Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-16-24

Good Afternoon Dinar Recaps,

LAWMAKER CALLS ON CFTC TO REGULATE ELECTION MARKETS AS POLYMARKET ACTIVITY FALTERS AMID UNCERTAINTY

Lawmaker warns that banning election betting could fuel illegal platforms, threatens election integrity.

Congressman Ritchie Torres has called on the Commodity Futures Trading Commission (CFTC) to regulate election-related prediction markets rather than blocking them.

In a letter addressed to CFTC Chair Rostin Behnam, Torres urged the regulator to focus on promoting responsible innovation and working with platforms like Kalshi and Polymarket to ensure such markets are regulated rather than pushing traders towards illegal, unregulated platforms.

Torres’ letter followed a Sept. 6 court ruling that partially overturned the CFTC’s efforts to prevent Kalshi, a US-based prediction platform, from offering election-related contracts. He emphasized that further legal challenges could harm both election integrity and consumer protection, allowing illegal platforms to flourish.

Torres wrote:

“The CFTC has a mandate to promote responsible innovation.”

He urged the agency to collaborate with regulated market participants, ensuring election-related contracts are conducted transparently and securely within regulated markets.

Polymarket declines amid uncertainty
Polymarket has seen a significant decline in activity over the last few days as regulatory pressure and uncertainty over election betting continue to mount.

According to Dune Analytics, Polymarket’s daily active traders dropped by nearly 40%, from 12,595 on Sept.11 to 7,627 by Sept. 15. The platform’s daily trading volume also fell dramatically, down 85.6%, from $37.2 million to $5.35 million over the same period.

The drop in activity follows the CFTC’s proposal to limit certain event contracts, particularly those related to political outcomes. The regulator has expressed concerns about the potential for manipulation in such markets, citing instances where fabricated information, like a fake poll involving musician Kid Rock, distorted market prices.

Despite the regulatory challenges, Polymarket has gained some mainstream recognition, with Bloomberg recently integrating the platform into its financial terminals. The move suggests that interest in decentralized prediction markets is growing, even as regulators scrutinize the sector more closely.

Intensifying debate
The debate over election prediction markets intensified on Sept. 6 when a federal court ruled in favor of Kalshi, allowing the platform to offer election-related contracts. The platform hailed the decision as a historic moment, stating that for the first time in 100 years, Americans could legally trade on election outcomes.

However, the CFTC quickly filed an emergency motion to stay Kalshi’s election markets, citing concerns about potential manipulation. The agency has argued that election markets could undermine public trust in the democratic process.

The CFTC’s actions have faced criticism from lawmakers like Torres, who urged the watchdog to accept the court’s ruling and focus on regulating these markets to ensure transparency and consumer protection.

Torres wrote in his letter:

“The CFTC should be focusing on regulating exchanges, protecting consumers, and safeguarding the integrity of elections.”

He warned that continued legal battles could push traders toward unregulated platforms, further jeopardizing election integrity.

@ Newshounds News™

Source:  CryptoSlate

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RIPPLE JOINS HANDS WITH HEDERA AND APTOS LABS TO LAUNCH MICA CRYPTO ALLIANCE

▪️Ripple, Hedera and Aptos Labs, founding members of DLT Science Foundation, made a key announcement on Monday.

▪️The three firms launched the MiCA Crypto Alliance to enhance compliance with EU markets in crypto assets regulation.

▪️XRP hovers around $0.5600 on Monday.

Ripple (XRP) made a key announcement alongside other founding members of a crypto alliance. The DLT Science Foundation is behind the effort, Ripple partnered with Hedera and Aptos Labs.

XRP erased recent losses and held steady above $0.5600 on Monday.

Daily digest market movers: Ripple leads effort for crypto alliance launch

▪️Ripple partnered with crypto firm Aptos Labs and distributed ledger technology-based Hedera for the DLT Science Foundation. The DLT Science Foundation (DSF) is a non-profit organization that promotes blockchain technology adoption among firms.

▪️The foundation’s mission is to create an open ecosystem and work with industry, academia and developer communities.

▪️DSF announced the launch of the MiCA Crypto Alliance for better coordination among industry members and for navigating the regulatory landscape in the European Union (EU).

▪️The alliance aims to foster cooperation between firms navigating the EU’s regulation pertaining to innovation in blockchain technology.

▪️MiCA sets strict disclosures for Crypto-Asset Service Providers (CASPs) and expects centralized exchanges and crypto firms to disclose climate impact of operations, among other details, through white papers and online descriptions accessible to the public.

Technical analysis: XRP eyes double-digit gains
XRP has been in a multi-month downward trend since its July 2024 top of $0.9380. The native token of the XRP Ledger erased recent losses and trades at $0.5731, above support at $0.5600.

Newshounds News™

Source:  FX Street

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Ripple Stablecoin is for All, Including Retail Investors: XRP Ledger Validator

Vet, an XRPL dUNL validator, has debunked speculations that the highly anticipated Ripple stablecoin RLUSD is only for institutional investors.

In an X post, the dUNL validator stated that RLUSD is for everyone, both institutions and retail users. According to him, a compelling ecosystem would need an all-rounded adoption to thrive. As a result, Ripple will need both retail and institutions to boost the stablecoin’s utility

RLUSD is for Everyone
Vet further asserted that institutions would play an important role in RLUSD distribution, creating a path to widespread adoption of the stablecoin. He stated that institutions would receive RLUSD from the XRP Ledger and distribute it to users.

It bears mentioning that retail traders and some institutional investors cannot assess stablecoins directly. USD-pegged assets are usually minted in treasuries and distributed to certain institutions. These organizations, in turn, move them to other institutions and exchanges.

As a result, Vet noted that retail traders and other institutions would access RLUSD through exchanges and automated market makers. This would allow the stablecoin to be widely used for cross-border payments and consequently provide liquidity on the XRP Ledger.

Vet’s analogy supports community pundit WrathofKahneman’s stance on the boiling issue. The XRP community enthusiast stated that the misconception that institutions alone would use RLUSD was false.

WrathofKahneman pointed out that Ripple’s On-Demand Liquidity (ODL) requires retail traders. Hence, creating a stablecoin for seamless cross-border transactions without the inclusion of retail is not rational. Notably, the actual date for the launch of RLUSD remains a mystery, with Ripple’s CEO Brad Garlinghouse noting it will debut in weeks.

The RLUSD Institution Theory
The notion that RLUSD was only for institutional investors came up from a comment by Ripple’s chief technology officer, David Schwartz. In an X post, Schwartz stated that the Ripple stablecoin would only be accessed directly by institutions.

He likened the scenario to Tether’s USDT and Circle’s USDC, noting that retailers cannot directly access the stablecoins. Schwartz reiterated the same notion in another post, asserting that retail only acquired these stablecoins from exchanges and not directly from their treasuries.

It bears mentioning that RLUSD has been speculated to replace XRP as a bridge asset for ODL transactions. However, Schwartz stated that the stablecoin, which is in beta testing on the XRPL mainnet and the Ethereum network, would complement XRP, providing broader options for users.

@ Newshounds News™

Source:   The Crypto Basic

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Join President Trump LIVE at 8PM (ET) on X Spaces for his announcement on World Liberty Financial!

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Watch Here:  https://x.com/realDonaldTrump/status/1835754983259558260

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BIG! XRP and Interledger Protocol key to solving current issue of disconnected financial networks.  |  Youtube

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Source:  Source: Seeds of Wisdom Team Currency Facts 

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Seeds of Wisdom RV and Economic Updates Monday Morning 9-16-24

Good Morning Dinar Recaps,

RIPPLE NEWS:  SEC’s Decision on Crypto Classification Ends XRP Lawsuit Appeal

In a major win for Ripple and the crypto industry, the SEC has officially decided not to appeal the XRP ruling, according to WallStreetBulls. This move marks the end of the highly publicized legal battle that’s loomed over Ripple’s future since December 2020.

The case, which revolved around whether XRP was an unregistered security, cast a shadow over Ripple and its market operations for nearly three years. However, with the SEC backing down, Ripple can now move forward without fear of further legal challenges.

What influenced this sudden turn of events? Let’s understand the SEC’s confusion!

A Shift in SEC’s Stance
The SEC’s decision not to appeal stems from its position in the ongoing Binance case. In this case, the SEC has acknowledged that crypto, by itself, does not meet the criteria to be classified as a security. This acknowledgment undermined the very foundation of its lawsuit against Ripple, leaving little room for an appeal.

The original lawsuit accused Ripple of selling unregistered securities through XRP sales. But with the SEC’s stance now shifting, continuing the fight would have been futile. This development not only brings relief to Ripple but could have long-term implications for other cryptocurrencies facing similar scrutiny.

Ripple’s Victory – A Game Changer for Crypto?
Ripple’s win is seen as a huge milestone for the broader crypto space. The SEC’s acceptance that crypto isn’t automatically a security could reshape how regulators treat digital assets. This case closure sets a crucial precedent, possibly helping other cryptocurrencies navigate regulatory challenges with more confidence.

Stuart Alderoty, Ripple’s Chief Legal Officer, added another layer of insight, reminding everyone that while Ripple’s battle is over, the “fair notice” defense remains vital for other crypto entities. 

He criticized the SEC’s reliance on the 2017 DAO report, stating it was confusing, and the SEC even apologized for the lack of clarity. This highlights that despite Ripple’s victory, there’s still work to clear up regulatory ambiguity in the industry.

As Ripple emerges from this legal saga, the focus now shifts to how this ruling will impact future regulatory actions. Will the SEC’s shifting stance lead to greater acceptance of cryptocurrencies? One thing is certain: this victory could open doors for more market adoption and provide a clearer framework for the future of digital assets.

@ Newshounds News™

Source:  Coinpedia

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XRP NEWS: Robinhood Relists XRP After Ripple’s Legal Victory

XRP is back in action, breaking past $0.5900 and eyeing its July 2024 high of $0.6602, all thanks to Robinhood re-listing it on its commission-free platform! This comes as Ripple’s legal battle with the SEC officially ends, sparking optimism in the crypto community. While the addition of XRP to Robinhood’s crypto brokerage is exciting news, there’s more to the story let’s dig in.

XRP Listing on Robinhood – A Strategic Move?
Robinhood’s crypto arm quietly updated its supported assets to include XRP, alongside other coins like Bitcoin, Ethereum, and Shiba Inu. However, the platform hasn’t officially announced the move, leaving the community to discover the change on its help page. The catch? Only EU customers can currently trade XRP, leaving U.S. users waiting for potential updates.

While trading isn’t available yet, Robinhood users can now see XRP’s price chart, which is exciting for the XRP community. This could mean wider market access and more trading activity, which could make investors and fans hopeful.

Speculation around XRP’s return to Robinhood had been brewing, especially after the brokerage acquired Bitstamp, which supports XRP trading. However, the lengthy Ripple vs. SEC lawsuit had been a significant hurdle, now cleared after Ripple agreed to pay $125 million in fines, resolving the case without an appeal from the SEC.

More Listings on the Horizon?
With the lawsuit behind them, Ripple has newfound regulatory clarity, making XRP an attractive asset for exchanges and investors. Robinhood’s move could encourage other platforms to relist the coin as well, especially as XRP has seen a 3.75% rise in value, trading at $0.5898, outpacing other top 10 coins.

In addition to Robinhood’s listing, Grayscale’s launch of the first XRP Trust has further bolstered confidence in XRP’s future, with increasing prospects for a potential spot ETF. As Ripple emerges from its legal struggles, more support for XRP seems inevitable, with growing optimism for the coin’s adoption.

@ Newshounds News™

Source:  Coinpedia

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BANK OF RUSSIA TO LAUNCH DIGITAL RUBLE PAYMENT INFRASTRUCTURE BY JULY 2025

The Bank of Russia aims to open the payment infrastructure for the Russian central bank digital currency (CBDC), the digital ruble, by July next year.

Larger banks will offer digital ruble accounts and services by this deadline, with smaller institutions following later. The initiative seeks to enhance payment efficiency and reduce costs, with retailers also required to accept digital rubles. A pilot program is currently underway involving banks, individuals, and businesses.

Russia Plans Digital Ruble Rollout by 2025
The Bank of Russia has submitted a proposal to open the payment infrastructure for Russia’s central bank digital currency (CBDC), the digital ruble, by July 1, 2025, local media reported last week.

The largest banks in Russia will be required to offer services such as digital ruble accounts, transfers, and payments within their systems. The aim is to allow citizens and businesses to use the digital ruble alongside traditional payment methods like cash and non-cash transactions.

The central bank forwarded its proposed legal amendments to the Russian Ministry of Finance, establishing different deadlines for various financial institutions.

Larger banks are expected to be ready by July 2025, while others with a universal license have until July 2026. Smaller credit institutions must comply by July 2027.

 Retailers with annual revenues over 30 million rubles will also be required to accept digital rubles starting in 2025, with smaller businesses following in the next two years.

The Bank of Russia explained:

Both banks and trade and service enterprises will be able to implement their acceptance as their systems become ready.

The digital ruble is intended to improve payment systems by reducing costs and increasing efficiency. Payments will be made through a universal QR code system based on the NSPK platform, eliminating extra expenses for banks and businesses.

Digital ruble transactions for citizens will be free, and businesses will have the option to choose between digital and traditional rubles. Currently, a pilot program involving 12 banks is in place, and as of Sept. 1, the program expanded to include 9,000 individuals and 1,200 businesses. “People and businesses will choose which form of the ruble to use,” said the Bank of Russia.

@ Newshounds News™

Source:   Bitcoin News

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Sen. Coons’ S. 4751 Could Limit Crypto Firms’ Ability To Challenge SEC

In July 2024, the U.S. Supreme Court's decision in Corner Post, Inc. v. Board of Governors of the Federal Reserve System expanded the ability of plaintiffs to sue federal agencies. The Court ruled that the statute of limitations to challenge an agency action starts when the plaintiff is harmed, not when the action occurs.

Justice Amy Coney Barrett's decision extended the timeframe for companies to file lawsuits against regulations, allowing challenges long after the rules are issued.

However, Senate bill 4751, the Agency Stability Restoration Act of 2024, sponsored by Sen. Chris Coons (D-DE), aims to limit this by setting a strict six-year statute of limitations from the date of the agency action, regardless of when harm occurs. Co-sponsors of the bill include Senators Dick Durbin (D-IL), Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Cory Booker (D-NJ), Peter Welch (D-VT), and Sheldon Whitehouse (D-RI).

For the crypto industry, which has long been at odds with the Securities and Exchange Commission (SEC) under Chair Gary Gensler in particular, the bill could significantly impact its legal strategy. 

