Seeds of Wisdom RV and Economic Updates Tuesday Evening 11-5-24

Good Evening Dinar Recaps,

COINBASE DERIVATIVES TO LAUNCH SILVER AND STELLAR FUTURES

Coinbase Derivatives is expanding its portfolio of CFTC-regulated products with the introduction of futures contracts for silver (SLR) and stellar (XLM) in retail sizes on November 11.

More Options for Retail Traders With Silver (SLR) and Stellar (XLM) Futures

The latest addition to Coinbase Derivatives which already includes bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), DOGE, SHIB, AVAX, DOT, LINK, Gold, and Oil will expand the company’s offering for retail traders.

Coinbase’s primary goal in launching new futures contracts is to create diversified markets that support risk management and price discovery. 

This informed the offering of the contracts in retail sizes, 50 troy ounces of silver and 5,000 stellar, removing obstacles for traders of all skill levels and enabling more participation in the futures markets.

In the blog post, Coinbase shared that adding traditional commodities such as silver along with a top cryptocurrency in stellar will create a more holistic trading environment.

Along with gold, silver has long been seen as a strategic asset that can provide some protection from market volatility and inflation. Stellar is well-known for providing quick and affordable cross-border payment solutions, adding a unique element to Coinbase’s offerings in digital asset derivatives.

CFTC-regulated derivatives are financial contracts whose value is derived from an underlying asset. These contracts are overseen by the Commodity Futures Trading Commission (CFTC) to ensure market integrity, investor protection, and systemic risk mitigation.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

EUROCLEAR, HSBC JOIN SINGAPORE’S GL1 PUBLIC PERMISSIONED BLOCKCHAIN INITIATIVE

Five banks have been working with the Monetary Authority of Singapore (MAS) to flesh out its vision of the Global Layer One (GL1) blockchain, a public permissioned blockchain network that could form the foundation of numerous applications. 

The five institutions are BNY, Citi, J.P. Morgan, MUFG and Societe Generale-FORGE. They will now be joined by HSBC and Euroclear. Some of the project’s scope has also been expanded.

There’s some crossover between the GL1 concept and the BIS’s unified ledger. Both aim to create a single infrastructure that will support multiple applications and asset classes. GL1 aims to enable trading, settlement, payments, collateral, corporate actions and more on a shared network.

When the group published the report on the first phase of work in June, we noted a willingness to embrace disruption by eliminating the need for key roles performed by central securities depositories (CSD). However, now a CSD (Euroclear) is one of the architects.

A major contribution that Euroclear brings is the digital asset securities control framework it developed with the DTCC and Clearstream.

That framework outlines six high level principles below and them maps each to risks and the specific controls to address those risks.

The six principles are:

▪️Legal certainty
▪️Regulatory compliance
▪️Resilience and security
▪️Safeguarding customer assets
▪️Connectivity and interoperability
▪️Operational scalability

Hence, MAS has created a new financial market infrastructure (FMI) working group to focus on these control principles, which will involve other FMIs.

Expanded GL1 scope
These principles will be applied to settlement arrangements for cross border transactions on FMIs and collateral management, amongst other applications.

Perhaps the most challenging new task is to develop a business model that doesn’t just work for banks but other ecosystem players as well.

The group will also develop specifications for tokenized asset lifecycles and programmable compliance.

We’d observe that as the group gets larger, it might require compromises as different participants may have worked on separate standards, which may not always be compatible. Developing common ground is a key path to interoperability.

Meanwhile, yesterday MAS outlined its vision for transitioning tokenization from experimentation to commercialization. GL1 is one of four pillars in that process.

@ Newshounds News™

Source: Ledger Insights

~~~~~~~~~

🌱GAME CHANGER - LITHIUM  |  Youtube

Gipper's News Reader

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Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Silver Exchanges Would CLOSE If This Happened | Bill Holter

Silver Exchanges Would CLOSE If This Happened | Bill Holter

Liberty and Finance:  11-5-2024

Former Wall Street branch manager and precious metals expert Bill Holter discusses the unsustainable trajectory of U.S. debt and its potential consequences for the economy.

He emphasizes the importance of securing wealth in physical gold and silver, highlighting the risks of holding assets in the traditional financial system.

Holter also touches on the real estate market, warning of a potential collapse in property values as credit tightens. Reflecting on past economic crises and current geopolitical trends, he suggests that countries like Russia and China are positioning themselves for a future where metals like silver and gold become central to global finance.

Holter predicts that as the demand for precious metals rises, particularly from sovereign nations, the price of gold and silver will surge, driven by both supply constraints and the impending financial instability.

INTERVIEW TIMELINE:

0:00 Intro

1:55 Debt bubble

4:35 Real estate

8:53 Civil unrest

14:19 Silver: 2011 vs now

23:30 Gold & silver storage

25:10 Privacy in gold & silver

28:20 Junk silver

https://www.youtube.com/watch?v=wjT3M_h5zBY

Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 11-5-24

Good Afternoon Dinar Recaps,

BLOCKCHAIN AFRICA CONFERENCE 2024: SET TO SHOWCASE LATEST DEVELOPMENTS IN AFRICAN BLOCKCHAIN AND CRYPTO INNOVATION

South Africa – Blockchain Africa Conference 2024 is set to unite blockchain developers, influencers, investors, entrepreneurs, and business leaders worldwide at the CSIR International Convention Centre in Pretoria (Tshwane) on 20 November 2024.

This premier event, marking the 10th edition and organized by Bitcoin Events, will foster collaboration and provide participants with insights into Africa’s dynamic and rapidly evolving blockchain and cryptocurrency ecosystem.

The conference offers a platform for networking, knowledge sharing, and collaboration, bringing together local and international experts to discuss the most significant trends in cryptocurrencies and blockchain technology.

Key Highlights of Blockchain Africa Conference 2024:

Engaging Keynote Speakers:

Charles Hoskinson (Virtual Keynote Speaker) – Founder of Cardano and IOHK. In his session titled “Empowering Africa’s Digital Future,” Hoskinson will share Cardano’s initiatives in Africa, focusing on their traction over the last six years in South Africa, Ethiopia, Kenya and Tanzania, amongst others.

Cardano has been instrumental in driving blockchain adoption in these regions through partnerships and projects aimed at improving digital identity, financial inclusion, and education systems.

Notably, in Ethiopia, Cardano collaborated with the Ministry of Education to implement a blockchain-based system to track the educational progress of 5 million students.

In South Africa, Cardano continues to engage with local developers and stakeholders to support blockchain education and develop sustainable solutions for economic growth. Hoskinson will outline these efforts and discuss future plans for expanding blockchain’s positive impact across the continent.

Ernest Mbenkum – Founder and CEO of Interstellar Inc. His keynote, “Pan-African Payment and Settlement System (PAPSS) and the Africa Currency Marketplace,” will delve into how PAPSS is transforming cross-border trade in Africa.

By facilitating transactions across 42 African currencies without relying on intermediary currencies like the U.S. dollar, PAPSS significantly reduces transaction costs, potentially saving up to $5 billion annually.

Developed in partnership with the African Union, the system already includes 115 commercial banks and 15 central banks, enhancing economic integration and streamlining payments across the continent.

Stafford Masie, Ex-CEO of Google Africa and current board member at Discovery Bank, will present on “The Power of Bitcoin: Exploring the Ingenious Mechanism of Proof of Work”. His keynote will highlight how Bitcoin mining in Africa offers unique opportunities for both individuals and organizations.

Panel Sessions Featuring Industry Giants:

The Role of Crypto Exchanges in Africa and Beyond: Featuring Chris Maurice (CEO and Co-Founder of Yellow Card), Badi Sudhakaran (Co-Founder and Chief Product Officer of VALR), and Marius Reitz (General Manager for Africa at Luno).

This session will delve into the role of crypto exchanges, the adoption of stablecoins, and how they are transforming cross-border payments and remittances in Africa.

Digital Assets: Navigating the Regulatory Landscape in South Africa: This panel will include a representative from one of South Africa’s regulatory bodies, Anne Njoroge (Chief Legal Officer at BankservAfrica) and Michail Le Roux (Senior Legal Counsel at Hanekom Attorneys Inc.) who will discuss recent developments like the issuance of CASP licenses and regulatory clarity for stablecoins in South Africa.

Fireside Chat: “OGs Unplugged – Insights from Crypto and Blockchain Trailblazers, 10 Years Later”: In celebration of the 10th edition of the Blockchain Africa Conference, this special fireside chat, will feature early pioneers like Elizabeth Rossiello, CEO of AZA Finance, and Ernest Mbenkum, Founder of Interstellar Inc. and the Bantu Blockchain Foundation.

 Both Elizabeth and Ernest have been instrumental in the development of Africa’s blockchain landscape, with Elizabeth having spoken at the inaugural conference back in 2015.

This session will not only reflect on their decade-long journeys but also explore how the industry has transformed over the years. Attendees can expect an engaging discussion on the evolution of blockchain technology in Africa, the impact of regulatory changes, and insights into future opportunities as we commemorate a decade of innovation and growth in the African crypto and blockchain space.

Stablecoins in Africa: Understanding Their Adoption and Impact: Panelists will explore the adoption and use of stablecoins across Africa, emphasizing their role in mitigating currency volatility and offering solutions for cross-border trade.

With nearly 70% of African countries facing foreign exchange shortages, stablecoins have emerged as a powerful tool for businesses and institutions to manage liquidity and stabilize their operations.

Connecting Cape Town’s Vibrant Web3 Community
Following the main event in Pretoria, the conference will move to Cape Town for a dedicated networking event with the local Web3 community.

 This exclusive gathering will allow international delegates to connect with Cape Town’s dynamic blockchain innovators, further expanding their networks and deepening their understanding of Africa’s thriving blockchain ecosystem.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

CHAINLINK POWERS PILOT WITH SBI AND UBS FOR TOKENIZED FUND OPERATIONS ACROSS CHAINS

▪️An SBI and UBS pilot program that uses Chainlink’s Cross-Chain Interoperability Protocol (CCIP) has been completed.

▪️Chainlink recently announced its CCIP Private Transactions to promote the privacy of data among financial institutions.

Chainlink (LINK) has announced that SBI Digital Markets & UBS Asset Management have successfully completed a pilot program using Chainlink’s industry-standard Cross-Chain Interoperability Protocol (CCIP). According to an attached release, the CCIP was used to create a digital transfer agent smart contract to facilitate cross-chain communication with the tokenized fund contract.

Using the Chainlink platform and the feasibility of smart contracts, the pilot demonstrated the feasibility of streamlining fund operations across different blockchains and financial systems to force a shift in operational efficiency and transparency for the mutual fund industry worth around $63 trillion.

We’re excited to announce that SBI Digital Markets & UBS Asset Management successfully completed a pilot using Chainlink CCIP to streamline tokenized fund operations across different chains & financial systems.

More About the Pilot Program
According to our research, the Project Guardian pilots led by the Monetary Authority of Singapore and participated by the SBI Digital Markets (SBIDM) are focused on driving commercial adoption.

Meanwhile, SBIDM is also creating an end-to-end primary and secondary market distribution of tokenized securities. This is done through the connection of regulated digital asset exchanges across different regions in addition to collaboration with leaders in blockchain technology.

According to the Chief Executive Officer of SBI Digital Markets, Winston Quek, the team has adopted an “open and interoperable architecture in both operational structuring and tech engineering” to enable institutional investors to join the quest to unlock efficiencies via blockchain technology.

This year, SBI Digital Markets has focused its efforts on building regulated frameworks to facilitate the end-to-end flow of tokenized securities. From origination, tokenization, distribution, digital custody, listing on digital asset exchanges and building secondary trading – we have put in place workflows for efficient cross-border distribution networks whilst allowing for dual issuances in traditional and tokenized formats.

Delving deeper into the report, we uncovered that SBIDM has built on the success of its 2023 Project Guardian technical pilot with UBS Asset Management to achieve further operational efficiencies with smart contracts which are based on “automation of fund subscription and redemption workflows.”

Chainlink’s CCIP Private Transaction
Chainlink recently announced the launch of its CCIP Private Transactions to enable financial institutions to maintain data confidentiality. According to our report, Australia and New Zealand Banking Group (ANZ) was among the first to pilot its capabilities under the “Monetary Authority of Singapore (MAS) Project Guardian initiative.”

These new privacy capabilities allow institutional users to define privacy conditions in a manner that would privatize on-chain data from third parties.

Commenting on this, Chainlink co-founder Sergey Nazarov explained that the blockchain industry has not provided sufficient privacy for financial institutions to integrate them successfully as far as institutional transactions are concerned.

Now that private transactions across chains are possible, we expect an even greater influx of institutional adoption of blockchains, CCIP, and the Chainlink standard in general.

We are excited to continue our collaboration with ANZ and explore how to make large transactions across multiple chains in a way that helps meet their compliance and legal requirements, enabling their entry into the market and the growth of the entire blockchain industry through their exciting participation.

@ Newshounds News™

Source:   Crypto News Flash 

Read more:  MAS Project Guardian

