine the best course of action in this regard. Last month, Russian Foreign Minister Sergey Lavrov stressed that President Luis Inacio Lula Da Silva had taken the initiative in this field, examining the creation of a so-called transborder payment initiative, the creation of a reinsurance company, and the BRICS Clear settlement and depositary infrastructure.

@ Newshounds News™
Source:  BitcoinNews

~~~~~~~~~

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MilitiaMan & Crew Iraq Dinar News-Central Bank-Impact of Changes Global Economy-Digital Dinar-Global Implications

MilitiaMan & Crew Iraq Dinar News-Central Bank-Impact of Changes Global Economy-Digital Dinar-Global Implications

3-13-2025

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=Wtpo6kavztM

Seeds of Wisdom RV and Economic Updates Thursday Evening 3-13-25

Good Evening Dinar Recaps,

BREAKING XRP NEWS: SEC REVEALS SWIFT REPLACEMENT WITH XRP!

Big news is shaking up the financial world! The Securities and Exchange Commission (SEC) just dropped a bombshell by publishing a document that suggests the potential replacement of the SWIFT system with XRP. This could be a game-changer for international money transfers and the entire banking system. Let’s dive into what this means and why it matters.

Understanding the SWIFT System

First off, let’s discuss what SWIFT is. The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has been the backbone of international banking for decades.

It allows banks and financial institutions to send and receive information about financial transactions in a secure and standardized way. However, with the rise of blockchain technology and cryptocurrencies, there have been increasing calls for a more efficient system.

What is XRP?

XRP is a digital currency created by Ripple Labs, designed specifically for fast and low-cost international transactions. Unlike Bitcoin, which can take several minutes to confirm a transaction, XRP transactions are settled in just a few seconds. This speed and efficiency make it a strong contender for replacing traditional systems like SWIFT.

Why the SEC’s Document is Significant

The SEC’s recent publication is significant for multiple reasons. First, it indicates a shift in perception within regulatory bodies about the use of cryptocurrencies in mainstream finance. By mentioning XRP as a potential replacement for SWIFT, the SEC is acknowledging the growing influence of digital currencies and their capacity to transform the financial landscape.

Potential Benefits of Replacing SWIFT with XRP

Imagine conducting cross-border transactions without the delays and high fees associated with traditional banking systems. Replacing SWIFT with XRP could lead to:

Faster Transactions: As mentioned earlier, XRP processes transactions in seconds, which is a massive improvement over SWIFT’s typical processing times.
Lower Costs: Transaction fees for using XRP are significantly lower than those associated with SWIFT, which could save banks and consumers money.

Increased Accessibility: With XRP, individuals and businesses without access to traditional banking systems may find it easier to engage in international trade.

Challenges Ahead

While the prospects of replacing SWIFT with XRP are exciting, there are challenges to consider. Regulatory hurdles remain a significant concern. The SEC and other regulatory bodies will need to establish clear guidelines for how cryptocurrencies can be used in traditional finance.

Additionally, banks and financial institutions would need to invest in new technology to support XRP transactions, which could be a barrier to adoption.

The Future of International Transactions
As we look to the future, the idea of integrating XRP into the global financial system is becoming more viable. The SEC’s document is a pivotal step toward legitimizing the use of cryptocurrencies in mainstream finance. If XRP can effectively replace SWIFT, it could lead to a more efficient, transparent, and equitable global financial system.

Community Reactions

The community’s reaction to this news has been overwhelmingly positive. Many XRP enthusiasts are expressing their excitement on social media platforms, envisioning a future where XRP is widely accepted for international transactions. As JackTheRippler tweeted, the implications of this announcement could be massive for holders of XRP and for the crypto market as a whole.

Conclusion: What’s Next?

So, what’s next? The world will be closely watching how the SEC navigates this groundbreaking moment in financial history. Will other countries follow suit? What will be the response from traditional banks? The possibilities are endless, and it’s clear that the landscape of international finance is evolving rapidly.

In the meantime, it’s essential for investors and consumers to stay informed. The potential shift from SWIFT to XRP could redefine not just how we think about money, but also how we interact with the global economy. As always, do your research and stay updated on the developments surrounding XRP and the SEC’s ongoing activities.

@ Newshounds News™
Source: TrendsNewsLine

~~~~~~~~~

US LAW ENFORCEMENT CONFISCATES 749 BITCOIN TIED TO DECADE-OLD SILK ROAD CRIMES

U.S. authorities seized approximately 749 Bitcoin, valued at $62.5 million, tied to a Silk Road drug trafficking and money laundering operations, according to a March 12, 2025, Forbes report.