The industry's ability to challenge SEC enforcement under the Administrative Procedure Act (APA) often hinges on demonstrating harm from the agency’s actions. If passed, the Act would require these challenges to happen quickly, potentially before the full effect of regulations is known.

The Corner Post Decision: Broadening The Right To Challenge
In Corner Post, a North Dakota truck stop challenged a 2011 Federal Reserve rule on debit card fees, even though it didn’t open until 2018. 

The key issue was whether the six-year statute of limitations started in 2011, when the rule was issued, or in 2018, when the business was affected. In a 6-3 decision, the Supreme Court ruled the clock starts only when the plaintiff suffers harm.

Justice Barrett, writing for the majority, called the case “straightforward,” explaining that a claim under the APA doesn't begin until there’s a “complete and present cause of action.” Critics, like The Center for Progressive Reform, fear this decision will lead to lawsuits long after a rule is enacted, but Barrett argued that more time to sue doesn’t guarantee success.

@ Newshounds News™

Source:  Forbes

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HEDERA CONTRIBUTES ENTIRE CODEBASE TO LINUX FOUNDATION

Hedera shifts toward open-source decentralization, transferring its codebase to Linux Foundation’s Decentralized Trust for global collaboration.

Hedera, a decentralized public network, announced that it has become a founding premier member of the Linux Foundation’s newly launched decentralized trust initiative.

The decentralized network contributed its entire source code, including its hashgraph consensus algorithm and all core services, tools and libraries, to the Linux Foundation.

Hedera’s contribution, which forms the new project “Hiero,” aims to allow developers to collaborate on decentralized trust technologies globally under an open-source and inclusive framework.

Project Hiero
Hedera’s decision to transfer its entire codebase to the LF Decentralized Trust initiative indicates a substantial shift toward decentralization.

Daniela Barbosa, GM of decentralized technologies at the Linux Foundation and executive director of LF Decentralized Trust, told Cointelegraph that open-source development is “essential for decentralized technologies.”

“At LF Decentralized Trust we believe that open source, combined with open development and open governance as part of a neutral foundation, is the future of decentralized technologies that will be adopted across enterprise, governments, and app ecosystems.”

Implications for developers
As Charles Adkins, president of Hedera, explained to Cointelegraph, the open-source model is anticipated to benefit developers by fostering collaboration and interoperability.

“By contributing Hedera’s codebase to Hiero under Linux Foundation’s Decentralized Trust, developers gain access to a more open, collaborative environment.”  Adkins explained that this development allows developers from “various ecosystems to engage with Hedera’s technology more easily, accelerating innovation and adoption."

Hedera joins the DeRec Alliance
On Sept. 5, Hedera and Cardano’s development arm, Input Output (IOHK), became the final founding members of the Decentralized Recovery Alliance (DeRec Alliance).

The two final members will serve on the Technical Oversight Committee for the next two years, helping shape policies and standards that simplify user experience and facilitate crypto recovery.

Leemon Baird, chief scientist at Hashgrapha and co-founder of DeRec, told Cointelegraph that it was “great to see the industry coming together” to address a “critical need for a safety net.”

@ Newshounds News™

Source:  CoinTelegraph

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Trump is safe after Gunshots heard  |  Youtube

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-15-24

Good Afternoon Dinar Recaps,

Russia All Out For Crypto Regulation, US Dollar Dominance Under Threat?

In order to combat strain in international trade, Russia has plans to complete crypto regulation and to properly combat USD dominance

▪️Russia is pushing forth in its crypto regulation and adoption agenda
▪️The country aims to finalize its crypto regulation push by November
▪️The aim is to use these assets for international trade settlement

Russia is making big plans for crypto regulation in the region by November. Notably, the process has already commenced but will be finalized in the next few months. 

According to Anatoly Aksakov, the Chairman of the State Duma Financial Market Committee, Russia’s Central Bank and the Ministry of Finance will prepare the necessary by-laws from now until the scheduled time.

Russia Rolls Out Crypto Regulation Gradually
At the beginning of this month, the law that permits the use of crypto payments in foreign trade settlements and exchange trading within the framework of an experimental legal regime came into force. However, it needed full regulation, including bylaws, to establish rules for cross-border crypto payments.

Russia’s financial authorities will see that all these processes are finalized by November.

In addition to preparing the crypto regulation and bylaws, the Central Bank and the Ministry of Finance will consider the circle of individuals and organizations that will take part in the first stage of the process. The participants will include credit institutions and banks.

According to Aksakov, these entities would help to “feel out” the mechanism of this market. They will also help the authorities to better understand how to regulate it. As time progresses, the number of participants for the process will be expanded.

The Threat to US Dollar
Despite the crypto regulation moves, Russia is keen on not getting the assets into the wrong hands. The country acknowledged the versatility of the asset class and how it could also be misused.

Also, Russia has no plans to fully replace its fiat currency Ruble with cryptocurrencies. The Chairman of the State Duma Financial Market Committee stated that it would only be used for foreign trading activities and not for payment within Russia.

This move is in sync with the primary goal of the BRICS Group, a bloc of countries with some of the world’s leading economies. Member countries of this group are focused on challenging the dominance of USD. It is worth noting that Russia is one of the founding members of this bloc.

For the longest time, the BRICS Group has been trying to develop an alternative to the USD for cross-border settlements. They have onsidered the use of digital assets and some other asset classes for some time now. Last month, Russia hinted at building a Chinese yuan-pegged BRICS stablecoin to further push the de-dollarization efforts.

@ Newshounds News™

Source:  CoinGape

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SEC CRYPTO ENFORCEMENT ACTIONS SURGED 3,000% TO $4.7 BILLION IN 2024: REPORT

Despite fewer cases, the SEC’s enforcement strategy shifted to larger fines, with average penalties jumping to $426 million per action.

The U.S. Securities and Exchange Commission (SEC) has ramped up its enforcement actions against the cryptocurrency sector in 2024, imposing nearly $4.7 billion in fines.

This figure represents a 3,018% increase from the $150.3 million in fines issued in 2023.

Record Breaking Settlement
According to a report from Social Capital Markets, 2024’s figures are largely attributed to the SEC’s $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, in June making it the largest enforcement action to date by the agency.

This legal action addressed serious issues, including misleading investors and offering unregistered securities, following the collapse of TerraUSD (UST) and its associated ecosystem.

The total fines for 2024, which stand at $4.68 billion, include various penalties such as forfeiture, disgorgement, civil penalties, settlement, and prejudgment interest.

Although the regulator’s crackdown dropped from 30 in 2023 to 11 in 2024, average fines soared to about $426 million, up from $14.71 million in 2022.

“This trend indicates a strategic shift by the SEC toward fewer but larger fines, with a focus on making high-impact enforcement actions that set precedents for the entire industry,” the report notes.

Other notable fines in 2024 include penalties against firms like GTV Media Group and fraudsters John and Tina Barksdale, each exceeding $100 million.

Crypto Fines Amounted to $7.42 Billion Since 2013
Since 2013, the SEC has issued over $7.42 billion in fines against the cryptocurrency industry. Of this total, 63% has been in 2024 alone.

In 2019, the $1.24 billion fine imposed on Telegram Group Inc. and TON Issuer Inc. for unregistered token sales led to a notable 2,000% increase in the average fine compared to previous years.

Ripple Labs received a $125 million fine for selling XRP as an unregistered security, causing the average fine for that year to rise to $35.2 million. However, the SEC is yet to agree as it can dispute this one.

The enforcement actions in 2024 also emphasize accountability for both companies and their executives, with “firm + Individual” penalties totaling $5.08 billion across 63 actions.

Most fines exceeded $1 billion, making up 46% of the total, largely due to the $4.68 billion penalty against Terraform Labs. Punishments ranging between $1 million and $10 million are also common, accounting for 30%, and often involve smaller firms. There were also judgments falling under $1 million, highlighting ongoing scrutiny of minor projects.

@ Newshounds News™

Source:  Crypto Potato

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Kraken Requests Jury Trial in Legal Battle With the SEC Over Alleged Securities Law Violations

The crypto exchange Kraken has officially requested a jury trial in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Last November, the SEC charged Kraken with operating its crypto trading platform as an unregistered securities exchange, broker, dealer and clearing agency.

Earlier this year, Kraken filed in US District Court to dismiss those charges, positing that the SEC’s claims would widen the definition of investment contracts and expand the regulator’s jurisdiction outside of its delegated responsibility.

That request didn’t fly with US District Judge William H. Orrick, who denied the exchange’s request last month, ruling that the SEC “plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws.”

In a new document filed in court on Thursday, Kraken requests a jury trial and responds to the SEC’s complaint, arguing that it operated for more than a decade without any hint from the regulator that it was violating securities laws.

“In fact, in 2021, the Chair of the SEC told Congress that ‘the exchanges trading in these crypto assets do not have a regulatory framework at the SEC,’ and ‘it is only Congress that could really address this lack of a framework.’

Kraken has tried to work with the SEC to make registration feasible. But the industry’s efforts have been stonewalled at every step, as the SEC has instead chosen to pursue a strategy of fighting with its sister regulators for enforcement authority its Chair admitted it did not have.

This has predictably led to a patchwork of inconsistent and irreconcilable court decisions in an area that is plainly in need of a uniform regulatory approach.”

Kraken says the SEC refused to identify which crypto asset transactions it classified as investment contracts until the regulator filed its complaint last year.

“The digital assets themselves cannot be the investment contracts because they carry none of the rights and obligations of a share of stock, a bond, or any other financial asset that Congress has said is subject to SEC regulation. The digital assets themselves are the only things that are traded, brokered, or settled on Kraken.”

The SEC argues that Kraken hawked more than 11 different “crypto asset securities” on its platform and was required by law to register with the regulator.

Those alleged securities include Cardano (ADA), Algorand (ALGO), Cosmos (ATOM) and Solana (SOL), among others.

@ Newshounds News™

Source:   DailyHodl  

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TRUMP TAKEN TO SAFETY AFTER SECRET SERVICE OPENS FIRE ON MAN WITH POSSIBLE GUN AT HIS PALM BEACH GOLF CLUB

Donald Trump was taken to safety by the Secret Service after agents opened fire on a man who was spotted with what may have been a gun while the former president was on the links, according to law enforcement sources.

Sources said the Secret Service spotted a suspicious individual on the Trump International Golf Course West Palm Beach, and opened fire when agents saw what appeared to be the barrel of a gun.

It’s not clear whether the man was on the course or near it.

An agent opened fire, shooting multiple times.

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The man was later arrested by local police on I-95.

It comes almost exactly two months after Thomas Matthew Crooks shot Trump at a rally in Butler, Pa. on July 13 — wounding him in the ear.

Sen. Lindsey Graham took to X minutes after news of the shooting broke to laud the former president for his fortitude.

“Just spoke with President Trump. He is one of the strongest people I’ve ever known. He’s in good spirits and he is more resolved than ever to save our country.”

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The West Palm Beach course is about five miles inland from Mar-a-Lago, which Trump dubbed the “Winter White House.”

The Secret Service — which came under widespread criticism following the July assassination attempt — wrote on X that it was investigating a "protective incident” involving the former president that occurred shortly before 2 p.m.

The agency said it’s coordinating with the Palm Beach County Sheriff’s office on the investigation.

Initial reports suggested two people were firing at each other. However, sources said investigators now believe the Secret Service agent was the only shooter.

The man’s motives are not yet known. He was arrested by Palm Beach County sheriff’s deputies.

The White House issued a statement soon after the incident: “The President and Vice President have been briefed about the security incident at the Trump International Golf Course, where former President Trump was golfing. They are relieved to know that he is safe. They will be kept regularly updated by their team.”

This is a developing story.

@ Newshounds News™

Source:  NY Post

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Muddy Water SEC's Crypto Custody Confusion: Understanding the Exemption  |  Youtube

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Great Breakdown - #Brics from R Jax and Lowtide. #Seeds of Wisdom Team  |  Youtube

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Seeds of Wisdom RV and Economic Updates Sunday Morning 9-15-24

Good Morning Dinar Recaps,

BREAKING: RIPPLE CLO CONFIRMS XRP VS. SEC CASE IS FINALLY OVER-$5 NEXT?

▪️Ripple’s legal battle with the SEC concludes, marking a significant moment for the cryptocurrency industry.

▪️Future SEC cases involving digital assets may take into account the fair notice defense that Ripple used.

Stuart Alderoty, Ripple’s Chief Legal Officer, has officially declared the end of the company’s long-running legal battle with the United States Securities and Exchange Commission (SEC), as has been highlighted by blockchain researcher Collin Brown.

Alderoty recently announced that the U.S. District Court for the Southern District of New York, presided over by Judge Analisa Torres, issued its final ruling on August 7, 2024. This ruling is a key milestone for Ripple because the court cut the SEC’s first proposed penalty of over $2 billion to a much more manageable $125 million.

Furthermore, the verdict imposes restrictions on Ripple’s future XRP sales to institutional clients in the United States, indicating a partial triumph for the business.

Ripple Legal Win May Shape Future Crypto Regulation
The outcome of this high-profile case not only brings closure to Ripple, but it also has a long-term consequence on the cryptocurrency sector. Alderoty noted that Ripple’s fair notice defense, a cornerstone of their legal strategy, is still relevant for other cryptocurrency startups facing regulatory problems from the SEC.

This approach has the potential to set precedent in future cases, particularly those involving whether some digital assets qualify as securities under US law. This outcome may influence how authorities handle enforcement actions in the rapidly expanding digital asset industry, where clarity is sometimes missing.

Prior to this statement, as we previously reported, Coinbase’s Chief Legal Officer, Paul Grewal, expressed public concerns about the SEC’s inconsistent treatment of multiple cryptocurrencies.

Grewal specifically addressed the ambiguity surrounding Ethereum’s treatment, which continues to perplex the crypto community.

His critique emphasized the SEC’s shifting posture, leaving market participants unsure about which tokens would be investigated as securities. This broader regulatory picture has made many companies and token holders nervous, as being designated a security can have serious financial ramifications.

Investors Eye the $5 Target
The conclusion of Ripple’s legal battle with the SEC, however, does not eliminate well the uncertainty for XRP holders. But the crypto has been gaining market traction, with XRP last trading at around $0.5859, up 2.76% over the last 24 hours and 10.10% over the last week.

This price increase coincides with newfound hope among many in the XRP community, also known as the XRP Army. According to CNF, analysts, notably Captain Faibik, expect that XRP will achieve a mid-term target of $2.5, igniting hopes for even bigger rises.

