Seeds of Wisdom RV and Economic Updates Thursday Morning 9-19-24

Good Morning Dinar Recaps,

Lawmaker Flags Concerns Over SEC's Crypto Approach

Congressman French Hill has raised concerns over the U.S. Securities and Exchange Commission (SEC)’s handling of digital asset regulations, criticizing Chairman Gary Gensler’s leadership for creating legal uncertainty and a politicized approach.

The lawmaker highlighted his subcommittee’s legislative successes but expressed frustration with the SEC’s broad and unclear regulations, which he argued burden digital asset firms and stifle innovation.

Rep. Hill Criticizes SEC’s Approach to Digital Assets
Congressman French Hill (R-AR), chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, delivered remarks Wednesday at a hearing titled “Dazed and Confused: Breaking Down the U.S. Securities and Exchange Commission (SEC)’s Politicized Approach to Digital Assets.”

The hearing scrutinized the SEC’s regulatory actions on digital assets under Chairman Gary Gensler, focusing on its enforcement methods and legal uncertainty.

In his speech, Hill acknowledged the subcommittee’s legislative achievements, including the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act (FIT21) regulatory framework. However, he expressed concern about the SEC’s actions under Gensler’s leadership, stating:

Despite this legislative progress on a bipartisan basis, we’ve been troubled by the fact that the SEC as chaired by Chairman Gensler has instead chosen to front-end the work of Congress and insert politics instead of being an independent regulator.

Hill argued that the SEC’s approach has created confusion and uncertainty, particularly through broad, unclear regulations that impose heavy burdens on digital asset firms. 

“How is this protecting the public?” he questioned, noting that this strategy leaves market participants in a “lose-lose-lose” situation.

The lawmaker criticized the SEC’s handling of digital asset custody services, stating, “Nowhere has the SEC’s prejudice against digital assets been more apparent than in the Staff Accounting Bulletin 121, which upends decades of legal precedent in the custody business and creates an impenetrable hurdle for those financial institutions seeking to provide digital asset custody services for their clients—particularly banks and bank trust departments.”

He also highlighted that the SEC’s actions have driven blockchain developers out of the U.S. and condemned the approval process for bitcoin exchange-traded products (ETFs).

“Even the SEC’s approval of exchange-traded products for bitcoin and ether earlier this year only happened because Chairman Gensler tried to overplay his hand but could no longer explain to the courts why the SEC approved bitcoin futures ETFs but not the proposed spot Bitcoin products,” Hill said, concluding:

We’re against SEC enforcement abuse and making it hard for legitimate actors who are trying to follow the rules to do a fine job and bring innovation and technology to our markets.

@ Newshounds News™

Source:  Bitcoin News

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SEC Charges Defi Platform Rari Capital and Founders

The U.S. Securities and Exchange Commission (SEC) has announced charges against decentralized finance (defi) platform Rari Capital and its co-founders for misleading investors and operating as unregistered brokers. The settlement involves penalties, injunctions, and bars against the individuals involved, with violations stemming from unregistered securities offerings and deceptive practices.

SEC Charges Defi Platform Rari Capital Over Securities Law Violations

According to the announcement, the SEC’s investigation revealed that Rari Capital, through its Earn and Fuse pools, allowed investors to deposit crypto assets into lending pools while reportedly misleading them about the functionality and profitability of the investment products.

As stated by the SEC, the platform falsely claimed that its Earn pools autonomously rebalanced crypto assets, when in fact, manual intervention was often required.

This, along with hidden fees, resulted in substantial losses for a significant portion of investors. In addition to the deceptive practices, the securities regulator insists that Rari Capital and its co-founders, Jai Bhavnani, Jack Lipstone, and David Lucid, allegedly engaged in unregistered broker activity.

The SEC stated that the founders violated securities laws by selling interests in these pools and the Rari Governance Token (RGT) without proper registration. The complaint further alleges that the firm misrepresented the potential returns and failed to account for significant fees and risks, ultimately causing investor harm.

@ Newshounds News™

Source:  News Bitcoin   

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-18-24

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THE FED OPTS FOR JUMBO 0.5% RATE CUT — WHAT IT MEANS FOR CRYPTO

The Federal Reserve cut interest rates by 0.5%. Market participants are divided on whether the larger-than-ordinary cut is good news.

It’s finally happening: US interest rates are coming down.

Federal Reserve Chair Jerome Powell announced on Wednesday that the nation’s central bank will cut interest rates by 0.5%, bringing them to a range between 4.75% and 5%.

“The U.S. economy is in good shape. It is growing at a solid pace. Inflation is coming down,” Powell said.

Bitcoin rose half a percentage point to $60,500, while other major crypto assets like Ethereum and Solana stayed steady.

High interest rates make it more expensive for people to borrow money, and incentivises investors to buy risk-free Treasury bonds to earn yield.

When rates come down, however, taking loans becomes easier, which dynamises the economy, and investors are nudged to buy riskier assets like stocks and crypto.

The Fed began its course of interest rate increases in March 2022 to combat raging inflation. At the time, rates were 0%. By July 2023, they had been hiked to between 5.25% to 5.50%, marking the fastest and largest rate hike cycle in US history.

0.25% or 0.5%?
The lead-up to the rate cut announcement was somewhat uncommon because this time traders didn’t know what to expect: an ordinary 25 basis point cut, or a larger 50 bps cut. A basis point equals one-hundredth of a percentage point.

The market had priced the odds of a 0.5% cut at 61%, FedWatch data showed, while a 0.25% cut was given a 39% chance of occurring.

Even investment banks were divided on the issue, with Goldman Sachs and Morgan Stanley predicting a 0.25% cut, and JPMorgan, 0.50%.

Logically, you’d expect a bigger rate cut to be positive for investors, since it makes liquidity available faster. But calls for a 0.5% rate cut emerged alongside concerns that the US economy might be entering a recession.

“The 50 [basis point] cut might send a wrong message to markets and the economy. It might send a message of urgency and, you know, that could be a self-fulfilling prophecy,” George Lagarias, chief economist at consulting firm Forvis Mazars, told CNBC.

But recession fears have been overblown, Quinn Thompson, founder of crypto hedge fund Lekker Capital, told DL News. And investors worried about the market selling off are putting too much emphasis on precedent.

“People are simply looking at the two or three historical examples where the Fed started with 50 bps cuts and saying: ‘Oh, every time they cut 50 bps first, the market goes to shit,’” Thompson said.

@ Newshounds News™

Source:  DL News

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FEDERAL RESERVE MEETING MAJOR HIGHLIGHTS AND KEY POINTS

Federal Reserve cuts federal funds rate by 50 basis points to 4.75%-5.00%, aiming to balance inflation and economic stability. he added.  