~~~~~~~~~

🌱 TREASURY - CBDCS OVER STABLECOINS | Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 11-5-24

Good Morning Dinar Recaps,

COINBASE’S L2 BASE WELCOMES FRANKLIN TEMPLETON’S TOKENIZED FUND

Coinbase’s Ethereum scaling solution has onboarded its first large wealth manager, Franklin Templeton, the $1.5 trillion Wall Street firm.

Franklin Templeton announced that users can trade shares of its OnChain U.S. Government Money Market Fund, FOBXX, on the layer-2 network Base.

FOBXX, with $410 million in assets, has already launched on five other blockchains, including Arbitrum, Polygon, Avalanche, Aptos, and Stellar, making Base the sixth blockchain to support Franklin Templeton’s tokenized Treasury fund.

The announcement represents another crossover between traditional and decentralized finance markets. Fellow asset manager BlackRock recently launched its USD Institutional Digital Liquidity Fund, also known as BUIDL, on Ethereum’s mainnet partnered with ETH-native protocols like Ethena Labs.

While BlackRock launched on a layer-1 network and maintains the largest on-chain money market, Franklin Templeton has focused on layer-2 networks for its FOBXX fund.

L2’s run off layer-1 blockchains but provide cheaper and quicker transactions. As such, they offer optimized environments for on-chain money markets and tokenized treasuries.

Franklin Templeton’s FOBXX was the first money market fund to employ decentralized technology for trading, and the firm picked L2 Arbitrum as its first home.

Launching on Coinbase’s layer-2 may further boost Base’s growth. Since going live in 2022, the network has attracted over $2.6 billion in user deposits and was the fifth-largest decentralized finance blockchain at the time of writing, according to DeFiLlama.

Base, launched by the largest U.S.-based crypto exchange, also ranks as Ethereum’s top scaling solution based on active addresses, total value locked, and 24-hour volume.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

HKEX TO USE SMART CONTRACTS, DLT TO AUTOMATE ETP ISSUANCE, REDEMPTION

Today the Hong Kong Exchanges and Clearing (HKEX) announced plans to automate the creation and redemption of some exchange traded products (ETPs) in 2025. The new web based platform will use distributed ledger technology and smart contracts and is subject to regulatory approval.

The aim is to boost efficiency and encourage more secondary market activity.

“Speed and efficiency are critical in an increasingly dynamic market environment,” said Jean-Francois Mesnard-Sense. “HKEX is pleased to introduce this new digital enhancement.

It will not only streamline operations for our market participants, but also drive more liquidity in the product ecosystem, supporting the vibrancy of our ETP marketplace and strengthening Hong Kong’s role as an international financial centre.”

While HKEX did not use the term real time, in theory an automated platform could support this. Given stock exchanges are not retail facing, it’s usually market makers that would trigger the creation and redemption process.

HKEX didn’t disclose the technology used, and hasn’t responded to our query by publication time. However, HKEX’s previous DLT activity for its HKEX Synapse settlement platform launched in 2023 uses Digital Asset’s DAML and Canton.

ETPs in Hong Kong are growing at a rate of 29 percent a year since 2020. Average daily turnover this year has been HK$17.9 billion (US$2.3 billion).

In Europe Deutsche Börse, which also uses DAML technology, developed its D7 issuance platform. It also automates workflow and has proven popular for structured products with tens of thousands of issuances per month.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION  |  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Evening 11-4-24

Good Evening Dinar Recaps,

SINGAPORE ADVANCES ASSET TOKENIZATION WITH NEW MAS FRAMEWORKS

The Monetary Authority of Singapore is pulling together the projects and participants needed for the next step in its asset tokenization trials.