Some investors are hoping to break through the $5 mark, which has long been a target but has remained out of reach.

@ Newshounds News™

Source:  Crypto News Flash

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BRICS NEWS

CHINA AND IRAN CALL FOR ‘DURABLE CEASEFIRE’ IN GAZA AT BRICS SECURITY CONFERENCE

China’s top diplomat Wang Yi meets Russia’s Vladimir Putin and national security chiefs of Iran and India on sidelines of forum

China and Iran jointly called for a “durable ceasefire” in Gaza and resumption of talks for a “two-state” solution on the sidelines of the Brics security conference in Russia.

In a Thursday meeting in St Petersburg, China’s top diplomat Wang Yi and Iranian Supreme National Security Council Secretary Ali Ahmadian discussed the situation in Gaza as tensions between Iran and Israel escalated.

According to a Chinese foreign ministry readout, Wang and Ahmadian both called for “a full withdrawal of troops” from Gaza and Palestinian sovereignty and self-governance.

China advocates a “two-state” solution for the Israeli-Palestinian conflict. Iran, which has long denied Israel’s legitimacy as a state, has shown some signs of a shift in its policy, including voting in favour of a UN resolution on a humanitarian truce in Gaza last year, which also called for a two-state solution.

Iran promised revenge on Israel after Hamas leader Ismail Haniyeh was assassinated in Iran in July.

@ Newshounds News™

Source:  SCMP

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GLOBAL BANKING NETWORK SWIFT PAVES WAY FOR TOKENIZED ASSET INTEGRATION

SWIFT, the global banking communications network, not the wildly popular American popstar, has announced plans to integrate digital assets.

On Sept. 11, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it was “paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and currencies.”

The organization has a vision of enabling its members to transact with both traditional and emerging crypto assets on its interbank network.

SWIFT is a cooperative established in 1973 in Belgium and owned by the banks and other member firms that use its services.

Ethereum Connections?
VanEck’s head of digital assets research, Matthew Sigel, observed that the only layer-1 blockchain SWIFT has ever mentioned in such communications is Ethereum.

He also noted that their experiments focus on interoperability between traditional finance and emerging technologies such as tokenized assets and CBDCs.

The announcement acknowledged the growth in tokenized real-world assets (RWA), citing Standard Chartered research that estimated their market size would reach $30 trillion by 2034.

 It added that market sentiment is certainly strong, with 91% of institutional investors interested in investing in tokenized assets.

SWIFT noted that there are currently fragmented “digital islands” due to divergent platforms, technologies, and regulations. There is also a high level of complexity for institutional investors dealing with multiple tokenization platforms.

SWIFT has been experimenting with blockchain transfers and RWA, noting:

“Our successful blockchain interoperability experiments showed how Swift’s infrastructure can facilitate the transfer of tokenized value across public and private blockchains.”

However, it plans to evolve its infrastructure to offer access to digital assets and currencies across various use cases and enable securities investors to simultaneously pay for and exchange tokenized assets in real time.

“The payment leg will initially be made using existing fiat currencies, but will later be able to use tokenized forms of money, such as CBDCs, tokenized commercial bank money, or regulated stablecoins.”

In the coming months, SWIFT plans to continue developing technical solutions with the financial community.

No Crypto on SWIFT
While the announcement sounds promising for crypto, it is highly unlikely that users will be able to send decentralized digital assets such as Bitcoin or Ethereum using the network. However, it could be a boon for the underlying infrastructure, such as Ethereum and Chainlink.

In September 2023, SWIFT conducted an experiment with banks leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Earlier that year, SWIFT announced a collaboration with Chainlink, which included several financial institutions to assess the feasibility of integrating with diverse blockchain networks.

@ Newshounds News™

Source:   Crypto Potato

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CRYPTO MARKET AWAITS FOMC & POWELL’S SPEECH AMID US FED’S 0.5% RATE CUT BETS

The crypto market awaits the FOMC meeting and Powell's speech, with soaring bets on a 0.5% US Fed rate cut fueling optimism over a potential recovery.

▪️The crypto market expects a 0.5% US Fed rate cut in September, boosting optimism and potential rallies.

▪️The FOMC meeting and Powell's speech are likely to impact the crypto market's upcoming stance and trends.

▪️The soaring bets over the 50 bps Fed rate cut helped Bitcoin price to hit $60K last week.

The crypto market is bracing to enter a crucial week, amid soaring bets over a 50 bps US Fed rate cut. This marks a significant phase for the broader financial market, let alone the crypto space, with the US FOMC interest-rate decision in focus. In addition, Fed Chair Jerome Powell is also scheduled to speak following the FOMC meeting, which would provide cues on the central bank’s upcoming stance with their policy rate plans.

Crypto Market To Enter A Crucial Week
The crypto market eagerly awaits the much-awaited September FOMC meeting on the policy rates. With the latest cooling US CPI and PPI inflation figures, bets are recently soaring over a 0.5% Fed rate cut at the upcoming meeting.

Notably, this optimistic view has also fueled a rally in the broader financial market, with the US stock market noting its best trading week since November last year. In addition, Bitcoin soared past the $60K mark last week, indicating the increasing risk-bet appetite of the market participants.

According to the CME FedWatch Tool, there is a 50% probability of a 50 bps rate cut by the US Federal Reserve at their upcoming meeting. Simultaneously, the same bets are also there towards a smaller rate cut of 0.25%. Besides, the market is anticipating a 100 bps cut in the policy rates with three rate cuts this year. This development appears to have bolstered the broader market sentiment.

Fed Chair Jerome Powell’s Speech In Focus
Following the FOMC interest-rate cut decision on Wednesday, September 18, Fed Chair Jerome Powell is also expected to hold a press conference on the same date. The crypto market will keep a close watch on the speech for cues on the potential move of the central bank going forward.

Although it is expected that Powell would signal a dovish stance, given the recent economic data, any other move could dampen the market sentiment. It’s worth noting that last week Bitcoin and the top altcoins noted a recovery following the soaring bets over a larger interest rate cut.

Having said that, any hawkish comment could hinder the recovery phase of the crypto market, potentially triggering a massive selloff in the broader financial sector.

Meanwhile, September tends to be a bearish month for the crypto sector, especially Bitcoin. However, market expert predicts that with soaring bets over an easing policy rate plan, the market may witness a strong rebound ahead. In addition, the fourth quarter is also expected to bring a bullish sentiment among investors, potentially triggering a rally in the market.

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Source:  CoinGape

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Circle predicts stablecoins will become mainstream global payment method

Stablecoin issuer Circle expects internet payment firms and other financial services companies will attempt to enter or expand in the space.

Circle, the issuer of the world’s second-largest stablecoin USDC, feels “confident” that stablecoins will become mainstream money. Simultaneously, regulations should be harmonized globally to ensure compliance for all payment stablecoin issuers.

“Circle is confident that there will be mainstream adoption of stablecoins as the money for the internet age,” Dante Disparte, chief strategy officer and head of global policy at Circle, told Cointelegraph in an exclusive interview.

“We expect there will be internet payments firms and other financial services companies that (will) attempt to enter or to expand in this space, which is a strong signal that stablecoins are here to stay,” Disparte pointed out.

However, Disparte feels it is equally important that rules and regulations be harmonized globally. He said that the essential principles of conservative reserving and financial crime compliance should be applied equally to any company claiming to issue a payment stablecoin.

Circle moves to New York  
Disparte’s comments come as the stablecoin issuer prepares to move its global headquarters to New York by early 2025 after filing for an initial public offering (IPO) in January.

Disparte pointed out that the US framework empowers state banking and money transmission supervisors to develop and regulate the payments industry at the state level. Other countries regulate payments or electronic money (e-money) activities at a national level.

“A key question now is whether the US will finally enact federal stablecoin rules or maintain the status quo of uncertainty, which policymakers in both US political parties say is unacceptable,” Disparte said. He explained:

“The absence of a US regulatory framework for dollar-referenced stablecoins represents a threat to American interests. This vacuum could incentivize the creation of products that exploit trust in the dollar while bypassing US regulations, potentially becoming a refuge for illicit actors.”

Federal legislation for payment stablecoins is essential to promote safe competition for how Americans send, spend, save, and secure their money in an increasingly technology-dependent market, according to Disparte.

The stablecoin bill, advanced by the House Financial Services Committee in July 2023 has generated significant policy momentum and support, he said.

“Congress should approve such a bill on a bipartisan basis, and the President should sign it if it comes to his desk. The legislation would create a floor for all issuers to comply with US anti-money laundering, countering terrorist financing and sanctions obligations,” Disparte said.

He added that these norms should be applied to US issuers of payment stablecoins, as well as their international counterparts, many of whom are being licensed to issue dollar-denominated stablecoins from jurisdictions including the EU and UAE.

Will EU’s MiCA 2.0 fill gaps in the regime?
The European Union’s Markets in Crypto-Assets Regulation (MiCA) came into partial effect in June, with new rules concerning stablecoins coming into force on June 30.

On July 1, Circle said it had become the first global stablecoin issuer to achieve compliance with the MiCA regulatory framework after it got the Electronic Money Institution (EMI) license from the French banking regulatory authority. Circle’s USDC (USDC) and EURC are regulatory compliant under the new rules.

“With MiCA, Europe succeeded in doing what other jurisdictions, including the U.S., have yet to achieve: provide legal and regulatory clarity for not one piece of the digital asset market, but all of it,” Disparte said. However, he pointed out:

“Like all novel rules or comprehensive regulations, MiCA is imperfect, and in places overly prescriptive, so much so that EU policymakers are already contemplating MiCA 2.0, which would potentially fill certain gaps in the regime, such as non-fungible tokens, decentralized finance and other areas.”

Stablecoin market sees increasing competition
Competition in the stablecoin market is heating up with new entrants like PayPal’s USD-pegged stablecoin, PayPal USD , which has already surpassed $1 billion in market cap. Ripple Labs has started testing its USD-pegged stablecoin, Ripple USD (RLUSD), on both the XRP ledger and Ethereum, and it plans to expand to more blockchains.

Tether’s USDT remains the largest stablecoin with a market cap exceeding $118 billion, according to data from CoinMarketCap. Tether has also announced plans for a new stablecoin pegged to the UAE dirham (AED).

On Aug. 26, the market cap for stablecoins, excluding algorithmic ones, reached a record $168 billion. The market hit an all-time high of $167 billion in March 2022 but fell to $135 billion by the end of that year.

“We invite any competitors to come to America, the EU, Singapore, and beyond, to submit themselves to a vigorous licensing process, to follow the same standards that are the bedrock of our company, and to join us as regulation-first, compliant companies so that this ecosystem can grow and thrive long into the future,” Disparte added.

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Source:  CoinTelegraph

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Source: Seeds of Wisdom Team Currency Facts

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XRP Ledger Set for Upgrades as Amendments Secure Majority

XRP Ledger (XRPL) might be poised for significant upgrades in the days ahead as key amendments have recently gained majority support from the network's validators.

On XRP Ledger, fully functional transaction process changes are introduced as amendments and validators vote on them. According to Vet, an XRPL dUNL validator, two XRP Ledger amendments just gained the majority and are now in the two-week activation period. These two amendments are fixPreviousTxnID and fixEmptyDID, a crucial amendment required before the DID amendment.

Amendments represent new features or other changes to transaction processing. The amendment system utilizes the consensus process to approve any changes that affect transaction processing on XRP Ledger.
To be enabled, amendments must have at least 80% support from trusted validators for two weeks. If support falls below 80%, the amendment is temporarily rejected, and the two-week time frame repeats.

If an amendment achieves more than 80% support for two weeks, it passes and the change is permanent for all subsequent ledger versions. To disable a previously enacted amendment, a new amendment must be introduced.

Two new XRPL specs published Aside from the two amendments that have entered the two-week activation period, Mayukha Vadari, a senior software engineer at RippleX announced the addition of two new specs to XRP Ledger this week. Vadari in a tweet stated she had published two new XRPL specs focused around permissioning and compliance.

First, XLS-80d: Permissioned Domains, which is a building block feature aimed at making on-chain permissioning easier to handle, developing on top of XLS-70d. Second, XLS-81d: Permissioned DEX — Secure and regulated trading environments. Vadari believes that these additions will help to drive greater flexibility and safety on XRPL.

@ Newshounds News™

Source:  U Today

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New US Bill Aims To Bring Order To Crypto Chaos With Unified Regulations

Congressman John Rose of Tennessee introduced the “BRIDGE Digital Assets Act,” one of the most important legislative proposals with changes in the regulatory landscape of crypto assets in the United States.

It provides for a Joint Advisory Committee consisting of participants from the Securities and Exchange Commission and the Commodity Futures Trading Commission. It would, therefore, look to harmonize the sometimes-conflicting regulations existing presently between the two agencies for digital assets, coming under both securities and commodities jurisdictions.

Rose argues that the “regulation-by-enforcement” approach stifles innovation and drives investment overseas, requiring the United States to create an environment friendlier to digital asset development.

Joint Committee’s Role
It proposes a composition for the Joint Advisory Committee that should consist of at least 20 participants from the private sector, including digital asset issuers, academic researchers, and users.

They would be able to provide insight into and make recommendations regarding digital asset regulations with respect to aspects such as decentralization, functionality, and security.

The committee will be expected to meet at least twice a year, with findings and recommendations mandated to be done and given both to the SEC and the CFTC. This collaborative approach could bridge the regulatory gap to create a more cohesive approach in regulating digital assets, hence benefiting both consumers and investors.

Addressing Gaps In Crypto Regulation
One of the key features of the BRIDGE Digital Assets Act is that it aims to deal with the confusion at the current regulatory level. Both the SEC and CFTC interpret digital assets in a different way, hence creating confusion among businesses and investors.

The bill calls for a joint committee where the two agencies further align their regulatory frameworks with cooperation and clarity. The catch here is that the alignment shall avail an opportunity for a harmonized approach in the regulation of digital assets, which if realized would raise the protection of customers, as well as disclosure and economies in transaction costs.

Future Implications
The BRIDGE Digital Assets Act could be a major change in how digital assets are regulated in the United States. It also includes a specific timeline for actualizing the bill: the agencies, the SEC and CFTC, will adopt a joint charter to provide for the committee within 90 days and will appoint the members on the committee within 120 days, while the first meeting is expected to take place within 180 days of the enactment.

This structured approach not only sets a framework for the improvement of regulatory practices but also points toward new innovation in the digital asset space. As the crypto industry is still evolving, perhaps the BRIDGE Act would be the key to unlock such a balance between regulation and innovation, one that will finally play to the benefit of the US economy and its positioning in the global digital asset landscape.

