Seeds of Wisdom RV and Economic Updates Saturday Afternoon 10-5-24
Good Afternoon Dinar Recaps,
RIPPLE VS SEC NEWS: WHAT EXACTLY IS GARY GENSLER APPEALING?
The SEC has filed an appeal against a previous ruling that deemed programmatic sales of XRP as not constituting investment contracts, a decision that significantly reduced the penalties Ripple faced.
However, there has been a lot of confusion regarding this appeal and XRP enthusiasts took to social media to express their frustration.
Additionally, discussions centered around the complexities surrounding secondary sales of XRP, clarifying that the court did not specifically rule on transactions involving retail investors trading on exchanges.
A user asked whether the SEC’s recent appeal letter only referenced the penalties judgment, not the broader ruling from last year, and if this limits the SEC to appealing just the penalties aspect. Marc explained that the appeal references the final judgment, which triggers both parties’ rights to appeal.
This judgment also finalizes the previous year’s summary ruling, which is the main focus of the SEC’s appeal, though penalties and disgorgement will likely be included as well.
In response to another question about whether the SEC will appeal everything or just the fine and Ripple’s sales of XRP, Marc indicated that the SEC is likely to challenge the court’s decision that Ripple’s programmatic and non-cash XRP sales were not securities transactions.
This had already been hinted at a year ago, with the inclusion of disgorgement and penalties, though the latter isn’t the central objective of the appeal.
Another user said that the SEC originally requested much larger penalties than what was ultimately ruled by Judge Torres, suggesting the SEC was primarily focused on monetary penalties. Marc clarified that the SEC’s main objective is not the money itself, as it doesn’t go to them, though they will likely raise arguments regarding the penalty and the absence of disgorgement while pursuing the appeal.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
EL SALVADOR’S BUKELE TEACHES BITCOIN TO ARGENTINA’S VICE-PRESIDENT, SPARKING INTEREST IN BTC AND ADA-LEGAL CURRENCIES
El Salvador’s President Nayib Bukele met with Argentina’s Vice President Victoria Villaruel to discuss bitcoin-focused policies during an official visit.
Argentine President Javier Milei is set to meet Cardano founder Charles Hoskinson to discuss blockchain and crypto-currencies in the region.
During a recent official visit to Argentina, El Salvador’s president, Nayib Bukele, discussed the country’s bitcoin-centric policy with Argentina’s vice-president, Victoria Villaruel. Villaruel mentioned the meeting on her X account, which focused on the implementation and regulation of Bitcoin in El Salvador.
Ms. Villaruel showed interest in El Salvador’s bitcoin bond project, which received a great deal of international attention after Mr. Bukele’s administration adopted bitcoin as legal tender. She said, “I’d like to take this brief opportunity to ask you some questions about bitcoin.”
Ms Villaruel then asked about the digital asset and sought Mr Bukele’s views on its effect on the country’s economy. In response, Mr. Bukele stated that he was ready to share the measures taken by his administration regarding the integration of bitcoin into the country’s economic system.
El Salvador became the first country in the world to recognize bitcoin as legal tender in 2021. The administration has since launched several projects, such as bitcoin bonds. Bukele’s administration aims to use bitcoin bonds to raise funds for infrastructure and technology projects. Villaruel expressed her interest in learning more about bitcoin bonds and their implications for the economy.
In addition to the bond, the two leaders also discussed the creation of the National Digital Assets Commission, a regulatory authority set up for El Salvador’s digital assets market. This body has played a role in drawing up the guidelines governing the use of bitcoin.
Crypto-currency discussions extend beyond El Salvador’s borders
The meeting between Bukele and Villaruel is part of a wider dialogue on crypto-currencies in Latin America. Argentina has witnessed a growing interest in digital assets, making the conversation between the two leaders particularly relevant.
The dialogue is set to continue as Argentine President Javier Milei is due to meet Cardano founder Charles Hoskinson later this month. Hoskinson has expressed interest in supporting the development of blockchain in South America, with a focus on advancing general crypto-currency needs.
As recently highlighted by Crypto News Flash, Hoskinson is expected to discuss with Milei the future of Cardano and its opportunity to advance Argentina’s digital economy.
IMF reiterates cautious stance on bitcoin adoption
IMF spokeswoman Julie Kozack reiterated the organization’s position at Thursday’s press conference. She stressed the need to minimize public sector exposure to bitcoin.
“What we have recommended is to reduce the scope of bitcoin law, strengthen the regulatory framework and oversight of the bitcoin ecosystem,” said Ms. Kozack, stressing the need for prudent management of the crypto-currency.
Since its adoption, the IMF has criticized El Salvador’s bitcoin law and expressed the need for the government to reduce the risks associated with integrating Bitcoin into the country’s financial system. In response to the concerns of the IMF and other international organizations, President Bukele revealed that El Salvador had acquired nearly $400 million worth of Bitcoins.
@ Newshounds News™
Source: Crypto News Flash
~~~~~~~~~
98% OF RIPPLE XRP HOLDERS WON'T GET RICH BECAUSE OF THIS MISTAKE
This video is about XRP. This video is about XRP and Ripple and the SEC APPEAL. XRP update.
@ Newshounds News™
Source: YOUTUBE
~~~~~~~~~
Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
Newshound's Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Newsletter
Thank you Dinar Recaps