Seeds of Wisdom RV and Economic Updates Saturday Morning 10-12-24

Good Morning Dinar Recaps,

RIPPLE OFFERS ‘BANK-GRADE’ CUSTODY TECH TO CRYPTO FIRMS

Digital asset infrastructure firm Ripple has introduced new features and functionalities for its custody solution.

“Custody is a key entry point into the digital asset economy, and it’s only growing,” Ripple said in a Thursday (Oct. 10) press release.

The company notes that the amount of crypto assets custodied is projected to reach at least $16 trillion by 2030, by which time 10% of the world’s GDP is also expected to be tokenized.

“As such, companies need secure, compliant and flexible options to store their crypto,” the release added.

According to Ripple, the update includes a transaction screening service integration, added hardware security module options, an XRPL integration for tokenizing real world assets (RWA), pre-configured policy frameworks and upgrades to the platform’s usability and user interface.

In addition, Ripple Custody now supports XRP Ledger tokenization features, letting businesses to tokenize and manage assets including cryptocurrencies, fiat currencies, and real-world assets “while facilitating digital asset issuance and secure transfers directly from its platform,” the company added.

PYMNTS examined the tokenization of RWA earlier this year, noting that it was another component of blockchain that has gotten the attention of players in the payments, finance and commerce worlds: the ability for organizations to denote ownership rights of a real-world asset as a digital, on-chain token.

“Tokenized RWAs have the potential to make assets more liquid, accessible and efficient while enhancing transparency, security and global reach,” that report said.

“Representing RWAs on the blockchain — such as real estate, private equity and venture investments, fine art and collectibles, physical commodities like gold, fixed income instruments, intellectual property assets and even stocks and equities — can transform the way ownership of assets is recorded and enable new functions.”

In more recent tokenization news, PYMNTS spoke Thursday with Mastercard Chief Product Officer  Jorn Lambert about how the technology could improve any use case where the exchange of data is the norm.

It can boost more than commerce, he said, though the most obvious benefit is to merchants, issuers and customers.

“We’ve needed to rethink, from the ground up, how we architect security,” Lambert said.

In a world where credentials are stored on billions of mobile devices and could be stored on millions of servers globally, “you have to assume that the bad actors and the hackers will get their hands on that data, no matter how tall and thick the firewalls you build,” he added.

@ Newshounds News™

Source:  PYMNTS

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RIPPLE CEO CRITICIZES U.S. SEC: IS SEC ABOVE THE LAW?

▪️Brad Garlinghouse slams SEC for ignoring the ruling that XRP isn’t a security.

▪️Bitnomial argues XRP futures should fall under CFTC, not SEC regulation.

▪️Stuart Alderoty questions SEC’s credibility, calling its actions unconstitutional.

In July 2023, U.S. District Judge Analisa Torres ruled that the XRP token is not a security, a decision seen as a partial win for Ripple Labs and the broader crypto industry. Yet, despite this ruling, the U.S. Securities and Exchange Commission (SEC) remains firm in insisting that XRP is a security.

Criticizing the SEC’s disregard for the court ruling, Ripple CEO Brad Garlinghouse lashed out at the regulator. His response follows Bitnomial’s lawsuit, challenging the SEC’s stance on XRP futures.

Brad Garlinghouse Slams SEC
In a recent tweet, Brad Garlinghouse voiced his frustration with the SEC, criticizing the agency for ignoring the court’s decision that XRP is not a security. He pointed out that the SEC’s actions show an attitude of acting above the law.

Garlinghouse’s disapproval comes as the SEC maintains its stance in the Bitnomial case, where the crypto derivatives exchange Bitnomial challenged the SEC’s classification of XRP futures as “security futures.”

Bitnomial argues that XRP futures should fall under the Commodity Futures Trading Commission (CFTC), as XRP itself has not been labeled security. In its court filing, Bitnomial accused the SEC of overstepping its authority and placing unnecessary regulatory burdens on the exchange.

Supporting Ripple’s stance, Bitnomial noted that the SEC’s position directly conflicts with the court’s ruling, which found that XRP is not a security.

Regulatory Body or Bully?
Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, also weighed in, questioning the credibility of a regulatory agency that disregards court rulings.

Alderoty highlighted that the SEC’s aggressive measures are unconstitutional, further damaging the agency’s credibility. He described the SEC’s behavior as an alarming example of a regulatory body pushing compliance through threats, despite being defeated in court.

SEC Pushing Its Authority Too Far
The SEC’s insistence on regulating XRP as a security has raised concerns within the crypto community. Meanwhile, pro-XRP lawyer Bill Morgan and legal expert John Deaton have both accused the SEC of overreach and questioned the agency’s motives.

Deaton pointed to a recent case involving Digital Licensing, where the SEC was sanctioned for misconduct, further fueling skepticism about the regulator’s approach.

@ Newshounds News™

Source:   Coinpedia  

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🌍 WHERE IS THE BEST PLACE TO EXCHANGE? HAVE YOU EVER HEARD OF IT? INTEL TO RATE CHATTER  |  Youtube

Listen to the LIVE CALL from last night from the Seeds of Wisdom Team.

@ 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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Russia Calls For BRICS Gold Standard | Will It Be Launched This Month?

Russia Calls For BRICS Gold Standard | Will It Be Launched This Month?

Smart Silver Stackers:  10-11-2024

Russia's finance minister has just called for the creation of new Bretton Woods style institutions within the BRICS framework.

 An important detail of this call to action is that Bretton Woods put the world on a Gold Standard.

 The introduction of a Gold pegged currency will have massive implications for Gold, Silver, and anyone stacking physical precious metals, so let's dive into what is on the BRICS agenda!

00:00 Russia's Finance Minister Just Called For What Might Be A New Gold Standard

1:10 BRICS Finance Leaders Are Meeting In Moscow Ahead For The Annual BRICS Summit

3:24 We Are Due For A Change To The Global Monetary System

4:32 BRICS Has Been Pursuing Dedollarization & Regional Currencies

 5:18 New Bretton Woods Insitutions Could Center Around Gold, Just Like The First Time

 7:23 Why BRICS Wants A Gold Standard

 8:28 BRICS Members Stockpiling Gold

https://www.youtube.com/watch?v=6H8EuiTunC8

Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-11-24

Good Afternoon Dinar Recaps,

RIPPLE’S XRP INVOLVED IN ANOTHER LAWSUIT AGAINST THE SEC: DETAILS

The SEC had warned Bitnomial that offering XRP Futures could violate securities laws without additional compliance.

Bitnomial has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its five commissioners, accusing the agency of overextending its jurisdiction.

The company’s case disputes the SEC’s classification of XRP as a security, which the agency claims qualifies as an investment contract under the Securities Exchange Act.

The Case Details
The Chicago-based exchange, regulated by the Commodity Futures Trading Commission (CFTC), had requested to offer XRP US Dollar Futures in August. This followed a federal ruling that XRP is not considered a security in the SEC’s lawsuit against Ripple.

Shortly after filing, the SEC warned the exchange that moving forward with the listing could violate federal securities laws unless the firm complied with additional requirements. This would include registering as a national securities exchange.

According to the court document, the regulatory body informed Bitnomial that listing XRP Futures would require compliance with securities laws, as they would be classified as “security futures” under joint SEC and CFTC jurisdiction. However, the exchange has objected to that interpretation:

“Bitnomial disagrees with the SEC’s view that XRP is an investment contract and, therefore, a security and that XRP Futures are thus security futures.”

The company also claims the SEC’s stance overextends its jurisdiction into areas typically overseen by the CFTC.

As such, it is seeking a court declaration that XRP Futures should not be classified as security futures. This would protect the exchange from SEC enforcement. The firm also aims to prevent the agency from asserting jurisdiction over XRP Futures or taking any enforcement action relating to their future listing.

Industry-Wide Implications
“Establishing this precedent is not just about XRP; it’s about all digital assets,” said Bitnomial CEO Luke Hoersten in an interview with FOX Business.

He added that the firm, unlike others involved in legal disputes with the SEC, has maintained a clean compliance record. According to him, this places them in a unique position to seek a court ruling on whether XRP futures should be classified as securities or commodities.

The case follows similar legal action by Crypto.com, which recently sued the SEC after receiving a Wells notice indicating potential enforcement action. The firm has also accused the agency of overstepping its authority by classifying most crypto assets as securities.