The Monetary Authority of Singapore (MAS) has announced a multipronged effort to advance the commercialization of asset tokenization. To achieve its goals, the MAS has drawn from various projects and produced new frameworks to provide guidance.

Scaling up successful tokenization tests
Speaking at the first MAS Layer One Summit, deputy managing director Leong Sing Chiong reviewed the successes of the large financial institutions participating in Project Guardian in demonstrating the potential for tokenization in foreign exchange and funds. More than 40 institutions have carried out more than 15 trials across seven jurisdictions using six currencies.

The central banker also identified the limitations of those trials:

“No one has really succeeded in achieving scale.  Many promising use cases have not yet gained industry wide traction.  Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks.”

To deploy tokenized assets at scale, liquidity, infrastructure, standardized frameworks and common settlement assets are needed, he said. The MAS is addressing each of those issues.

A masterplan for commercialization
Launched in 2022, Project Guardian already facilitates deepening liquidity through capital raising, secondary trading and asset servicing and settlement, the MAS said in a statement.

To address infrastructure needs, the MAS’s Global Layer One, launched in 2023 and developed by BNY, Citi, JPMorgan, MUFG and Societe Generale-FORGE, will expand its scope in the coming year. Euroclear and HSBC will join the initiative as it develops principles for use and its ecosystem.

The Project Guardian industry group created two frameworks for the implementation of tokenization that were also published on Nov. 4. 

The Guardian Fixed Income Framework integrates international organizations’ standards and principles into a guide to implementing tokenization in debt capital markets.

The Guardian Funds Framework recommends best practices for fund tokenization. This includes the Guardian Composable Token Taxonomy.

Finally, the SGD Testnet will be made available to facilitate access to mutually agreeable tokenized money for payments and securities settlements. Participants in Project Guardian and Project Orchid will participate using Singapore dollar wholesale central bank digital currency (CBDC).

Project Orchid developed use cases for retail CBDC and introduced the concept of purpose-bound money — a form of programmability — which will be implemented on the testnet.

Commercialization is the logical next step when a project achieves its goals. mBridge announced its launch as a minimum viable product in October 2023.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION

The idea of a decentralized autonomous organization (DAO) is kind of incredible, when you really think about it.

What is a DAO?

A DAO is like a private company that is perfectly okay with hundreds of token (equity) holders debating publicly on an open forum about product and organizational strategy.

A private company where the core security underlying the company’s product (smart contracts) are fully viewable, where all the data you need to write a scathing data analysis on a company you don’t like is readily available.

In the non-Web3 world, markets would kill to have any clue as to what their competitors are thinking of launching, let alone detailed forum discussions of how that conversation is taking shape.

Having all that information out in the open would invite endless media and regulatory scrutiny, taking precious time away from actually building to fend off annoying lines of inquiry.

These are handicaps that no startup wants. And yet in Web3, $21.4 billion of value rests on these norms. In Web3, it’s par for the course.

Of course, most DAOs are actually only partially decentralized.

When Uniswap announced its plans around Unichain last month, Stanford Blockchain Club’s head of governance Billy Gao said the announcement left most DAO delegates “in the dark,” and excluded them via their lack of “a voice at any stage of the process — whether through forums, private discussions or any other means.”

It’s not just Uniswap either. Optimism DAO’s governance contracts are not controlled by its tokenholders, so voting with OP largely serves as an informal signal to the Optimism Foundation (for now).

And it’s widely known that most DAO treasuries or smart contracts are still controlled by a few trusted stakeholders via a multisig wallet.

So when we tout DAOs as decentralized autonomous organizations, in truth, there are many shades of gray within that spectrum of decentralization. The devil’s in the details.

When I asked Tally founder and CEO Dennison Bertram about it, he begrudgingly agreed that DAOs have a ways to go regarding decentralization, but also that partial transparency is still better than complete opaqueness, which would be “much more dangerous.”

Bertram pointed to how Twitter/X under Elon Musk could unilaterally turn off its API, or how Facebook choked off the wildly popular FarmVille game by Zynga from its platform.

Yet, despite the many shortcomings around DAOs, the real silver lining — I think — is the industry’s overarching commitment to the values of decentralization, which to me seems wildly underrated.

DAOs can hand-wave and virtue signal about decentralizing all they like, but the fact that they operate in an industry where “decentralization” is still held up as a beloved virtue is what allows the crypto industry to call out and question the centralization vectors that DAOs are still riddled with.

That informal institution has slowly been eroded and will only continue to do so as crypto continues to go “mainstream.” Cherish it while it still lasts.

@ Newshounds News™

Source: Blockworks 

~~~~~~~~~

🌱 KEY CHANGES FOR TAXPAYERS IN 2025  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Q & A Classroom Link  

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Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Monday Afternoon 11-4-24

Good Afternoon Dinar Recaps,

THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION
The idea of a decentralized autonomous organization (DAO) is kind of incredible, when you really think about it.
What is a DAO?
A DAO is like a private company that is perfectly okay with hundreds of token (equity) holders debating publicly on an open forum about product and organizational strategy.

A private company where the core security underlying the company’s product (smart contracts) are fully viewable, where all the data you need to write a scathing data analysis on a company you don’t like is readily available.

In the non-Web3 world, markets would kill to have any clue as to what their competitors are thinking of launching, let alone detailed forum discussions of how that conversation is taking shape.

Having all that information out in the open would invite endless media and regulatory scrutiny, taking precious time away from actually building to fend off annoying lines of inquiry.

These are handicaps that no startup wants. And yet in Web3, $21.4 billion of value rests on these norms. In Web3, it’s par for the course.

Of course, most DAOs are actually only partially decentralized.

When Uniswap announced its plans around Unichain last month, Stanford Blockchain Club’s head of governance Billy Gao said the announcement left most DAO delegates “in the dark,” and excluded them via their lack of “a voice at any stage of the process — whether through forums, private discussions or any other means.”

It’s not just Uniswap either. Optimism DAO’s governance contracts are not controlled by its tokenholders, so voting with OP largely serves as an informal signal to the Optimism Foundation (for now).

And it’s widely known that most DAO treasuries or smart contracts are still controlled by a few trusted stakeholders via a multisig wallet.

So when we tout DAOs as decentralized autonomous organizations, in truth, there are many shades of gray within that spectrum of decentralization. The devil’s in the details.

When I asked Tally founder and CEO Dennison Bertram about it, he begrudgingly agreed that DAOs have a ways to go regarding decentralization, but also that partial transparency is still better than complete opaqueness, which would be “much more dangerous.”

Bertram pointed to how Twitter/X under Elon Musk could unilaterally turn off its API, or how Facebook choked off the wildly popular FarmVille game by Zynga from its platform.

Yet, despite the many shortcomings around DAOs, the real silver lining — I think — is the industry’s overarching commitment to the values of decentralization, which to me seems wildly underrated.

DAOs can hand-wave and virtue signal about decentralizing all they like, but the fact that they operate in an industry where “decentralization” is still held up as a beloved virtue is what allows the crypto industry to call out and question the centralization vectors that DAOs are still riddled with.

That informal institution has slowly been eroded and will only continue to do so as crypto continues to go “mainstream.” Cherish it while it still lasts.

@ Newshounds News™

Source:  Blockworks

~~~~~~~~~

SINGAPORE ADVANCES ASSET TOKENIZATION WITH NEW MAS FRAMEWORKS

The Monetary Authority of Singapore is pulling together the projects and participants needed for the next step in its asset tokenization trials.

The Monetary Authority of Singapore (MAS) has announced a multipronged effort to advance the commercialization of asset tokenization. To achieve its goals, the MAS has drawn from various projects and produced new frameworks to provide guidance.

Scaling up successful tokenization tests
Speaking at the first MAS Layer One Summit, deputy managing director Leong Sing Chiong reviewed the successes of the large financial institutions participating in Project Guardian in demonstrating the potential for tokenization in foreign exchange and funds. More than 40 institutions have carried out more than 15 trials across seven jurisdictions using six currencies.

The central banker also identified the limitations of those trials:

“No one has really succeeded in achieving scale.  Many promising use cases have not yet gained industry wide traction.  Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks.”

To deploy tokenized assets at scale, liquidity, infrastructure, standardized frameworks and common settlement assets are needed, he said. The MAS is addressing each of those issues.

A masterplan for commercialization
Launched in 2022, Project Guardian already facilitates deepening liquidity through capital raising, secondary trading and asset servicing and settlement, the MAS said in a statement.