• ️Fed cuts federal funds rate by 50 basis points to 4.75-5.00%, first reduction in four years.

• ▪️Powell cites solid economic growth and nearing 2% inflation target as key reasons for rate cut.

• ▪️Future projections suggest Fed rates could drop to 2.9% by 2026, amid cautious investor reactions.

The Federal Reserve lowered the target range for the federal funds rate by 50 basis points on Wednesday. This action brings the rate to a new range of 4.75% to 5.00%, which is the first decline in four years.

The decision is in line with the Fed’s policy of ensuring that inflation is kept in check without jeopardising the stability of the economy.

Federal Reserve’s Justification for Rate Cut

The Federal Reserve announced the rate cut citing recent economic figures that pointed to growth at a steady pace, but with some moderation. Although job creation has slowed down and the unemployment rate has risen marginally, inflation is slowly moving towards the Fed’s target of 2%.

@ Newshounds News™

Read more:  CoinGape   

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DONALD TRUMP MAKES HIS FIRST BITCOIN PURCHASE ON A BURGER AT PUBKEY BAR IN NEW YORK CITY

@ Newshounds News™

Read Here:   The Block

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BRICS announced a new payment system that excludes the U.S. Dollar  |  Youtube

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Source: Seeds of Wisdom Team Currency Facts  

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-18-24

Good Afternoon Dinar Recaps,

Report on Powell's decision regarding the FED rate cut will be in the 10pm Newsletter.  ~  The Newshounds

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WHAT IS THE U.S. DOLLAR’S ROLE IN STABLECOIN ECOSYSTEMS?

Stablecoins have seen explosive growth in the last four years, increasing from a $17.6 billion market capitalization to $170.6 billion. The number of holders has also skyrocketed from 3.78 million to 119.72 million. However, this growth brings critical questions. How safe is it to hold stablecoins?

How secure are the assets backing stablecoins? Could stablecoins pose a threat to traditional banking systems, and how might governments react to such competition?

▪️What is money?
▪️The trust model
▪️What is fiat money?
▪️Why are the majority of stablecoins pegged to USD?
▪️How do stablecoins maintain their peg?
▪️The future of stablecoins and government action

These are essential questions, yet they are often ignored. The TerraUSD (UST) collapse serves as a prime example, where only a small group of investors and analysts predicted its downfall before it finally happened. Many users simply trusted the system without questioning the true stability of the underlying assets. And, unfortunately, because of that blind trust, they lost a lot of money. Understanding the risks requires first exploring the broader concept of what money represents.

What is money?
Money = value. When a person buys a chocolate bar, they exchange money for that value. The merchant can then use the money to obtain the value they need in return.

Money hasn’t always existed in the form of paper bills or digital currencies. In ancient times, people used cattle, leather, mollusks, wheat, and salt as mediums of exchange. 

Eventually, societies shifted to gold as a more standardized form of value. But imagine going to the store and buying a chocolate bar for the price of 0.0353 ounces (1 gram) of gold. This would require scales, cutting tools, and is simply not convenient.

So, the government created a model that worked this way: The government takes your gold in exchange it gives you money depending on the exchange rate. It was the Gold Standard, which happened first in England in 1816. In time, the government changed the model now they were printing money without anything backing it, which is where we are now.

The trust model
The evolution from tangible value to paper money introduced a key factor: trust. Initially, people trusted the inherent value of a commodity like gold. Today, trust has shifted from something (gold) to someone (the government or central authority). Trust forms the basis of modern currency systems.

Without trust, exchange would be impossible. For instance, no one would sell a house for a bag of rocks because rocks hold no universal trust or value.

Modern money, whether paper or digital, holds value only because of collective trust in the government or the central institution behind it. Without this trust, money would revert to being worthless pieces of cotton and linen.

What is fiat money?
The term “fiat” refers to a decree or order issued by someone in authority. When it comes to fiat money, its value stems not from any intrinsic property or commodity backing but from the government’s declaration that it holds value. In simple terms, money has value because the government says so.

Cons of fiat money
Fiat money has several critical weaknesses. It is centralized, meaning that trust is placed in the actions and integrity of banks and governments.

JPMorgan Chase data breach (2014): The data of 83 million accounts was compromised.
Wells Fargo s16): Ovcandal (20er 2 million fraudulent savings and checking accounts were created without clients’ consent.
India’s demonetization (2016): Overnight, the government declared that 86% of the country’s currency circulation, 500 and 1000 rupee bills, was no longer valid.

Another problem with fiat money is excessive printing, which leads to inflation.
Germany (Weimar Republic, 1923): Prices doubled every two days during hyperinflation.
Brazil’s inflation (1985-1994): Prices increased by a staggering 184.9 billion percent during a decade-long crisis.
Venezuela (2015-2022): The cumulative inflation rate from 2016 to April 2019 reached 53.8 million percent.

So, several problems plague traditional money systems. First, paper currency can become worthless overnight due to governmental decisions. Second, the stability of money varies widely between countries. Inflation affects all currencies, but some experience it more severely, leading to rapid devaluation and loss of purchasing power.

But digital fiat money introduces its own set of issues. Banks operate on a fractional reserve system, meaning they hold only a portion of customer deposits in reserve. Laws and regulations, such as the Basel Accords and national banking laws, permit banks to lend out the majority of deposited funds. This practice transforms money into mere numbers on a ledger, essentially IOUs, without full backing.

The fractional reserve system also brings the risk of a bank run, where a large number of customers withdraw their funds at once due to fears about the bank’s solvency. Since banks do not hold all deposits in reserve, they often cannot meet the sudden demand for cash, which leads to panic and potential bank failure.

Stablecoins operate on a different level from traditional fiat money but are not entirely immune to these issues either. Unlike fiat currencies, stablecoins like USDT, USDC, and DAI aim to maintain a stable value by being pegged to a fiat currency, usually the U.S. dollar.

Why are the majority of stablecoins pegged to USD?
Before understanding how stablecoins differ from traditional fiat money, we need to explore why the U.S. dollar holds such a dominant position. Why not the Swiss Franc or the Japanese Yen?

Many would respond that the dollar is simply used everywhere, but the real question is why it became the world’s dominant currency in the first place.

The U.S. dollar’s dominance is due to its “exorbitant privilege.” As long as the dollar remains the world’s reserve currency, the United States avoids balance of payment crises.

Through mechanisms like the Petrodollar system and the forced purchase of the U.S. Treasuries by foreign central banks, the U.S. could borrow cheaply and spend without immediate consequence.

The system allows the U.S. to print dollars and use them to buy real goods and services globally, exporting the inflation created to other countries.

This is one reason developing nations often suffer from higher inflation—they absorb the inflationary effects of American monetary policy. In essence, the U.S. has a unique advantage in the global economy, trading printed money for tangible goods without immediately facing inflationary pressures domestically.