Silk Road Legacy Continues: $62.5M Bitcoin Seized in Latest Crackdown

The seizure, ordered by the U.S. Attorney for the Western District of Texas, targeted assets connected to two unnamed individuals: a former Silk Road drug vendor and an accomplice who laundered proceeds through cryptocurrency exchanges. Alongside bitcoin, Forbes reported that authorities confiscated hundreds of thousands in foreign currencies, gold coins, and bars.

The illicit funds were traced to transactions on Silk Road, a dark web marketplace shuttered in 2013 after its founder was arrested.

Despite its closure, law enforcement has continued recovering digital assets tied to the platform. The recent operation marks the latest in a series of seizures, including a record multi-billion-dollar bitcoin confiscation in 2021.

Investigators uncovered the operation after the suspects moved bitcoin from Silk Road through multiple accounts and converted it to cash via the now defunct peer-to-peer platform Localbitcoins.

Suspicious deposits flagged by Gemini, a U.S.-based cryptocurrency exchange, alerted authorities, enabling the seizure through a civil forfeiture action.

The case shows law enforcement’s advancing ability to trace cryptocurrency transactions, even years after crimes occur. The report stressed that blockchain analysis, combined with cooperation from exchanges implementing anti-money laundering protocols, played a critical role. Gemini’s involvement highlights exchanges’ evolving role in combating financial crimes.

Silk Road, once a hub for anonymous drug sales using bitcoin, generated an estimated 9.5 million bitcoin in sales before its shutdown.

While its founder Ross Ulbricht has been fully pardoned, the Forbes report said that authorities remain committed to pursuing residual assets.

This seizure aligns with broader efforts to deter dark web activity by demonstrating that crypto gains are not beyond reach.

The $62.5 million recovery adds to over $4 billion in Silk Road-linked assets seized since 2013. Proceeds from such actions often fund victim compensation or law enforcement initiatives. Experts note the operation reinforces the dual realities of cryptocurrency: its potential for anonymity and its vulnerability to forensic scrutiny.

No criminal charges have been filed against the individuals involved, suggesting the investigation remains active. The U.S. Department of Justice has yet to comment on potential further actions.