To address infrastructure needs, the MAS’s Global Layer One, launched in 2023 and developed by BNY, Citi, JPMorgan, MUFG and Societe Generale-FORGE, will expand its scope in the coming year. Euroclear and HSBC will join the initiative as it develops principles for use and its ecosystem.

The Project Guardian industry group created two frameworks for the implementation of tokenization that were also published on Nov. 4. The Guardian Fixed Income Framework integrates international organizations’ standards and principles into a guide to implementing tokenization in debt capital markets.

The Guardian Funds Framework recommends best practices for fund tokenization. This includes the Guardian Composable Token Taxonomy.

Finally, the SGD Testnet will be made available to facilitate access to mutually agreeable tokenized money for payments and securities settlements. Participants in Project Guardian and Project Orchid will participate using Singapore dollar wholesale central bank digital currency (CBDC).

Project Orchid developed use cases for retail CBDC and introduced the concept of purpose-bound money — a form of programmability — which will be implemented on the testnet.

Commercialization is the logical next step when a project achieves its goals. mBridge announced its launch as a minimum viable product in October 2023.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🌱 10 CRUCIAL QUESTIONS TO ASK WHEN VETTING A BANK FOR WEALTH MANAGEMENT  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Seeds of Wisdom RV and Economic Updates Monday Morning 11-4-24

Good  Morning  Dinar Recaps,

PAKISTAN MOVES TO LEGALIZE CRYPTO AS GOVERNMENT SIGNALS SHIFT IN FINANCIAL POLICY

Pakistan moves to legalize crypto as the government proposes amendments to the SBP Act, signaling a shift in its financial policy.

According to a report by The Express Tribune, the amendments would allow the SBP to issue digital currency and manage the country’s money in both physical and digital forms.

The amendments also include the proposal to grant the SBP power to conduct “central bank digital currency” business, adding that CBDCs could operate as a legal tender. Moreover, the SBP plans to establish a subsidiary to develop and operate digital payment systems, the report reads.

Historically, Pakistan’s central bank has categorized cryptocurrencies like Bitcoin (BTC) as illegal tender, issuing warnings about the associated risks. The central bank specifically highlighted the lack of legal protections for financial losses resulting from the high volatility of cryptocurrencies.

The proposed amendments introduce penalties for the unauthorized issuance of digital currencies, imposing fines equal to twice the value of any illegal currency created, per the report.

While no specific timeline has been announced for federal cabinet approval of the amendments, these changes could shift the narrative toward regulatory oversight and the integration of digital currencies into Pakistan’s financial framework. The amendments would also expand the SBP board’s authority, enabling it to approve a wider range of financial reports and enhance governance processes.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

KRAKEN LAUNCHES LICENSED CRYPTO DERIVATIVES IN AUSTRALIA

Kraken expands into Australia’s crypto derivatives market with a regulated broker service for wholesale investors.

Kraken, a centralized cryptocurrency exchange, introduced a licensed brokerage service in Australia targeting wholesale clients and designed to meet the needs of institutional and large-scale investors.

The new service offers Australian clients crypto-based derivatives trading, a financial product tied to cryptocurrency prices without requiring direct ownership of digital assets.

Eligible clients have been able to trade crypto-based derivatives via Kraken’s platform since Nov. 3. Interested clients can apply or check their eligibility for the service through the Kraken Pro app.

The launch of Kraken’s new Australian-targeted broker service demonstrates the exchange’s move toward regulatory compliance, preparing it to handle potential institutional liquidity inflows.

New service offering details
Kraken’s new product, available through its Australian financial services-licensed broker, allows clients to access multiple crypto options with multi-collateral support.

The suite of derivatives includes features like collateral flexibility, supporting fiat, stablecoins and other cryptocurrencies, while offering risk management tools and trading strategies designed to enhance asset security.

Despite the new service’s potential advantages, Kraken warned investors of the high risks associated with some crypto derivatives in which losses can “substantially” exceed initial investments.

Kraken commitment to compliance
The exchange’s expansion into the Australian wholesale derivatives market is the latest step in aligning with local regulatory requirements.

In the launch announcement, Jonathan Miller, Kraken’s general manager for Australia, said that Australian wholesale clients are seeking an option “to execute advanced trading strategies using a licensed broker.”

Miller added that the country has been a “cornerstone” of the exchange’s global operation and expressed Kraken’s commitment to regulatory compliance while unlocking “institutional demand for crypto assets.”

Kraken to launch Ink blockchain in 2025
Kraken’s plans to launch its own blockchain in early 2025, dubbed “Ink,” were revealed in a Bloomberg report in Oct 24..
The report said that the new blockchain aims to allow users to trade, borrow and lend tokens without intermediaries while simplifying the decentralized finance (DeFi) process.

Ink signals Kraken’s step away from its current position in crypto and toward Web3 and decentralization principles as it bids to make DeFi more accessible and cost-effective for users.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 11-3-24

Good Afternoon Dinar Recaps,

XRP LEDGER MAKES MAJOR LEAP FOR INSTITUTIONAL-GRADE DEFI AS THIS FEATURE LAUNCHES

According to an exciting announcement by the RippleX official X account, the XRPL oracle pricing amendment is now live. This amendment adds a "Price Oracle" feature to XRP Ledger, as defined in the XLS-47 specification. The XRPL price oracle is intended to store pricing information about asset pairs that exist outside of XRP Ledger, allowing smart contracts that rely on XRP Ledger to use this information.

A blockchain oracle is a system in which a service feeds information to the blockchain about the outside world, which may subsequently be accessed by decentralized apps (dApps) that run primarily on or with the blockchain.

Oracles provide a secure and efficient means of bringing real-world data onto a given blockchain system for smart contract use. This is particularly critical for institutional DeFi, which is central to XRPL.

XRPL’s Oracle is protocol-native, which means that it is built into the network itself and not a Layer 2, similar to XRPL’s AMM.

External oracles such as Band Protocol and DIA, which are currently integrated into XRPL, will also be able to connect and provide price feed data.

With the new XRPL price oracle and integrations with Band Protocol and DIA, XRPL's native oracles will be able to offer real-time data for key DeFi features like the AMM and lending protocols.

This represents a significant step forward for institutional-grade DeFi. The XRPL DID amendment went live last week, marking yet another significant milestone for XRP Ledger. DID is a unique, user-owned identifier that is not controlled by any central authority.

Use cases for XRP price oracle
Many upcoming XRPL protocols will require oracles, such as the XRPL Lending Protocol for lending rates and liquidation management, as well as the XRPL AMM and DEX for determining asset prices across all Web2 and Web3 marketplaces. The XRPL EVM Sidechain will also need it to support EVM smart contracts and quick data syncs between the mainnet and sidechain.

Tokenized assets would also require an XRP price oracle. In February, Ripple and Zoniqx announced a partnership that will bring Zoniqx's asset tokenization infrastructure to XRP Ledger. This would require that the prices of real-world assets be streamed on-chain in real time.

@ Newshounds News™

Source:  U Today

~~~~~~~~~

CARDANO COMMUNITY DIVIDED ON CHARLES HOSKINSON’S ROLE AS BLOCKCHAIN EMBRACES DECENTRALIZATION

▪️Cardano has launched Node 10.11, a significant update that supports the Chang 2 hard fork.

▪️This upgrade empowers ADA holders and encourages active participation in Cardano's governance.

▪️Meanwhile, the Cardano community is divided on the role of the blockchain network's founder, Hoskinson.

Cardano has introduced Node 10.11, marking a major leap in the network’s journey toward decentralized governance.

On November 1, Intersect MBO, a Cardano-led member organization, launched Node 10.11 as the first mainnet release to support the Chang #2 inter-era hard fork. This upgrade transitions the network from its initial technical bootstrapping phase into a fully on-chain governance model.

Cardano’s Governance Evolution Continues with Chang #2
Node 10.11 includes features designed to empower governance within the Cardano ecosystem. 

Stake Pool Operators (SPOs) can now delegate their votes to preset options, and Delegated Representatives (DReps) gain an auto-abstain feature.

The update also enhances Cardano’s ledger, command-line interface (CLI), API, and networking code, creating a more robust foundation for governance and user interaction.

Intersect highlights the Chang 2 upgrade as the completion of Cardano’s move to fully on-chain governance, an evolution from the initial bootstrap model introduced in the first Chang upgrade.

This shift allows ADA holders—who since the Chang 1 update on September 1, have been able to delegate governance responsibilities to DReps or represent themselves—to play a more active role in the network’s decision-making processes.

Under the new Chang 2 framework, ADA holders must delegate to a DRep to withdraw staking rewards, although rewards will continue to accrue regardless of delegation status. Withdrawals will be possible only after delegating to a DRep or selecting the auto-abstain or no-confidence options. 

This would encourage active participation in Cardano’s governance structure as it moves closer to its decentralized vision.

“Following a successful Chang #2 hard fork, decisions on the Cardano blockchain will be shaped and voted on via fully decentralized governance, as detailed in CIP-1694,” Intersect stated.

Meanwhile, as Cardano enters this new phase, its founder, Charles Hoskinson, has engaged the community in a unique way. Following some recent public criticism, Hoskinson launched a poll on X (formerly Twitter) asking, “Is Charles Hoskinson a cancer for Cardano?”

As of now, the vote is nearly split, with the “no” responses holding a narrow majority at 51% to 49%. However, the poll has sparked diverse reactions across the community. Some prominent ADA supporters have defended Hoskinson and suggested the poll results might be influenced by bots or external factors.

Indeed, with six days remaining, the poll reflects the community’s mixed perspectives on Hoskinson’s role and influence within Cardano.

@ Newshounds News™

Source:  Be In Crypto

