Seeds of Wisdom RV and Economic Updates Tuesday Evening 12-17-24

Good Evening Dinar Recaps,

CRYPTO-SKEPTIC AND SEC BOSS CRENSHAW AXED FROM SENATE RENOMINATION

Outgoing Securities and Exchange Commissioner Caroline Crenshaw will not be renominated to her position following a decision by the Senate Banking Committee. The hearing to nominate Crenshaw and Gordon Ito to the Financial Stability Oversight Council, previously scheduled for Wednesday, December 17, was canceled, according to multiple reports.

The FSOC is a financial system monitoring agency established in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

No room for Crenshaw

News of Crenshaw’s canceled vote came after rising opposition to her renomination to the U.S. SEC. Crypto industry leaders and policymakers criticized Democratic senators for attempting to push Crenshaw’s hearing through without proper vetting.

Coinbase CEO Brian Armstrong said blockchain proponents would closely watch the eventual vote, and the outcome would likely impact future StandWithCrypto donations to politicians.

Crenshaw will be remembered as an anti-Bitcoin and crypto-skeptic SEC Commissioner throughout her tenure at the agency. She infamously voted against approving spot Bitcoin (BTC) exchange-traded funds, and frequently aided soon-to-be ex-chair Gary Gensler’s staunch hostility toward blockchain businesses.

Crenshaw’s removal from consideration clears the way for President-elect Donald Trump to nominate a new SEC commissioner, potentially shaping the agency’s leadership with officials aligned with his pro-crypto agenda.

Trump has so far pitched former SEC regulator Paul Atkins for SEC chair, pending Senate confirmation. Atkins, a pro-Bitcoin entrepreneur and vocal crypto supporter, would replace Gensler who has announced his resignation effective on Trump’s inauguration.

Last month, fellow Dem SEC Commissioner Jaime Lizárraga also announced plans exit the federal watchdog, citing a need for more family time. The Dem-SEC exodus could hand over agency reins solely to the Republican party. Only GOP Commissioners Hester Peirce and Mark Uyeda remain, with Atkins likely to join soon.

@ Newshounds News™

Source:  Crypto News

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UK PLANS TO PROHIBIT PUBLIC CRYPTO OFFERINGS, EXCEPT VIA EXCHANGES

Today the UK’s Financial Conduct Authority (FCA) published a discussion paper on regimes for crypto-asset admissions and disclosures and market abuse regimes. It also reiterated the UK’s timetable for crypto legislation, targeting 2026. A key feature of the admission and disclosures regime is that public offerings of crypto assets will be banned, with two exceptions.

New public offerings of crypto-assets will only be allowed if via a regulated cryptocurrency exchange, or by restricting the offering to qualified investors. The aim is to put the onus on cryptocurrency exchanges to perform sufficient due diligence on offerings and to have a process for rejecting listings for trading. Exchanges may be subject to prudential requirements.

Legislation is needed because currently UK oversight of crypto only applies to anti money laundering and marketing.

Regarding the disclosures, the FCA is keen to avoid making it so extensive that it imposes disproportionate costs on the preparer. They also note that while consumers need comprehensive information, the quantity shouldn’t be so excessive that it obscures critical details. The paper provides a list of the expected contents.

The regulator is keen to encourage issuers to provide some forward looking statements. While these will carry some liability, it doesn’t want to set the bar too high.

 Hence, in the UK there’s a concept of protected forward looking statements (PFLS), where statements that turn out to be untrue only attract liability if the consumer can establish that the issuer knew the statement was untrue or reckless as to the facts.

The UK has a National Storage Mechanism (NSM), a free online repository of regulated information, including prospectuses from issuers. Information related to crypto-assets admitted to trading on crypto exchanges would be included in the NSM.

Preventing market abuse

Additionally, the paper covers steps to address market abuse. It recognizes that existing traditional market abuse regimes may not be as easy to implement for crypto because of market fragmentation, cross border elements, and in some cases, the lack of a clear issuer (such as Bitcoin).

Nonetheless, legislation will aim to prohibit insider dealing, require the disclosure of inside information by crypto exchanges and prohibit market manipulation.

Inside information is sensitive information that could move crypto prices and hence needs to be disseminated as soon as possible to prevent a few people from taking advantage.

However, the listing of a crypto-asset without the issuer’s request can be problematic. The FCA hopes to address this by putting the onus on the entity requesting the crypto listing to make sure inside information is disseminated promptly. 

For traditional markets, the UK has a regulated information service, which is a centralized announcement service, and it is considering using this for crypto.

For the purposes of the paper, crypto assets include cryptocurrencies and stablecoins. However, a separate consultation is expected on fiat-referenced stablecoins in the future.

There’s a three step process of discussion paper, followed by a consultation and then the final policy stance. The Bank of England and FCA issued a joint discussion paper on stablecoins in late 2023.