@ Newshounds News™
Source:  Bitcoin News

~~~~~~~~~

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Iraq Economic News and Points to Ponder Thursday Afternoon 3-13-25

Gold prices stabilize as markets await inflation data

Wednesday, March 12, 2025 | Economic  Number of reads: 169  Baghdad / NINA / Gold prices stabilized on Wednesday, ahead of important US inflation data that may help gauge the path of the Federal Reserve's interest rates amid trade tensions and fears of an economic slowdown.

Spot gold settled at $2,916.69 per ounce by dawn today, while US gold futures rose 0.1 percent to $2,922.30.

Investors are awaiting US consumer price index data due later today to analyze the Federal Reserve's stance on interest rates next year.

If rising price pressures force the Fed to keep interest rates high, gold may lose its appeal as it is a non-yielding asset.

US President Donald Trump's tariffs are widely expected to fuel inflation and economic uncertainty, pushing gold to a record high of $2,956.15 on February 24.

Trump defended his tariff policies on Tuesday during a meeting with CEOs of major U.S. companies, including several whose market value has fallen in recent days as consumer and investor sentiment has deteriorated due to recession and inflation fears.

Spot silver fell 0.5 percent to $32.76 an ounce, platinum rose 0.4 percent to $978.60, and palladium fell 0.6 percent to $940.53. /End  https://ninanews.com/Website/News/Details?key=1191365

The Center For Banking Studies Concludes The Accounting And Budget Auditing Course.
 
March 12, 2025   The Banking Studies Center at the Central Bank of Iraq concluded its course on the mechanism of
 
     reviewing accounts and
     auditing budgets
 
for 65 trainees working in the financial, accounting, and auditing departments in the Iraqi banking sector.
 
The course program included training participants on how to
 
     prepare and analyze budgets,
     submit financial reports in accordance with international accounting standards, and
     improve their ability to examine financial records and
     ensure they comply with legal and regulatory standards.
    
Central Bank of Iraq    Media Office   March 12, 2025  https://cbi.iq/news/view/2824    

The Center for Studies concludes the Certified Bank Branch Manager course by distributing the certificate.
 
March 12, 2025
      The Center for Banking Studies at the Central Bank of Iraq organized a special ceremony to distribute the Certified Bank Branch Manager (CBBM) certificate to participants from various Iraqi banks.
 
This celebration comes within the framework of the great importance of this type of professional certificate, especially since
 
it was coupled with cooperation with the awarding body, the
Professional Development Institute (PDI), which added the
international accreditation feature to this certificate
for the first time at the level of the Center for Banking Studies.
 
The Center considered the test internationally and accredited by the aforementioned body,
 
confirming its successful role in raising the readiness of the Iraqi banking sector to perform its duties in providing the best financial and banking services to the public dealing with them,
 
in a way that
 
     ensures enhancing the quality of performance and the
     level of services provided across the sector towards achieving sustainable development.
 
This comes as part of the Center's strategic direction to cooperate with reputable international entities,
 
     granting the necessary professional certificates in various banking fields, in
     implementation of the government's program for the required qualitative achievement.
    
    Central Bank of Iraq   Media Office    March 12, 2025    https://cbi.iq/news/view/2825    

   For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 3-13-25

Good Afternoon Dinar Recaps,

SENATE BANKING COMMITTEE VOTES TO ADVANCE STABLECOIN BILL, COLLECTING SUPPORT FROM BOTH DEMOCRATS AND REPUBLICANS

▪️The bill would establish a regulatory framework for stablecoins and create standards for when stablecoin issuers would be regulated by the state or the federal government.

▪️Some Democrats, including Sen. Elizabeth Warren, have expressed unease toward the bill.

The Senate Banking Committee voted to advance a monumental stablecoin bill, advancing it to the full Senate and gaining support from Democrats along the way.

Introduced in February by Sen. Bill Hagerty, R-Tenn., the "GENIUS Act" (Guiding and Establishing National Innovation for US Stablecoins) aims to create a regulatory framework for stablecoins, defining when issuers fall under state or federal oversight. It has bipartisan support from Democratic Sens. Angela Alsobrooks of Maryland and Kirsten Gillibrand of New York.

Democrats Sens. Mark Warner and Andy Kim were among others to support the bill

"The GENIUS Act is a bipartisan step forward in ensuring stablecoins are safe and reliable tools in the financial system," said Senate Banking Committee Chair Tim Scott, R-S.C., at the beginning of Thursday's markup.

A handful of lawmakers in Washington have worked on a bill to regulate stablecoins for years, but those efforts, like other crypto-related bills to regulate the industry, have not come to fruition.

 Now, almost two months into Donald Trump's presidency, Congress is seemingly prioritizing crypto, including investigating claims of industry-wide debanking and repealing the controversial "DeFi Broker rule."

Work is also underway in the House to regulate stablecoins. Though the GENIUS Act is not a companion to the House's version, lawmakers say it shows an effort among Republicans to work on key issues.

The GENIUS Act has garnered support from some in the crypto industry, including the Blockchain Association which called the bill "a thoughtful step forward for commonsense, response guardrails for stablecoin innovation," in a post on X on Wednesday.

On the other side of the aisle, some Democrats have expressed unease toward the GENIUS Act. Sen. Elizabeth Warren's staff circulated a memo outlining their opposition to the bill, which they say "fails" to protect consumers, competition and national security, according to Politico. The memo also includes arguments that the bill would allow firms, such as big tech companies, to issue their own currencies, Fortune reported.

Warren offered several amendments on Thursday, including one involving firms being able to issue their own stablecoins. Big tech billionaires like Elon Musk could use their own currencies to compete with the U.S. dollar, Warren said.

"My most pressing concern is Elon Musk's attempt to build an empire that rivals the power of most nation states," Warren later added.

In the past, some Democrats have been critical of companies' previous plans to launch a stablecoin. Meta Platforms, formerly Facebook, looked to launch stablecoin Libra, later renamed Diem, a few years ago, but quickly prompted concern among regulators and lawmakers who were hesitant about a stablecoin with ties to the social media company.

The committee voted 13-11, therefore not agreeing to Warren's amendment.

Tensions flare

Sen. Catherine Cortez Masto raised concerns over Democrats showing up to the markup and holding a quorum for the committee but not Republicans.

"We're taking the time to talk about our amendments, but there's no debate," the Nevada Democrat said. "And there's some very good amendments here by the way, and I'm hopeful that we have a good product coming out of here, but it is the Democrats now holding the quorum here instead of the Republicans."

Cortez Masto called the bill a "great start" but said it was not ready for prime time.

"There are many that want to provide a good product at the end of the day, but it looks like to me — the die is already cast, you get what you get," she said.

Sen. Warren called the markup a "show trial" and criticized the lack of debate. However, Warren also showed willingness to work on the bill and said it had a "strong base."

"This feels like show trial here that we get up and we read our little part about each of the amendments and the Republicans, clearly a majority of the Republicans have already decided their vote without even hearing anyone make an argument for why this might be an amendment that would be appropriate for this bill," Warren said.

Sen. Bill Hagerty, one of the authors of the bill, countered and said the bill had gone through a "very robust bipartisan process."

"We're going to continue to work to improve this," he said. "I've already acknowledged my willingness to do that here today to the extent that there are additional technical corrections, or in many cases, valid issues are being raised that I think are far more appropriate for a market structure piece of legislation."

In the House, Rep. Stephen Lynch, D-Mass., criticized the GENIUS Act on Tuesday during a hearing focused on stablecoins and said it needed to be amended "vigorously."

"I read the GENIUS Act over in the Senate — I'm a little weary about anything called genius coming out of the United States Senate — but there were so many problems with that and I'm hopeful, hopefully my colleagues, Mr. Hill, and others will amend that vigorously because it had huge, huge problems," Lynch said

@ Newshounds News™

Source:  The Block