~~~~~~~~~

🌱 LAYERS OF THE GLOBAL CURRENCY RESET & REVALUATION: WHAT YOU NEED TO KNOW!  |  YOUTUBE

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Seeds of Wisdom RV and Economic Updates Sunday Morning 11-3-24

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COINBASE EXPANDS CFTC-REGULATED FUTURES WITH SILVER AND STELLAR (XLM) CONTRACTS

▪️Coinbase recently announced the launch of futures contracts for silver (SLR) and stellar lumens (XLM) through its Coinbase derivatives exchange.

▪️Coinbase’s futures contracts for these assets align with its mission to offer secure, accessible and regulated financial products.

Coinbase Derivatives’ primary goal in launching new cryptocurrency futures contracts is to create markets that offer retail traders diversification, price discovery, risk management and margin.

It has taken a significant step toward its goals with the launch of new futures contracts for silver (SLR) and Stellar (XLM).

These join the list of products already regulated by the CFTC, which includes LTC, DOGE, SHIB, AVAX, DOT, LINK, Gold, BTC, ETH, BCH and Oil. In its official account X announced that the contracts will be launched on November 11, 2024.

Coinbase Derivatives is a Commodity Futures Trading Commission (CFTC) registered contract marketplace that allows users to trade and hedge the price of digital assets. 

Derivatives are contracts that derive their value from an underlying asset or commodity, allowing you to gain exposure to an underlying asset without buying it.

The impact of Coinbase’s silver futures and XLMs
Coinbase’s official statement suggests that by combining traditional commodities such as Silver with cryptocurrencies such as Stellar, they aim to create a more comprehensive trading platform.

This approach aims to diversify opportunities, allowing investors to manage risk across different asset classes. The futures contracts they offer support effective pricing, meaning they help establish fair market prices and allow traders to respond with confidence to market changes.

The Stellar and Silver contracts are designed to increase market accessibility and are structured for retail trading with smaller contract sizes. 

Specifically, each Silver contract represents 50 troy ounces, while each Stellar Lumens contract is 5,000 tokens. With the introduction of these retail-sized contracts, Coinbase aims to encourage broader participation among retail traders who may be looking for affordable ways to enter the futures markets.

With silver being a new tradable asset for Coinbase, it reflects a push into the commodity markets. Silver futures offer users a means of hedging against inflation or other economic changes, as silver remains a traditionally stable asset in times of market volatility.

On the other hand, XLM is a decentralized open source network that allows for low-cost cross-border transactions between any cryptocurrency pair.

In addition, Stellar has a decentralized exchange (DEX) that allows users to trade assets on the network. In addition to its low-cost trading capabilities, Stellar uses a unique system, the Stellar Consensus Protocol (SCP), to process transactions faster and more reliably than many traditional networks.

In other developments, CNF reported that Robinhood announced its support for Stellar on its official X account on October 23. This allows EU users to deposit and withdraw XLM on the Robinhood app.

This is an important move for Robinhood and XLM, as flexibility in handling the currency can benefit both ecosystems. Despite a 1.94% drop in XLM’s price to $0.0914 in the last 24 hours, trading volume increased 10.74% to $54.29 million, indicating continued investor interest in XLM’s various use cases.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

METAMASK DEV CONSENSYS: SEC CLAIMS UNSUPPORTED IN LAW

Ethereum infrastructure developer Consensys has filed its response to the U.S. Securities and Exchange Commission’s claims of federal securities law violations, adding to its lawsuits against the agency.

The SEC previously accused Consensys’ crypto wallet, MetaMask, of operating as an unregistered broker and securities issuer.

Consensys fully refuted the SEC’s allegations, criticizing the agency and its chair, Gary Gensler, for what it described as an unconstitutional attack on the decentralized finance ecosystem. Its court-submitted reply reaffirmed its stance and dissatisfaction with the SEC’s lawsuit.

This action is just the latest step in the SEC’s recent campaign to seize control over the future of blockchains and cryptocurrency, one of the fastest-growing and most innovative technologies in the world… The SEC’s attempt to impose its regulatory authority on this technology and insert itself into this crypto architecture is unsupported in the law — its claims must fail.

Consensys response to SEC suit

Before becoming the subject of an SEC probe, Lubin’s firm had sued the SEC over its Ethereum investigation. Agency prosecutors closed the inquiry and promptly filed a complaint against MetaMask’s creator. The SEC alleges that MetaMask facilitated illegal securities trading and that its staking service violated financial regulations.

Consensys countersued the regulator to determine whether the law grants the SEC regulatory oversight. Bill Hughes, a lawyer for Consensys, revealed that U.S. Judge O’Connor granted an expedited calendar for the case.

Meanwhile, CEO Joseph Lubin announced staff layoffs attributed to regulatory battles and macroeconomic factors, with Consensys reducing its workforce by 20%.

Several firms under pressure from SEC litigation may see the approaching U.S. general elections as a potential advantage. Digital asset companies have donated over $190 million to crypto-focused super PACs like Fairshake, outspending all other industries.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

🌱 WARREN BUFFETT PREFERS CASH AND WHY  | YOUTUBE

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 11-2-24

Good Afternoon Dinar Recaps,

COINBASE FINDS OVER '20 EXAMPLES' OF FDIC TELLING BANKS TO AVOID CRYPTO

Coinbase's chief legal officer declares that the “contents are a shameful example of a government agency trying to cut off financial access to law-abiding American companies.”

Cryptocurrency exchange Coinbase has discovered “over 20 examples” of the United States regulator advising US banks to steer clear of crypto-related banking services, according to its chief legal officer.

The discovery follows Coinbase filing two Freedom of Information Act (FOIA) requests against the Federal Deposit Insurance Corporation (FDIC) — the US agency insuring bank deposits — demanding they disclose information about the ongoing crypto crackdown among US banks.

Public ‘deserves transparency,’ says Coinbase CLO
“So far, we’ve uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services,” Coinbase chief legal officer Paul Grewal claimed in a Nov. 1 X post.

Most of the cases provided were similar. In one case, outlined in “Document 5,” the FDIC reportedly called a meeting with a bank to scrutinize its crypto services.

Despite the bank providing further documentation after the meeting, the FDIC allegedly raised additional “questions” and advised the bank, “Until such review is completed, the bank should not expand the service to additional customers.”

Meanwhile, on Oct. 30, Cointelegraph reported that Coinbase is “prepared to work with either administration” in the US, whether Democratic candidate and Vice President Kamala Harris or Republican Donald Trump wins the presidency, ahead of the election on Nov. 5.