The SEC also just logged a notice of appeal in the Ripple lawsuit. Meanwhile, Investment firm Canary Capital filed on October 8 to launch a spot XRP exchange-traded fund (ETF). This follows a similar proposal made by Bitwise just days earlier.

@ Newshounds News™

Source:  CryptoPotato

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BRICS News: 12 Countries Drop US Dollar, Conduct Majority of Trade in Local Currencies While Eyeing Crypto

▪️The members of the CIS alliance have started conducting trade settlements in local currencies.

▪️The goal remains to alleviate the strains from over-dependence on the US Dollar.

The Commonwealth of Independent States (CIS), consisting of 12 countries, now conducts most of its trades with local fiat currencies. This move aligns with the BRICS alliance’s de-dollarization efforts to dump the US dollar for trade settlement.

The CIS countries include Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Georgia, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

On the other hand, the BRICS nations initially include Brazil, Russia, India, China, and South Africa. This year, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have joined the bloc.

CIS Dumps US Dollar for Local Currencies
Russia, also a member of the BRICS bloc, persuaded the CIS to switch from using the US Dollar to national currencies for trade. The other current members concurred with Russia’s proposed trade policy since adopting local currencies would boost their economies. 

This year, the CIS bloc rarely utilized the US dollar for trade settlements. Instead, the alliance settled 85% of cross-border transactions in national currencies, adding pressure to the US Dollar.

Russian President Vladimir Putin revealed at the CIS summit that BRICS and CIS will collaborate to permanently eliminate reliance on the US dollar.

“The process of import phase-out is moving quickly, and thus the technology sovereignty of our country is being strengthened,” he said.

The de-dollarization initiatives 
Thus, the BRICS-specific de-dollarization goal is now being extended to the CIS alliance.

The de-dollarization initiatives promote regional economic collaboration and deliver higher financial independence for emerging countries. If the current trend persists, the dollar may lose its value, leading to massive deficits and hyperinflation in the US.

The CIS Eyeing Crypto
In the future, the CIS alliance intends to incorporate crypto for cross-border trade settlements. Cryptocurrencies have heralded a new shift to payment services in the last few years.

They promise faster, cheaper, and more transparent transactions, especially across borders due to their anonymity and decentralized framework.

As CNF noted in a previous report, Russia has approved crypto for international payments. This move is part of the country’s attempt to alleviate pressure from Western sanctions while reducing dependence on the US dollar. This development follows the government’s legalization of Bitcoin mining back in July.

Besides Bitcoin, XRP has become a major rival to the US dollar. Despite Ripple’s ongoing legal challenges with the US Securities and Exchange Commission (SEC), the BRICS bloc and Japan are pushing for XRP adoption. In a recent update CNF covered, Ripple’s CEO Brad Garlinghouse says XRP is at the heart of global financial systems.

It is important to note that BRICS has extended its investigation into using gold to challenge the US dollar. Nonetheless, BRICS and CIS have yet to name any digital asset as their official currency among member nations. As blockchain and the global financial system progress, many expect this will happen soon.

@ Newshounds News™

Source:  Crypto News Flash

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A GUIDE TO BITCOIN MINING

The rise of cryptocurrency has captured people’s attention worldwide. It promises new possibilities for managing money outside traditional banking and financial systems. This post sheds some light on Bitcoin mining and how a person could get involved.

Bitcoin Mining
Bitcoin is the first digital currency. It uses a decentralized computer network that tracks transactions with many individual users worldwide. A new Bitcoin is created through mining when miners validate a group of transactions.

The network rewards miners with a specific amount of Bitcoin to verify transactions. Blockchain technology underpins the whole Bitcoin operation. The verified transactions get bundled together periodically into blocks and stacked one after the other like links in a chain.

There has always been interest in knowing who owns the most Bitcoin. By most accounts, the single biggest Bitcoin account belongs to Satoshi Nakamoto, the mysterious founder who first launched the revolutionary Bitcoin network concept but has remained in the shadows ever since.

How Does Bitcoin Mining Work?
To add a new block, miners participate in a competitive calculation spree involving complex mathematical problems. Solving these computations requires powerful computer systems running and plenty of electricity.

The miners race to be the first to arrive at the single right response to the question (known as hash). The more guesses made per second, the higher the chances of solving the problem. With more miners joining over time, the difficulty continues to increase.

The potential for profit in Bitcoin mining depends on various factors. You must consider the significant upfront expenses of buying specialized, high-powered hardware for the job and your ongoing electricity bills.

Some people opt to join a mining pool. When participating in shared group efforts, everyone contributes their resources. However, miners in a pool must share the rewards. Additionally, since Bitcoin’s worth fluctuates greatly, it is challenging to precisely determine the financial return on the time and resources spent.

Getting Started in Bitcoin Mining
There are three things that you would need before starting Bitcoin mining

1.  A digital wallet: This stores and manages any Bitcoin or other digital money you obtain.
2.  Computer equipment: To help mine Bitcoin successfully.
3.  Mining software: To truly participate in generating new currency, specific computer programs are essential. Several mining software programs exist, many of which can be downloaded and used at no cost on common operating systems like Windows or Apple computers.

Common Scams
If you’re considering starting to mine for Bitcoin, you’ll want to be careful about what software, equipment, or groups of miners you join so you don’t get scammed. Here are a few of the most common types of scams:

1.  Cloud-Based Services
Some websites claim you can sign up with them and have them do the mining work for you using their computers. Not every service like this is a scam, but you must research before handing over any money.

2.  Fake Wallets and Exchanges
When storing your crypto, only use wallet providers with a good reputation in the community. Some scammers make fake wallet sites just to steal people’s private keys. Once they have your keys, your funds are gone for good. Scammers make fake trading sites and contact people through email or social media. Then, they pressure or deceive people into sending money or cryptocurrency to the fake sites.

Endnote
Bitcoin mining is certainly not for the faint of heart. It takes serious computational power, deep technical know-how, and nerves of steel to handle the fluctuating rewards. However, it could yield fascinating rewards for those up for the challenge.

@ Newshounds News™

Source:  Blockchain Reporter

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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

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Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

More News, Rumors and Opinions Friday PM 10-11-2024

MikeCristo8: BRICS will Launch an Alternative to the IMF

10-11-2024

MikeCristo8 :  The BRICS unit has definitely launched.

BRICS will also launch an alternative to the IMF as the summit.

So Lavrov has been traveling the world, telling foreign heads of state that there is going to an IMF alternative for when the BRICS currency is launched.

So BRICS is launching World Bank – IMF alternatives and a whole new financial system based on gold, that will challenge the legitimacy of the US dollar

https://twitter.com/BRICSinfo/status/1844425080006377486

Source(s):
https://x.com/MikeCristo8/status/1844448841996878111
https://x.com/MikeCristo8/status/1844465322742645163
https://x.com/MikeCristo8/status/1844467144282734838
https://x.com/MikeCristo8/status/1844524075529461816

https://dinarchronicles.com/2024/10/11/mikecristo8-brics-will-launch-an-alternative-to-the-imf/

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KTFA:

Clare:  Iraq raises gold reserves to 152.6 tons, according to the World Gold Council

10/11/2024

Iraq’s gold reserves increased by 4 tons in the past two months, reaching 152.6 tons, according to a report issued by the World Gold Council. This increase places Iraq in 29th place globally among 100 countries in gold reserves, according to last month’s data.

At the Arab level, Iraq came in third place after Saudi Arabia and Lebanon, as data recorded an increase in Iraqi gold reserves from 148.3 tons to 152.6 tons.

Last August, Mazhar Mohammed Salih, economic advisor to the Iraqi prime minister, confirmed that gold represents about 10% of Iraq’s foreign currency reserves. He pointed out that the reserve had reached 148 tons at the time.

It is worth noting that Iraq recorded a gold reserve of 145 tons and 661 kilograms last February, indicating that the continuous increase reflects financial stability and stability in cash liquidity.

Globally, the United States holds the lead in gold reserves with 8,133 tons and 300 kilograms, followed by Germany with 3,351 tons and 500 kilograms, and then Italy in third place with 2,814 tons.  LINK

Alicia2015:  great to see Iraq increase gold reserves ahead of BRICS summit this month

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Wolverine  ...What I heard is that huge Whales have received their notifications and are flying to their destination to receive their blessing...I can’t say more until I’m allowed to speak. Nothing is guaranteed in this journey but I have absolute faith that any day we are going to receive the news we’ve been waiting for... 