The Federal Reserve lowers interest rates or engages in quantitative easing to inject new dollars into the economy. Such actions increase the total supply of dollars circulating globally. U.S. governments, corporations, and banks benefit from the system by accessing cheaper credit, which leads to the creation of more dollars as loans are issued. Newly minted dollars are used to import goods from abroad, further pushing dollars into foreign economies.

Once foreign countries accumulate dollars, they face a critical choice. They can allow their own currency to appreciate against the dollar, but doing so would harm their export competitiveness. Alternatively, they can print more of their own currency to maintain its value relative to the dollar.

However, this approach often leads to domestic inflation, creating a cycle in which foreign central banks must balance the value of their currency against the effects of inflation.

The U.S. benefits enormously from the global arrangement. When foreign countries accumulate dollars, they frequently invest them in U.S. Treasuries, which effectively lend money to government at low interest rates.

The process helps the U.S. finance its deficit spending on war, infrastructure, and social programs. The U.S. can sustain such expenditures because foreign nations continue to buy its debt, driven by their need to hold dollars for trade and financial stability.

This is why the vast majority of stablecoins are pegged to the U.S. dollar, and almost the entire stablecoin market revolves around it as the anchor.

In just four years, the monthly transfer volume of stablecoins has increased from $202 billion to $3.6 trillion.

To put that into perspective, when compared with traditional finance, the U.S. dollar forex trade in 2022 reached $2,739 trillion, according to the Progressive Policy Institute. By 2024, it is reasonable to estimate that trade will grow to $3 trillion, translating to approximately $250 trillion traded per month. So, stablecoins already represent nearly 1.5% of the dollar trade.

How do stablecoins maintain their peg?
The vast majority of stablecoin market volume and capitalization is concentrated in three primary coins: USDT, USDC, and DAI. Each of these stablecoins employs different mechanisms to maintain their peg to the U.S. dollar.

USDT
Tether keeps its peg to the U.S. dollar through a system of reserve assets and strict issuance protocols. For every USDT token in circulation, an equal amount of value exists in reserve, typically held in cash, cash equivalents, and U.S. Treasuries. The reserves ensure that each USDT can be exchanged for one USD.

When demand for USDT grows, Tether issues additional tokens, matching them with the necessary reserve assets. In contrast, when users exchange USDT for USD, the tokens are destroyed to keep the supply in line with the reserves.

The peg always deviates slightly due to liquidity imbalances or shifts in supply and demand on exchanges.

For instance, during periods of heightened market activity or stress, a sudden surge in demand for USDT could cause the price to rise above $1, as traders may pay a premium for quick access to a stable asset. Conversely, a rapid sell-off of USDT can lead to a brief dip below $1, as the supply temporarily exceeds demand.

Only entities that are verified and have an account with Tether can directly exchange USDT for USD. Typically, these entities are institutional clients, large traders, or exchanges. On the other hand, retail investors or smaller traders cannot redeem USDT directly from Tether. Instead, they usually convert USDT to USD on cryptocurrency exchanges.

However, controversy has surrounded Tether for years, and negative sentiment remains strong. One of the primary concerns revolves around the transparency of Tether’s reserves.

Critics have questioned whether Tether has always maintained a full 1:1 backing for USDT tokens. In 2021, Tether settled with the New York Attorney General’s office after an investigation found that Tether had misrepresented the extent of its reserves in the past.

Another point of criticism is the lack of full audits by top-tier accounting firms. While Tether has started providing transparency reports on a quarterly basis, many are skeptical due to the absence of comprehensive audits by major global accounting firms.

Despite the controversies and skepticism, Tether remains extremely profitable due to its widespread use.  In the first half of 2024 alone, Tether reported a profit of $5.2 billion.

When demand for USDT grows, Tether issues additional tokens, matching them with the necessary reserve assets. In contrast, when users exchange USDT for USD, the tokens are destroyed to keep the supply in line with the reserves.

The peg always deviates slightly due to liquidity imbalances or shifts in supply and demand on exchanges.

For instance, during periods of heightened market activity or stress, a sudden surge in demand for USDT could cause the price to rise above $1, as traders may pay a premium for quick access to a stable asset. Conversely, a rapid sell-off of USDT can lead to a brief dip below $1, as the supply temporarily exceeds demand.

Only entities that are verified and have an account with Tether can directly exchange USDT for USD. Typically, these entities are institutional clients, large traders, or exchanges. On the other hand, retail investors or smaller traders cannot redeem USDT directly from Tether. Instead, they usually convert USDT to USD on cryptocurrency exchanges.

However, controversy has surrounded Tether for years, and negative sentiment remains strong. One of the primary concerns revolves around the transparency of Tether’s reserves. Critics have questioned whether Tether has always maintained a full 1:1 backing for USDT tokens.

In 2021, Tether settled with the New York Attorney General’s office after an investigation found that Tether had misrepresented the extent of its reserves in the past.

Another point of criticism is the lack of full audits by top-tier accounting firms. While Tether has started providing transparency reports on a quarterly basis, many are skeptical due to the absence of comprehensive audits by major global accounting firms.

Despite the controversies and skepticism, Tether remains extremely profitable due to its widespread use.  In the first half of 2024 alone, Tether reported a profit of $5.2 billion.

USDC
USDC operates in much the same way as USDT. However, the key difference lies in USDC’s emphasis on regulatory compliance and transparency. USDC Coin conducts monthly audits through top-tier accounting firms to verify its reserves to ensure users that each USDC token is backed 1:1 by real assets.

 The audit process provides a higher level of confidence compared to Tether’s quarterly attestations, as it aligns more closely with regulatory standards in traditional finance.

Despite their differences in transparency and regulatory alignment, both USDT and USDC share one major characteristic: centralization. The issuers can freeze or block tokens in specific accounts in compliance with legal orders.

Both stablecoins have a history of blocking addresses when required by law enforcement or government authorities, which adds a layer of control that conflicts with the decentralized ethos of crypto.

DAI
But unlike USDT and USDC, DAI is a decentralized, overcollateralized stablecoin. DAI is not issued by a centralized entity but is instead generated by users who lock up cryptocurrency (such as Ethereum) as collateral. The system requires that the value of the collateral exceed the value of the DAI generated.

So even if the collateral’s value fluctuates, DAI remains adequately backed. If the value of the collateral drops too much, it is automatically liquidated to maintain the peg. One of the major advantages of DAI is that it cannot freeze, block, or blacklist specific addresses.

The future of stablecoins and government action
At present, stablecoins already represent around 1.5% of the global U.S. dollar trade, but the real tipping point will come when that figure reaches a much higher level — somewhere between 5% and 15%.

