Seeds of Wisdom RV and Economic Updates Late Tuesday Evening 8-13-24

Good Evening Dinar Recaps,

THESE QUOTES,RESEARCH, AND OPINIONS ARE FROM ASHELEY PROSPER ON X
DEFINITELY WORTH A READ!!

We keep telling you XRP is the one. But you just won't listen. Maybe some of these quotes will help you see the truth.
 
Brad Garlinghouse
"XRP is a bridge currency. We believe it has the potential to reduce liquidity costs and enable faster, lower-cost cross-border payments."

Christine Lagarde (President of the European Central Bank)
"Ripple is doing a lot of work in facilitating exchanges and making sure that there is no need for a central counterparty, but that we know exactly who is doing what and who is exchanging what."

JP Morgan
"If Ripple wins SEC lawsuit, XRP is poised for significant adoption."

Bank of America (2019 Report)
"Ripple’s technology is attractive for its ability to settle cross-border transactions almost instantly."

David Schwartz
"XRP was designed to be a better Bitcoin."

World Economic Forum
"Ripple’s XRP is one of the most scalable and efficient digital assets available for cross-border payments."

Jesse Lund (IBM)
"Ripple’s approach with XRP is interesting as it provides a digital asset that can settle in real-time across multiple networks."

SBI Holdings
"XRP has the potential to become the global standard in digital currencies for cross-border transactions."

Chris Larsen
"We’re working with regulators, we’re working with central banks. I think that’s an important part of our strategy."

Christine Lagarde
"Ripple has addressed many of the issues associated with cross-border payments, particularly around speed, transparency, and cost-efficiency."

American Express
"Ripple offers a compelling proposition in cross-border transactions, reducing settlement times from days to seconds."

Bank of America
"Ripple’s solution can potentially bring substantial cost efficiencies in our cross-border transactions."

Yoshitaka Kitao
"XRP is the most efficient, scalable digital asset for payments, and it plays a pivotal role in the development of new financial infrastructure."
 
Cathy Bessant (Bank of America)
"We’ve been in partnership with Ripple for a while. We’re testing and piloting the use of blockchain technology in different areas where we see the potential for immediate value."

Marc Andreessen (Andreessen Horowitz)
"Ripple’s approach to leveraging blockchain for the financial industry shows immense promise. The speed and efficiency gains are remarkable."

Digital Currency Group (DCG)
"Ripple’s innovative approach to cross-border payments is setting new standards in the financial industry, and XRP plays a crucial role in this evolution."

Amazon Web Services (AWS) - Ripple Case Study
"Ripple provides one frictionless experience to send money globally using the power of blockchain."

Ross Leckow (IMF)
"Ripple’s technology can help enhance financial inclusion and improve the efficiency of the global financial system."

Ripple and Apple’s Collaboration with Interledger Protocol (ILP)
"Apple’s integration of Interledger Protocol, which Ripple helped develop, shows the potential for broader adoption of blockchain technology in mainstream tech ecosystems."

Google Ventures
"Ripple’s vision of instant, secure, and low-cost global payments aligns with the future of financial services. XRP’s utility as a bridge currency is an integral part of that vision."

Santander Bank
"We are excited to leverage Ripple’s technology to provide our customers with faster, more secure international payments, allowing us to stay ahead in the rapidly evolving financial industry."

Microsoft’s Azure Blockchain Workbench
"Ripple’s integration with Microsoft’s Azure Blockchain Workbench enables businesses to send and receive cross-border payments with unprecedented speed and security."

Tom Jessop (President, Fidelity Digital Assets)
"We see Ripple and XRP as one of the more mature and viable digital assets in the market, with a clear use case in cross-border payments."

@ Newshounds News™

Source: Twitter

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Superstate integrates Chainlink for tokenized treasury fund

Superstate, a blockchain-based asset management firm, has integrated Chainlink’s technology as it taps into the growing tokenization market.

The asset manager will leverage the Chainlink Data Feeds to bring net asset value data for its tokenized treasury fund on-chain. In the announcement Superstate stated it aims to enhance the composability of its Superstate Short Duration US Government Securities Fund by utilizing Chainlink’s technology.

The integration enables the firm to access crucial off-chain data, essential for market pricing, utility, and transparency.

@ Newshounds News™

Source:  Crypto News

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IOTA launches blockchain tool to simplify music rights management

IOTA has introduced a new blockchain-based tool aimed at simplifying music rights management in the film industry.

IOTA (IOTA), a distributed ledger focused on the exchange of value and data, has unveiled a blockchain-driven tool designed to transform the management of music rights in films, addressing what the project describes as a traditionally time-consuming process.

The new solution, developed under the European Blockchain Pre-Commercial Procurement initiative and funded by the European Commission, leverages distributed ledger technology to streamline negotiations and secure intellectual property rights more efficiently, according to an Aug. 12 blog announcement.

The core of IOTA’s latest solution is the Smart Contracts for Media system, which automates contracts between film producers and rights holders. These smart contracts are self-executing digital agreements, intended to reduce the time traditionally required for negotiations and payment processes.