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
Minister of Finance on TV saying they have activated the automation and digitalization process.  FRANK:  That's important.  Digitization...is the backbone of the monetary reform.  That's what's going to move the currency in and out of the country but more so out there when it starts to float for us...That will add the Real Effective Exchange Rate to your currency.

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We Are In The ENDGAME Now...

Lynette Zang:   10-11-2024

Today we are talking about the implementation of Basel III in the central banks and how THIS is the ENDGAME...

https://www.youtube.com/watch?v=atwtjxGUZV4

The Fed Is Failing the U.S. Economy by Ignoring This Metric, Here’s What Next

Kitco News:  10-11-2024

he Federal Reserve is flying blind with its policies because it completely ignores the M2 money supply metric, says Steve Hanke, Professor of Applied Economics at Johns Hopkins University.

 "The Fed doesn't understand what it's doing, and it's not watching the money supply," Hanke tells Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News.

 "How can you be running a central bank and have a macroeconomic model that doesn't even include money? That's the one thing that central banks produce. It's kind of bizarre. Quite frankly, it's stupid, but I'll use the word bizarre and be polite."

https://www.youtube.com/watch?v=TCgiB5Pt6dw

Economist’s “News and Views” 10-11-2024

Forget $50 Silver, "$150 Is Appropriate": Mike Maloney's Bold Prediction

10-11-2024

Join Mike Maloney and Alan Hibbard as they dive deep into the ‘last great precious metals bull market’. Discover why Maloney believes silver is poised to break past $50 and soar to $150, driven by global economic factors and Russia’s strategic move to accumulate silver reserves.

They discuss the current silver chart patterns, why Mike believe’s this is the final bull market for gold & silver, the growing central bank interest in precious metals, and how the weaponization of the U.S. dollar is accelerating the decline of fiat currencies.

Don’t miss this urgent analysis as it's a must-watch for anyone looking to understand the future of silver and gold in a rapidly changing world.

https://www.youtube.com/watch?v=Bi2c2rEeLI0

Argentina's Decision Surprised the World: Will Argentina rejoin BRICS?

Fastepo:  10-11-2024

Argentine President Javier Milei's recent shift in his stance toward China highlights a practical adaptation in his political approach, potentially signaling implications for both his administration and the United States.

 Surprisingly, this statement comes from Javier Milei, Argentina’s well-known anarcho-capitalist, and not from a typical supporter of communism.

 Nearly a year into his presidency, Milei expressed unexpected appreciation for China in a recent TV interview with a local celebrity, noting his favorable impression of the country.

https://www.youtube.com/watch?v=BRtxGi78zOA

20% Of U.S. On Welfare; Household Bankruptcies Surging | Danielle DiMartino Booth

David Lin:  10-10-2024

Danielle DiMartino Booth, CEO of QI Research, discusses the state of the economy, outlook for monetary policy, and major risks to the markets today.

0:00 - Intro

0:50 - Geopolitical risks

2:45 - Reaction to Fed’s 50 bps cut

5:20 - Labor market cooling

10:31 - Foreign workers

11:33 - Bankruptcy cycle

12:50 - Fed monetary policy outlook

14:40 - Welfare

17:30 - Widening deficit

20:35 - Banks’ unrealized losses

22:30 - Declining liquidity

 26:00 - Soft vs. Hard landings

28:30 - Stocks vs. Yields

31:00 - Homes and natural disasters

32:10 - Major risks and asset allocation

https://www.youtube.com/watch?v=LUva_Lhg3xM

Seeds of Wisdom RV and Economic Updates Friday Morning 10-11-24

Good Morning Dinar Recaps,

XRP NEWS : RIPPLE CTO DROPS BOMBSHELL AMID RLUSD LAUNCH – IS XRP AT RISK?

▪️RLUSD launch raises questions about XRP’s significance in cross-border payments.

▪️XRP offers no counterparty risk, unlike stablecoins, strengthening its position on XRPL.

▪️Experts predict XRP could rise to $2.47-$10, pending favorable market and legal outcomes.

As Ripple prepares to launch its RLUSD stablecoin, some XRP community members are worried about its impact on XRP’s importance. RLUSD, currently in beta testing and set to launch soon, will be available on the XRP Ledger (XRPL) and Ethereum and may support Ripple’s On-Demand Liquidity (ODL) in some capacities.

Despite this promising application, some supporters wonder if RLUSD could reduce XRP’s importance, especially for cross-border payments.

Ripple’s CTO Stands Firm on XRP’s Role
David Schwartz, Ripple’s CTO, responded to these concerns, clarifying that XRP has special functions on the XRPL that RLUSD cannot replace. For instance, only XRP can pay for transaction fees on the XRPL, and each account on XRPL must hold some XRP as a reserve. He added that XRP’s biggest edge over stablecoins is its lack of counterparty risk and freedom from jurisdiction limits, unlike any stablecoin.

Schwartz also highlighted XRP’s “autobridging” feature, which automatically connects liquidity between different assets on the XRPL, making XRP an essential tool in the ecosystem.

Schwartz noted that XRP’s role is more than just a transaction token; it’s also a bridge asset, helping with transfers between digital assets.

Will RLUSD Compete with XRP?
Schwartz acknowledged that if RLUSD or other stablecoins become more efficient, XRP could face competition. However, he believes that XRP’s unique features make it difficult for stablecoins to fully take its place.

Community Suggestion On XRP
Some XRP community members suggested raising transaction fees or the minimum XRP balance on XRPL to increase XRP scarcity and boost its value. Ripple’s CTO, David Schwartz, explained that such changes would need community consensus & noted that the XRPL should prioritize usability over speculative value.

Ripple’s exploration of new features, like the EVM sidechain and smart contracts, aims to expand XRPL’s functionality while ensuring XRP’s critical role remains irreplaceable.

Will the XRP Price Surge?
As of now, XRP is trading at $0.53, down 0.8%, but there are mixed signals about its future. A bullish pennant pattern on the weekly chart suggests that XRP might break out soon.

However, the 14-day Relative Strength Index (RSI) is at 37.96, showing it is close to being oversold, which could lead to a small price increase. If legal challenges are resolved, some experts believe XRP could rise significantly, with price targets between $2.47 and $10 in a strong market.

@ Newshounds News™

Source:  Coinpedia

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NEW INDUSTRY BILLIONAIRES: US REGULATORS RECEIVED OVER $32B FROM CRYPTO COMPANIES

U.S. regulators have imposed $32 billion in fines on crypto companies to resolve compliance disputes. Who did they make the most money from?

Of the total, a record $19.45 billion came in 2024. This is due to the $12.7 billion payment to FTX and Alameda Research. In August, Judge Peter Castel ruled that the firms must pay, jointly and severally, $8.7 billion in restitution to those who suffered losses. In addition, the agreement calls for a $4 billion fee to be paid in return for the ill-gotten gains.

The settlement with Terraform Labs brought regulators $4.5 billion in 2024. The firm will pay about $3.59 billion in interest and a fine of $420 million. Its founder, Do Kwon, will pay $204.3 million in interest, fines, and compensation and must accrue at least the same amount to the “bankruptcy estate,” which will be distributed among investors.

Among the most significant fines were Binance’s $4.3 billion and Celsius’s $4.7 billion, which occurred in 2023. As part of the case, the largest crypto exchange was ordered to pay a fine of $1.81 billion in a criminal case and will lose $2.51 billion in compensation.

“The leading global crypto exchange agreed to plead guilty in November 2023, to resolve lawsuits with multiple U.S. regulators including the Department of Justice (DOJ), Treasury Department and the Commodity Futures Trading Commission (CFTC).”      From the CoinGecko report

As for the Celsius fine, in 2023, the U.S. Federal Trade Commission announced a settlement against the Celsius Network. As part of the agreement, Celsius and its subsidiaries were prohibited from offering, selling, or promoting any product or service that may be “used to deposit, exchange, invest, or withdraw any asset.”

Terra was the catalyst for the bear market, followed by the bankruptcy of Celsius, and culminated in the collapse of FTX in November 2022. Of these crypto platforms, only Binance remains operational, remaining the largest centralized exchange by trading volume.

However, the sharp increase in recovery amounts occurred in 2023, when the total amount of settlements for claims by U.S. government agencies amounted to $10.87 billion across eight cases.

@ Newshounds News™

Source:  Crypto News

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UYEDA: SEC’S CRYPTO APPROACH A ‘DISASTER FOR THE WHOLE INDUSTRY’

In a candid interview on Fox Business’s Mornings with Maria, SEC Commissioner Mark Uyeda sharply criticized the agency’s handling of crypto, acknowledging that its current strategy has been “a disaster for the whole industry.”