Once stablecoins capture that much of the market, governments will likely need to work in tandem with the issuers, creating a regulated environment that merges traditional finance with the growing crypto ecosystem. Governments could either embrace stablecoins as a way to enhance the global dominance of the U.S. dollar or respond with strict regulatory oversight.

While some may suggest that governments might try to make stablecoins illegal, that scenario seems unlikely. Stablecoins, especially those pegged to the U.S. dollar, further cement the global power of the U.S. currency, aligning with national interests rather than working against them.

By maintaining the status of the USD in global transactions through stablecoins, governments are likely to see their value in reinforcing the American dollar’s position worldwide.

But the rise of stablecoins also raises questions about security and reliability. Holding traditional paper money presents its own risks, including inflation and devaluation. Digital money in banks is also vulnerable, as seen with events like bank runs or systemic failures. And stablecoins carry big risks as well.

The collapse of TerraUSD, despite its entirely different structure from assets like USDT, USDC, and DAI; the situation with Silicon Valley Bank and USDC’s brief de-pegging in 2023, along with long-standing controversies surrounding USDT’s transparency, has shown that stablecoins are far from immune to market shocks and liquidity issues. While they offer some advantages, they are not entirely reliable for long-term wealth storage.

So, what should one hold? Following the TerraUSD collapse, it became clear that holding too much in any one stablecoin can be risky. A more balanced approach might involve holding assets that appreciate in value, such as stocks, bonds, BTC, ETH, SOL, or real estate while maintaining a small portion of cash or stablecoins for liquidity purposes.

Ideally, this reserve should be enough to cover between 3 to 24 months of expenses, depending on one’s risk tolerance, and it could be kept in a high-yield savings account or through well-established decentralized finance platforms.

@ Newshounds News™

Source:  Crypto News

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The Fed Meeting Isn’t the Only Rate Decision to Watch. Why Japan Could Matter More.

The unwinding of the yen carry trade that was blamed for August’s short-lived market turbulence might not be finished yet. That makes the Bank of Japan, not the Federal Reserve, the most important central bank meeting this week.

@ Newshounds News™

Read Here: Telegraph

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Switzerland’s SIX Reveales Plans to Launch Cryptocurrency Trading Platform in Europe

Read Here:  CoinSpeaker  

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-18-24

Good Morning Dinar Recaps,

RIPPLE CLO NAMES KEY CONDITION FOR RIPPLE ACQUIRING HIGH POSITION IN US CRYPTO MARKET

Ripple’s chief legal officer Stuart Alderoty has taken part in Financial Markets Quality Conference 2024, where he spoke along with high-ranking representatives of such crypto giants as Robinhood, Grayscale and others. 

Once again Alderoty weighed in on the current lack of clear cryptocurrency regulations in the U.S., referring to this long-lasting situation as a “regulatory cloud.” He made a statement that once this “regulatory cloud” is removed and the U.S. gets “come policy clarity,” Ripple will become “the most trusted source for enterprise support for crypto solutions in the US!”

Ripple beats SEC by scoring two legal wins Over the last year, Ripple has scored important victories in court against the Securities and Exchange Commission spearheaded by Gary Gensler. 

Last year, in the summer, Federal Judge Analisa Torres ruled that XRP sales on secondary markets did not qualify as security sales. This largely gave the XRP the official status of nonsecurity, and in its later lawsuits against crypto exchanges, the SEC avoided calling XRP that.

This year, the SEC requested that the court make Ripple pay $2 billion in fines and also compensate the regulatory agency for the expenses and efforts invested in the suit.

However, the judge stated that Ripple must only pay $125 million to the SEC, while the blockchain company initially said that $10 million would be a fair amount in this case.

Ripple endorses RLUSD stablecoin in recent post In a recently published X post, the official Ripple account shared its article on stablecoins, underscoring its revolutionary role in the sphere of transnational payments. 

The major convenience of these assets is their peg to fiat currencies, like the U.S. dollar or euro, for those users who are troubled with the high volatility level of cryptocurrencies, like Bitcoin.

In 2022, the article says, there was an almost $7 trillion worth of international transfers made with the help of fiat-backed stablecoins, in collaboration with Mastercard and PayPal.

As for Ripple’s stablecoin, RLUSD, launched in early August, it was designed to keep a constant U.S. dollar peg. It is fully backed by a mixture of cash and its equivalents on a 1:1 basis. It is totally compliant with the regulators, according to Ripple.

@ Newshounds News™

Source:  U Today

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CIRCLE EXPANDS ACCESS TO USDC IN BRAZIL AND MEXICO

In what should be an important development for the stablecoin, Circle has expanded access to its USDC offering in both Brazil and Mexico. Indeed, the token is using local payment systems to grow the potential user base for the cryptocurrency. This should push increased adoption for the second-largest stablecoin by market cap.

The company announced the availability of USDC through local currency in both countries. Additionally, they have stated the move is a key part of its “mission to harness the power of blockchain networks to eliminate deeply embedded friction from value-exchange.”

Circle USDC Now Available in Both Brazil and Mexico Through Local Currency
The importance of stablecoins cannot be understated. Although different from the overarching crypto sector, these assets are backed by traditional currencies like the US dollar. They provide a host of benefits to different regions as a safer way to gain exposure to both national currencies and crypto.

@ Newshounds News™

Read more:  Guru Watcher

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Centre for the Fourth Industrial Revolution to Launch in Medellín, Colombia

▪️The World Economic Forum, in collaboration with the City of Medellín, will re-establish a Centre for the Fourth Industrial Revolution (C4IR) in Colombia in October 2024.

▪️The new centre will accelerate the responsible adoption of AI and technology-based solutions for urban transformation in Medellín, with the potential for broader impact in Colombia and Latin America.

▪️C4IR Colombia will rejoin a global network of 21 centres, spanning five continents, that seeks to maximize the benefits of technology.

▪️Read more about the global Centre for the Fourth Industrial Revolution network and its impact in 2022-2023.

Geneva, Switzerland, 13 September 2024 – The World Economic Forum and the City of Medellín will establish a Centre for the Fourth Industrial Revolution in Colombia in October 2024. 

The new centre will serve as a leading AI innovation hub, bringing together stakeholders from business, government and civil society to develop AI strategies and solutions for more inclusive, sustainable and prosperous cities. The announcement was made by Sebastian Buckup, Member of the Executive Committee of the World Economic Forum, and Federico Gutiérrez, Mayor of Medellín.

The Colombia Centre for the Fourth Industrial Revolution (C4IR Colombia) will be hosted by Ruta-N Corporation and will serve as a hub for public-private collaboration, enhancing local and regional capacity to harness the benefits of the Fourth Industrial Revolution.

