Seeds of Wisdom RV and Economic Updates Sunday Afternoon 10-13-24
Good Afternoon Dinar Recaps,
RIPPLE NEWS: CAN THE SEC STOP XRP ETFS?
Ripple’s Chief Legal Officer, Stuart Alderoty, announced on X that the company has filed a cross-appeal in its legal case against the U.S. Securities and Exchange Commission (SEC).
This action follows the SEC’s appeal last week to the U.S. Court of Appeals, which seeks to overturn parts of District Judge Analisa Torres’ ruling related to XRP.
Legal expert James Murphy aka MetaLawMan recently opened up about the status of the XRP Trust and its implications for the broader cryptocurrency market, especially concerning regulatory challenges posed by the SEC.
In an interview with Thinking Crypto, when asked if the SEC’s appeal might hinder these approvals, James expressed concern that the SEC could use the existing uncertainty as a reason to deny the XRP ETP (Exchange-Traded Product). He said that for an ETF to be approved, the asset must qualify as a commodity, which complicates the situation for XRP.
Uncertainty Surrounding Approvals
James believes that the SEC might feel pressured to deny these products, citing that there is still uncertainty in the market. He suggested that the SEC could drag out the process, possibly prompting further legal challenges similar to past scenarios with Bitcoin.
James pointed out that a change in SEC leadership could lead to a more favorable environment for crypto-related products. He referenced a recent hearing where the commissioners appeared open to Congress updating legislation, contrasting this with SEC Chair Gary Gensler’s evasive responses.
Public Sentiment Towards Gensler
James criticized Gensler’s performance during the hearing, expressing eagerness for a change in leadership. He said that candidates from the Trump camp could potentially replace Gensler, opening the door for more innovation in the crypto space.
Fair Notice and Regulatory Clarity
During the hearing, the concept of “fair notice” was stressed, explaining the need for clear rules in regulatory practices. James stressed that a transparent legal framework is essential for compliance, asserting that the current ambiguity undermines the rule of law.
@ Newshounds News™
Source: CoinPedia
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US GOVERNMENT PAYS $950,000,000,000 IN INTEREST ON NATIONAL DEBT IN JUST ONE YEAR, SAYS CONGRESSIONAL BUDGET OFFICE
The US government just spent nearly $1 trillion to service the interest on its rapidly growing national debt.
Data from the Congressional Budget Office (CBO) says the government ran an approximately $1.8 trillion budget deficit for the 2024 fiscal year, which ended on September 30th.
The government collected $4.918 trillion in revenue last fiscal year but spent a total of $6.752 trillion.
All in all, outlays for interest on public debt were the second-largest US government expense last fiscal year, just behind the estimated $1.448 trillion allocated to Social Security benefits.
News of the US government’s large budget deficit for the last fiscal year comes as the country’s national debt balloons to $35.693 trillion.
Adam Kobeissi, founder and editor-in-chief of The Kobeissi Letter says the nation’s public debt is significantly outpacing economic growth.
“US public debt has jumped $345 billion over [a three-day period], hitting another record of $35.7 trillion.
Since June 2023, federal debt has surged by a MASSIVE $4 trillion, or 14%. Over the same time period, US GDP is up just $1.5 trillion, or ~6%.
In other words, the national debt has outpaced the economic growth by 2.7 TIMES over the last 16 months. Outside of the pandemic crisis, US federal debt has never grown so rapidly.”
@ Newshounds News™
Source: DailyHodl
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NATIONAL BANK OF BAHRAIN LAUNCHES BITCOIN-LINKED STRUCTURED PRODUCT
The National Bank of Bahrain (NBB) unveiled the Gulf’s first Bitcoin-linked structured product developed in partnership with crypto firm ARP Digital. The investment is only available to accredited investors. Structured products invariably include derivatives and are often customized for investors.
The Bitcoin-linked structured product will allow some returns from a crypto price rise, but the amount its capped. However, the product claims to offer 100% downside protection.
“We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection,” said Hisham AlKurdi, Group Chief Executive – Markets & Client Solutions at NBB. “This product underscores our focus on offering our wealth management clients innovative and secure avenues to diversify their portfolios.”
100% Bitcoin downside protection?
If the 100% downside protection sounds too good to be true, it’s probably not. A collar is a classic options strategy. That would involve holding the underlying Bitcoin, and buying a put option at the current price (quite expensive), which lets you sell if Bitcoin’s price falls.
Additionally, it involves selling a call option at the capped return price. The money earned from selling the call option can be used to offset part or all of the cost of the put option. However, we don’t know the precise structure of this particular product.
While NBB is listed on the local stock exchange, two government linked organizations own 55% – the sovereign wealth fund Bahrain Mumtalakat Holding and the Social Insurance Organization that manages Bahrain government pension funds. ARP Digital was founded by a Goldman Sachs veteran.
@ Newshounds News™
Source: Ledger Insights
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🌍 SHOULD I LEARN CRYPTO IF OVER 60? WHY? | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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