@ Newshounds News™

Source:  Bitcoinist

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Cardano (ADA) Upgrade Ogmios v6.7.0 Just Landed: What's New

The novel release of Ogmios, a Cardano-node bridge interface responsible for the interaction with Ouroboros via JSON/RPC endpoints, addresses the issues with the so-called transactions era mismatch, CF open source tech director says. 

Cardano (ADA) era mismatch errors are gone with Ogmios v6.7.0 release Cardano (ADA), a major proof-of-stake (PoS) network, received an upgrade for Ogmios, a crucial component of its node software stack. Ogmios v6.7.0 release is focused on fixing the issues with transactions from previous "Eras," i.e., phases of Cardano (ADA) consensus maturation.

As explained by Cardano Foundation tech director Matthias Benkort, with the new software activated, the system automatically upgrades transactions from previous eras (up until Alonzo) on submission.

Published Sept. 13, 2024, Ogmios v6.7.0 is designed to address the issue where the ledger would complain about receiving a transaction in an invalid era (typically Babbage or Alonzo) while being in a more recent era (typically Conway). As covered by U.Today previously, Cardano (ADA) ushered into Conway era with the activation of its long-anticipated Chang hard fork.

The upgrade affects the period after the activation of the Alonzo hard fork in mid-September 2021. DEX Screener finally added Cardano (ADA) liquidity pools tracking Software packages with the upgrade are available in the official GitHub repository of Cardano (ADA) dubbed Cardano Solutions.

The Cardano (ADA) ecosystem witnessed yet another major milestone this week. For the first time ever, its liquidity pools became visible on DEX Screener, a popular browsing platform for decentralized finance (DeFi).

As of printing time, DEX Screener tracks 34 ADA-based liquidity mechanisms with various Cardano-based altcoins. The largest one, BOOK/ADA has a verified marker cap of $121 million in equivalent while SNEK/ADA amassed $55 million.

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Source:   U Today  

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Ripple Set to Introduce Ethereum-Compatible Smart Contracts on XRP Ledger

This upgrade will enable developers to create scalable dApps, DeFi projects, and supply chain management solutions across XRPL, Ethereum, and EVM networks.

▪️Ripple is upgrading the XRP Ledger with Ethereum-compatible smart contracts via a new sidechain.

▪️The upgrade incorporates the Axelar network for cross-chain token transfers and introduces Wrapped XRP (eXRP) as the main token on the sidechain.

▪️It sparked debate within the XRP community about Ripple's long-term strategy, particularly regarding the company's support for RLUSD on the Ethereum blockchain.

@ Newshounds News™

Source:  Newz Chain

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IMF Backs BRICS Expansion

Enhanced international economic cooperation “should be welcomed and encouraged,” a spokeswoman has said.

ASIATODAY.ID, ANKARA – Expansion of BRICS could be beneficial globally and should therefore be “encouraged,” Julie Kozack, a spokeswoman for the International Monetary Fund (IMF), told journalists on Friday in response to a question about Ankara’s plans to join the group.

Türkiye was the latest nation to formally apply for BRICS membership in early September. Founded in 2009 by Russia, China, India and Brazil, the organization was joined by South Africa the following year. In 2024, the group expanded further to include Egypt, Iran, the United Arab Emirates and Ethiopia.

Earlier on Friday, Russian President Vladimir Putin noted that up to 34 nations had expressed interest in BRICS, with ongoing discussions about potential partnerships.

When asked if the IMF “sees any dangers in BRICS,” Kozack replied, “our view is that improved and expanding international cooperation and deepening trade and investment ties among groups of countries should be welcomed and encouraged,” especially if aimed at “reducing fragmentation and lowering trade and investment costs” among participating nations.

The spokeswoman also emphasized that “the decision to join such initiatives is a sovereign decision of each member country.”

Ankara has previously asserted its right to establish relations with any nation or international organization it deems fit, stating that its engagement with BRICS or the Shanghai Cooperation Organization (SCO) does not interfere with its other commitments, including to NATO.

“We do not consider BRICS to be an alternative to any other structure. We regard all these structures and alliances as having distinct functions,” Turkish President Recep Tayyip Erdogan said earlier. He added that Ankara seeks to be a “reliable partner” for all organizations it is part of.

“As a NATO member, we do not see it as a problem to interact with countries in the SCO, BRICS, the European Union, or the Organization of Turkic States. We believe these relationships contribute to world peace,” the Turkish leader stated.

Bloomberg reported earlier in September that Turkish membership could be considered at the upcoming BRICS summit in Kazan, Russia, in late October. Erdogan has been invited to the meeting. Russian presidential aide Yury Ushakov confirmed that Ankara formally applied for membership and said the organization would consider it. (RT/AT Network)

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Source:   Asia Today

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In-Depth Study Reveals Stablecoins as Pivotal Players in Global Finance

As digital economies evolve, stablecoins emerge not just as mere facilitators for crypto trading but as pivotal tools in global financial systems. A comprehensive report by Castle Island Ventures and Brevan Howard Digital, sponsored by Visa, unveils the profound impact of stablecoins on monetary dynamics worldwide.

Transforming Global Finance: The Rising Influence of Stablecoins
According to the Castle Island Ventures report, stablecoins, once primarily used as trading tools within the cryptocurrency space, are now integral to more traditional financial transactions.

This transformation reflects a significant shift from their initial purpose, highlighting their importance beyond the crypto-sphere.

Researchers point to a staggering $2.6 trillion in transactions settled through stablecoins in the first half of 2024 alone, indicating their growing prominence as a reliable medium for both everyday and large-scale financial activities. 

The report notes that over 20 million addresses engage with stablecoins monthly, highlighting their critical role in the financial practices of both individuals and businesses globally.

In emerging markets, stablecoins are increasingly preferred for their ease of use and reliability, providing a digital alternative to traditional banking systems that may be inaccessible or unreliable. This trend is particularly pronounced in regions with volatile economic conditions, where stablecoins offer a semblance of stability and security. The report states:

Stablecoins are particularly appealing when dollar banking is non-existent or hard to access, in countries exhibiting high inflation, or countries with poor or costly access to fiat transactional networks.

In the report, Castle Island Ventures explained it collaborates closely with regulatory bodies to navigate the complexities of the global financial landscape.

The researchers conclude that evolving regulatory frameworks are crucial for maintaining the integrity and efficacy of stablecoin transactions, which promise to enhance financial inclusion worldwide.

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Source:  Bitcoin

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THIS IS IMPORTANT - New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC | Youtube 

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Positioning for growth in Hong Kong’s evolving digital assets markets

Hong Kong has evolved rapidly into a global beacon for the issuance and trade of digital assets, with investors attracted to the city’s growing liquidity and to incentives and guardrails provided by a proactive regulator.

Innovation within the space has seen not only crypto spot and futures ETFs flourish, but also the issuance of the world’s first blockchain-based, multi-currency green bond. 

The market is now anticipating more, with the establishment of a stablecoin sandbox earlier this year set to see more digital products hit the market.

The demand for new investment opportunities including ETFs has been strong for both institutions and retail investors, including family office, who are relatively new to the asset class, experts at a recent Bloomberg conference said.

Global demand goes local
A conference speaker shared that digital asset is a fast-growth market, with more than $100 billion invested in at least 245 crypto ETFs worldwide, and Hong Kong has responded enthusiastically to capitalizing on this growing market.

The Securities and Futures Commission (SFC) has approved five bitcoin and ether spot and futures-based ETFs in the city, launched by China AMC, Bosera, Harvest, CSOP, and Samsung.

More digital investment products are in the pipeline too, stablecoins among them. These are digital assets tied to fiat currencies that are seen as essential to anchoring the asset class into regular markets. Several stablecoins are being considered for inclusion in a sandbox programme devised by the Hong Kong Monetary Authority (HKMA).

Additionally, a robust cross-border market infrastructure that provides a bridge to the huge market in mainland China is expected to bring firepower to new markets. So-called dim sum bonds, for instance, facilitate investment in both directions across the frontier – including by global firms based south of the border – and can be crafted to embrace digital assets.

The characteristics of the Hong Kong market that make it attractive to other asset investors also apply to digital assets. Its low-tax fiscal regime operates within a business-friendly environment backed by a strong legal system.

Strong regulatory backing to foster growth
A regulatory framework engineered by the SFC and HKMA to provide a supportive environment for investors is enabling Hong Kong’s rise as a digital power. The rapid approval of crypto ETFs, the licensing of trading platforms, and the stablecoin sandbox have boosted confidence in Hong Kong’s potential to be a regional hub.

Tokenization: A democratizing force in investing
The same drivers of demand for digital assets – principally institutions and family offices – would likely clamor for more tokenized products. The cost of trading them is lower and execution is instantaneous – an important consideration amid the operational expense being incurred to meet T+1 post-trade settlement rules.

Hong Kong has the infrastructure in place to accommodate an expansion of its tokenized offerings, and it is at no greater disadvantage than its competitors in terms of the challenges that tokenization presents. Ensuring trusted and secure data, and formulating roadmaps to advance from product proof-of-concept stages are difficulties faced by product manufacturers worldwide.

Technology is crucial to seize new opportunities

With Hong Kong’s prospect of strengthening its position at the digital asset vanguard, market participants will look to update their data and technology stacks to take advantage of the coming opportunities. That’s likely to be the case for wealth managers and family offices especially, which are less likely to have the expertise or tools to operate optimally within the digital space.

Technology will also be crucial in meeting the fast-changing regulatory obligations as well as to enable firms to tap new opportunities associated with the market.

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Read more:  Bloomberg

~~~~~~~~~

BIS Codifies VSD Policies, Removes Caps on Non-Egregious Base Export Penalties
13 Sep 2024 by Ian Cohen

A new final rule issued by the Bureau of Industry and Security this week will codify a host of updates the agency made to its administrative enforcement policies over the past three years, including measures to help BIS more quickly resolve minor voluntary disclosures and increase penalties on exporters who choose not to report serious violations.

 Other changes will give BIS broader discretion to impose higher fines, including by eliminating language that had capped maximum base civil penalties for “non-egregious” violations.

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Read more:  Export Compliance Daily

~~~~~~~~~

BRICS NEWS: WILL SAUDI ARABIA’S DITCHING OF THE PETRODOLLAR OPEN THE DOOR FOR BITCOIN AND XRP IN OIL SETTLEMENTS?

▪️US dollar under serious threat as Saudi Arabia’s top official discloses that the country is open to using Yuan for crude settlement amid the upcoming BRICS Summit.

▪️However, the US could “put up a fight” as former president Donald Trump proposes 100% tariffs on countries moving away.

The de-dollarization strategy is still on as Saudi Arabia seeks to implement the BRICS long-term goal by moving away from the Petrodollar to the Petroyuan. While the Middle Eastern country has not yet joined the alliance, it has been invited to attend the 2024 summit.

 Before its official acceptance, Saudi Arabia doubled its effort to strengthen its existing relationship with China by incorporating Chinese products such as the C919 passenger jet, electric vehicles, and renewable energy infrastructure.

To take this relationship to the next level, Saudi Minister of Industry and Mineral Resources Bandar Al-khorayef has disclosed that the country is open to new ideas, including using yuan in a crude settlement. According to him, their decision hinges on the country’s best interest, as they try not to mix politics with business.

The petroyuan is not substantial to [the ministry]; we believe Saudi Arabia will do what’s in its best interest … but I think Saudi Arabia will always try new things and is open to new ideas, and we try not to mix politics with commerce.

According to experts, the broader use of petroyuan is seen as the next step for the internationalization of the Chinese currency and a challenge to the US dollar’s dominance. Beijing’s effort to advance the reach of the Yuan in international trade is evident in the three-year currency swap deal signed with Saudi Arabia last year. This deal was worth 50 billion yuan (US$7.1 billion) and demanded that trading partners trade in local currencies.

Saudi Arabia Defends Idea, BRICS Alliance Receives Massive Interest
Saudi Arabia is China’s second-largest source of crude export and a formidable entity in global supplies. This implies that ditching the Petrodollar could greatly impact the US economy.

Speaking on this possibility, Khorayef explained that its monitoring policy is based on balancing the exchange rate between the yuan and the US dollar. However, he did not provide a timeline for when this would happen.

This gives us a great opportunity to plan and compete, but most importantly, it gives our investors who will invest in our country the ability to hedge their risk on currency…From a commercial point of view, between a supplier and a customer, I think such an arrangement can happen with the freedom they have. It is not something that we would look at from a policy point of view.

Conversely, BRICS is increasing its effort to mitigate the reliance on the US dollar by designing its native currency.

Fascinatingly, this idea has resonated with over 50 countries which have expressed interest in joining the alliance. According to our previous report, all interested countries are located within four main continents – Asia, Africa, South America, and Eastern Europe.

According to analysts,  However, the US is willing to strongly resist this expansion as presidential candidate Donald Trump threatens that the BRICS initiative and the successful implementation of the pretroyuan idea could position Bitcoin and XRP as places of exploration. his administration would impose a 100% tariff on these countries. As we explained, Trump has also proposed a 60% increment on all Chinese imports when elected into office.