Through this collaboration, the centre will implement and amplify best practices and strategic frameworks for leveraging AI in the responsible digital transformation of cities.

“We are delighted to welcome back the Centre for the Fourth Industrial Revolution Colombia in the World Economic Forum’s global C4IR network. The centre will build on previous achievements and play a crucial role in fostering technology-based solutions for Medellín, in line with its vision as a Special District for Science, Technology and Innovation, and it will also have the potential to contribute to technological progress in Colombia and the broader region,” said Sebastian Buckup. 

“The centre will harness Medellín’s capacities and reputation as a regional innovation and technology powerhouse and Ruta-N’s prominent position as one of the country's leading innovation agencies.”

“With the opening of this centre, Medellín consolidates its mission as a Science, Technology and Innovation District, with a focus on emerging technologies, such as AI, betting on the training of young people in digital skills, and the development of technology, entrepreneurship and technology-based companies,” said Federico Gutiérrez.

“In Medellín we will have the first special treatment zone, a sector in the North of the city that will attract investment, promote the testing of technology and innovation to improve the competitiveness of Medellín, and foster collaboration between the actors of the ecosystem: companies, universities, governments, citizens and international allies.”

About the Centre for the Fourth Industrial Revolution

The Centre for the Fourth Industrial Revolution is a platform for multistakeholder collaboration, bringing together public and private sectors to maximize technological benefits to society while minimizing the risks. It explores exponential technologies and drives their responsible adoption and application, leveraging a global network of independent national and thematic centres.

The World Economic Forum launched the first Centre for the Fourth Industrial Revolution in San Francisco in 2017, shortly followed by centres in Japan and India. 

The network now includes centres in Austin (Centre for Trustworthy Technology), Azerbaijan, Colombia, Detroit (US Centre for Advanced Manufacturing), Germany (Global Government Technology Centre), Gyeonggi (Republic of Korea), Israel, Kazakhstan, Malaysia, Qatar, Rwanda, Saudi Arabia, Saudi Arabia Centre for Space Futures, Serbia, Telangana (India), United Arab Emirates, Ukraine (Global Government Technology Centre) and Viet Nam.

@ Newshounds News™

Source:   World Economic Forum

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BRICS SURPASSES G7 IN KEY ECONOMIC AREAS: IMF REPORT

Amid the continued growth of the BRICS alliance, the International Monetary Fund (IMF) has recently highlighted that the bloc is leading the G7 group in four distinct and crucial areas. Indeed, they note that the gap between the Western bloc and the Global South collective is lessening.

The BRICS group took a massive step toward growth in 2023. Specifically, the bloc welcomed four additional members in its first expansion effort since 2001. 

The alliance saw the United Arab Emirates (UAE), Egypt, Ethiopia, and Iran join its ranks. That number could get even larger as the 2024 annual summit approaches.

IMF Says BRICS Leads G7 in Four Critical Areas: But What Are They?
The last several years have been vital for the BRICS bloc. It has firmly embraced de-dollarization on a global scale. Moreover, they have pushed those efforts to new heights. Creating a geopolitical reality in which nations seek global reserves outside the US dollar.

Moreover, its GDP growth has been a massive development. Since 2010, the bloc has seen its GPD (PPP) increase, whereas the G7 has seen the figure falter. Data shows that last year the BRICS bloc officially surpassed the collective in 2023, when its GDP (PPP) reached 32%, as opposed to the G7’s 29%.

That isn’t the only area where the two sides have seen increased challenges. According to IM data, BRICS is leading the G7 in four critical areas. That includes the 1.  share of GDP in PPP terms, the share of the 2. world population, 3. global oil production, and their respective 4. contributions to global economic growth.

The BRICS group has seen its share of the world’s population reach 45% following its most recent expansion. Alternatively, the G7 only boasts 30% of that population. This clearly identifies the collective of people for which the Western economic systems do not benefit.

Moreover, oil production is dominated by BRICS. The group has 41% of all production, whereas the G7 only boasts 29%. This is affected by the inclusion of the UAE and the cooperation of Saudi Arabia. Although Riyhad has yet to join the bloc, it recently invested $5 billion to increase its partnership with the collective.

Finally, the BRICS group leads in the contribution to global economic growth. The BRICS contribute 44% to the G7’s 20% another indication of the changing guard. With continued expansion, and growth forecasts for participating countries, this gap should only continue to widen.

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 9-17-24

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RIPPLE NEWS: XRP LEGAL FIGHT CONTINUES AS LAWYER TARGETS SEC FOR $15B LOSSES

▪️Pro-XRP attorney and Senate candidate John Deaton accused the SEC of causing over $15 billion in financial losses to small investors.

▪️He has been vocal about the negative impact of the SEC’s regulatory approach on retail investors and plans to challenge its practices while campaigning against Democratic Senator Elizabeth Warren.

John Deaton, a popular attorney known for his pro-XRP stance, has raised serious allegations against the U.S. Securities and Exchange Commission (SEC). He blamed its crypto regulatory approach and its actions caused substantial financial losses among small investors. Senate candidate Deaton also claims that the SEC’s enforcement actions have caused damages exceeding $15 billion to retail investors.

These allegations come at a time when the SEC has reportedly given up on the appeal while concluding it with a new crypto classification, reported CNF.

XRP Lawyer John Deaton Criticizes The SEC
In a recent post on X (formerly Twitter), he accused the regulatory body of “misconduct.” “The SEC’s misconduct and gross overreach caused small investors over $15 billion,” Deaton stated. He added, “On behalf of those 75,000 small investors I represented, we do not accept the SEC’s apology.”

The pro-XRP lawyer has been vocal about the detrimental effects of the SEC’s regulatory practices, particularly on smaller retail investors.

He has consistently criticized the commission’s abuse of power against crypto. Hence, the XRP lawyer plans to fight the SEC head-on. Moreover, his campaign for the U.S. Senate seat in Massachusetts highlights his concerns about the agency’s lack of accountability.

Thus, he plans to challenge the anti-crypto Democratic Senator Elizabeth Warren, accusing her of being unwilling to scrutinize the SEC’s actions. Deaton also referenced a Writ of Mandamus he filed in early 2021.

He accused the SEC of violating decades of legal precedent by declaring tokens themselves as securities in the 2021 filing. The pro-XRP attorney also maintained that this move went beyond the agency’s authority and created unnecessary confusion.

The lawyer also highlighted his frustration over the SEC’s failure to provide clear regulation. “All I asked was for the SEC to honor the law and make clear that the token itself (XRP) was NOT the security,” Deaton said. In addition, he went on to accuse the agency’s lawyers of targeting him personally during the legal proceedings.

Other Related Developments
In a related development, Paul Grewal, Coinbase’s Chief Legal Officer, shared a court filing suggesting a shift in the SEC’s stance on cryptocurrencies. According to the proposed amendment in the Binance lawsuit, the SEC admitted it no longer considers tokens to be securities, reported CNF.