IOTA claims its solution promises to “revolutionize the way intellectual property rights are handled,” enabling producers to select predefined contract templates, make real-time adjustments, and finalize terms digitally. Once agreed upon, the smart contracts are deployed on the IOTA Smart Contract Chain, ensuring the agreements are immutable.

The tool also incorporates non-fungible tokens (NTFs) to represent rights and obligations. These NFTs contain unique identifiers that link to detailed data stored off-chain using the InterPlanetary File System (IPFS), a decentralized storage solution.

@ Newshounds News™

Source:  Crypro News

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Coinbase Urges SEC to 'Abandon' Its 'Irrational' DeFi Exchange Rule

The SEC’s move to regulate DEXs would make it functionally impossible for DeFi projects to exist in the United States, Coinbase wrote Monday.

Coinbase once again came out swinging Monday against the U.S. Securities and Exchange Commission (SEC’s) yearslong attempt to expand a bureaucratic definition of the word “exchange,” which if successful would bring the DeFi ecosystem firmly under the regulator’s purview.

In an eight-page comment submitted to the SEC on Monday, Coinbase Chief Legal Office Paul Grewal chastised the potential rule change as “arbitrary” and “irrational” in several respects, and urged the agency to “abandon its effort” to apply the proposed rule to decentralized exchanges (DEXs).

Fundamental to Coinbase’s argument against the change is the SEC’s continued refusal to concede that DEXs—which are run by automated, on-chain software (aka smart contracts) with little to no human management—are by definition incapable of complying with rules and standards designed for traditional securities exchanges like the New York Stock Exchange.

“DEXs cannot comply with registration and disclosure requirements designed for legacy financial exchanges managed by centralized companies,” Grewal wrote.

“And even if DEXs could somehow comply with existing registration and disclosure rules, the Commission does not explain how SEC-registered DEXs could facilitate the trading of digital assets.”

Because of these apparent tensions, Coinbase implied in its letter to the SEC today, the agency may well be attempting to outlaw DEXs implicitly, without saying so.

“The SEC benefits from robust engagement from the public and will review all comments submitted during the open comment period. Generally, we respond to comments received as part of the final rulemaking and not beforehand," an agency spokesperson told Decrypt following the initial publication of this story.

Coinbase further accused the SEC of failing to complete a proper cost-benefit analysis of the proposed rule change. That’s due to the fact that the regulator has only stated in blanket terms that it would regulate exchanges that deal in “crypto asset securities,” without defining which sorts of digital assets constitute securities and which do not.

The SEC’s longstanding refusal to draw such a line—between which cryptocurrencies it views as securities, and which it does not—remains one of the crypto industry’s greatest grievances with the agency. Insteading of putting forth such a framework, the SEC has opted to sue crypto projects it alleges constitute illegal securities offerings, one at a time.

The regulator has even, in recent months, appeared to flip-flop on its own views of certain crypto assets. For over a year, for example, the SEC reportedly secretly considered Ethereum to be a security. Then, in May, the agency abruptly changed course, approving the trade of spot Ethereum ETFs on Wall Street.

Because the SEC has not clearly defined which cryptocurrencies it considers to be securities, Coinbase wrote today, it cannot possibly have properly calculated an accurate cost-benefit analysis determining how much financial activity would fall under its purview if DEXs were regulated like securities exchanges.

“The SEC cannot rationally make these calculations without a single, stable view on which digital assets are subject to the securities laws,” Grewal wrote.

@ Newshounds News™

Read more:  Decrypt

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The SEC has been going after numerous crypto companies for billions of dollars.  There was an article yesterday with negative comments on CFTC rules too.  Congress needs to get some of those bills passed that define what entity regulates what so America can catch up to other countries  regulating our new financial system.  Taking companies to court and fining them billions of dollars is just hindering our progress. 

I found these two bills that were introduced in the Senate two years ago but never passed.

Senate Bill S. 4760
Digital Commodities Consumer Protection Act of 2022 (DCCPA)
Introduced in Senate (08/03/2022)

To amend the Commodity Exchange Act to provide the Commodity Futures Trading Commission jurisdiction to oversee the spot digital commodity market, and for other purposes.

https://www.congress.gov/bill/117th-congress/senate-bill/4760/text

Senate Bill  S.5030
Digital Trading Clarity Act of 2022 (DTCA)
Introduced in Senate (09/29/2022)

This bill establishes a safe harbor from securities regulation for certain digital asset exchanges and intermediaries. This safe harbor applies if (1) such digital asset is not classified as a security by the Securities and Exchange Commission (SEC) or by a U.S. court; and (2) the exchange or intermediary complies with requirements regarding listings, customer protection, and disclosures.

If a digital asset is determined to be a security and otherwise meets these requirements, the exchange or intermediary has a two year period during which the SEC may not pursue specified enforcement activity against the exchange or intermediary.

https://www.congress.gov/bill/117th-congress/senate-bill/5030

@ Newshounds News™

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