Uyeda’s remarks come amid mounting legal challenges, including a fresh lawsuit filed by Crypto.com against the U.S. Securities and Exchange Commission following the issuance of a Wells notice.

Crypto.com’s lawsuit alleges that the SEC has overstepped its jurisdiction by enforcing regulations on the cryptocurrency market without issuing clear regulatory guidance. The Wells notice — a formal communication from the SEC indicating that enforcement action is likely — accused Crypto.com of operating as an unregistered broker-dealer and securities clearing agency due to its handling of tokens that the SEC deems securities.

Uyeda’s critique of the SEC’s approach highlights a growing frustration within the agency and the wider crypto industry.

“We have been sending this ‘policy through enforcement,’” Uyeda stated, referring to the SEC’s practice of targeting companies with legal actions without offering explicit guidance on how they should operate within existing regulations. “We’ve done nothing to provide guidance on it,” he continued. “And as a result, this has been shaped by the courts. And different courts have ruled in different ways.”

Indeed, the SEC’s reliance on enforcement has led to legal battles, including a high-profile case against Ripple Labs.

The courts have often delivered mixed rulings, adding to the uncertainty for crypto firms. While the SEC recently lost a major ruling to Ripple XRP regarding the classification of XRP tokens, the agency has already filed an appeal, signaling that these legal struggles are far from over.

Crypto firms are fighting back
Crypto.com’s lawsuit is just the latest in a series of legal confrontations between the crypto industry and the SEC. The lawsuit, sparked by the Wells notice, argues that the agency has been regulating beyond its mandate. Crypto.com’s leadership insists that legal action is necessary to protect the future of cryptocurrency innovation in the United States.

Mark Uyeda refrained from commenting directly on the Crypto.com litigation, but he emphasized the broader issue of the SEC’s failure to offer clarity. “We have not provided interpretive guidance as to what you can and cannot do,” Uyeda said, adding that the lack of clear rules has left companies guessing about how to comply with securities laws.

Uyeda’s comments also touched on the SEC’s broader regulatory philosophy, particularly in relation to environmental, social, and governance mandates. He criticized the agency’s focus on ESG issues, suggesting that such efforts often stray from financial relevance.

“It is about micromanaging a lot of what corporations are doing on things that have absolutely no financial purpose,” he said, adding that financial regulators should not be vehicles for social change.

@ Newshounds News™

Source:   Crypto News

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🌍 THE CONSTITUTION FRIDAY NIGHT CALL WITH SEEDS OF WISDOM TEAM  |  Youtube

 Join us for a LIVE CALL tonight in the Constitution room at 8 pm ET, 7 pm CT

Find previous calls on our Youtube Channel here:  The Constitution on Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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

News, Rumors and Opinions Friday AM 10-11-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Fri. 11 Oct. 2024

Compiled Fri. 11Oct. 2024 12:01 am EST by Judy Byington

Judy Note: To add to our concerns a Global Financial Collapse was unfolding that was caused by the Cabal. Although, a Quantum Financial System was already fully operational that would soon trigger the biggest wealth transfer in the history of the World.

All in preparation for a gigantic Worldwide Black Swan Event and NESARA/GESARA Revolution to transfer wealth from the Cabal back to The People.

An Emergency Broadcast System Worldwide Alert was Imminent.

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Possible Timing:

On Wed. 9 Oct. 2024 BRICS 12 Countries Ditched US Dollar, Pay 85% Trade in Local Currencies: https://watcher.guru/news/brics-12-countries-ditch-us-dollar-pay-85-trade-in-local-currencies

Mon. 14 Oct. 2024 marks a key date. The old banking system—Bank of America, Deutsche Bank and JP Morgan— were about to collapse. The QFS will take over as stock markets crash. The elites can’t stop it.

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Global Currency Reset:  (Opinions/Rumors)

Thurs. 10 Oct. 2024 Wolverine: “The process has defiantly started. There are around 40 million emails that will be sent out by Wells Fargo so you can set your appointments. It is expected to happen within the next few days and defiantly within this month.”

Wed. 9 Oct. 2024 TNT: “The Dinar International Rate on bank screens is $3.91. It won’t drop below $3.57. The banks have a hold on it. They have designated a time for it to happen. The window opens at 2pm EST today and could be in the next 72 hours or through the rest of the week.”

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Thurs. 10 Oct. 2024 Bruce:

A source who is the liaison for all Redemption Centers east of the Mississippi informed Bruce that by noon on Mon. 14 Oct. 2024 all Redemption Centers liaisons like him will receive a Wells Fargo email that contains exchange instructions. They will have until 5 pm that Mon. 14 Oct. to get that email out to all Redemption Center Heads under them.

On Tues. 15 Oct. Tier 4b (us, the Internet Group) will receive emails from Wells Fargo telling us how to make redemption appointments.

On Wed. 16 Oct. Tier4b can start their appointments.

Exchange appointments will be held for 40 to 50 days and go well beyond the end of October.

On Fri. 11 Oct. Bond Holders are to be notified through email from Wells Fargo as to when they can gain access to their accounts – which will likely be on Tues. 15 Oct.

We could have NESARA/GESARA announcements on Mon 14 Oct, Tues 15 Oct, or Wed 16 Oct.

Wed. 16 Oct. is a celebration day for Iraq and the day they will pay their contractors.

Redemption Centers, not banks, will give you the highest rates.

Wed. 9 Oct. 2024: MILITARY INTEL! Global Strategic Impact: Starlink’s Military Applications, RVs & GESARA, and the Quantum Financial System – amg-news.com – American Media Group

Thurs. 10 Oct. 2024: BREAKING! Global Collapse Unfolding NOW – QFS Fully Operational and White Hats Ready to Liberate Us From the Elite’s CBDC Scam and Trigger the Biggest Wealth Transfer Ever! – Gazetteller

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Global Financial Crisis:

Thurs. 10 Oct. 2024: Bitcoin falls under $59,000. Dow Jones and S&P fall dramatically down into the red as inflation report is released.

Thurs. 10 Oct. 2024: Russia calls on it’s BRICS partners to create an alternative to the International Monetary Fund.

Read full post here:  https://dinarchronicles.com/2024/10/11/restored-republic-via-a-gcr-update-as-of-october-11-2024/

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Mnt Goat   I have to start off with...some really good news, actually some WOW! WOW! WOW!  news...we can see the path now and very clearly.  So, finally we get word that Iraq has met all it requirements to join the World Trade Organization (WTO)...This DOES NOT make the RV imminent...all these recent activities and events matter and the RV is a “by product” of all these events not a singular event in itself... The view is now in sight and the writing is on the wall. So much on the wall that I do not believe anything is going to stop it short of a major disaster.

Militia Man  The council of Ministers, who we've been talking about a lot have been in the news with Al Sudani.  He had two COM meetings in one day, which is unheard of...You can see where this is headed ... What they're painting a picture of is Iraq is imminently going into the international world.

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BRICS Preparing for Impending Currency Collapse | Alasdair Macleod

Liberty and Finance:  10-10-2024

Alasdair Macleod discusses the impending global financial upheaval and its potential impact on currencies worldwide, including the Euro, Yen, and Sterling.

He emphasizes the urgency for individuals to convert credit into gold, which he regards as "real money" despite governmental skepticism.

Macleod highlights the significance of the upcoming BRICS summit, noting that countries outside the traditional financial system are exploring alternatives to the U.S. dollar, potentially backed by gold.

He warns of a looming crisis where fiat currencies could collapse, drastically reducing purchasing power for everyday people in the West.

Overall, he urges listeners to be proactive in safeguarding their financial future amidst these turbulent changes.

INTERVIEW TIMELINE:

0:00 Intro 1:25 BRICS Meeting

21:30 Currency collapse

33:42 Silver's fundamentals

https://www.youtube.com/watch?v=i_LJkQ8E_Ds

“Tidbits From TNT” Friday Morning 10-11-2024

TNT:

Tishwash:  We will not wait for companies, we will act

Baghdad reaches an understanding with the Doha Stock Exchange: Iraqi shares will be able to be traded in Qatar as well

The Iraqi Securities Commission revealed a project with the Qatar Stock Exchange that will allow for the joint establishment of companies, leading to “dual listing” that will allow the listing of Iraqi shares in both the Iraqi and Qatari markets.