This marks a major change from its previous position, particularly in relation to XRP, which had been classified as a security in 2020. “The SEC regrets any confusion it may have invited,” the agency stated in the filing.

However, the SEC’s regulatory actions continue with a recent settlement with the trading platform eToro, per the CNF report. The platform agreed to cease trading most cryptocurrencies in the U.S. and pay a $1.5 million fine. However, this move attracted significant backlash as the agency apologized for considering tokens as securities within 24 hours of the amended Binance lawsuit complaint.

Meanwhile, data from Social Capital Markets indicates the total monetary penalties imposed on cryptocurrency firms this year have reached $4.7 billion. It marks a humungous 3,000% rise from the previous year. This included one of its largest enforcement actions wherein the SEC settled a case with Terraform Labs for $4.47 billion.

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Global News:

DBS bank to launch crypto options, structured products

In Q4 of this year DBS bank (Singapore) plans to offer over the counter (OTC) cryptocurrency option trading and structured notes. This will only be available to certain institutions and high net worth clients.

Based on the descriptions, it will support options settled in cash and others through delivery of the underlying cryptocurrency, with only Bitcoin and Ethereum supported.

Currently clients can already trade spot crypto using the DBS Digital Exchange (DDEx). The bank was one of the first in the world to offer spot cryptocurrency trading services when it launched DDEx in 2020. Now clients where DBS provides crypto custody will be able to hedge their exposures using options.

“Professional investors are increasingly allocating to digital assets in their portfolios,” said Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS. 

“Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios.”

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GOLD News:

Zimbabwe aims to maximize gold revenue amid global demand surge

MINES ministry has launched the 2024 Second Gold Mobilisation exercise, aimed at ensuring compliance and maximizing revenue from the gold mining sector.

Reports indicate that gold output is projected at 39 tons in 2024 up from around 33 tons in 2023, largely on the back of ongoing expansion projects and favorable prices.

Gold revenues are expected to surpass US$3 billion in 2024.

Average capacity utilization for the gold sector is expected to reach 95% in 2024 up from 84% in 2023.

The second gold exercise will be conducted in all eight provinces, targeting both large-scale and small-scale miners in order to maximize gold revenue amid global demand surge.

Speaking at the send-off workshop in Harare, Mines minister Winston Chitando said, “It is imperative to note that gold has long been a source of wealth and prosperity for Zimbabwe, and it holds immense potential to fuel our economic growth, create jobs, and improve the lives Zimbabweans.

“The global demand for gold is on the increase as the world is turning to gold as a safe haven.”

He highlighted the global demand for gold, which has driven prices up from $1,900 in September 2023 to $2,500 currently.

“The key to realizing our 2024 gold deliverance target of 35 tonnes is plugging leakages to side markets,” he told the media.

The minister noted that illegal gold extraction and trade undermine Zimbabwe’s efforts to reap benefits from its gold resources.

To address this, he expressed the importance of ensuring that all mined gold is traded through legitimate channels.

He reiterated that Zimbabwe’s currency is anchored on gold, making it crucial that all gold trades occur through Fidelity Gold, the country’s sole authorized exporter.

“The gold neutralization exercise has yielded positive results, demonstrating its effectiveness. Given its significant contribution, the gold sector remains vital to Zimbabwe’s national economic development.

“Gold deliverance through Fidelity Gold Refinery stood at 30.1 tonnes in 2023, with 20.7 tonnes delivered from January to August 2024.

“To the teams, colleagues who are being deployed today, this intervention is of paramount importance, and I wish you all the success,” he said.

The gold mobilization exercise aims to increase revenue, create jobs, and combat illegal gold trading.

@ Newshounds News™

Source:   New Zimbabwe

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THIS IS BIG:

XRP AND INTERLEDGER PROTOCOL KEY TO SOLVING CURRENT ISSUE OF DISCONNECTED FINANCIAL NETWORKS.  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-17-24

Good Afternoon Dinar Recaps,

BRICS NEWS

RUSSIA SET TO TRIAL CRYPTO FOR TRADING GOODS WITH MILITARY APPLICATIONS: REPORT

The Russian government has formed a focus group to trial crypto payments for foreign trade, focusing on importers of goods with potential military applications.

Russia has established a focus group under an experimental legal regime to explore the use of crypto for foreign trade payments, Russia’s Vedomosti newspaper reported on Sept. 17. The initiative reportedly aims to address challenges faced by importers dealing with dual-use goods, which have both civilian and military applications, and are subject to strict international payment restrictions.

The move follows China’s announcement in early August that it will ban the export of all unregulated civilian drones, which have become increasingly used in military warfare in recent years, starting Sept. 1.

According to the report, the focus group includes members from the Russian Chamber of Commerce and Industry and the Association of Developers and Producers of Electronics, alongside several banks, though the report did not specify whether the group included Russian banks only or involved foreign financial lenders as well.

The initiative is designed to assist importers struggling with transactions to banks in China and other countries due to the sensitive nature of their goods. This move follows recent reports that Russia’s two largest unsanctioned metal producers have begun using Tether’s stablecoin for cross-border transactions with Chinese clients and suppliers, in response to U.S. Treasury Department warnings about secondary sanctions.

Now, people familiar with the matter reportedly say that participants in the focus group were selected based on their business turnover, with larger companies prioritized. The Russian government plans to expand the initiative in the future, though the timing for a broader rollout remains unclear.

In early July, Alexei Guznov, deputy governor of Russia’s central bank, indicated in a media interview that the Bank of Russia is exploring the legalization of stablecoins for cross-border transactions.

Guznov noted that the initiative could potentially transition from a temporary experiment to a permanent regulatory framework, although specifics regarding the timeline for approval were not disclosed.
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BRICS News

BRICS MAKES MAJOR ANNOUNCEMENT ON NEW PAYMENT SYSTEM

BRICS is working towards the creation of a new payment system without the integration of the US dollar in its mechanism, confirmed Russian Foreign Minister Sergey Lavrov. The minister added that the new payment system will not only be used to settle cross-border transactions, it will act as a complete financial set-up.

The development, when launched, could attract emerging economies towards it making a shift away from the US dollar. The new BRICS payment system could lead to a paradigm shift in the global financial sector.

New BRICS Payment System To Include Trading, Investing & Settlements

The Russian minister revealed that the new BRICS payment system will be equipped with trading, investing, and along with trade settlements. He explained that the mechanism will allow countries to partake in financial operations without being dependent on the US dollar. The move will make the alliance’s quest of de-dollarizing their economies much stronger.