@ Newshounds News™

Source:  Ledger Insights

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IS PRESIDENT TRUMP GOOD FOR YOUR MONEY?  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 12-17-24

Good Afternoon Dinar Recaps,

GOLD PRICE LIKELY SUPPRESSED BY CONCENTRATED SHORTING, COULD EXPLODE

At long last, complaints of gold price manipulation and suppression got some respect this week from the Official Monetary and Financial Institutions Forum, a London-based group connected with central banks.

The group published a long paper heralding gold's restoration to the center of the world financial system, "Gold and the New World Disorder," and the paper's chapter titled "Market Disruption -- The Short Squeeze" has this to say about the topic at hand:

"With record demand for gold, much of it from BRICS-related countries, the risks of a squeeze are increasing. This could have several catalysts.

'Bullion banks' holding concentrated gold short positions might need to buy back the metal during another price run.

Analysts have long argued that these short positions suggest market manipulation, citing the disproportionate control held by a few entities.

Lawsuits against banks for manipulating the precious metals markets have yielded some success in recent years. During these lawsuits, some former 'bullion bank' traders have commented about how these gold market strategies might make the market vulnerable to a short squeeze -- either by accident or design.

Academic and other studies provide evidence that 'shorting gold' has historically been used to suppress the gold price, often linked to central bank sales and futures contracts on commodity exchanges.

There is also room for market disruption from imbalances stemming from allocated and unallocated gold accounts, when market participants own just a claim on gold rather than specific bars.

Recent analysis suggests that the unallocated-to-allocated gold ratio at the London Bullion Market Association could range from 20:1 to even 100:1. For every ounce of physical gold backing these accounts, there might be 20 to 100 ounces of unallocated paper gold claims.

This indicates a fractional-reserve system where future claims may far exceed the physical gold available. Predicting the timing of such a squeeze is speculative, given the size of some of these positions and growing world financial and economic tensions.

However, with suspicions rising that some BRICS countries could be considering 'weaponizing' gold against the West, financial markets could be in for a bumpy ride."

Ya think? The Gold Anti-Trust Action Committee (GATA) has been documenting and screaming about this for 25 years. For example, here and here.

If even these "official" guys now can acknowledge not only that the gold market has been heavily influenced by central banks and their bullion bank agents but also that the world has foolishly been depending on a lot of imaginary metal, the racket may be quickly coming to an end -- no thanks to OMFIF itself, which for years has been ignoring all the incriminating information placed in the public domain by GATA.

@ Newshounds News™

Source:  GoldSeek

RLUSD STABLECOIN GOES LIVE: PRICE FLUCTUATES 20% BEFORE STABILIZING

Ripple USD (RLUSD) is officially live on global exchanges. This enterprise-grade stablecoin combines the stability of fiat with the efficiency of blockchain technology. RLUSD will operate on two networks: Ethereum and Ripple’s native XRP Ledger (XRPL). Initially, the price of the stablecoin fluctuated within a 20% range, but it is pegged to the U.S. dollar at a 1:1 ratio, ensuring stability over time.

Ripple CTO David Schwartz had previously said that there might be supply shortages at first, causing the price to fluctuate. However, once supply stabilizes, the price will quickly return to around $1.

He also said, “Since the idea of $RLUSD many months ago to launch in a matter of hours, I’ve been looking forward to more use cases realized on the XRPL and more liquidity on-chain with a trusted stablecoin like RLUSD. Countless opportunities are here for devs and users who want the benefits of XRPL, RLUSD and XRP.”

The stablecoin will be available on exchanges like Uphold, Bitso, and CoinMana, with more expected by the end of the year. Ripple’s stablecoin is fully compliant and backed by US dollar deposits, government bonds, and cash equivalents. This provides the stability and transparency that many stablecoins have lacked.

RLUSD aims to bridge the gap between traditional fiat and crypto, offering benefits like instant cross-border payments, liquidity for remittance, and seamless integration with DeFi protocols. This is huge for XRP and the broader crypto ecosystem.

Ripple’s stablecoin will be a game-changer. It’s backed by years of experience in the financial system and offers a level of compliance and trust that’s currently unmatched. With major partners and exchanges expected to adopt it, RLUSD has the potential to challenge dominant stablecoins like Tether and USDC.

@ Newshounds News™

Source:  CoinPedia

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CURRENCY REVALUATION UPDATES  WHAT YOU NEED KNOW  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-17-24

Good Morning Dinar Recaps,

RLUSD TO BE LISTED ON UPHOLD WITH 5% REWARDS—WILL ALL XRP USERS BENEFIT?

▪️Ripple’s RLUSD stablecoin launches on Uphold on December 18 with 5% rewards starting January 2025.

▪️RLUSD is backed 1:1 by USD reserves and approved by NYDFS.