@ Newshounds News™

Source:  Crypto News Flash   

~~~~~~~~~

In-Depth Study Reveals Stablecoins as Pivotal Players in Global Finance

As digital economies evolve, stablecoins emerge not just as mere facilitators for crypto trading but as pivotal tools in global financial systems. A comprehensive report by Castle Island Ventures and Brevan Howard Digital, sponsored by Visa, unveils the profound impact of stablecoins on monetary dynamics worldwide.

Transforming Global Finance: The Rising Influence of Stablecoins

According to the Castle Island Ventures report, stablecoins, once primarily used as trading tools within the cryptocurrency space, are now integral to more traditional financial transactions.

This transformation reflects a significant shift from their initial purpose, highlighting their importance beyond the crypto-sphere.

Researchers point to a staggering $2.6 trillion in transactions settled through stablecoins in the first half of 2024 alone, indicating their growing prominence as a reliable medium for both everyday and large-scale financial activities.

The report notes that over 20 million addresses engage with stablecoins monthly, highlighting their critical role in the financial practices of both individuals and businesses globally.

In emerging markets, stablecoins are increasingly preferred for their ease of use and reliability, providing a digital alternative to traditional banking systems that may be inaccessible or unreliable. 

This trend is particularly pronounced in regions with volatile economic conditions, where stablecoins offer a semblance of stability and security. The report states:

Stablecoins are particularly appealing when dollar banking is non-existent or hard to access, in countries exhibiting high inflation, or countries with poor or costly access to fiat transactional networks.

In the report, Castle Island Ventures explained it collaborates closely with regulatory bodies to navigate the complexities of the global financial landscape. 

The researchers conclude that evolving regulatory frameworks are crucial for maintaining the integrity and efficacy of stablecoin transactions, which promise to enhance financial inclusion worldwide.

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Source:  Bitcoin News

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THIS IS IMPORTANT - New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC | Youtube

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 9-13-24

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Legal Experts React as SEC Regrets Confusion Over Its Crypto Asset Security Claim

The U.S. SEC expresses regret for any confusion it may have created through the use of its invented term, “crypto asset securities.”

In an interesting development, Coinbase’s Chief Legal Officer (CLO) Paul Grewal called the public’s attention to the SEC’s recent efforts to backtrack on its claim that crypto assets themselves constitute securities.

SEC Regrets Confusion Over Its Crypto Asset Security Definition
Per Grewal, the SEC made this move in footnote six of the amended complaint in the Binance lawsuit.

Notably, the SEC said it regrets any confusion it may have invited by repeatedly using the term “crypto asset securities.”

According to the SEC, the term does not imply that the crypto assets are inherently securities themselves. Instead, it uses the term as a shorthand for the expectations, set of contracts, and understanding surrounding the sale and distribution of the token.

Interestingly, the SEC vowed never to use the term in the proposed amended complaint (PAC) to avoid further confusion.

SEC Backtracks
Last year, the SEC labeled ten crypto assets, including Solana (SOL) and Cardano (ADA), as securities in its lawsuit against Binance. A year later, the regulator requested that it wished to amend its complaint, eliminating the need for the court to issue a verdict characterizing the tokens as securities.

The SEC officially filed the amended motion yesterday, expressing regrets for the confusion its use of the term crypto asset securities has created in the lawsuit.

Notably, Binance is required to file a response to the SEC’s motion for amendment by October 11, 2024. The world’s largest exchange is expected to either consent or oppose the SEC’s request.

Legal Experts React
Expectedly, top legal experts reacted to the SEC’s backtracking and admission of its wrong usage of crypto asset securities.

Grewal, who called the public’s attention to the development, criticized the SEC, questioning how Ethereum (ETH) transactions were no longer classified as securities while the ten tokens at issue in the Binance lawsuit remain under scrutiny. He asserted that the SEC might reveal this sudden change only when it takes legal action against an entity.

The Coinbase CLO added that the SEC has a long history of treating tokens as securities, questioning why the regulator chose to mislead the court with its recent filing. Interestingly, Grewal mentioned Ripple’s CLO Stuart Alderoty in the X thread, humorously stating that the SEC’s admission of wrongdoing would leave him perplexed.

Reacting, Alderoty noted that the SEC admitted two things in the Binance lawsuit. First, the agency acknowledged that crypto asset security is a made-up term. Second, it requires a bundle of contracts, understandings, and expectations to prove that a crypto asset security is an investment contract.

He added that it is about time the SEC admitted that the agency has become a twisted “pretzel of contradictions.”  

Furthermore, prominent legal expert James Murphy (a.k.a. MetaLawMan) expressed outrage about the SEC’s recent admission.

The pro-XRP lawyer criticized the SEC’s “make it up as you go along enforcement strategy,” suggesting that the approach has harmed U.S. investors, damaged the country’s reputation for innovation, and harmed American companies.

@ Newshounds News™

Source:  The Crypto Basic

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SEC Surprisingly Details Exemptions From SAB 121, Further Muddying the Waters

Paul Munter, Chief Accountant at the SEC, revealed in a speech earlier this week that the SEC has granted exemptions to rules relating to the custodying of crypto assets that have been widely reviled in the industry.  

Earlier this week, the SEC’s Chief Accountant revealed in a public speech that the agency had granted exceptions to SAB 121, the controversial accounting rule that’s been heavily criticized in the industry for making it impractical for financial institutions to custody crypto assets.

Issued in March 2022, SAB 121 requires that a bank custodying crypto put the assets on their balance sheet and create a corresponding liability equal to the worth of the crypto, which is unusual as other custodied assets are typically listed off the balance sheet.

The result of this rule means that financial institutions must hold an enormous amount of capital just to custody crypto assets, making it prohibitively costly to do so.

In a speech at a conference on Monday, however, SEC Chief Accountant Paul Munter disclosed that certain companies had been granted exemptions from SAB 121, and did not need to create a liability on their balance sheets when custodying digital assets.

Munter mentioned that several entities had received this exemption — including a bank and various brokerage houses and blockchains — without specifying who they were.

In Munter’s speech, he described the different ways that the three types of entities could receive an exemption.

In the case of a bank, the pathway involved working with a state regulator first to ensure that crypto assets being custodied would return to the customer in the event of a bankruptcy, and that activity with customers would only comprise institutional custody with sufficient controls in place to manage risk. 

For a brokerage, an exemption could apply if the broker is not in possession of the cryptographic key and works directly with the customer — essentially, not custodying any crypto itself. 

Finally for a blockchain, Munter highlighted how a distributed ledger tracking holdings and transfers of digital assets, without custodying any crypto, could exempt it from SAB 121.

Political Backlash
Senator Cynthia Lummis (R-WY), a longtime supporter of the crypto industry, strongly criticized the moves in a statement to Unchained.

“The SEC is clearly trying to sidestep Congress and the Congressional Review Act by having one-on-one meetings to determine whether or not it will enforce SAB 121 on a case-by-case basis,” Lummis wrote.

Lummis has been trying to overturn SAB 121 reversed for some time, asking the Government Accounting Office (GAO)  in early 2023 to determine whether the SEC did more than provide guidance and actually created a rule. 

The GAO subsequently released a report at the end of October 2023 agreeing with her, and Lummis then argued that the SEC had violated the Congressional Review Act (CRA) because it did not follow the correct process for establishing a rule (the CRA requires federal agencies to submit rules to the House and Senate before they take effect). 

Lummis subsequently worked with Rep. Mike Flood (R-NE) and Rep. Wiley Nickel (D-NC) on a resolution to overturn SAB 121 on the grounds that it violated the CRA.

The resolution passed, but was then ultimately vetoed by President Biden on the grounds that overturning SAB 121 would jeopardize the well-being of consumers and investors.

On Wednesday, Lummis further noted that Munter’s speech “seems entirely political, as the SEC staff should be transparent with issuers, investors and Congress by revising or rescinding SAB 121 directly, not making policy through speeches. I am incredibly concerned with the approach the SEC is taking and will continue to ensure it is not unfairly targeting the digital asset industry.”

Industry Reaction

Aaron Jacob, CEO of TaxBit, a company that  provides tax and accounting compliance solutions for digital assets, mockingly described the SEC as using a “ready, fire, aim” approach to accounting guidance for crypto custody. He pointed out the confusion initially caused by the release of SAB 121, and then the additional  confusion created by Munter’s speech. 

“[SAB 121] is not very extensive guidance,” Jacob said. “It’s only about a page-and-a-half long, clearly targeted towards folks like Coinbase and…publicly-traded companies that are ‘safeguarding customer assets,’” said Jacob.

Jacob said he was shocked when he realized that Munter had revealed exceptions to SAB 121 in his speech.  “A lot of people are scratching their heads saying, ‘Well, what was the point of this to begin with? Some banks argue with the SEC behind closed doors, and apparently get a free pass [from SAB 121].’” In Jacob’s view, the SEC’s exceptions were a way for the agency to acknowledge that it had overstepped.

In a post on X on Friday, Alex Thorn, head of research at Galaxy, agreed that the exceptions seemed to be a way for the SEC to backtrack without totally abandoning SAB 121.

“If I’m being honest, it looks like the SEC never thought banks would want to play in crypto, intended this rule to apply only to crypto-native companies (perhaps punitively), and has now crafted a way to let traditional banks off the hook in a way that saves face by not reversing their posture of the last 2 years,” Thorn wrote:

Industry trade associations also expressed concerns with Munter’s speech.

 “Unfortunately, SEC staff have reaffirmed their stance on SAB 121, but have now outlined certain scenarios they consider outside of its scope – with the announcement coming in a speech at a conference,” said Patrick Kirby, Policy Counsel for the Crypto Council for Innovation. “SAB 121 limits consumers’ options to safely custody their digital assets and upends decades of bank custody practices.”

Taylor Barr, Senior Policy Associate from the Digital Chamber, agreed. “The SEC’s cherry-picking of a few scenarios where firms fall outside the scope of SAB 121 doesn’t change the fact that SAB 121 is fundamentally flawed and untenable,” Barr said. “These exceptions only highlight how arbitrary and inconsistent the rule is,” said Barr.

One source from a bank who wished to remain anonymous because of ongoing discussions with regulators, agreed it is accurate to note there are scaling hurdles because of SAB 121, in that it has been difficult to grow and expand the business of digital asset custody due to the accounting requirements of SAB 121.  

For his part, Jacobs suggested the SEC just needs to be clear about its stance on requirements for crypto custody. “I think they should, whether it’s repeal or amend [SAB 121], do something to make it more clear… and people will applaud those efforts,” Jacobs said.

@ Newshounds News™

Source:  Unchained Crypto

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England High Court Rules Tether USDT Stablecoin is Property

In what is certainly an important development for the digital asset sector, England’s High Court of Justice has ruled that Tether’s USDT stablecoin is property. Indeed, the asset has officially fallen under the distinction as the UK continues to establish key property rights for these tokens.

Just a day earlier, a UK bill was introduced to establish all cryptocurrency as property. This would provide key legal protection for holders within the country. Now, England is following suit, with the key designation being given to the largest stablecoin by market cap.

England Rules USDT is Property in Key Decision

The ongoing push for regulatory clarity regarding cryptocurrencies has been a vital effort. The growing industry has too long suffered from a lack of standards that has only obfuscated the potential impact of the technology. With the prominence of these assets growing, that has begun to change in 2024.

Now, legislation is coming to the forefront, greatly shifting how these assets are perceived. Specifically, England’s High Court has ruled that Tether’s USDT stablecoin is to be considered property. Moreover, this comes after the UK introduced legislation clarifying crypto as personal property.

In a new filing, Deputy High Court Judge Richard Farnhill said “USDT attracts property rights under English law.” Moreover, he added that “it can be the subject of tracing and can constitute trust property in the same way as other property.

This ruling reinforces the introduced legislation that would classify cryptocurrencies as property. That bill was read for the first time in Parliament on Wednesday. However, they note it is not a thing ‘in possession,’ as money would be considered, or a thing ‘in action’ like shares.

Yet, that doesn’t change the fact that it is property, nonetheless. Such a judgment should be vital for the industry’s continued growth. Proving the necessity to observe crypto as its own entity. It isn’t an existing object, it is the evolution of finance as we know it.

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Source:  Watcher Guru

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EU Regulator: Stablecoin Standards Will Become Official Before Year-End

The European Banking Authority has provided an update on the journal publication of stablecoin standards. The EU regulator said Wednesday that 15 technical standards, including those for stablecoin issuers, will become official before the end of 2024. The technical standards will be published under the European Union’s Markets in Crypto Assets (MiCA) Act.

The new rules will cover standards for authorization, stress testing, and methods to estimate the number and value of transactions for stablecoin issuers. The MiCa rules were passed last year.

The commission is reportedly looking over the standards. needing to decide whether to adopt the texts as is or to request changes. Once the commission has signed off, the rules will need to be looked at by the European Parliament and European Council before implementation.

Following the EU Parliament and EU Council’s observations, the rules have to go through translation and formal adoption before being published.

Circle was the first global stablecoin issuer to comply with MiCA. Circle’s Electronic Money Institution license enables both USDC and EURC to be issued in the EU in compliance with MiCA’s regulatory obligations for stablecoins or e-money tokens. It also gives Circle a top position in grabbing market share among the 27-nation trading bloc’s 450 million people

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Source:  Watcher Guru

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CBI UPDATE  |  Youtube

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Source:  Seeds of Wisdom Team - Currency Facts

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THE STRIKES HAVE BEGUN  |  Youtube

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New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC

The bill would establish a 20-person committee of independent stakeholders tasked with advising both the SEC and CFTC.

A new bill introduced to Congress aims to bridge the regulatory divide between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) concerning cryptocurrency.

On Sept. 10, Republican Congressman John Rose, a member of the House Financial Services Committee, proposed the BRIDGE Digital Assets Act, which seeks to establish a Joint Asset Advisory Committee on digital assets.

The committee would comprise 20 representatives of the private web3 sector, including digital asset issuers, academics researching digital assets, individuals registered with the Commissions engaged in digital asset-related activities, and digital asset users.

Committee members would be tasked with advising the commissions on crypto regulation, identifying opportunities for distributed ledger technologies to improve operational efficiency in financial markets, and “further the regulatory harmonization of digital asset policy between the commissions.”

Speaking to Eleanor Terrett of Fox Business, Rose criticized the regulatory status quo regarding digital assets, which has recently been defined by the SEC’s controversial campaign of regulation by enforcement.

“The current heavy-handed, regulation-by-enforcement approach isn't working and is instead encouraging investment in this key innovation overseas,” Congressman Rose said. “The joint advisory committee on digital assets will provide a framework for the government and private sector partners to cooperate on a path toward success for the regulatory landscape of digital assets and private sector participants."

Should the bill pass, the committee must be established within 90 days of its enactment. The advisory committee would meet twice annually, with the first meeting to be held within 180 days of the bill passing.

The committee would deliver findings and recommendations to both agencies, which must then issue public statements detailing their responses.

Regulatory harmonization
The committee is intended to facilitate collaboration between the two agencies, which have struggled with disagreement over their respective jurisdiction and regulatory apparatus regarding crypto.

The CFTC has consistently asserted that many digital assets should be classified as commodities and fall under its jurisdiction, while the SEC has argued that the vast majority of digital assets qualify as securities.

This regulatory divide has created uncertainty for projects and investors, and resulted in clashes between the two regulators.

Rose’s bill aims to address these issues by ensuring that the SEC and CFTC must work together to establish regulatory guidelines for the web3 sector.

SEC and CFTC clashes
The SEC and CFTC have been at odds over how to regulate the digital asset sector in recent years, with both agencies sparring over jurisdiction.

In June 2018, William Hinman, head of the SEC’s Division of Corporate Finance, declared that both Bitcoin and Ethereum were sufficiently decentralized not to comprise considered securities. 