The commission member, Wadah Al-Taha, said that it will not wait for major and promising companies to list their shares on the Iraqi Stock Exchange, but will form a committee to encourage those companies. He pointed out that expanding the Iraqi Stock Exchange requires the listing of government sector companies on the stock exchange.

Waddah Al-Taha - Member of the Board of the Securities Commission, in an interview with the media figure, Dhikrayat Muhammad:

Expanding the work of the Iraq Stock Exchange requires restructuring mixed companies, through the government sector relinquishing its shares and listing and offering them for investment, while we work on listing public government companies.

Usually, stock markets around the world represent a mirror of a country’s economy, but in Iraq, the stock market does not reflect the economy, for several reasons, including the weakness of the investment culture, the decline in government support and understanding, in addition to the fact that the importance of listing and initial public offerings is unclear to private sector companies.

We seek to “deepen” the Iraqi Stock Exchange, meaning diversify its sectors participating in the subscription, with the aim of reducing the ceiling of investment risks and creating relative attractiveness for investors. We are currently working on merging our governance draft with the draft of the International Finance Corporation to give a global character to our investment environment and send reassuring messages to foreign investors.

Instead of waiting for promising emerging companies to come to the Iraqi market for listing, we are currently working on forming a specialized committee to move towards such companies and reach an understanding with them in order to list their shares in the market. The criteria for selecting the targeted companies revolve around performance, financial efficiency, company history, sector quality, and management nature.

We have a memorandum of understanding with the Qatari side, and we hope to approve it during the coming period. It has very good content, as it allows us to establish companies jointly, and we aspire to reach the stage of “dual listing” where the Iraqi stock can trade in the Iraqi and Qatari markets, in addition to applying the regulatory standards in effect there.

We apply a high level of “global standard” procedures in terms of combating money laundering. The market is very safe in this regard. Our standards are sometimes harsh and restrictive for investors, but they ensure that there are no illegal financial activities.  link

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Tishwash:  Trade Bank of Iraq announces the number of transfers completed since the launch of the Central Bank platform

The Trade Bank of Iraq announced today, Thursday, that it has transferred more than 4,000 remittances since the launch of the Central Bank platform.

The bank's media advisor, Aqil Al-Shuwaili, said in a statement to the Iraqi News Agency (INA): "More than four thousand various transfers have been transferred to companies and individuals since the launch of the Central Bank of Iraq platform until today, October 10, 2024."

He added, "250 transfers were transferred from the Iraqi bank to the relevant authorities, including commercial, industrial, and even educational transfers  link

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Tishwash:  Minister of Finance stresses the need to adhere to timetables to achieve economic reforms

 Finance Minister Taif Sami Mohammed stressed, on Thursday, the need to adhere to timetables to achieve economic reforms.

A statement by the ministry, seen by Al-Eqtisad News, stated that "Minister of Finance Taif Sami Mohammed chaired a meeting to follow up on the implementation of the government program related to financial, economic and digital affairs, where she reviewed the latest developments in the plans and procedures adopted by the government to achieve economic and financial reforms and discussed the challenges facing the implementation of the program."

The minister stressed, according to the statement, "the importance of adhering to the specified timetables and achieving the desired goals in enhancing economic stability."

The statement added that "the meeting addressed the most prominent economic and financial indicators, and reviewed the results of the reforms that have been completed so far, in addition to discussing ways to accelerate the pace of reform in vital sectors. Sami stressed the need for cooperation between all parties to achieve sustainable development and improve the standard of living for citizens."

The statement concluded by saying that "the minister urged the concerned parties to continue working hard and intensifying efforts to ensure the success of the reform program and achieve sustainable economic growth   link

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Tishwash:  Very frank” talk from Al-Sudani’s advisor: They will bomb us and we will be strategically patient like Iran

"A new map is coming, whether we like it or not."

Ibrahim al-Sumaidaie, advisor to Prime Minister Mohammed Shia al-Sudani, said that the new regional map in the region “is happening, whether we like it or not,” and therefore it is necessary to invest in Iraq’s role, as it ranks second in the United States’ interests after Israel, warning that “the one who falls will fall, and do not let us fall.”

The advisor pointed out that Tel Aviv launching a strike inside Iraq instead of Iran is possible and is the most likely scenario, especially if it fails to reach an understanding with Tehran. He said that Iraq is an unarmed country and cannot do anything other than political diplomatic options due to the clear Western superiority, “even the Russian S-400 anti-aircraft missiles were unable to repel the Kremlin’s missiles.”

He criticized the actions of “some brothers who are gnawing at al-Sudani’s flanks, even though he defends them before the United States and tries to prevent a strike against Iraq.” He called for Iraq to adopt the Turkish method in dealing with the risks of war, as well as the Iranian method “which invented the policy of strategic patience.”

He concluded by saying, “The West sees us as a successful country (..) All the Americans want is for us to be an economic zone not subject to Russian military influence, or Chinese economic influence, without the existence of (sub-state) as this world is ruled by states and not armed groups, and the majority of the political forces supported by the reference are with this trend.”  link

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Mot: Folks on da INternet can beee soooo Helpful at times!! – LOL

Mot: ... Finally  cobwebs now are Halloween decorations

America Is Now On “The Second Half Of The Chess Board”

America Is Now On “The Second Half Of The Chess Board”

Notes From the Field By James Hickman / Simon Black October 10, 2024 

Over fifteen centuries ago, according to an ancient Sanskrit legend, a mythical Hindu priest named Sissa was ordered to invent a new board game to entertain the king of Taligana.

Sissa labored over the task for quite some time, but he eventually brought the King a military strategy game with a 64-square board and beautifully hand-carved pieces. Today we call this game chess. And according to the legend, the King was absolutely enamored with it.

So enamored, in fact, the King offered Sissa any reward he desired. So, the priest asked for a single grain of wheat to be placed on the first square of the chess board. Then two grains on the second square. Four grains on the third. Eight grains on the fourth. And so on.

The King of Taligana thought the request to be humble and cheap. After all, a little bit of wheat was nothing compared to the endless entertainment of this new game. So, he ordered his men to bring in the grain.

But as they continued counting, the numbers began to grow quickly.

One-quarter of the way through the board (sixteen squares), Sissa was owed around 131,000 grains-- roughly four kilograms of wheat. No big deal.

But with every square the amount kept doubling. Halfway through the board Sissa is owed over 8 billion grains-- about a quarter of a million TONS of wheat. And it keeps doubling from there.

By the final square, the amount of grain owed is far more than all the wheat that the world can possibly produce.

This is known in mathematics as exponential growth, i.e. when something grows at a faster and faster rate. Sort of like my kids. Or more ominously, the US national debt.

According to data just released by the federal government, interest on the national debt for Fiscal Year 2024 (which just ended last Monday, September 30) was roughly $1 TRILLION.

That’s just the interest bill.

And while that number itself is simply astonishing, it’s even more important to put it in context. $1 trillion is significantly more than the government spends on virtually EVERY other line item, including the military and Medicare.

In fact, Social Security is the ONLY federal program whose budget exceeds interest on the debt. For now. But within the next 5 years, interest on the debt will surpass even Social Security.

Just going back to FY 2020— which started pre-pandemic on October 1, 2019— the interest bill that year was “only” $345 billion. And in FY21, it only rose to $352 billion. That was just a $7 billion, or 2%, increase. No big deal.

But in FY 2022, it took a more significant jump to $475 billion. Then $660 billion. And now a TRILLION dollars.

So not only is the interest bill increasing, but the rate at which it is increasing… is increasing.

Just like grains of wheat on a chessboard, this is an exponential problem. At first it looks manageable. Even paltry. But around halfway through the chessboard, the problem starts to spiral out of control very quickly.

Technologist and author Ray Kurzweil actually refers to this phenomenon as “the second half of the chess board”, i.e. the part of the exponential growth model where the problem becomes too big to solve.

How did the most powerful nation in the history of the world reach this point?

For starters, a complete lack of discipline when it comes to federal spending. For decades now, the government has spent money as if there were no limit and would never be any consequences to increasing the debt.

This was most noticeable during the pandemic when they (and the media) engineered widespread fear and hysteria, shut down the economy, and then spent trillions of dollars to keep everyone afloat.

The national debt skyrocketed as a result. But at the time, interest rates were practically zero. So, the government’s borrowing costs were pretty negligible. That’s why the annual interest bill barely moved between FY2020 and FY2021.

But as you probably recall, rates soared in 2022. And so did the government’s interest bill.