@ Newshounds News™

Source:  CoinTelegraph 

~~~~~~~~~

RIPPLE LAUNCHES GUIDE TO SUPPORT BANKS IN $20 TRILLION DIGITAL CUSTODY SECTOR

▪️Ripple has unveiled a guide to support banks and financial institutions interested in the emerging field of digital asset custody as it enters the $20 trillion custody market.

▪️Ripple Custody is relied upon by top global financial institutions and supports custodian banks, exchanges, and corporations in more than 15 countries worldwide.

Ripple, traditionally known for its cross-border payment solutions using blockchain, is broadening its business model. By advancing its asset custody capabilities, it’s taking on a role in the financial sector that extends beyond payments. 

The custody market is huge, worth $20 trillion, and Ripple’s entry into this space represents a significant shift in its business focus.

According to a previous publication by CNF, Ripple’s custody service has seen substantial growth, boasting a 250% rise in new customers compared to the previous year.

The platform currently supports prominent financial institutions and cryptocurrency companies across major markets such as the U.S., U.K., and Singapore.

Ripple highlighted in its Digital custody Guide for Banks that 10% of all assets will have been tokenized and represented on both private and public blockchains by 2030.

Ripple’s Quick Guide for Banks
Ripple’s digital asset custody and tokenization infrastructure offers banks advanced tools to securely manage and expand their digital asset services, opening up a range of innovative business opportunities. 

Banks can build sub-custody networks, which help facilitate comprehensive global service coverage, enabling them to efficiently manage assets across multiple regions.

With the capability to tokenize and manage both regulated and non-regulated assets, banks can diversify their offerings to include equities, bonds, certificates, debt instruments, real estate, fund structures, as well as unique assets like art, collectibles, gaming items, and intellectual property.

Ripple’s platform also provides secure integration with DeFi and Web3 applications, allowing banks to connect clients with staking, lending, borrowing, and financing services, as well as NFT platforms and marketplaces. This robust and flexible infrastructure equips banks to meet evolving market demands expanding their digital asset services in a compliant manner.

Past Initiatives in the Digital Custody Market by Ripple
The digital infrastructure provider unveiled new features for Ripple Custody Technology in early October.

In an effort to strengthen its regulatory compliance, the company added transaction screening that helps financial institutions monitor transactions for compliance by partnering with Elliptic.

Doubling down its effort, it also expanded its use of hardware security modules (HSMs), which are specialized devices that protect cryptographic keys.

On top of that, we reported Ripple custody’s integration into the XRP Ledger (XRPL), featuring a dedicated tool for monitoring anti-money laundering risks, allowing firms to access its native decentralised exchange (DEX). This integration aims to enhance security while opening new opportunities for businesses in the digital asset space.

Through these updates, Ripple extends the capabilities of its custody technology to a broader audience. As of now, at the time of writing, Ripple (XRP) is trading at $0.5137, a slight dip of 0.06% in the past day and down 0.19% increase in the past week.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

LATEST RIPPLE VS. SEC UPDATE: BILL MORGAN SLAMS SEC’S XRP CLAIMS IN APPEALS BATTLE

▪️XRP trading volume surges 40% amidst ongoing Ripple-SEC lawsuit appeals.

▪️Legal experts debate XRP's classification as a security, focusing on the "embodiment theory" and transaction context.

▪️The outcome of the appeals process could significantly impact XRP and other cryptocurrencies.

XRP, the seventh-largest cryptocurrency by market capitalization, is making waves in the crypto market. In a dramatic 24-hour surge, trading volumes have skyrocketed by over 40%. This unexpected spike comes on the heels of new developments in the high-stakes legal battle between Ripple and the SEC.

Is this (finally) the beginning of a new chapter for XRP?

SEC Update: A Turning Point?
Just last week, the SEC announced that it would submit its principal brief in the ongoing appeals process by January 15, 2025. While this is happening ongoing discussions are happening on X by the legal community on XRP status here’s what the lawyers have to say on the whole speculations.
XRP’s Classification Horror Continues
XRP is currently facing the last stages of a legal battle regarding whether it should be classified as a security. Lawyer Bill Morgan, along with social media commentators Joe Sho and James Farrell, has weighed in on this issue. Morgan, known for his critical stance on the SEC’s arguments, disputes Sho’s claim that the Appeals Court may label XRP as a security.

Sho argues that a “de novo” review by the Appeals Court could overlook previous findings and interpret XRP as an investment contract. This view aligns with other crypto cases, including Judge Rakoff’s recent ruling in the Terra case.

The Embodiment Theory Explained
Morgan’s analysis provides a more nuanced perspective than the random theories often found in the crypto space. He highlights the “embodiment theory,” which suggests that XRP should be viewed as an asset rather than a security.

Morgan points out that Judge Torres’s ruling—determining that XRP itself is not inherently an investment contract—was appropriate because it distinguished between the asset and the context of the transaction.

He believes this approach is more logical, even if it diverges from current crypto case law or the SEC’s position. According to Morgan, the SEC continues to argue that XRP’s perceived lack of inherent value means any transaction involving it counts as an investment contract, especially concerning Ripple and possibly broader secondary markets.

The Implications of a De Novo Review
Adding another layer of complexity, James Farrell notes that a “de novo” review allows the Appeals Court to adopt the “embodiment theory” or completely reinterpret XRP’s classification. 

This means the court could follow Judge Rakoff’s lead from the Terra case, where assets like UST and LUNA were seen as securities based on their use in investment contexts, possibly challenging the initial district ruling on XRP.

While Morgan acknowledges the Appeals Court’s freedom to reassess the situation, he warns that any move to consider XRP itself as a security would misinterpret the judge’s focus on the difference between asset and transaction.

The outcome of this debate could set a major precedent for XRP and other cryptocurrencies, as it questions whether digital assets are inherently securities or only become such within specific transaction contexts.

The future of XRP and the broader crypto industry hangs in the balance. At this point, are we just moving in circles?

@ Newshounds News™

Source: CoinPedia  

~~~~~~~~~

🌱 FRANKLIN TEMPLETON A GAME CHANGER | Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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🌱 AUDIO INTEL AND MORE WITH BOB LOCK, JIM SILVER 57, R JAX AND LOWTIDE. GREAT INFO.  |  YOUTUBE

If you missed the Constitution Call last night, here is the replay.  We started off with any NEW news from Mason and Jim, INTEL.  We were Joined by Bob Lock.  Lots of great info including Election News near the end.

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Saturday Morning 11-2-24

Seeds of Wisdom RV and Economic Updates Saturday Morning 11-2-24

Good  Morning  Dinar Recaps,

PAXOS ISSUES ‘GLOBAL DOLLAR’ STABLECOIN USDG OUT OF SINGAPORE. PARTNERS DBS

Last July Paxos Global confirmed it received the regulatory go ahead from the Monetary Authority of Singapore (MAS) to issue a stablecoin, with DBS Bank as custody partner. Today it confirmed the launch of the USDG stablecoin, which it refers to as the ‘global dollar’. 

Given Paxos has a background of partnering with institutions such as PayPal and Stripe, it says the Ethereum stablecoin is “designed to support the needs of regulated institutions that maintain higher standards of operation.”

“Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises,” said Ronak Daya, Head of Product at Paxos.

“USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.”

Singapore’s largest bank, DBS, will provide custody for the securities and dollar cash deposits will also be managed via DBS.

Other stablecoins from Paxos
Paxos Trust in New York is the issuer of the PayPal stablecoin and also supports Stripe in its stablecoin acceptance. The company has its own US-based stablecoin USDP and its UAE-based affiliate, Paxos International, issued the yield-bearing stablecoin Lift Dollar (USDL). Paxos Trust was previously the issuer of the Binance USD stablecoin.

The company has always been amongst the most conservative in managing stablecoin reserves to ensure they maintain their 1:1 peg. Hence. it will hold US dollar deposits, short dated Treasuries and ‘other cash equivalents’. 

The whitepaper states other reserves include reverse repurchase (repo) agreements and institutional government money market funds. Reverse repo agreements involve temporarily lending cash (usually to banks) in exchange for collateral, in this case US government securities.

Stateside, Paxos structured as a New York regulated Trust to provide maximum protection to holders in the event of a bankruptcy. Likewise, Paxos Digital Singapore holds the assets in trust on behalf of stablecoin holders via segregated safeguarding accounts.

Anyone that has opened an account with Paxos (ie. has been through KYC) can redeem the stablecoin directly. It will usually take around a day but up to a maximum of five days in compliance with Singapore regulations. The minimum redemption amount is equivalent to the cost of the wire fee.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

CRYPTO VOTERS GUIDE TO CONGRESSIONAL LEGISLATION FOR THE 2024 ELECTION

The 2024 United States elections will be held on Nov. 5, as digital asset policy becomes a growing concern among pro-crypto voters.

As the 2024 US elections draw closer, digital assets have become a political issue for the first time, as industry executives and advocates apply pressure on candidates to pass pro-industry policies and embrace the future of money.