In February 2020, CFTC Chairman Heath Tarbert echoed the same sentiment, stating that both Bitcoin and Ether should be treated as commodities under the Commodity Exchange Act.

However, tensions ignited after Gary Gensler took the helm of the SEC in 2021, with Gensler asserting that the majority of crypto assets are securities. Notably, the SEC filed lawsuits against major centralized exchanges Coinbase and Binance in 2023, arguing that many crypto tokens and services constitute unregistered securities offerings.

Ethereum emerged as an issue of contention for the two regulators in 2023, with the CFTC regulating digital asset futures products as commodity assets while the SEC launched a secret investigation into whether ETH is a security in March of that year.

In March 2024, Behnam warned the SEC’s apparent position that Ether is a security threatened to place CFTC-regulated exchanges that list Ether as futures contracts in "non-compliance of SEC rules” despite them simultaneously adhering to CFTC guidelines. In July, Behnam said at least 70% of digital assets are commodities and should be regulated by the CFTC.

U.S. courts have recently pushed back against the SEC as well, with Judge Analisa Torres ruling that digital assets do not inherently comprise security investment contracts — even when distributing through primary sales that are securities offerings — while presiding over the SEC’s lawsuit against Ripple. The verdict has since been cited as precedent in subsequent court rulings.

@ Newshounds News™

Source:   The Defiant   

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US sanctions Cambodian senator involved in crypto-related human trafficking scams

The U.S. Department of the Treasury’s Office of Foreign Assets Control has sanctioned Cambodian businessman Ly Yong Phat for his role in operating cyber-scam centers that exploited trafficked workers to run crypto scams.

In a Sept. 12 press release, Phat, who is also a Cambodian senator, along with his conglomerate L.Y.P. Group and associated entities, was involved in serious human rights abuses related to forcing trafficked workers to participate in online scam operations.

These scams usually centered around convincing targets to invest in false cryptocurrency schemes or bogus foreign exchange trades, often leading to significant losses.

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Read more:  Crypto News   

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XRP Dominates Korean Markets With 112% Volume Surge

According to CoinMarketCap data, XRP, the seventh largest cryptocurrency by market cap, is witnessing a 115% surge in trading volumes. 

In the last 24 hours, XRP's trading volume on the crypto market, which refers to the total number of XRP exchanged between buyers and sellers, came in at $1.83 billion.

XRP has likewise catapulted to the top of the trading charts in South Korea, showcasing the cryptocurrency’s growing appeal in the region. 

According to the latest CoinMarketCap data, XRP is currently one of the most traded cryptocurrencies on major South Korean exchanges, surpassing even the likes of Bitcoin and Ethereum.

For instance, on Upbit, the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base, XRP was the most traded asset in the last 24 hours.

Likely explanation
South Korean traders are known for their active participation and quick response to market trends, hence XRP's dominance on the market might not be far-fetched.

Crypto asset manager Grayscale Investments announced the launch of the Grayscale XRP Trust, which helped boost the price of the seventh-largest digital asset by about 10% in yesterday's trading session.

XRP rose to highs of $0.588 before slightly retreating, although the gains were still sustained at press time. XRP is higher in the last 24 hours by 4.53% to $0.563, with a market value of $31.77 billion, according to CoinMarketCap data.

Grayscale trust aims to allow investors to gain exposure to XRP and will be available to eligible individual and institutional accredited investors.

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Source:   U Today  

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Seeds of Wisdom RV and Economic Updates Thursday Evening 9-12-24

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IOTA NEWS: DON’T MISS OUT – IOTA’S EUROPEAN BLOCKCHAIN PCP SUCCESS SIGNALS BULLISH Q4

▪️IOTA completed the final phase of the European Blockchain PCP as one of the three finalists, setting the network up for a defining fourth quarter of 2024.

▪️The network has been pushing to make a mark in DeFi, where TVL hit $5 million this month, with a prospective integration with Uniswap’s DeFi network a potentiaal gamechanger.

It’s been a great year for IOTA. In the recent months, it has completed its final phase of the European Blockchain Pre-Commercial Procurement pilot while its DeFi TVL hit a new record this month, setting it up for a bullish fourth quarter of the year.

As we reported, IOTA was one of three companies selected from an initial pool of over 30 applicants to showcase its blockchain capabilities in the European Union. The European Blockchain PCP project was funded by the European Commission, with the other two finalists being Chromaway and Billon, a relational blockchain and asset tokenisation platform respectively.

IOTA deployed three products under the trial; the first targeted intellectual property rights management, giving ownership to content creators through smart contracts. The other two focused on digital product passports, catering to the electronics and plastics industries respectively.

The European Commission intends to integrate the successful applications from the PCP into the European Blockchain Services Infrastructure, a public sector blockchain infrastructure for the EU that the Commission launched six years ago. This level of exposure will certainly bear dividends for IOTA—the EU has over 400 million people, with three of its members among the ten largest economies globally.

DeFi, RWA Tokenisation, Uniswap—A Great Quarter for IOTA Ahead
Beyond the European Commission trial, the IOTA ecosystem continues to grow internally. As we reported, the total value locked (TVL) on the IOTA EVM hit $5 million earlier this month, and it now stands at $5.41 million, according to data from DeFiLlama.

Lending protocol Deepr Finance leads the pack with $2.3 million in TVL, which has shot up 16% in the past week. MagicSea, a native decentralised exchange, is second with $1.24 million. This is still way below its record high of $5.71 million in February this year, proving that the IOTA DeFi ecosystem still has levels to go.

This explosion in IOTA DeFi could come from an integration into Uniswap’s ecosystem. As we reported, senior figures of the IOTA team have expressed interest in joining this ecosystem, which they believe could help to build “a more inclusive and efficient DeFi ecosystem.” The Uniswap ecosystem currently serves uses on Avalanche, Polygon, Arbitrum, Binance Smart Chain and Base among a few other chains.

Meanwhile, IOTA trades at $0.1258, dipping 2% in the past day, although it has gained nearly 5% on the weekly chart. Its market cap stands at $430 million.

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Source:  Crypto News Flash

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TRUMP PLANS TO LAUNCH HIS SONS' CRYPTO BUSINESS ON MONDAY, 50 DAYS BEFORE ELECTION DAY

WASHINGTON (AP) — Former President Donald Trump plans to deliver remarks next Monday about cryptocurrency and the launch of the company World Liberty Financial, a crypto platform controlled by the Republican nominee's sons Donald Jr. and Eric.

His speech will come 50 days before Election Day, an extraordinary use of dwindling campaign time to promote a personal business. The Republican former president has long mixed his political and business interests and marketed sneakers, photo books and Trump-branded Bibles during his 2024 campaign.

“We're embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump said in a video posted Thursday to X, the social media site that will also host his address on the subject at 8 p.m. EDT on Monday from his Mar-a-Lago home.

As part of his presidential campaign, Trump has pledged to turn the United States into the “crypto capital of the planet,” raising red flags that he could use the federal government to help support a business tied to his family.

Cryptocurrencies are forms of digital money that can be traded over the internet without relying on the global banking system. The trading often depends on online marketplaces that charge fees for transactions, so that the cryptocurrencies can be exchanged for U.S. dollars and other currencies.

Trump opposed crypto during his presidency, but he has since warmed to the sector. He has suggested the government create a strategic reserve of Bitcoin and has vowed to block the creation of a Federal Reserve-administered Central Bank Digital Currency, a digital form of central bank money that would be available to the public.

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Source:  Finance Yahoo

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RIPPLE STANDS APART BY FOCUSING ON ENTERPRISE, NOT RETAIL XRP HOLDERS, EXPERT EXPLAINS

▪️  Jake Claver, CEO of Syndicately, highlighted Ripple’s strategy of targeting large-scale payment solutions for enterprises and governments, and not retail use.
▪️  Despite its focus on institutional finance, Ripple’s XRP Ledger has faced challenges in gaining traction in the decentralized finance (DeFi) sector.

Jake Claver, CEO of investment firm Syndicately, recently shared insights about Ripple’s business strategy, distinguishing it from other blockchain projects. He said that Ripple primarily focuses on large-scale payment solutions rather than retail adoption, like many blockchain projects.

Claver highlighted Ripple’s enterprise-driven approach in a post on X social media platform. He stated that “Ripple’s business model targets large-scale payment solutions for enterprises and governments.” For context, Ripple has long been recognized for its efforts to streamline cross-border payments, per the CNF report.

Hence, Claver’s statement underscores that the value proposition of XRP’s parent firm centers on providing solutions for financial institutions, central banks, and corporations. While retail investors can still hold XRP and use the XRP Ledger, Claver noted that Ripple’s “primary aim is to facilitate institutional-grade transactions and cross-border settlements with speed and efficiency.”

What Makes Ripple Different From Other Blockchains?
This positions Ripple apart from other blockchain ecosystems that rely heavily on individual retail adoption. Claver elaborated, “Ripple isn’t reliant on individual retail adoption like some other blockchain projects.” Instead, the company builds financial infrastructure supporting governments and large corporations. This approach places Ripple in a unique position within the blockchain space.

However, Ripple’s focus on enterprise solutions does not necessarily align with the broader decentralized finance (DeFi) and retail market. The XRP Ledger, once a promising project for decentralized finance, has struggled to gain traction in sectors such as DeFi and meme coins, as reported by Crypto News Flash.

Furthermore, Artur Kirjakulov, founder and CEO of XPMarket, highlighted the underwhelming performance of the XRP Ledger ecosystem. He noted that its market capitalization recently fell to a new low of just $80 million. According to Kirjakulov, this decline reflects the departure of developers and capital from the ecosystem.

RLUSD Launch & Legal Battles
Meanwhile, Ripple continues to make strides in institutional finance. Earlier this year, Ripple announced its RLUSD stablecoin, which entered beta testing in early August. According to Ripple’s Chief Technology Officer David Schwartz, the RLUSD stablecoin will “only ever be available” to institutional clients instead of retail participants, reported CNF.

Currently, the team is minting RLUSD on the XRP Ledger and Ethereum mainnet. Moreover, the blockchain firm aims to revolutionize blockchain payments via the launch of its stablecoin later this year.

Ripple also made headlines with its legal victory last year when a court’s summary judgment favored the company. Following that win, it was predicted that U.S.-based financial institutions would likely embrace XRP to conduct cross-border transactions.

However, court documents revealed that the firm may have shifted from using XRP to USDT for its On-Demand Liquidity (ODL) solution earlier this year. Nonetheless, the latest relief with XRP attaining legal clarity and a 94% reduction from the SEC’s $2 billion penalty has been a plus point for the firm.

@ Newshounds News™

Source:  Crypto  News Flash

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HEDERA NEWS: HIP-850 EMPOWERS NFT USERS WITH DYNAMIC FUNCTIONALITY FOR WEB3 USE CASES

• 
  ▪️The Hedera team has introduced HIP-850, which will be implemented on the mainnet as part of the upcoming v0.53 upgrades.
  
  ▪️The upgrade allows supply keys to update NFT metadata as long as the token remains in the treasury account for more dynamic NFT data management.
  
  Hedera has announced HIP-500, the latest upgrade that allows users to enjoy more dynamic management of NFT data, the latest development in one of the world’s most innovative blockchain networks.
  
  HIP-500 will grant supply keys the ability to update NFT metadata which are held in a treasury account. In Hedera, supply keys are the keys that can change the total supply of a token by minting and burning the token. A treasury account, on the other hand, receives teh initial supply of any token and any additonally-minted tokens.
  
  In an accompanying blog post, the Hedera team revealed that, essentially, HIP-500 gives the supply keys the ability to execute TokenUpdateNftsTransaction, which “updates the metadata property of non-fungible tokens (NFTs) on the Hedera network.”
  
  The new proposal intends to enable more controlled and dynamic management of NFT data without compromising the token’s trust or integrity.

This proposal offers a solution for stakeholders seeking to evolve NFT functionality while maintaining the core principles of immutability once the NFT has been distributed.

HIP-850 Empowers NFT Users on Hedera
When minting an NFT on Hedera, a user can specify MetadataKey and/or an AdminKey. The two allow the user to alter the metadata after mining the token and at the NFT collection level. Additionally, the MetadataKey can also alter metadata at the NFT serial number level.

However, these keys can pose a challenge when the end owner of the NFT requires a guarantee that the token’s metadata can’t be altered post-distribution. HIP-500 introduces a SupplyKey that can alter metadata at a more advanced level, empowering the users.

The team notes:

By enabling the Supply Key to modify NFT metadata within the treasury account, this HIP provides a solution to these limitations. This approach introduces flexibility while maintaining data integrity post-distribution; it ensures that once an NFT leaves the treasury account, its metadata is immutable, preserving the integrity of the asset once it is distributed to the end-user.

HIP-500 isn’t just a technical achievement—it has practical applications. For instance, think about an NFT for an event ticket: initially, the NFTs are minted with minimal details as they haven’t been purchased. However, once an attendee purchases the NFT ticket, they need it to be altered so that their details, such as name and phone number, can be included.

In gaming, an in-game item, such as a gun or sword in an action game, can be minted with basic attributes. However, as the player advances in the game or purchases more attributes, the NFT can be altered to change its metadata with the SupplyKey.

HBAR trades at $0.05084, gaining 3.85% in the past day for a $1.879 billion market cap.

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Source:   Crypto News Flash

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 9-12-24

Good Evening Dinar Recaps,

UAE’s RAKBANK USES mBRIDGE WHOLESALE CBDC SOLUTION FOR CHINESE PAYMENT

Earlier this week the UAE’s RAKBANK confirmed it made its first cross border payment using the mBridge platform. mBridge is multi-wholesale CBDC payment solution founded by the BIS Innovation Hub and the central banks of Thailand, Hong Kong, China and the UAE, with Saudi Arabia joining in June. In the same month, the central banks launched the minimum viable product (MVP) version of mBridge.

A key advantage is transactions can be sent directly from the sending bank to the recipient bank without the need to rely on correspondent banks as intermediaries. Hence, it aims to make payments faster, cheaper and more transparent.

“The successful transfer of eCNY to our correspondent in China is a game-changer in several respects,” said Vikas Suri, Co-Head of Wholesale Banking Group at RAKBANK. “It’s one of the first UAE-led foreign currency transfers executed in local currencies without involving a third currency to China and without using conventional payment rails.

This is a gamechanger that paves the way for instant blockchain based CBDC exchanges with payment versus payment, fundamentally altering how we approach international payments.”

A typical transaction would start with the bank buying wholesale CBDC dirhams. On the mBridge platform, the wholesale dirhams are exchanged for eCNY, and the eCNY is transferred to the recipient bank. The peer-to-peer nature of the transaction removes the need to hold Nostro balances offshore or to make any additional interbank payments.

The technology for the mBridge platform was developed by the Chinese central bank’s Digital Currency Research Institute, using a bespoke consensus mechanism, but borrowing some elements from Ethereum.

Last year the UAE started working with enterprise blockchain firm R3 for wholesale and retail CBDC. R3 said its Corda-based issuance layer technology was used for the mBridge payment, which would require some integration between Corda and the mBridge platform. We’ve requested details but didn’t receive a response in time for publication.

Chinese banks promote mBridge involvement
Meanwhile, various Chinese banks and Tencent promoted their involvement in mBridge payments in June, following the launch of the minimum viable product (MVP). 

In July, the Agricultural Bank of China said it successfully handled its first live mBridge transaction for a manufacturer. And last month, ICBC said it received eCNY via mBridge for one of its clients in Liuzhou.

The fact that mBridge transactions are still newsworthy means there’s a slowly, slowly approach as one might expect at the MVP stage.

@ Newshounds News™

Source:  Ledger Insights

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FIRST U.S. XRP TRUST BY GRAYSCALE: WHAT YOU NEED TO KNOW

▪️Grayscale has launched the first U.S. XRP Trust, aiming to provide institutional exposure to XRP’s unique cross-border payment capabilities.

▪️The trust could be converted into an ETF, pending SEC approval, signaling potential mainstream adoption of XRP.

Grayscale Investments has officially launched its first U.S.-based XRP Trust, causing waves in the cryptocurrency market. At the time of writing, XRP is trading around $0.5713, up 7.45% over the last 24 hours.

This price increase has been attributed to Grayscale’s launch of the XRP Trust, which has prompted increased interest in the digital asset. Additionally, XRP’s 24-hour trading volume has increased by more than 70%, hitting $1.424 billion, indicating that the market has reacted positively to this news.

This development was also highlighted by blockchain researcher Collin Brown, who stated that this marks a major step towards a potential ETF.

@ Newshounds News™

Source:   Crypto News Flash  