Lavrov also hit out at the US and Europe for pressing sanctions on countries they don’t like. He stressed that the sanctions are what led to BRICS decision on launching a new payment system. Even US Treasury Secretary Janet Yellen acknowledged that the White House sanctioning developing nations led to de-dollarization.

“Many are attracted by the fact that payment systems are being developed within BRICS. Which allows trading, investing, carrying out other economic operations without being dependent on those that decided to weaponize the dollar and the euro,” the foreign minister said.

The minister added that developing nations will flock to the BRICS payment system in fear of US sanctions. “Everyone understands that anyone may face US or other Western sanctions,” he said during a meeting with Egyptian counterpart Badr Abdelatty.

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DE-DOLLARIZATION: HOW THE US IS HELPING CHINESE YUAN TO SUCCEED

De-dollarization is the most buzzing word in the global financial sectors across Asia, Africa, and South America. Emerging economies are focusing on lifting their local currencies on the global stage by ending reliance on the US dollar. The US sanctions are what pushed the de-dollarization agenda ahead and China made use of the opportunity to include the Chinese yuan for trade settlements.

The development puts the USD in the spotlight as developing countries no longer want to give importance to the currency. Amid the US and Western sanctions on emerging economies, the Chinese yuan is becoming the most used currency in their countries. From Russia to Pakistan and the UAE, the Chinese yuan is being widely accepted as the de-dollarization initiatives advance rapidly.

The Chinese Yuan Benefits From De-Dollarization

The US Treasury Secretary Janet Yellen confirmed that the US sanctions opened the floodgates of de-dollarization across the world. The move made China fill in the void and the Xi Jinping administration convinced developing countries to use the Chinese yuan. The de-dollarization initiative is partially a success as the Chinese yuan is the most used currency in Russia.

“Trading in Chinese yuan is convenient for both Russia and China,” said Maia Nikoladze, Associate Director at the Atlantic Council. “Russia does not have too many other currency alternatives.

While China benefits from exerting more economic influence over Moscow, and also makes progress towards internationalizing the yuan,” said the analyst. The move indicates that the US opened the gates of de-dollarization by itself through sanctions.

Even Brazil, Argentina, South Africa, and Saudi Arabia are looking to follow Russia on the de-dollarization path. These countries are accepting the Chinese yuan as payment for cross-border transactions, which was not the case a few years ago. De-dollarization is a serious risk to the US economy while the Chinese yuan is looking to dominate the financial world.

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XRP on Path to Global Reserve Key Insights    Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 9-17-24

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XRP on Path to Global Reserve Status, Expert Reveals Key Insights

▪️Experts highlight XRP’s emerging importance in global finance, positioning it as a potential cornerstone for tokenized cross-border financial systems.

▪️Key institutions like the IMF and World Bank are exploring XRP for asset tokenization, signaling its expanding role in the future of global transactions.

Since March, we have learned about the foundation for XRP’s transition to a global reserve currency. As reported by CNF, experts predict XRP’s crucial role in shaping the future of the global financial system.

According to Versan Aljarrah, co-founder of Black Swan Capitalist, he reiterated on his X account that he strongly believes in XRP’s importance in this transformation.

In a recent tweet, Aljarrah shared a video from Gregory Mannarino, a financial commentator often referred to as the “Robin Hood of Wall Street,” whose views align with Aljarrah’s optimism for XRP’s future.

In the video, Mannarino discusses efforts by major financial institutions, including the International Monetary Fund (IMF), World Bank, and the Bank of International Settlements (BIS), to develop a fully tokenized, cross-border financial system.

 He explains that these organizations are working toward a system that tokenizes all financial assets, positioning XRP as the central medium for trading and settlement.

XRP’s Expanding Role in Asset Tokenization
Mannarino highlights the significant shift in asset management and global transactions as more financial assets are tokenized, enabling seamless tracking and trading. XRP, already a key player in cross-border transactions, could see its role grow if major institutions adopt it for tokenization.

Ripple CTO David Schwartz predicts that the XRP Ledger will host tokenized assets by 2025. Recent announcements, such as the introduction of Tokenized Treasury Bills (T-Bills) on the XRPL, support this forecast.

Growing Interest and Institutional Support for XRP
With global institutions exploring tokenization and blockchain technology, XRP’s utility could expand beyond its current applications. As Mannarino notes, this could position XRP as a key player in the trade and settlement of assets on a global scale, potentially transforming the future of finance.

At the time of writing, Ripple (XRP) is trading at $0.5826, having surged by 2.03% in the past day and 7.89% in the past week.

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

Good Evening Dinar Recaps,

SEN. WARREN ADVISES 75BPS FED CUT ON RECESSION FEARS

Despite rhetoric about a strong U.S. economy, three Democratic Senators urged the Federal Reserve to implement an aggressive monetary policy shift.

Crypto-skeptic U.S. Senator Elizabeth Warren of Massachusetts called on the Federal Reserve and its chair, Jerome Powell, to slash interest rates by 75 basis points to curtail recession risks. Warren’s letter, co-signed by fellow Senators Sheldon Whitehouse and John Hickenlooper, warned of potential economic declines that smaller funding cuts may usher in.

If the Fed is too cautious in cutting rates, it would needlessly risk our economy heading towards a recession. A number of economists have warned of this risk since July… The Committee must consider implementing rate cuts more aggressively upfront to mitigate potential risks to the labor market.

Sen. Elizabeth Warren to Fed on rate cuts

The document, dated Sept. 16, was issued less than 48 hours before the next Federal Open Market Committee meeting on Wednesday, Sept. 18.

Markets expect Fed chair Jerome Powell to announce a dovish pivot at the FOMC meeting, but the exact rate cut preferred by the central bank was unclear at press time.

What are the odds?
The CME FedWatch tool showed a 61% probability of a 50 bps cut and a 39% probability of a 25 basis-point reduction. Last week, the same tool gave a 14% likelihood of a 50 bps interest rate slash.

The 50 bps option also held sway on crypto prediction venues. Polymarket data noted odds of 53% for a 50 basis points announcement, followed by 45% for 25 bps. Previously, users predicted a 78% chance of a 25 bps pivot. Bettors had wagered over $40.5 million via the Polygon-based platform on this month’s FOMC decision.

Fed cut impact on crypto market
If the Fed matched expectations and announced a fund rate cut, experts believe liquidity would flow into risk assets like cryptocurrencies. Market participants still debated how an aggressive or modest pivot might indicate the Fed’s outlook, with the former suggesting recession concerns and the latter pointing to a firmer grip on inflation.

Horizen Labs CEO and co-founder, Rob Viglione, told crypto.news that a Fed rate cut seemed likely to propel a bullish Q4 for digital assets like Bitcoin and Ethereum. The fourth quarter has historically recorded higher crypto prices than in mid-late Q3.