Clear and comprehensive digital asset policy in the United States remains elusive, as regulators like the Securities and Exchange Commission (SEC) regulate through enforcement action, rather than rulemaking. This lack of a coherent framework is a growing concern for elected lawmakers, industry service providers, and single-issue crypto voters.

While understanding a particular candidate’s stance on crypto policy is key, voters must also understand the underlying legislation currently being considered in the House and the Senate. Listed below are the key pieces of legislation currently up for consideration.

Financial Innovation and Technology for the 21st Century Act
The Financial Innovation and Technology for the 21st Century Act (FIT21) — introduced by Pennsylvania Congressman Glenn Thompson in 2023 — aims to establish a comprehensive digital asset regulatory framework by bringing sufficiently decentralized assets under the purview of the Commodity Futures Trading Commission (CFTC). The bill features these defining criteria for sufficient decentralization:

“If, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset.”

However, the bill also gives the SEC authority to regulate digital assets deemed as securities. In May 2024, the bill passed in the House and must pass in the Senate before it is handed to the President for consideration.

CBDC Anti-Surveillance State Act
Minnesota Rep. Tom Emmer first introduced the CBDC Anti-Surveillance State Act in 2023.

The bill’s goal is to prohibit the Federal Reserve Bank from ever creating a consumer-facing central bank digital currency (CBDC), or otherwise maintaining accounts on behalf of individuals.

Moreover, the bill seeks to restrict the Federal Reserve from “Using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency,” entirely.

CBDCs face widespread criticism from the crypto community, liberty-minded individuals, privacy advocates, and commercial banks. In May 2024, the bill passed in the US House and awaits a vote in the Senate.

Clarity for Payment Stablecoins Act of 2024
The Clarity for Payment Stablecoins Act is a re-introduction of a 2023 bill of the same name from Rep. Patrick McHenry and seeks to establish a comprehensive regulatory framework for US-dollar stablecoins.

A key difference between the newer draft and the earlier bill is a provision allowing stablecoin issuers with a market capitalization under $10 billion to be regulated at the state level, rather than the federal level.

The previous version of the bill advanced to the House floor but has not yet passed in either chamber. Senators Lummis and Gillibrand also proposed a similar bill to the Senate in April 2024, to establish a stablecoin regulatory framework.

Digital Asset Anti-Money Laundering Act
First introduced by Massachusetts Senator Elizabeth Warren in July 2023, the Digital Asset Anti-Money Laundering Act proposes that digital asset providers should be subject to the same reporting requirements as traditional financial institutions under the Bank Secrecy Act.

Warren is one of the crypto industry’s most vocal critics, and the 2023 bill has faced significant backlash as one of the most anti-crypto pieces of legislation currently up for consideration.

The bill has not yet passed in either chamber of Congress and even lost support from its cosponsor, Republican Senator Roger Marshall, in July 2024.

Financial Technology Protection Act of 2023
The Financial Technology Protection Act of 2023, proposed by Iowa Rep. Zachary Nunn, aims to create the Financial Technology Working Group to combat illicit finance in terrorism and organized crime in emerging financial technologies.

Earlier in 2024, the bill passed in the United States House of Representatives and has been submitted to the Senate for deliberation.

Equal Opportunity for All Investors Act
Introduced by Nebraska Congressman Mike Flood in April 2023, the Equal Opportunity for All Investors Act would expand the definition of an “accredited investor” — lowering the barrier to entry for participation in private securities sales and offerings.

More specifically, the bill would allow individuals to qualify as accredited investors by passing a knowledge test administered by the SEC.

In 2020, the SEC amended its long-standing criteria for an accredited investor to emphasize financial knowledge rather than net worth, income, or wealth. The Equal Opportunity for All Investors Act was passed in the US House of Representatives but has not yet passed in the Senate.

The Blockchain Regulatory Certainty Act
Rep. Tom Emmer — one of crypto’s most vocal proponents — submitted the Blockchain Regulatory Certainty Act to the US House of Representatives in March 2023. The bill’s central goal is to exempt blockchain developers and service providers from traditional financial reporting requirements, as long as they do not handle customer funds.

The bipartisan bill was approved by the House Financial Services Committee in July 2023, and allowed to advance to the US House of Representatives but has yet to pass in either chamber of Congress.

Keep Your Coins Act
Ohio Congressman Warren Davidson introduced the Keep Your Coins Act in July 2023 as a consumer-facing protection meant to restrict regulatory agencies from preventing US citizens from using self-custodial wallets to transact.

At this time, it is unclear whether the bill will be passed into law or garner widespread support.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

🌱 AUDIO INTEL AND MORE WITH BOB LOCK, JIM SILVER 57, R JAX AND LOWTIDE. GREAT INFO.  |  YOUTUBE

If you missed the Constitution Call last night, here is the replay.  We started off with any NEW news from Mason and Jim, INTEL.  We were Joined by Bob Lock.  Lots of great info including Election News near the end.

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Source:  Seeds of Wisdom Team RV Currency Facts   

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Friday Morning 11-1-24

Good morning Dinar Recaps,

UBS ISSUES TOKENIZED USD MONEY MARKET FUND USING ETHEREUM TECH

Today UBS Asset Management announced the launch of its “UBS USD Money Market Investment Fund Token” (“uMINT”) which is “built on Ethereum distributed ledger technology”.

The Singapore fund will only be available through authorized distribution partners. That’s the case for most regulated entities, including BlackRock’s BUIDL money market fund where Securitize is a partner.

Previously UBS has actively engaged with the public Ethereum blockchain, using tokens that require permissions. However, Ethereum technology is also available in private environments. UBS uses both as part of UBS Tokenize, hence we’ve requested clarification, although the fund likely uses public blockchain.

“We have seen growing investor appetite for tokenized financial assets across asset classes,” said Thomas Kaegi, Co-Head of UBS Asset Management APAC. “Through leveraging our global capabilities and collaborating with peers and regulators, we can now provide clients with an innovative solution.”

Tokenized money market funds such as BUIDL, Franklin Templeton’s FOBXX, and now uMINT, currently mainly target the crypto investor class. The funds provide a safe place to park cash and earn yield.

However, in the future there will be a broader demand for these sorts of funds, especially those that are transferrable, enabling the ability to switch in and out of the funds almost instantly. 

That compares to typical funds that tend to have once a day redemptions. This feature is appealing beyond crypto investors to corporate treasurers and institutions.

UBS and tokenization
Meanwhile, UBS Asset Management has been active in tokenization for some time. Last year UBS Hong Kong worked with Bank of China Investment (BOCI) for BOCI’s issuance of CNH 200 million ($28m) in digital structured notes on the Ethereum public blockchain.

As part of Singapore’s Project Guardian initiative, UBS has engaged in several pilots. These included the pilot issuance of a tokenized money market fund by UBS Asset Management on the Ethereum blockchain using a Singapore variable capital company (VCC) structure.

Plus, the bank was involved in the first institutional cross border repo trade on a public blockchain in conjunction with DBS and SBI Digital Asset Holdings.

UBS is also engaged in tokenized cash. It was one of the founders of Fnality, the institutional settlement network that tokenizes balances held at a central bank account.

@ Newshounds News™

Source:  Ledger Insight

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BIS DISTANCES FROM PROJECT MBRIDGE AMID BRICS SANCTIONS CONCERNS

Economic sanctions have a profound effect on international financial architecture, it turns out.

The Bank for International Settlements (BIS) has “graduated out” of Project mBridge, the wholesale central bank digital currencies (CBDCs) bridge its Innovation Hub has helped develop since 2021. Nonetheless, the project is many years away from becoming operational, BIS general manager Augustín Carstens said on Oct. 31.

Project mBridge, which uses technology developed by the Hyperledger Foundation, reached the status of minimum viable product and invited private sector participation in June. Banks in China and the United Arab Emirates have heeded the call to join.

Besides the BIS, founding members of the project include the central monetary authorities of China, Hong Kong, Thailand and the UAE. Saudi Arabia joined as a full member in June, and the project has over 25 observing members.

BIS insists it backs sanctions
The reason for Carstens’ eagerness to distance his organization from such a promising project and downplay its significance was obvious at the fireside chat at the Santander International Banking Conference where Carstens was speaking. He was asked:

“I have noted media speculation recently that one of your projects — Project mBridge — could provide the basis for a BRICS initiative to circumvent sanctions. Is that plausible?”