~~~~~~~~~

STABLECOINS REDEFINE FINANCIAL ACCESS IN EMERGING MARKETS, REPORT FINDS

Stablecoins have evolved from niche crypto tools to mainstream financial asset used to hedge against economic uncertainty.

Stablecoins have transformed financial access in emerging markets, becoming essential tools for millions seeking stability in volatile economies, according to a recent research report.

The report, Stablecoins: The Emerging Market Story, was sponsored by Visa and developed in collaboration with Allium Labs and Castle Island Ventures. It revealed that stablecoins have evolved from niche crypto tools into mainstream financial assets.

According to the report, stablecoin usage has surged across countries like Brazil, India, Indonesia, Nigeria, and Turkey, where traditional banking systems often struggle to meet users’ needs.

Everyday financial tool
The report noted that stablecoins initially served as a tool for traders and exchanges to settle transactions in the crypto world. However, their usage quickly expanded to meet the everyday needs of users in emerging markets.

The study also highlighted that stablecoins, particularly Tether (USDT), became the most trusted digital asset due to their wide network effects and established liquidity

Approximately 47% of people surveyed as part of the study use stablecoins to hold digital dollars as an alternative to unreliable local banking systems, while 43% of respondentonss favor stablecoins for more efficient currency conversi.

The report estimated that stablecoins settled $2.6 trillion in transactions during the first half of 2024, with over 20 million blockchain addresses making stablecoin transactions each month. This rapid growth reflects the increasing appeal of stablecoins for various everyday financial activities, not just for crypto trading.

Safety from economic uncertainty
The report emphasized that stablecoins played a crucial role in advancing financial inclusion across emerging markets, particularly in countries where access to traditional banking remains limited or unreliable.

In regions with high inflation or volatile local currencies, such as Argentina and Venezuela, stablecoins allowed individuals to hold digital dollars, offering a stable alternative to local currencies. This provided users with the ability to preserve the value of their savings without the need for a traditional bank account, which was often inaccessible or untrustworthy.

Stablecoins also helped bridge the financial gap for those who lacked access to USD-based banking systems. In countries like Nigeria, where the banking infrastructure struggled to offer easy access to US dollars, stablecoins enabled people to store value, make payments, and conduct cross-border transactions more efficiently.

This opened up financial opportunities for millions who would otherwise be excluded from stable and secure financial systems, making stablecoins a powerful tool for financial inclusion in the developing world.

Growth expected to continue
While the adoption of stablecoins raised concerns about “crypto-dollarization” in certain countries, the report showed that stablecoins were set to play an even larger role in global finance.

According to the survey, 72% of respondents expected to increase their stablecoin usage in the next year. The growth was driven by the efficiency, speed, and accessibility of stablecoins for cross-border payments, payroll, and remittances, particularly in areas where traditional financial systems lagged.

The report concluded that stablecoins had firmly established themselves as a viable alternative to traditional banking systems, offering emerging market users a secure and stable way to manage their finances. As stablecoin regulation evolved globally, their role in everyday financial transactions was expected to grow.

@ Newshounds News™

Source:  Crypto Slate

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RIPPLE AND NYU ABU DHABI RENEW BLOCKCHAIN RESEARCH PARTNERSHIP IN UAE

▪️Ripple renews its $1 million partnership with NYU Abu Dhabi to boost blockchain research and innovation in the UAE.

▪️Ripple’s strategic collaborations, including UBRI, help advance blockchain technology and digital finance globally.

Ripple has renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI). This renewal demonstrates Ripple’s continuous commitment to fostering blockchain research and innovation in the UAE and the broader Middle East.

Ripple Expands Its Blockchain Research Investment in UAE
The collaboration with NYU Abu Dhabi has increased Ripple’s overall funding for blockchain research and student initiatives at the university to more than $1 million. Reece Merrick, Ripple Managing Director, Middle East, and Africa, stated:

“Ripple and NYU Abu Dhabi share a vision of unlocking the full potential of blockchain research and innovation in the region.”

The cooperation is critical to Ripple’s aim of expanding its footprint in the UAE, developing talent, and encouraging the use of blockchain technology in both the academic and financial sectors.

This expanded engagement is part of Ripple’s overall strategy to compete for a sizable share of the global payment ecosystem. As Ripple Labs seeks to increase the utility of XRP, the company has deliberately focused on key regions with high regulatory certainty and commercial potential.

Recently, as we previously reported, Ripple Labs expressed confidence that the Federal Reserve’s FedNow system might benefit XRP by facilitating speedier cross-border payments via XRP Ledger. This puts Ripple at the vanguard of digital financial innovation, as it competes with other payment alternatives on a worldwide scale.

In addition to increasing its blockchain footprint in the UAE, Ripple is looking into stablecoin potential. Ripple has prioritized the United States for the launch of its USD-backed stablecoin, with ambitions to expand into the Japanese market after regulatory approval is acquired.

Japan’s strong legislative environment makes it an appealing market for stablecoin development, according to Ripple’s CEO. This strategic objective aims to strengthen Ripple’s competitive position and expand the adoption of the XRP Ledger across various markets and financial systems.

Ripple’s research investments extend beyond NYU Abu Dhabi. The UBRI program includes 58 colleges worldwide, and Ripple has invested more than $60 million since the initiative’s start in 2018.

This includes offering financing to prestigious universities such as Morgan State University and the National University of Singapore, highlighting Ripple’s global reach. These collaborations play an important role in advancing academic research, increasing financial awareness, and boosting global acceptance of digital assets.

Furthermore, Ripple’s rising presence in the UAE is consistent with the country’s objectives to become a global center for financial and technical innovation. Collaboration with NYU Abu Dhabi allows Ripple to promote blockchain research while also contributing to the UAE’s goal of cultivating a tech-savvy workforce.

The university’s Ripple Blockchain Collaboratory has been instrumental in the development of fintech and blockchain firms, both of which are critical to the country’s digital economy.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Thursday Morning 9-12-24

Good morning Dinar Recaps,

UK Introduces Bill To Recognize Digital Assets As Personal Property

The UK government introduced the Property (Digital Assets etc) Bill to Parliament on September 11, 2024. The legislation aims to classify cryptocurrencies, non-fungible tokens, and digital carbon credits as personal property under English and Welsh law.

Classification of these digital assets as personal property, placing them in a new, third category alongside traditional "things in possession" (such as physical objects) and "things in action" (such as debts or shares).

 This new classification acknowledges the unique nature of digital assets, which don't fit neatly into existing property law categories.

This marks the first time digital assets will be explicitly recognized in British property law. By recognizing digital assets as personal property, the bill would grant them legal protections similar to those afforded to physical assets. This change could significantly impact how digital assets are treated in various legal contexts, from ownership disputes to inheritance cases.

The legislation also aims to provide a framework for judges to navigate complex cases involving digital assets. The press release specifically mentions that this could prove valuable in scenarios like divorce settlements, where the division of digital holdings may be contested.

In a press release, Justice Minister Heidi Alexander stated, "It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases."

Long Road To Law Still Ahead
The bill is at the initial stage of the legislative process. It has been introduced in Parliament, which is a formality that takes place without debate. At this stage, the bill has no legal force. It is essentially a proposal for a new law.

Next steps
▪️Second reading: A general debate on the bill's principles
▪️Committee stage: Detailed examination and possible amendments
▪️Report stage: Further amendments may be proposed
Third reading: Final chance for debate and amendments
The other House: The bill goes through similar stages in the other chamber
▪️Royal Assent: If passed by both Houses, the bill receives Royal Assent and becomes law

The process can take months or even longer, depending on the complexity of the bill and the level of political consensus. The bill could pass as is, be amended during the process, or fail to become law if it doesn't gain enough support. If passed, the government will determine when different provisions of the Act come into force, which may be done in stages.

Crypto Laws Evolving Globally
According to an article from the World Economic Forum website, cryptocurrency regulation is undergoing significant changes worldwide. The UK is not alone in its efforts to create a legal framework for digital assets.

Many countries and regions, including the US, European Union, Japan, and Brazil, are actively developing or have already implemented regulations in this area. For example, the EU has introduced comprehensive crypto-asset regulation, while Brazil has appointed its central bank as the supervisory body for crypto assets.

The UK's initiative to recognize digital assets as personal property aligns with the global trend towards creating clearer legal frameworks for cryptocurrencies and other digital assets.

However, as highlighted above, the UK bill is only at the initial stage of the legislative process.

It is likely that international trends and experiences from other countries will be taken into account during the discussion and refinement of the bill. This could contribute to the creation of a more harmonized approach to regulating digital assets at a global level.

@ Newshounds News™

Source:  Forbes

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Layer 1 Blockchains: Overcrowded and Overhyped? The Real Story

▪️Layer 1 (L1) blockchains are rapidly emerging but struggle to gain market traction against established platforms.

▪️Developers are divided on L1 versus Layer 2 (L2) solutions, each offering unique benefits for scalability.

▪️L2 solutions may streamline the ecosystem, but L1 innovation remains essential to push blockchain technology forward.

The cryptocurrency industry has witnessed an explosion of Layer 1 (L1) solutions, each offering unique promises of scalability, decentralization, and improved user experience.

Yet, despite the rise in L1 platforms, many of the same challenges persist. With the growing popularity of Layer 2 (L2) solutions that address these scalability concerns, questions arise about the value of constantly launching new L1 blockchains.

BeInCrypto spoke to three key blockchain developers—Jack O’Holleran from Skale Labs, Charles Wayn from Galxe, and Matt Katz from Caldera—to unpack this issue. Their insights highlight the industry’s struggle with scalability, the rise of L2 solutions, and the fierce competition among both new and established L1 platforms.

The Layer 1 Glut: Solving or Exacerbating Problems?
L1 blockchains form the foundation of decentralized networks, powering decentralized apps (dApps) and protocols. Ethereum, Bitcoin, and a handful of other L1 chains dominate the market. Still, new contenders appear regularly, aiming to resolve blockchain’s most persistent challenges.

However, the influx of new L1 blockchains raises a critical question: Do we need more, or are we over-complicating the ecosystem without delivering real improvement?

Jack O’Holleran, co-founder of Skale Labs, believes the L1 market has become overcrowded. He argues that while many L1 projects are emerging, only a few are gaining meaningful traction.

“The Layer 1 market has been crowded from a narrative and new token perspective, but a much smaller quantity of chains are actually executing in terms of market traction,” O’Holleran

O’Holleran pointed to metrics from CoinGecko, noting that the majority of developer and user momentum is consolidating around the top 10 blockchains. Even when a new L1 presents a novel solution, O’Holleran emphasizes that it’s not enough to guarantee success.

“Right now, there is a struggle for new chains to get a foothold in the developer market. They are getting user traction via airdrop mechanisms but are having trouble capturing market share with net new applications,” O’Holleran told BeInCrytpo.

The competition in the L1 space has intensified, with new projects needing to be significantly better than existing ones to make an impact. O’Holleran believes we are at a point where only the strongest L1s will survive.

A Case for New L1 Blockchains

However, not everyone agrees that the market is oversaturated. Charles Wayn, co-founder of Galxe and Gravity, sees the proliferation of new L1 chains as a sign of innovation. His company recently launched its own L1 solution, Gravity, to address scalability challenges within its platform.

“The Layer 1 space has exploded, with many new blockchains entering the market,” Wayn said. According to him, these new L1 blockchains are not just redundant but bring scalability and specialization to the forefront.

“Older blockchains struggle with congestion and high fees, while newer L1s offer better throughput and transaction costs,” Wayn added.

Wayn also noted that some of these emerging L1s are incorporating advanced technologies like Zero-Knowledge Proofs (ZKPs), enhancing privacy and security. His perspective reflects the growing demand for niche or specialized L1 chains that address specific industry needs.

Gravity, for instance, focuses on cross-chain interactions, providing an omnichain infrastructure that general-purpose blockchains like Ethereum may not address as efficiently. For him, the introduction of new L1s keeps the development ecosystem agile and responsive to real-world challenges.

Layer 2 Solutions: The Future of Scalability?
While the debate over the need for new L1 blockchains continues, L2 solutions have become a popular alternative. L2 solutions aim to improve scalability by building on top of existing L1 chains, alleviating the need for entirely new blockchain infrastructures.

Matt Katz, co-founder and CEO of Caldera, advocates for L2 solutions. His company’s “rollup-as-a-service” platform helps developers quickly create L2 chains for Ethereum.

“Ultimately, the distinction between an L1 and an L2 primarily involves implementation details and affects the overall architecture of the blockchain,” Katz told BeInCrypto.