In the short term, we could see a price surge, especially in Ethereum and Bitcoin, though it may also bring heightened market volatility. Over the long run, a prolonged low-rate environment could encourage greater innovation and investment in blockchain technology and crypto-related startups.

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Source:  Crypto News

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Bitstamp and Ripple to Launch Derivatives Exchange on XRP Ledger

Bitstamp’s Head of Strategic Partnerships Eva Gartner reveals the company’s plans to launch a derivatives exchange in collaboration with Ripple.

Gartner revealed the initiative in the tenth episode of the “Built on XRPL”  series. Speaking at the series, Gartner said Bitstamp will launch the derivatives exchange in the next few months, adding that “we [Bitstamp] really hope to cooperate closely with Ripple there as well.”

XRPL to Power Bitstamp’s Derivatives Exchange
Notably, Bitstamp is expected to launch the derivatives exchange on the XRP Ledger (XRPL) blockchain, as confirmed by multiple sources, including Abdullah Nassif, host of the Good Morning Crypto podcast.

According to Nassif, Bitstamp, in collaboration with Ripple, will build the derivatives exchange on the XRPL. Notably, Bitstamp has leveraged the XRP Ledger to launch several crypto-related products, including stablecoins.

At present, Bitstamp has issued multiple stablecoins tied to the USD, GBP, EUR, AUD, JPY, and CHF on XRPL.

Bitstamp and Ripple Relationship
Furthermore, Bitstamp also has a close relationship with Ripple, which began about seven years ago. Last year, Ripple bolstered this relationship by acquiring a minority stake in the company after acquiring shares previously owned by Pantera Capital.

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41 institutions join BIS tokenized cross border payment Project Agorá

Today the Institute of International Finance (IIF) released the names of 41 firms selected to participate in the public – private tests of Project Agorá. It’s an ambitious project initiated by the BIS to modernize correspondent banking using a unified ledger, tokenized deposits and wholesale CBDC from seven central banks.

One of the key impediments to smooth cross border payments is compliance. With Project Agorá, the aim is to perform screening at the start of the payment process and to share it across the banks, helping to reduce one of the major delays in cross border payments – every bank doing the same checks independently, sometimes with different results.

A key benefit of tokenization is there is no separation of the message and money movement, so the money either moves or it does not. This should avoid one of the great frustrations of end users – money in limbo.

In late May the BIS wrote a brief paper outlining its vision for modernizing correspondent banking. It highlighted how compliance expenses have resulted in bank withdrawals from some of the cross border payment corridors where they are most needed. Today the BIS added an FAQ about Project Agorá.

On the one hand, the FAQ says Project Agorá is more than a proof of concept and it hopes to deliver a prototype where the lessons learned could create the foundations for a future financial market infrastructure. On the other hand, today’s announcement emphasized that BIS Innovation Hub projects are experimental in nature.

Project Agorá participants
Thirty five of the selected institutions are banks representing the seven jurisdictions. The others are Visa, Mastercard and financial market infrastructures Swift, Eurex Clearing, Euroclear and the SIX Digital Exchange (SDX). The full list is at the bottom.

The IFF is the coordinator for the private sector, with EY providing project management office help, and White & Case responsible for contracts.

With the participants selected, the design phase will now commence. The initiative is expected to run through to the end of 2025 when a report will be released.

The seven central banks are from France (for Europe), Mexico, New York (NYIC), Switzerland, England, Japan, South Korea.

The participants are:

Amina Bank, Banco Santander, Banorte, Banque Cantonale Vaudoise, Basler Kantonalbank, BBVA, BNP Paribas, BNY, CaixaBank, Citi, Crédit Agricole CIB, Deutsche Bank AG, Eurex Clearing AG, Euroclear S.A./N.V., FNBO, Groupe BPCE, Hana Bank, HSBC, IBK, Intercam Banco, JPMorgan Chase Bank N.A., KB Kookmin Bank, Lloyds Banking Group, Mastercard, Mizuho Bank, Monex, MUFG Bank Ltd., NatWest Group, NongHyup Bank, PostFinance, SBI Shinsei Bank, Shinhan Bank, SIX Digital Exchange (SDX), Standard Chartered, Sumitomo Mitsui Banking Corporation, Swift, Sygnum Bank, TD Bank N.A., UBS, Visa, Woori Bank.

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BARCLAYS EXPLORES DIGITAL POUND DESIGN OPTIONS

Last year Barclays published a report on the “functional equivalence” of central bank digital currency (CBDC). In other words, the need for a CBDC and commercial bank money to have similar functionality. While that may seem obvious, there’s a fair bit of work to be done for a CBDC to deliver that, including issues such as using ATMs to top up CBDC wallets.

Programmability was an important topic in that paper. Now Barclays has published a much more detailed paper stepping through typical uses cases such as a parent topping up a digital pound wallet for a child. It concludes that ideally a financial market infrastructure should be responsible for the features.

For each function, there are multiple potential ways to implement it. For example, it starts with payee confirmation, to verify the target of the payment is really your child’s CBDC wallet. With faster payments in the UK, there have been a lot of cases where people sent money to the wrong person. Hence, nowadays when people initiate a faster payment, the bank checks to ensure the recipient account is the person you intend to send to. This sort of functionality will also apply to a digital pound wallet.

It’s not just about the options of how each feature might work, but who will be responsible for the functionality, and where it sits. For example, it could be implemented by a technical service provider, the wallet operators (payment interface providers or PIPs), a financial market infrastructure, or some other organization. It could potentially be part of the CBDC system or elsewhere.

Key findings
The Bank of England’s digital pound consultation says that access to digital pound holdings may be restricted for financial firms. Several of the functional options explored would need wallet providers, commercial banks and FMIs to hold digital pounds, in some cases temporarily on behalf of clients.

This is particularly for interoperability between commercial bank money and the CBDC. Because of this restriction, none of the interoperability options were deemed entirely suitable.

In terms of who should be responsible for various features, the paper concludes that a financial market infrastructure is the answer. The Barclays team came to a similar conclusion regarding programmability in the previous paper.

Lee Braine from the chief technology office at Barclays, said that they “evaluated various design options and concluded a financial market infrastructure could help simplify the experience of ecosystem participants and facilitate the creation of innovative services.” Dr Braine is also a member of the Bank of England’s CBDC Technology Forum.

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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.

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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

~~~~~~~~~

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

~~~~~~~~~

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

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

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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

  ~~~~~~~~~

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

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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  

~~~~~~~~~

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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Source: Seeds of Wisdom Team Currency Facts 

~~~~~~~~

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

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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

~~~~~~~~~

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

~~~~~~~~~

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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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 9-14-24

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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.

@ Newshounds News™

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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Source: Seeds of Wisdom Team Currency Facts

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