Each year, in fact, much of the existing national debt matures; money that the Treasury Department borrowed five or ten years ago becomes due and must be paid back.

Naturally, the Treasury Department doesn’t have any money to pay back its lenders. So instead, they issue new debt to repay the old debt.

The problem, of course, is interest rates. The money they borrowed years ago was at 0% or 1%. Today it’s 4%.

Just this past Fiscal Year (2024) the Treasury Department refinanced roughly $5 trillion in debt at significantly higher interest rates… in ADDITION to the $2 trillion in NEW debt that they borrowed.

This means that NEXT YEAR’s interest bill will likely be even HIGHER.

You can see how this problem can quickly become a crisis. Again, five years ago the annual interest expense was $345 billion. Five years from now it could easily be $2 trillion.

Sure, the government’s overall tax revenue is also increasing. A bit. But the interest bill is growing much faster-- at an exponential rate. You can’t have linear growth in your revenue and exponential growth in a major expense and expect to survive.

It appears that the US government has crossed the proverbial Rubicon into the second half of the chessboard. And their options are extremely limited.

On one hand, the government could slash spending, reform entitlement programs (like Social Security, welfare, etc.), and engage in a massive deregulation effort to boost economic productivity. But I’m not holding my breath.

Their other approach will be to increase taxes and print tons of money to keep interest rates artificially low.

This is already starting to happen.

The government released its new inflation data just this morning showing that core inflation is STILL on the rise. Inflation is not beat by a long shot. And yet the Federal Reserve is going full steam ahead in its rate cutting cycle.

Fed officials aren’t stupid. They know that 0% interest rates are the only hope for the US government’s financial survival.

And the chief consequence, of course, will most likely be some pretty nasty inflation.

This is why we keep saying that real assets make so much sense, i.e. crucial materials like metals, energy assets, and productive technology that are (1) useful and critical in the economy, and (2) cannot be created out of thin air by central banks or governments.

Historically, real assets perform extremely well and hold their value during inflationary times.

And the added benefit is that, right now, many of the businesses which produce real assets are at historically cheap levels. We’ll show you a great example tomorrow.

To your freedom,   James Hickman  Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/america-is-now-on-the-second-half-of-the-chess-board-151643/

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-10-24

Good Evening Dinar Recaps,

SEN. HAGERTY'S STABLECOIN REGULATION DRAFT AIMS FOR CLARITY, ECHOES HOUSE BILL FRAMEWORK

▪️The draft closely resembles the Clarity for Stablecoins Act worked on in the House of Representatives by Rep. Patrick McHenry, R-N.C., and Maxine Waters, D-Calif.

▪️“It is Senator Hagerty’s version of McHenry-Waters,” spokespeople for Sen. Hagerty said in an emailed statement to The Block.

Crypto-friendly Sen. Bill Hagerty unveiled a discussion draft of legislation to create a regulatory framework for stablecoins that is very similar to work being done in the House of Representatives.

The Tennessee Republican said his draft legislation "provides much-needed clarity" in a statement on Thursday. The draft closely resembles the Clarity for Payment Stablecoins Act worked on in the House of Representatives by Rep. Patrick McHenry, R-N.C., and Maxine Waters, D-Calif.

“It is Senator Hagerty’s version of McHenry-Waters," spokespeople for Sen. Hagerty said in an emailed statement to The Block. Hagerty also is a member of the Senate Banking Committee, which has jurisdiction over key agencies, including the U.S. Securities and Exchange Commission.

Sen. Hagerty's draft bill takes the structure of the House bill while also splitting federal supervision between the Federal Reserve for banks and the Office of the Comptroller of the Currency for non-banks, his spokespeople said.

Hagerty's draft bill would include a provision that says issuers that go over a $10 billion threshold may get a waiver from their federal regulator to then stay under their state's jurisdiction. 

The draft legislation also includes language around maintaining reserves on a one-to-one basis with reserves that have U.S currency.

“Stablecoins have the potential not only to enhance transactions and payment systems, but also to help create new demand for U.S. Treasuries as we work to address our unsustainable deficit,” Sen. Hagerty said in the statement. “For too long, these benefits and the broader promise of stablecoins have been hindered by the lack of clear regulations."

Negotiations around passing a stablecoin bill have been complicated over the last few years on Capitol Hill. House Financial Services Chair McHenry and the top Democrat of that committee, Rep. Waters, have been working on their bill to create a regulatory framework for stablecoins since 2022. 

The bill advanced out of the Republican-led committee last year but has not gained much traction. At the time, Waters called the bill "deeply problematic" due to a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input.

However, tables might have turned last month during a congressional hearing when Rep. Waters said she wants to "strike a grand bargain on stablecoins" before the end of the year.

Waters said the bill needs to place the Federal Reserve in a "dominant role" and that stablecoins must be backed by safe reserves, such as short-term Treasury bills.

"I've made a public statement to you about bipartisanship — let's see what you do with it," Waters told McHenry in late September.

Cody Carbone, president at The Digital Chamber said the advocacy group was “encouraged” by the release of the draft legislation.

“While the window for passage in this Congress is limited, Senator Hagerty’s efforts have revitalized the discussion,” Carbone said in a statement to The Block.

“The push for a U.S. stablecoin regulatory framework is bipartisan, and we urge lawmakers to prioritize this important, common-sense legislation through the end of the year.”

Ron Hammond, director of government relations at the Blockchain Association said Sen. Hagerty’s draft was “an important development” especially after comments made by McHenry and Waters to move forward stablecoin legislation before the end of the year.

“While the election results will largely determine what is in the realm of possible for the lame duck, it is likely the Republicans will take back the Senate and this effort from Sen Hagerty could be the starting point for a Republican led Senate Banking Committee in 2025 should stablecoins not get addressed in the lame duck,” Hammond said in a statement to The Block.

Update: Oct. 10 , 10:15  p.m. UTC to include comments from Carbone and Hammond

@ Newshounds News™

Source:  The Block

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RIPPLE NEWS: COULD GARY GENSLER’S RESIGNATION OR REMOVAL LEAD TO A DISMISSAL OF THE RIPPLE-SEC LAWSUIT?

The U.S. SEC has filed an appeal in its case against Ripple, after a federal judge ruled that the SEC did not prove Ripple violated securities laws by selling XRP to retail customers.

The SEC’s appeal, submitted to the Second Circuit Court of Appeals, argues that the judge’s decision contradicts established Supreme Court precedents and securities laws.

As we look ahead, several factors could influence the ongoing legal battles in the crypto space. With an election approaching, potential changes in leadership could  impact the SEC’s direction. If Donald Trump wins, the current dynamics could shift dramatically.

There’s widespread concern about how ongoing litigation is driving innovation out of the United States. According to James Murphy aka MetaLawMan, this situation could lead to one of two outcomes: either Gary Gensler resigns or is removed from his position, replaced by someone less hostile towards crypto. A new leader might prioritize settling or dismissing cases rather than pursuing aggressive actions against the industry.

James said that the upcoming presidential election’s importance for cryptocurrency regulation. He noted that Kamala Harris recently couldn’t identify any mistakes the Biden Administration made regarding crypto, despite ongoing efforts—dubbed “Operation Choke Point 2.0″—to restrict the industry.

It’s also worth noting that there’s legislation in the works that could clarify jurisdiction over cryptocurrency, suggesting that it might be impractical for judges to decide these matters without clear guidelines from Congress. Given this landscape, there’s a greater than 50% chance that we could see changes that alter the course of these cases.

He added that influential figures like Mark Cuban and Anthony Scaramucci suggest changes might be on the horizon, but he’s doubtful. With the election just weeks away, he pointed out that the administration could easily request Gary Gensler’s resignation, and typically, such requests are complied with. However, he expressed frustration that no actions have been taken yet.

@ Newshounds News™

Source:  Coinpedia

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BRAZILIAN AUTHORITIES LAUNCH OPERATION TARGETING ENTITIES FACILITATING CRYPTO MONEY LAUNDERING

The Brazilian Federal Police launched Operation Alcacaria this Wednesday, aiming to thwart the action of a network focused on providing money laundering services using cryptocurrency. The operation involved 62 search warrants, 13 arrest warrants, and the seizure of funds of the involved entities in banks.

Brazilian Authorities Execute Operation Alcacaria Against Crypto Money Laundering Actors
Brazil is strengthening measures against institutions leveraging crypto to complete financial crimes.

Local media reported that the Brazilian Federal Police launched Operation Alcacaria on Wednesday, targeting several financial operators that provided money laundering services to criminal organizations nationwide.