He believes that while L1s provide the foundation, L2 solutions offer developers more flexibility without the overhead of building an entirely new blockchain. Katz also highlighted the interoperability issues that many new L1 blockchains face.

“L1 blockchains, in contrast to L2 solutions, lack native, built-in bridges to Ethereum. This absence exacerbates the issue of liquidity fragmentation, introducing significant friction when bridging assets,” he said.

In contrast, L2 solutions benefit from built-in bridges that align with the security model of the chain, making them more efficient and secure. Despite his support for L2 development, Katz acknowledged that the influx of new L1s can harm the ecosystem. Too many L1s can lead to fragmentation, liquidity issues, and increased competition, which in turn can stifle innovation.

The Path Forward: L1 or L2?
The blockchain industry faces a critical decision: should the focus shift from launching new L1 blockchains to refining existing L2 solutions? Both approaches have their merits, and it’s clear that no single solution will address all scalability concerns.

O’Holleran argues that the market will naturally filter out weaker L1 chains, leaving only those that provide real value. Wayn, on the other hand, believes new L1 blockchains are essential for innovation, while Katz sees L2 solutions as a way to streamline the ecosystem.

Ultimately, the path forward will depend on how developers and users balance the need for innovation with the desire for a more scalable and interoperable blockchain ecosystem. Whether through L1 or L2 solutions, the goal remains the same: to build a blockchain infrastructure that can support the demands of a growing digital economy.

@ Newshounds News™

Source:  BeinCrypto

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-11-24

Good Evening Dinar Recaps,

SWIFT UNVEILS GLOBAL INFRASTRUCTURE TO STREAMLINE TOKENIZED ASSET TRANSFERS

The payments infrastructure provider said the move aims to solve the interoperability issues related to different technologies and regulatory discrepancies.

Swift announced a new initiative on Sept. 11 to streamline global transactions and enable its members to use their Swift connection for transactions involving both traditional and emerging asset types, such as crypto.

Swift plans to test multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on its global platform. This could allow securities buyers to simultaneously pay for and exchange tokenized assets in real-time on Swift’s network.

The new initiative will focus heavily on the global trading of real-world assets (RWA), as the industry is expected to reach a $30 trillion market cap by 2034.

Swift said that the global tokenized asset industry has an interoperability issue, which turns different RWA efforts into digital islands. This is primarily caused by the lack of a globally accepted digital form of money.

Swift Chief Innovation Office Tom Zschach said:

“Digital currencies and tokens have huge potential to shape the way we will all pay and invest in the future. But that potential can only be unleashed if the different approaches that are being explored have the ability to connect and work together.”

Zschach added that inclusivity and interoperability are central pillars of the financial ecosystem.

This effort will initially use fiat currencies and is later planned to evolve into incorporating central bank digital currencies (CBDC), tokenized commercial bank money, and regulated stablecoins.

Notably, Swift said it had achieved successful results in value transfer tests involving tokenized assets, mentioning the two CBDC sandboxes it has conducted, which included banks from Europe, Asia, and North America.

Moreover, Swift’s new foray to provide a single payment infrastructure for tokenized assets also aims to address how to integrate different digital assets with its respective bank-led networks.

Since each financial institution exploring RWA could be using different distributed ledger technologies, the lack of compatibility might hinder global interoperability. Additionally, the divergence in various regulatory environments can also lead to challenges.

@ Newshounds News™

Source:  Crypto Slate

~~~~~~~~~

CFTC ANNOUNCES PARTNERSHIPS TO TACKLE CRYPTO PIG BUTCHERING SCAMS

The CFTC’s Office of Customer Outreach and Education partnered with several organizations to disseminate information related to crypto relationship investment, or “pig butchering,” scams.

Pig butchering scams have increasingly replaced Ponzi schemes in the last year as criminals attempt to reap higher rewards from more targeted attacks.

The Commodity Futures Trading Commission's (CFTC) Office of Customer Outreach and Education (OCEO) aims to disseminate targeted information regarding crypto relationship investment scams via new partnerships.

American Bankers Association Foundation, a "private regulator" and other federal agencies are working with the OCEO to create and distribute an infographic to help viewers recognize and avoid "pig butchering" schemes, according to a CFTC release.

In addition, the OCEO is collaborating with the U.S. Security and Exchange Commission’s Office of Investor Education and Advocacy and other organizations to develop an investor alert related to pig butchering scams.

“Partnering with federal and state regulators as well as consumer protection groups and other organizations helps spread the CFTC’s customer education message and hopefully reaches people before they can get scammed.

These partnerships focus on a relationship confidence fraud the perpetrators commonly refer to as ‘pig butchering,’ that is estimated to cost Americans billions each year," said Office of Customer Education and Outreach Director Melanie Devoe in a statement.

Pig butchering scams have increasingly replaced Ponzi schemes in the past year as criminals try to gain higher rewards from more targeted attacks.

"Pig butchering scams earn their name from the way scammers 'fatten up' their victims to extract maximum value. This typically involves cultivating a romantic relationship over time through text messages or dating apps, ultimately persuading the victim to invest in a fraudulent scheme," wrote The Block's Brian McGleenon.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

UK INTRODUCES BILL TO GIVE CRYPTO OWNERS LEGAL PROPERTY RIGHTS

The UK’s Ministry of Justice is sponsoring a bill that would grant codified personal property rights to holders of digital assets.

What’s the Scoop?

▪️Digital Rights: The Property (Digital Assets etc) Bill was introduced today before the UK’s House of Lords. It seeks to apply personal property rights for the first time in British history to digital holdings like cryptocurrencies, non-fungible tokens, and carbon credits.

▪️Legal Protections: By establishing property rights for holders of digital assets, the UK hopes to “give legal protection to owners and companies against fraud and scams, while helping judges deal with complex cases where digital holdings are disputed or form part of settlements.”

▪️Needed Clarity: Concerns from the UK Law Commission that digital assets could meet the criteria for both existing types of personal property in the UK, thereby impeding court disputes, reportedly prompted the creation of the new digital personal property category.

Bankless Take:

Although this bill speaks more so to the UK’s nuanced legal system than its bullishness on crypto, society has undeniably become increasingly digitized throughout the 21st century.

Should this trend accelerate in the coming decades alongside greater digital asset adoption, the UK will be well-positioned to arbitrate disputes involving a novel property type.
@ Newshounds News™

Source: Bankless

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Charles Hoskinson Calls Out Big Cardano Staking Misinformation

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets.

Key Notes
▪️Cardano founder just debunked a major ADA staking FUD.

▪️Cardano remains a favorite Layer 1 network with significant backlash.

▪️The protocol has a functional Liquid Staking product with massive holdings.

Cardano has become the center of several backlashes from crypto enthusiasts, with the latest being misinformation about its liquid staking. In light of this, the protocol’s founder, Charles Hoskinson, took to X to flag the increasing misinformation. He stated that the Cardano staking is not locked against the rumors.

Cardano Stakeholders Speak against Staking Misinformation

In his post, Hoskinson asked his followers:

“Why does anyone trust these people anymore?”

The allegations equally drew the attention of many Cardano community members. They strongly believe that the talks are baseless and largely targeted at damaging the project’s reputation.

Cardano SPO PRIDE pointed out the irony of the accusation, highlighting that Cardano is the only top 20 crypto project offering native liquid staking. This further attenuated the fact that ADA coins are never locked in staking.

Also, Cardano does not require Liquid Staking Derivatives (LSDs) or Liquid Staking Tokens (LSTs).

Hoskinson expressed his frustration after a podcast featuring prominent crypto commentators InvestAnswers, CTO Larsson, MartyParty, and Mando appeared on the internet. InvestAnswers specifically asked why older crypto projects like Cardano are still highly ranked. He further claimed that Cardano has a large market share of over $12 billion, “yet no adoption”.

The response from Charles Hoskinson marks the related defense he mounts when critics focus on the protocol.

In response, renowned skeptic MartyParty alleged that ADA holders are locked in staking pools and are unable to sell. He even went as far as accusing the Cardano team of tricking investors with the staking system, making them enter a position that they could hardly exit. MartyParty claimed that this explains the multi-billion dollar market cap.

Understanding the ADA Staking Mechanism

Many people are concerned about the ADA staking mechanism. Some entities propagate that the protocol remains at the top of the crypto ranking because their stakeholders cannot sell.

After all, their assets are locked in the staking. Ordinarily, Cardano staking allows coin holders to assign their holding to a staking pool for a reward known as staking yield.😃

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets. So far, the number of staked ADA units is 37.2 billion according to PoolTool data. ADA is currently trading at $0.3359, with a 1.78% dip within the last 24 hours. At this price level, the staked ADA is valued at approximately $7.5 billion.

Placed side-by-side with Cardano’s market cap of $12.08 billion, the staked coins represent about 62%. This high rate suggests that investors are confident in Cardano’s long-term potential.

Moreover, they will lock up their ADA assets in return for valuable rewards. On one hand, the ADA staking reward jumped by 30% last month.

@ Newshounds News™

Source:   CoinSpeaker

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-11-24

Good Afternoon Dinar Recaps,

Important Ripple (XRP) Announcement Concerning XRPL

▪️The XRP Ledger (XRPL) will implement a major amendment in two weeks to enhance its Automated Market Maker (AMM) feature.

▪️Ripple’s XRP has seen a slight price decline, with a 1% drop over the past 24 hours and a 7% decrease over two weeks, despite recent updates.

Activation in Two Weeks

The team behind XRP Ledger (XRPL) announced that a major update under the code fixAMMv1_1 will be implemented within 14 days. It was approved to go forward after 28 votes in favor (out of 35).

The change aims to enhance the functionality of the Automated Market Maker (AMM) feature. The AMM is a decentralized mechanism that enables users to trade assets directly on the XRPL without relying on third parties.

One of the main goals of the improvement is to make the trading process more efficient and reduce potential risks for liquidity providers.

The XRPL has witnessed several other developments in the past few months. In mid-August, its main Testnet underwent a reset, becoming temporarily unavailable to developers. The effort aimed to improve stability and reduce the cost of running a Testnet node.

“Reminder: in addition to this Testnet, XRPL community members are encouraged to create and manage additional testnets to support diverse testing and development needs, “the team concluded, “the team added at the time.

Prior to that, OpenEden – a fintech company focused on bridging traditional finance and DeFi – disclosed that it will launch tokenized US Treasury bills (T-bills) to the XRP Ledger (XRPL) and its users for the first time. Ripple said it will create a fund to invest $10 million in the aforementioned products.

“Institutions are increasingly looking at where to tokenize their real-world assets, and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization,” Markus Infanger – Senior Vice President at RippleX – commented.

Tokenized T-bills represent digitized traditional US Treasury bills issued on a blockchain or distributed ledger technology platform. The process involves converting the rights to the financial products into tokens, which can then be traded, held, or transferred to specific addresses.

XRP Price Outlook
Ripple’s XRP did not react positively following the aforementioned announcement. It continued trading sideways before slightly retracing in the past few hours.

@ Newshounds News™

Source:  Crypto Potato

~~~~~~~~~

BRICS Confirms 159 Participants Will Adopt New Payment System

After recent rumblings surfaced of how many nations would embrace the impending BRICS Pay system, the bloc has confirmed 159 participants are set to adopt the new payment system. Indeed, the economic alliance system is poised to hit the ground running when it finally launches.

Now, all eyes are on when that launch will take place. Many have surmised that it would be announced at the highly anticipated 2024 Summit. 

Moreover, it would be set to go live in what would be a groundbreaking unveiling. If that were to happen, the bloc has already noted there is a long line of entities ready to embrace it.

BRICS Payment System to Feature 159 Participants, Alliance

Earlier this year, the BRICS bloc announced the creation of a blockchain-based payment platform. It would be set to redefine the collective’s global economic standing. Morehe largest payment systems worldwide. That includes the Western-dominated SWIFT system.

Now, the BRICS group confirmed that 159 participants will adopt the new payment system. Indeed, Russian officials verified the number in a recent correction, according to a Yahoo report. Although previous statements rumored 160 countries would be involved, the number was clarified in subsequent reports.

The payment system is crucial to the bloc’s ongoing de-dollarization efforts. It will provide participating countries with an avenue to trade in local currencies. Therefore, it will greatly hinder how these nations settle trade. Ultimately, decreasing international necessity for the greenback.

This would be vital for Russia, following 2022 sanctions that greatly affected their trade capabilities. That weaponization was a key reason for the adoption of de-dollarization efforts. Now, the bloc is set to more thoroughly compete on a global stage. And so too will the nations whose currencies get increased adoption through the payment platform.

The confirmation also notes that more than 20 countries will be set to take part in the BRICS Pay platform. Although they did not clarify those nations, they are likely among the countries seeking to join the alliance this year. The impending 2024 summit will also deal with ongoing expansion hopes.

Countries like Venezuela, Malaysia, Thailand, Nigeria, and Turkey have sought entry into the bloc. The latter is a recognized NATO member. 

Their inclusion would greatly shift the bloc’s standing in a geopolitical sense. They would be recognized as the first NATO nation to be embraced within the global south-based collective.

@ Newshounds News™

Source: Watcher Guru

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BBVA Switzerland adds support for USDC Stablecoin

Three years ago BBVA Switzerland became one of the first banks to offer cryptocurrency services to retail clients, with the launch of its New Gen digital investment account with no net worth requirements. However, customers have to keep the equivalent of $10,000 on deposit. Now BBVA Switzerland is expanding the offering by adding the USDC stablecoin from Circle.

In addition to the New Gen account, the Swiss bank also provides cryptocurrency services to its institutional and private banking clients.

Previously the BBVA offering only supported Bitcoin and Ether. While users can hold USDC with the bank, it also means institutional clients can use it for trading other cryptocurrencies.

We recently ran tests with a couple of cryptocurrency exchanges and noted that the exchange rates were surprisingly attractive. Thinking about BBVA clients, if they previously used their BBVA account to transfer money onto crypto exchanges, then BBVA can potentially earn foreign exchange revenues from converting CHF or Euro deposits into USDC.

“We want to offer our private clients a simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions. Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage,” said Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland. “We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions.”

Late last year BBVA Switzerland migrated its digital asset custody to Metaco’s Harmonize platform which is now owned by Ripple. In June BBVA’s Turkish arm, Garanti BBVA Digital Assets launched its wallet which currently supports trading of Bitcoin, Ether, USDC and Avax and custody of Chiliz, the coin linked to the Socios fan token platform.

@ Newshounds News™

Source:  Ledger Insights

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Source:  Currency Facts

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Source:  Currency Facts

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