Seeds of Wisdom RV and Economic Updates Thursday Afternoon 2-20-25
Good Morning Dinar Recaps,
NEW SEC CYBER UNIT CLOSES CHAPTER ON AGENCY'S CRYPTO ENFORCEMENT EMPHASIS
The SEC's Republican leaders have shifted what had been a crypto-focused enforcement squad into a smaller group with a broader responsibility.
▪A new name for the U.S. Securities and Exchange Commission's former crypto enforcement unit seems to illustrate the changing approach the agency is taking toward the industry.
▪The SEC has removed "crypto" from the name of the group and backed away from the previous digital-assets-heavy focus.
The U.S. Securities and Exchange Commission unit tasked with chasing bad guys in the crypto space will be smaller and called something significantly different, the agency said Thursday, further cementing its trend away from an aggressive enforcement stance against the industry.
In three years, the same internal group has transitioned from the "Cyber Unit" to the "Crypto Assets and Cyber Unit" and now to the "Cyber and Emerging Technologies Unit," seemingly taking some focus off its crypto role.
In 2022, then-Chairman Gary Gensler's SEC announced the enforcement squad was almost doubling to 50 people. The latest announcement says it will include "approximately 30 fraud specialists and attorneys across multiple SEC offices."
"The unit will not only protect investors but will also facilitate capital formation and market efficiency by clearing the way for innovation to grow," Acting Chairman Mark Uyeda said in a statement, which also announced Laura D’Allaird as the head of the overhauled group."It will root out those seeking to misuse innovation to harm investors and diminish confidence in new technologies.”
That language sharply contrasts with the crypto-focused rhetoric from Gensler in 2022, when he said the unit would pursue "those seeking to take advantage of investors in crypto markets."
President Donald Trump elevated Republican Uyeda from his role as commissioner to run the agency on an interim basis while the U.S. Senate considers the nomination of former Commission Paul Atkins for the permanent job. Uyeda isn't sitting on his hands during the wait and has already been remaking the SEC, especially in relaxing its strong past distrust of crypto.
@ Newshounds News™
Source: CoinDesk
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BRICS CONTINUE TO DISCUSS ALTERNATIVE PAYMENT OPTIONS TO THE US DOLLAR
The BRICS alliance continues to discuss new and alternative payment options to challenge the US dollar on the global stage. Russian Foreign Minister Sergey Lavrov confirmed that the alliance is looking to create a trans-border payment initiative.
The idea is being discussed at the initiative of Brazil, which will host the 17th summit in Rio De Janeiro on July 6-7, 2025. Brazil will chair the upcoming summit to promote reform in global governance.
BRICS vs the US Dollar: Alternative Payments Being Discussed
Suggestions to create a trans-border payment initiative are being floated by Brazil and could discuss the prospects at the upcoming summit in July. BRICS is looking for a payment settlement other than the US dollar and usher into a new global financial infrastructure.
“This is being discussed in BRICS, at the initiative of (Brazilian President Luiz Inacio). The previous summit stated a decision on the necessity of developing a proposal on alternative payment platforms through finance ministries and central banks.
Such proposals have been made, they suggest, in particular, the creation of a so-called trans-border payment initiative, the creation of a reinsurance company, and the BRICS Clear settlement and depositary infrastructure,” said Lavrov.
The summit could face challenges as US President Donald Trump has vowed to protect the dollar from the BRICS onslaught. The alliance needs to carefully navigate threats of tariffs and cuts in aid in the upcoming summit in July. De-dollarization could no longer be easy as Trump has warned developing countries of consequences if they stray away from the US dollar.
BRICS might find it harder to create a new payment system and challenge the US dollar in 2025. Trump is watching the group and could come up with tariffs that might alter the course of the alliance.
@ Newshounds News™
Source: Watcher Guru
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Senate vote 51-49. Kash Patel is Confirmed as Trump's FBI Director.
@ Newshounds News™
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