Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 10-02-24
Good Afternoon Dinar Recaps,
RIPPLE ISSUES AN IMPORTANT WARNING FOR ITS UPCOMING STABLECOIN: DETAILS
▪️Ripple cautioned users to beware of fake claims that its stablecoin is live.
▪️The SEC labeled the product as an unregistered asset, adding to its ongoing legal disputes with the company.
XRP Army Beware
Earlier this year, Ripple announced it will launch a stablecoin pegged 1:1 to the American dollar. It will be called RLUSD and will be available on the XRP Ledger (XRPL) and Ethereum. According to CEO Brad Garlinghouse, the product could serve as a bridge between the cryptocurrency industry and traditional finance, while numerous analysts believe its eventual launch could positively impact XRP’s price.
Last week, Ripple’s team minted over 800,000 RLUSD on XRPL and Ethereum, representing 99% of the total supply. This caused speculation that the stablecoin is already live.
The company, though, assured it is still in the private beta testing phase. It also cautioned users to beware of dubious individuals who claim the opposite.
Numerous X users thanked Ripple for the heads up. The popular community figure Vet was among those reacting below the post, saying:
“Unfortunately, a necessary PSA. Even accounts with a gold checkmark are impersonating and scamming people. Definitely stay vigilant, and the best thing is to do nothing, don’t click any links, and wait for official sources.”
Controversy With the SEC… Again
Ripple’s plans to introduce a stablecoin caused huge excitement in the cryptocurrency space. However, it was not welcomed by everyone, with the US Securities and Exchange Commission (SEC) describing it as a “new unregistered crypto asset.”
This is not the first quarrel between the entities. To the uninitiated ones, the SEC sued Ripple in December 2020, accusing it of conducting an unregistered securities offering by selling XRP tokens. The case passed through numerous developments over the years, reaching an important milestone in August 2024.
Back then, Judge Torres determined that the sales of XRP on secondary markets to retail investors did not constitute securities transactions. Nonetheless, she ordered Ripple to pay $125 million for violating certain securities laws.
The figure represents a massive discount on the $2 billion initially sought by the regulator, causing many to declare the ruling a major Ripple victory. Both parties have until October 7 to appeal, and the SEC seems more likely to do so.
Over the past few weeks, there have been increased rumors about such a potential scenario. American lawyer Fred Rispoli, for example, thinks the chance for an appeal is 60%.
@ Newshounds News™
Source: CryptoPotato
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WILL ADA PRICE REACH $0.5 AS CARDANO MIDNIGHT TESTNET GOES LIVE?
The long awaited testnet for Cardano privacy protocol Midnight Network is finally out, potentially setting ADA price for new rally
▪️Cardano Midnight testnet has gone live after months of development
▪️The testnet is only available to developers for now
▪️ADA price, down in downtrend may benefit in the long term
Cardano has entered the spotlight again with the Midnight Protocol testnet, a trend that may bode well for ADA price. Per the latest update, the Midnight protocol announced that its long-awaited testnet is now live for developers.
The Cardano Midnight Testnet – Key Note To Developers
Cardano first introduced the Midnight Protocol as its privacy solution in 2023. Since then, the team has invested time in developing it in readiness for full rollout. As announced, the testnet will test out important features that can guarantee a stable Sandbox environment for the protocol.
With Midnight, developers will have the opportunity to build functional applications. While many alternative protocols exists that can offer this capability, with Midnight, user’s sensitive data are protected. The goals of the testnet are limited and it aims to create a simulation of a full mainnet launch.
To achieve this testnet function, the Cardano protocol said it “has expanded its capabilities and hardened the network’s codebase to reduce the need for regularly scheduled chain resets when upgrading.”
For developers who plans to participate in the testnet can help build applications in the sandbox environment. Beside this, they can help discover data protection capabilities, and influence the network. Ultimately, the overall enhancement will bolster Cardano as a protocol and ADA price in the long run.
@ Newshounds News™
Read more: CoinGape
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UK OPENS APPLICATIONS FOR DIGITAL SECURITIES SANDBOX
In January new legislation came into force in the UK supporting a five year Digital Securities Sandbox (DSS) which temporarily relaxes some legal requirements to explore new technologies including DLT experimentation. Today the Bank of England and Financial Conduct Authority (FCA) opened applications for the sandbox.
In traditional markets, trading is conducted on an exchange and settlement via a central securities depository (CSD). DLTs are designed to combine the two functions and the sandbox supports that.
The bank emphasized that the rules in the DSS are flexible, allowing the regulators to make adjustments as they learn more. Financial instruments considered in scope include equities, corporate and government bonds, money market instruments such as commercial paper and certificate of deposits, fund units and emissions allowances. Derivatives and cryptocurrencies are excluded.
The regulators published guidance, a policy statement and an application form.
“The DSS lays the foundation for market participants to realise these benefits (of digital securities) in a safe, regulated environment and importantly, puts the UK in a strong leadership position when it comes to tokenisation,” said Quant CEO Gilbert Verdian.
“With the EU having already launched its DLT pilot regime, it is vital that the UK does not fall behind in this new era of digital finance.”
That said, the DLT Pilot Regime hasn’t exactly gotten off to a flying start. More than 18 months have passed since the legislation came into force and regulators have not yet approved any applications. However, that’s expected to change soon.
Digital Securities Sandbox rule changes
The Bank of England and FCA ran a consultation for the Digital Securities Sandbox, which closed in late May.
The regulators specified activity limits for the sandbox, the topic that attracted the most feedback from the consultation.
The global asset class figures remain unchanged (for the most part). However, the limits for individual firms have become more flexible.
Regarding fund management, in contrast to other asset classes, the regulators will not impose an aggregate limit on fund tokenization activity in the DSS.
Foreign currency assets now in scope
One of the most notable changes is the expansion of scope to include other currencies, such as euros and dollars. The regulators will specify global limits for these currencies, which will be in addition to the sterling limits. However, limits on individual firms will account for all currencies.
Regarding settlement, there isn’t a lot of movement. Stablecoins are still ruled out, with central bank money settlement considered the default. The Bank of England highlighted the availability of the omnibus bank account facility (as used by Fnality) and that it’s working with industry on an RTGS synchronization settlement facility.
It said there was a possibility of wholesale CBDC experiments, but it didn’t make any promises. Settlement in commercial bank money is allowed, although it must be justified.
With long delays for approval under the EU’s DLT Pilot Regime, the regulators outlined expected timeframes. Banks that apply now can potentially be live by February 2025. go-live will probably be November 2025 or later. Other FMIs are somewhere in between.
@ Newshounds News™
Read more Ledger Insights
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🌍 Managing Sudden Wealth Through Smart Team Building Bob Lock | 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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