“With respect to political aspects, the noise out there, mBridge is not the ‘BRICS bridge’ — I have to say that categorically,” Carstens answered.

Rather, mBridge was designed to meet the needs of central banks. But Carstens did not say circumventing sanctions with Project mBridge was implausible. Instead:

“The BIS does not operate with any countries, nor can its products be used by any countries that are subject to sanctions […] And all central bank members are in this mindset.”

BRICS — the intergovernmental organization named for founding members Brazil, Russia, India, China and South Africa — has been discussing de-dollarization for years. In that time, Iran, Egypt, Ethiopia, Saudi Arabia and the UAE have joined it, meaning that BRICS and Project mBridge share nearly half their members.

BRICS has long promoted efforts toward de-dollarization of the international financial system. While it has had little success so far in reaching that goal, the emphasis on alternative currency options shown at the group’s summit in Kazan, Russia, earlier in October made international observers shudder.

Reconsidering international transfers
The appeal of Project mBridge for potential sanctions evaders is its circumvention of the correspondent banking system, which is the practical mechanism for imposing sanctions.

Carstens was eager to direct attention to another BIS undertaking — Project Agora — that could provide a basis for the “Finternet” concept of international financial architecture he introduced in April.

The Bank of France (representing the Eurosystem), Bank of Japan, Bank of Korea, Bank of Mexico, Swiss National Bank, Bank of England and the Federal Reserve Bank of New York are the participants in Project Agora — no BRICS members. Crucially, Project Agora maintains the correspondent banking system.

@ Newshounds News™

Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Thursday Evening 10-31-24

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HEDERA WELCOMES NAIROBI SECURITIES EXCHANGE TO GOVERNING COUNCIL, ACCELERATING SECURITIES TOKENIZATION IN AFRICA

▪️The Nairobi Securities Exchange (NSE) has joined the Hedera Governing Council to advance tokenization in Kenya’s capital markets, a significant move for both the local economy and the broader African financial landscape.

▪️By joining the Hedera Council, the NSE will provide African investors with access to innovative digital assets and financial products.

Nairobi Securities Exchange (NSE), the best-performing market in Africa has joined the decentralized Hedera Governing Council, the organization behind Hedera Hashgraph, in a bid to expedite the adoption of tokenized securities within Kenya’s capital markets. As the 32nd member of the Hedera Council, the NSE joins a global network that includes companies like Google, IBM, and LG, which oversee Hedera’s governance.

According to the Morgan Stanley Capital International (MSCI) ranking, the NSE earned the title of Africa’s top-performing market in the first nine months of 2024. This displays the strong trust investors have in it. Furthermore, this reward showcases how the NSE is the cornerstone of prosperity to Kenya’s economic progress.

Here’s How Hedera Will Transform Digital Finance in Africa
As a key part of this alliance, the NSE brings digital and tokenized assets directly into the mainstream. For context, Tokenization is the process of converting real assets like stocks, bonds, and commodities into digital tokens on a blockchain. This collaboration also aims to modernize Africa’s financial markets by using Hedera’s advanced Distributed Ledger Technology (DLT). Hedera’s DLT allows multiple members to maintain their own identical copy of a shared ledger.

Through Hedera’s Hashgraph Consensus, created by Leemon Baird, co-founder and chief scientist of Hedera the NSE will have several benefits. This includes Secure, real-time, and low-cost payment settlement allowing users to transact using their preferred cryptocurrency. Additionally, it offers decentralized, scalable, and publicly verifiable data logs ensuring that all transactions and activities can be audited and verified without relying on a central authority.

The mechanism allows the network to achieve an impressive throughput of over 10,000 transactions per second. This is achieved by utilizing a unique algorithm that emphasizes speed and efficiency.

Hedera is continually expanding its ecosystem, offering a range of applications and developer tools. Recently, Hedera integrated LayerZero (ZRO), a technology that enables applications to move data across blockchains, into its network to enhance the Hedera Token Service (HTS). This will significantly boost the NSE’s offerings by making the exchange a hub for digital asset trading.

Bill Miller, Co-Chair of the Membership Committee for Hedera, highlighted in the report that the NSE possesses expertise and strong foundations in Africa. As one of the largest economies in Sub-Saharan Africa, Kenya offers an opportunity to accelerate the adoption of digital assets.

With a market capitalization of about $12.65 billion, daily transaction volumes exceeding $100 million, and 63 listed companies across 11 sectors, the NSE provides an ideal foundation for enhancing global capital markets.

Hedera’s advanced technology will enable the NSE to enhance global liquidity and improve access to financial services for African investors, while also strengthening its presence in the digital asset space.

@ Newshounds News™

Source:  Crypto News Flash

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U.S. TREASURY REPORT PROPOSES CBDC REPLACEMENT FOR PRIVATE STABLECOINS

The U.S. Treasury Department has recommended replacing private stablecoins with government-issued CBDCs, citing concerns about the $120 billion in Treasury bills held as stablecoin collateral and potential market risks.

▪️U.S. Treasury released report suggesting stablecoins should be replaced by CBDCs

▪️Treasury estimates $120B in T-bills bought by stablecoin issuers, with Tether holding $81B

▪️Report warns of potential “fire-sale” risk if major stablecoins collapse

▪️Over 80% of crypto transactions involve stablecoins, with USDT leading in trading volume

▪️Trump opposes CBDCs but his project World Liberty Financial plans to launch a stablecoin

The U.S. Treasury Department has called for the eventual replacement of private stablecoins with government-issued central bank digital currency (CBDC) in a detailed report released Wednesday.

The report highlights mounting concerns over the stablecoin market’s growing influence in the U.S. Treasury bills market.

According to the Treasury’s Office of Debt Management, stablecoin issuers now hold approximately $120 billion worth of Treasury bills as collateral.

Tether, the company behind the USDT stablecoin, accounts for $81 billion of these holdings, making it a major player in the T-bills market.

The 132-page report draws parallels between the current stablecoin landscape and the “wildcat” banking era of the 1800s, when private banks issued their own currencies.

The Treasury suggests that just as government-backed money replaced those private currencies, CBDCs should take over the role currently played by stablecoins in digital transactions.

Stablecoins have become essential to cryptocurrency markets, serving as a bridge between traditional and digital finance.

The Treasury estimates that these digital assets are involved in more than 80% of all crypto transactions. USDT, the largest stablecoin by market volume, processed $53 billion in trades within a 24-hour period.

The report expresses particular concern about the risk of stablecoin depegging events, where these digital currencies lose their intended one-to-one relationship with the U.S. dollar. Several such incidents have occurred in recent years, raising alarm bells about market stability.

The Treasury’s primary worry centers on the possibility of a “fire-sale” scenario. If a major stablecoin issuer like Tether were to face a crisis, it might need to quickly sell its T-bill holdings, potentially disrupting the broader Treasury securities market.

While stablecoin advocates argue that these products enhance dollar dominance by increasing demand for Treasury bills, the report indicates that the Treasury views this relationship differently.

The department suggests that the growing interconnection between stablecoins and traditional financial markets through T-bill holdings poses unnecessary risks.

The political landscape surrounding digital currencies has grown increasingly complex. Several Republican lawmakers have voiced opposition to CBDCs, labeling them as potential tools for government overreach.

Former President Donald Trump has been particularly vocal in his criticism, promising to block CBDC development if reelected.

However, the situation has additional layers of complexity. Trump’s own crypto project, World Liberty Financial, which recently raised $14 million, is reportedly developing a stablecoin.

This project’s team has promoted private stablecoins as a way to support T-bill purchases and strengthen dollar supremacy.

The Treasury report acknowledges that stablecoins currently represent a relatively small portion of the overall T-bills market. However, it warns that continued growth could increase the risk of market disruptions if stablecoin-related instability occurs.

The document provides detailed data about the current state of stablecoin holdings. Beyond Tether’s $81 billion position, other stablecoin issuers collectively hold tens of billions in Treasury securities as backing for their digital currencies.

The report examines various stablecoin failures and depegging events from recent years, using these incidents to support its argument for transitioning to CBDCs.

These examples serve as cautionary tales about the potential risks of allowing private digital currencies to become too deeply embedded in the financial system.

Trading volume statistics included in the report underscore the growing importance of stablecoins in crypto markets. The data shows that stablecoin trading volumes often exceed those of traditional cryptocurrencies like Bitcoin.

@ Newshounds News™

Source:  Blockonomi

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Source:  Seeds of Wisdom Team RV Currency Facts

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