The operation was executed jointly with the Federal Revenue Service. The still unnamed organizations targeted by the police are being investigated for their involvement in money laundering, currency evasion, the operation of an illegal financial institution, and the use of false documents.

In addition, the police are also tracking and investigating exchanges that would also be working with these operators, providing them with digital asset liquidity for money laundering activities. However, no names have been shared publicly.

On this, the Federal Police stated:

These money launderers are allegedly responsible for currency evasion and money laundering for a variety of crimes throughout Brazil, in a practice known as crypto-cable.

The operation was launched simultaneously with a similar initiative called Operation Privilege, which also shared some suspects with this one. 13 preventive arrest warrants and 20 search warrants were issued as part of Privilege, which has a regional anti-crime force at its helm, the Rio Grande do Sul Organized Crime Task Force.

Last month, Brazil also executed Operation Niflheim, a high-level crackdown on three organizations that had laundered almost $10 billion using crypto, sending these funds to countries like the U.S., the United Arab Emirates (UAE), Hong Kong, and China. This makes Alcacaria the last of three actions launched against cryptocurrency-based money laundering crime in Brazil in less than one month.

@ Newshounds News™

Source:  Bitcoin News   

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US Banks Face $500 Billion in Losses as De-Dollarization Grows

US Banks Face $500 Billion in Losses as De-Dollarization Grows

Geopolitical Analyst:  10-9-2024

In the world of global finance, the tides are shifting. While the BRICS alliance — comprising Brazil, Russia, India, China, and South Africa — is diligently strengthening its banking framework and advocating for de-dollarization, the United States finds itself wrestling with a series of financial challenges that could have far-reaching implications. With the recent collapse of 15 banks in just three years, concerns about the stability of the US banking system are becoming increasingly pronounced.

The data coming to light is alarming. In a recent report, finance expert Dr. Rebel Cole from Florida Atlantic University unveiled that US banks are currently grappling with over $500 billion in unrealized losses on investment securities as of the end of Q2 2024. While there was a slight decrease from $516 billion in Q1 to $513 billion in Q2, the overall picture is still concerning for an economy that has long prided itself on resilience and stability.

These unrealized losses represent a significant burden on the balance sheets of American banks, indicating that the financial health of these institutions is under duress. Coupled with the fact that banks in the US have seen numerous failures, the future of the banking sector is increasingly uncertain. This backdrop cannot be overlooked; it hints at deeper systemic issues that could provoke wider financial instability.

Meanwhile, the BRICS bloc is actively pursuing strategies to insulate themselves from the pressures of the US dollar. Central banks within this alliance are accumulating gold reserves at an unprecedented pace. This tactic serves as a hedge against the volatility of the dollar and underscores the BRICS countries’ commitment to reducing their dependency on US currency.

The motivation behind the BRICS nations’ push for de-dollarization isn’t merely economic; it’s fundamentally geopolitical. By fostering financial independence from the US dollar system and increasing their gold reserves, these countries are positioning themselves to withstand the shocks that the US economy currently faces.

Dr. Cole’s analysis sheds light on the troubling nexus between unrealized losses and the exposure of banks to uninsured deposits. As inflation continues to plague the economy and interest rates fluctuate dramatically, the potential for further instability does exist. The recent volatility in the 10-year treasury yield is testament to the unpredictable nature of the current economic landscape. High inflation rates in the US are further eroding confidence in the dollar, prompting many to question the reliability of an economy that has long been considered the bastion of financial stability.

As US banks navigate these complex waters, the combination of significant unrealized losses and a precarious position regarding uninsured deposits could spell disaster. The specter of financial instability looms, casting a shadow over the once-unassailable dominance of the American banking system.

The juxtaposition of BRICS’ resilience and US banks’ challenges signals a notable shift in global finance. While the BRICS alliance actively fortifies its foundations through asset accumulation and strategic partnerships, the US is left to weather the storm of its financial missteps. The growing unease over the stability of the US dollar, alongside the BRICS nations’ efforts to create a diversified and independent financial ecosystem, creates a sense of urgency.

As financial dynamics evolve, it is crucial for policymakers, investors, and consumers alike to remain vigilant. The stabilization of the US banking system is imperative not only for the nation’s economic well-being but also for the global financial order. The decisions made today in response to these challenges will determine how the landscape will look in the coming years.

In conclusion, the rise of the BRICS alliance coupled with the struggles of the US banking system marks a potential turning point in global finance. The projected unrealized losses, coupled with financial instability and the aggressive de-dollarization strategy of BRICS, suggests a transformative period ahead. As we navigate this evolving landscape, the implications will surely resonate throughout the global economy, redefining power and influence in the world of finance. Only time will reveal how these developments will reshape our financial realities.

Watch the video below from Geopolitical Anaylist for more information.

https://youtu.be/eUBxh5wKHgg

https://dinarchronicles.com/2024/10/10/geopolitical-analyst-us-banks-face-500-billion-in-losses-as-de-dollarization-grows/

More News, Rumors and Opinions Thursday PM 10-10-2024

KTFA

Clare:  Minister of Finance stresses the need to adhere to timetables to achieve economic reforms

10/10/24  Baghdad - WAA - 

Minister of Finance Taif Sami Mohammed stressed, today, Thursday, the necessity of adhering to the timetables to achieve economic reforms.

A statement by the ministry - received by the Iraqi News Agency (INA) - stated that "Minister of Finance Taif Sami Mohammed chaired a meeting to follow up on the implementation of the government program items related to financial, economic and digital affairs, where she reviewed the latest developments in the plans and procedures adopted by the government to achieve economic and financial reforms and discuss the challenges facing the implementation of the program."

The minister stressed - according to the statement - "the importance of adhering to the specified timetables and achieving the desired goals in enhancing economic stability."

The statement added that "the meeting addressed the most prominent economic and financial indicators, and reviewed the results of the reforms that have been accomplished so far, in addition to discussing ways to accelerate the pace of reform in vital sectors.

Sami stressed the need for cooperation between all parties to achieve sustainable development and improve the standard of living for citizens."

The statement concluded that "the minister urged the concerned parties to continue working hard and intensifying efforts to ensure the success of the reform program and achieve sustainable economic growth."   LINK

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Clare:  Trade Bank of Iraq announces measures to support exchange rate stability

10/9/2024   Baghdad

The Trade Bank of Iraq (TBI) announced on Wednesday that it has taken a series of measures to support the stability of the exchange rate and prevent exploitation by speculators.

The Director of the Tahrir Branch at the Iraqi Bank, Yarab Al-Hashemi, said in a statement reported by the official news agency, and reviewed by "Al-Eqtisad News", that "the bank's management has taken a series of measures that would stabilize the exchange rate and prevent manipulation in the market, including increasing working hours in the bank's branches, which had an impact on the speed of completing merchants' transactions and the smoothness of financial transfers and eliminating the momentum in that."

He added, "There is a series of measures being taken successively that will have a clear impact on controlling the exchange rate, preventing speculators, and limiting the granting of dollars to the beneficiaries exclusively."

Prime Minister Mohammed Shia Al-Sudani directed "intensifying inspection procedures in financial transfer operations and not being lenient or lenient in pursuing speculators who exploit the crises that the region is going through; to achieve personal profits and benefits at the expense of the public interest of the country."  LINK

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Courtesy of Dinar Guru:  https://www.dinarguru.com/

Militia Man  They're got e-government and their institutions doing payments electronically.  600 entities of the government already are doing it.  That's huge.  There's no turning back...The country of Iraq is embracing electronic digitization for the state institutions and the financial system progress has been massive...2 million cards the first year and 18 million more this year...It shows progress like no other...Turning on their new exchange rate will ignite the country into a digital revolution.  The world will marvel over it...

Frank26  Sudani on Friday told the citizens [in an article] we're lifting the three zeros to add value to your currency so you have purchasing power, all of this by the end of the year. Then the following day, Saturday, they [Barzani in Kurdistan] came out and they said word for word they're going to lift the value, they're going to add purchasing power, that's what Baghdad..the central bank...Sudani's people are saying.  It looks like they want to get it done by the middle of October...