~~~~~~~~~

TREASURY MET WITH THREE CRYPTO FIRMS TO DECIDE CUSTODY OF BITCOIN RESERVE

Firms including Anchorage Digital are advising the U.S. government on best practices for safeguarding billions of dollars worth of crypto assets.

The U.S. Treasury Department held meetings this week with top executives from three crypto custody firms to discuss safeguarding the country’s Strategic Bitcoin Reserve, sources familiar with the matter told Decrypt.

Anchorage Digital was one such custodian that met with Treasury Department officials on Monday, according to multiple sources with direct knowledge of the matter.

When asked about the meeting, Anchorage CEO Nathan McCauley told Decrypt that government officials asked him detailed questions about best practices for custodying a national Bitcoin reserve and digital asset stockpile. McCauley said the officials also inquired about how custody could impact stablecoins and market structure, two hot-button topics currently before Congress.

“The Treasury Department is asking all the right questions,” the Anchorage CEO told Decrypt. “It’s clear that Treasury officials are treating this move into the digital asset space with care, recognizing that the United States is quite literally writing history.”

The Treasury Department did not respond to a request for comment on this story.

A Capitol Hill source with knowledge of the meetings told Decrypt the Treasury Department is in the early stages of figuring out how best to tackle questions of security involved in the U.S. government indefinitely holding billions of dollars worth of digital assets.  

“I don't think they have a view yet, and they're trying to figure out what their view is going to be,” they said. “But they are actively seeking additional information from industry participants on the best way to custody the strategic reserve and the stockpile.”

The source elaborated that key decision makers in the industry appear to be in favor of one or multiple third parties assisting with custodying the U.S. government’s Bitcoin reserve in the interim, with the long-term goal of the government eventually self-custodying when ready.

Self custody refers to the practice of independently holding crypto in cold wallets accessed with private keys, as opposed to relying on third parties to manage the assets.

The national digital assets stockpile, however, will consist of a wide variety of seized crypto assets on various blockchain networks, and therefore will likely be permanently custodied by a third party.

How are the nearly 200,000 BTC in the government’s possession currently being held? Last summer, the U.S. Marshals Service announced it had tapped Coinbase to custody its large cap digital asset holdings.  

When asked by Decrypt whether the company currently custodies the U.S. government’s Bitcoin, however, a Coinbase representative declined comment, pointing only to a recent, vague X post on the subject by Coinbase CEO Brian Armstrong.

In the post, Armstrong boasts that his company “works with 145 government entities in the U.S. and 29 government entities outside the U.S.” and that Coinbase has seen increased interest in its custody services following President Donald Trump’s announcement establishing a Bitcoin Reserve.

During an event in Washington held Tuesday by the Bitcoin Policy Institute, BitGo CEO Mike Belshe, Casa CEO Nick Neuman, and Anchorage Digital’s Nathan McCauley convened a panel on “Safeguarding America’s Bitcoin.”

During the talk, the executives opined as to the current state of the government’s current BTC stash, which is worth some $16.4 billion at writing.

“It’s maybe sitting in a closet at the U.S. Marshals Office,” Casa’s Neuman said.

“Or in a drive at somebody’s desk,” BitGo’s Mike Belshe added.

@ Newshounds News™

Source:  Decrypt

~~~~~~~~~

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