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Iraq Strengthening Banking Sector- CBI- Exploring Peru's Currency for Investment

Edu Matrix:  10-10-2024

Iraq Strengthening Banking Sector CBI Exploring Peru's Currency for Investment - Iraqis are concerned that Israel will target them next. Exploring the SOL Exotic Currency for a potential investment option. IQD Rates SOL Exchange Rates.

https://www.youtube.com/watch?v=8gq0FbW1ymw

LIVE! EXPECT THE STOCK MARKET TO RISE FASTER! AS THE ECONOMY CONTINUES TO CRATER...

Greg Mannarino:  10-10-2024

https://www.youtube.com/watch?v=SMMF7yxowqo

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 10-10-24

Good Afternoon Dinar Recaps,

RIPPLE HITS BACK AT SEC, FILES CROSS-APPEAL

The feud continues: Ripple Labs has announced plans to file a cross-appeal in its ongoing legal case with the U.S. Securities and Exchange Commission.

This move by Ripple is meant to preserve its legal defenses as the SEC’s own appeal proceeds through the courts. The SEC filed an appeal on Oct. 2 to counter the July 2023 ruling that concluded XRP cannot be classified as a security.

The SEC’s appeal follows the ruling that determined Ripple’s sale of XRP on exchanges did not violate federal securities laws.

Ripple CEO Brad Garlinghouse tweeted that, with the cross-appeal, Ripple is “looking forward to sealing the SEC’s fate and finally putting an end to the SEC’s regulation-by-enforcement agenda.”

The SEC sued Ripple in December 2020, claiming that XRP, Ripple’s cryptocurrency, was sold as an unregistered security. Securities are financial instruments, like stocks or bonds, that must meet strict regulatory requirements before being sold. The key issue in the case is whether XRP qualifies as a security.

Ripple’s cross-appeal ensures it can address all aspects of the case as the legal process continues. According to Ripple’s Chief Legal Officer Stuart Alderoty, the company wants to keep all options open.

This comes despite the SEC’s contentious stance on what constitutes a token as a security — and despite clear details of the SEC’s appeal.

In appeal cases like this, both parties file notices explaining the basis of their arguments, followed by more detailed legal briefs. Ripple’s next step is to submit these briefs as the appeal progresses. Both Ripple and the SEC will be outlining their positions in the coming weeks.

The ongoing battle
As mentioned earlier, Ripple Labs was sued in 2020 by the SEC for conducting an unregistered securities offering by selling XRP. The SEC claimed that XRP was a security under U.S. law and alleged that Ripple and its executives raised $1.3 billion in capital without proper registration.

Ripple argued that XRP does not meet the criteria for a security under the Howey Test.

Throughout the case, Ripple achieved several important milestones, such as a key ruling by Judge Sarah Netburn in March 2021, which distinguished XRP from Bitcoin and Ethereum, acknowledging its utility and currency-like value.

The court also ordered the release of crucial documents, including internal communications from former SEC director William Hinman, whose comments on Ethereum’s status as a non-security influenced the case.

On July 13, 2023, Judge Analisa Torres ruled that XRP is not a security when sold on exchanges to the public, marking a significant victory for Ripple and the broader crypto industry.

However, the court ruled that Ripple’s XRP sales to institutional investors violated securities law. Ripple’s legal struggles continued, including the SEC’s attempt to appeal this decision, which was denied in October 2023.

Ultimately, Ripple faced a $125 million fine. However, the ruling marked a turning point in the crypto regulatory landscape, setting a precedent for how digital assets are classified in the U.S. moving forward.

@ Newshounds News™

Source:  Crypto News

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SOUTH KOREA ALLOWS DIVISION OF CRYPTO IN DIVORCE SETTLEMENTS

South Korean law allows spouses to claim cryptocurrency and Bitcoin holdings during divorce proceedings, recognizing them as marital assets, law firm says.

Married couples in South Korea can now divide cryptocurrency holdings during divorce proceedings, according to a law firm specializing in the country’s legal system.

South Korean law firm IPG Legal clarified the law regarding cryptocurrencies during divorce cases. Responding to questions from clients, the firm said that under South Korean law, both tangible and intangible assets can be divided during a divorce:

“Under Article 839-2 of the Korean Civil Act, either spouse may request a division of marital assets accumulated during the marriage upon the divorce in Korea.”

The firm pointed to a 2018 ruling by South Korea’s Supreme Court that confirmed cryptocurrency and virtual assets are considered property due to their economic value as intangible assets.

South Korea considers crypto as an intangible asset
As a result, any cryptocurrencies acquired during marriage can be regarded as part of the marital estate. Spouses who are aware of their partner’s crypto exchange wallets can have courts issue a “fact-finding investigation” to ascertain the value of their holdings.

Tracking crypto investments is easier than traditional cash, considering that blockchain technology preserves all transactions and does not allow external factors to modify or delete entries.

Bank withdrawal records and other forensic investigations also allow for the discovery of unknown sources of crypto holdings.

Partners can choose to either cash out the crypto holdings before splitting or share the tokens directly.

Investigators find hidden Bitcoin in New York divorce
The growing use of cryptocurrency in finance has led to more divorce cases involving digital assets worldwide.

During a New York couple’s divorce proceedings, the wife appointed a forensic accountant to uncover her husband’s hidden Bitcoin holdings.

The wife found that her soon-to-be ex-husband failed to declare 12 BTC — worth about $500,000 — stored in an undisclosed crypto wallet.

“It was never even a thought in my mind because it’s not like we were discussing it or making investments together. It was definitely a shock,” she said.

@ Newshounds News™

Source:  CoinTelegraph

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ARGENTINA OVERTAKES BRAZIL IN CRYPTO INFLOWS — CHAINALYSIS

Argentina’s stablecoin market is one of the largest in the world in terms of share of stablecoin transactions, beating the global average by 17%.

Argentina, one of the fastest-growing cryptocurrency markets, has overtaken Brazil as the top Latin American (Latam) country in terms of estimated crypto inflows by users.

Crypto users in Argentina deposited the largest amount of crypto in Latam between July 2023 and June 2024, with inflows totaling $91 billion, Chainalysis reported on Oct. 9.

With an estimated $91 billion in crypto inflows, Argentina has overtaken Brazil in terms of total crypto value received, ranking slightly ahead of Brazil’s estimated $90 billion during the period.

Argentina’s stablecoin activity is 17% higher than the global average
The rapid growth in crypto adoption in Argentina comes amid a decades-long battle with inflation and local currency devaluation, forcing Argentinians to seek alternative ways of saving, including using the US dollar or dollar-pegged stablecoins.

According to Chainalysis, Argentina’s stablecoin market is one of the largest in the world in terms of share of stablecoin transactions. It is also among the leaders in the Latam region.

Argentina’s share of stablecoin transaction volume amounted to 61.8% between July 2023 and June 2024, slightly above Brazil’s share of 59.8%. Argentina’s stablecoin activity is well above the global average of 44.7% but lower than Columbia’s 66%.

The report highlighted that the share of Argentina’s retail-sized stablecoin transactions — those under $10,000 — is growing faster than any other asset type. This trend suggests that Argentinians are relying on stablecoins to protect their finances from inflation and currency instability. The report stated:

“Their interest in stablecoins highlights the role of crypto in unstable markets and how citizens are able to take better control of their financial futures by embracing cryptocurrency, regardless of official monetary policy.”

Tether prioritizes markets like Argentina over developed economies
Argentina’s growing stablecoin activity comes as stablecoin issuer Tether focuses more on emerging markets like Argentina rather than developed economies like the US.

The operator of the world’s largest US dollar-pegged stablecoin, Tether USDT, Tether recognized Argentina’s need for the “digital dollar,” its CEO Paolo Ardoino told Cointelegraph last week.

“That people want to hold that dollar, not in cash, but in a digital form because it’s much more convenient,” Ardoino said.

Argentina has increasingly positioned itself as a crypto-friendly country. In late 2023, Argentina officially allowed using Bitcoin in legally binding contracts after pro-Bitcoin President Javier Milei took office in December 2023.

Despite Argentina becoming one of the most active jurisdictions in cryptocurrency usage, the local government is yet to regulate the growing market.

According to Forbes, Argentina struggled to provide regulated cryptocurrency services to its population as of July despite the government making multiple efforts to introduce regulations.

While developed economies like those in Europe have been pushing stablecoin regulations in recent years, Argentina has yet to introduce a stablecoin framework.

@ Newshounds News™

Source:  CoinTelegraph

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RIPPLE XRP! THE FED JUST LAUNCHED THEIR DIGITAL CURRENCY  |  Youtube

@ Newshounds News™  

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🌍 The Constitution Friday Nights Call with Seeds of Wisdom Team  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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