Ripple’s new USD-backed stablecoin, RLUSD, will be fully launched on the Web3 financial platform Uphold on 18 December 2024. In January 2025, RLUSD will become part of Uphold’s Rewards Center, allowing users to be rewarded for holding the stablecoin. This launch is an important milestone for Ripple and its attempts to advance digital payment systems and bring value to XRP holders.

Uphold and Ripple Partnership

RLUSD is authorized and established under the New York Trust Company Charter and regulated by the New York Department of Financial Services. It is backed 1:1 by USD reserves and cash equivalents, a position that must be stable and reliable.

Maintaining stablecoin transparency is ensured through regular, preferably monthly, third-party audits. The stablecoin itself has enhanced enterprise-grade security. Ripple has also audited RLUSD’s smart contracts to improve safety and its reception by institutions.

Exclusive Rewards and User Benefits

Later in January 2025, RLUSD stored on Uphold will be eligible for several privileges from the platform’s Reward Center. The users will be paid 5% of the RLUSD holdings by simply browsing the platform, depositing assets, trading, and many other activities. Also, participants will be given a limited opportunity to get insight into all the top cryptocurrencies and first dibs on any new token sale.

Uphold has made the latest change in its Rewards Center, introducing a tier structure. Those specific users who have managed to get through all three levels will be given the opportunity to use RLUSD a full day before anyone else. This initiative corresponds to Uphold’s approach of involving people and providing utility to the XRP stakeholders.

Future Expansion and Strategic Partnerships
Ripple’s RLUSD stablecoin, which will be accessible on MoonPay, Archax, and is going live on CoinMENA soon and on Bitso, Bitstamp, Bullish, and Mercado Bitcoin in the following weeks. Such a wide release is believed to help boost awareness and acceptance of RLUSD in different world markets.

Ripple has assembled an advisory board to steer the development of RLUSD, which includes Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former chief operating officer of the Federal Reserve Bank of Boston. Current members present at the platform include Sheila Bair, David Puth, and Chris Larsen, co-founder of Ripple.

As we have seen, with the introduction of RLUSD and its inclusion in Uphold, Ripple is again establishing its relevance in the digital payment systems’ ecosystem. Uphold maintains strategic participation in such platforms in line with its goals of providing genuine financial services in the blockchain industry.

@ Newshounds News™

Source:  Crypto News Flash

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BRICS ISN’T THE REAL THREAT TO THE DOLLAR, THE US IS: HERE’S WHY

With the US president-elect targeting the BRICS bloc in 2025, many experts are worrying that the real threat to the US dollar lies eternally, not with BRICS. Donald Trump recently demanded that the BRICS nations “commit” that “they will neither create a new BRICS Currency nor back any other Currency to replace the mighty U.S. Dollar.” Trump also backed this threat with several tariff increases. However, could these backfire and harm the dollar more?

One Bloomberg analyst says that if Trump wants to maintain the dollar’s primacy, he should recognize that its value is not dependent on American power and threats, but on American reliability. How much could his incoming presidency harm BRICS, or the US dollar itself?

To Pursue or Not Pursue De-Dollarization: What are BRICS’ Plans?

South Africa released an official statement to affirm no common currency was planned. Furthermore, India’s foreign minister insisted that BRICS nations had “no interest in weakening the US dollar.” Even Russia’s President Putin said last month that the bloc isn’t aiming to destroy the greenback. That mission may still be carried through by the US itself though, putting the bloc in an advantage in 2025.

The BRICS bloc’s true mission appears not to be hurting the US economy or to challenge the primacy of the dollar. They want to instead carve out a section of the financial system that isn’t subject to US power. The US, however, hasn’t done well to keep its native currency strong over the last few years. The 2020 pandemic saw the dollar weaken dramatically, and nations around the world grew frustrated with the currency.

Trump to do More Harm to US Dollar Than BRICS?

Additionally, Trump’s Tariff plan may also do more harm than good to the US economy. If enacted, the tariff could be the catalyst for inciting continued efforts to abandon the US dollar on a global scale.

In a post to Truth Social, Trump previously said, “We require commitment from these countries that they will neither create a new BRCIS currency to replace the mighty US dollar, or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy.” 

Although BRICS nations have previously said that they would not seek to ditch the currency, Trump’s policies could drive a necessary recalculation of what would be best for these countries.

The imposition of Western sanctions drove Russia to initiate de-dollarization efforts through its BRICS alliance. The weaponization of the greenback saw the bloc further enhance trade deals, ultimately leading to the promotion of local currency trade. That will only enhance under Trump’s tariff plan.

Moreover, it will harm American industries. The current efforts to ditch the US dollar wouldn’t have the same effect on imports that the incoming president would.

Russian spokesperson Dmitry Peskov addressed Trump’s recent warning for the alliance specifically. “More and more countries are switching to the use of national currencies in their trade and foreign economic activities,” he said.

The global trade market is now as hungry as ever for a US dollar alternative. Several countries within BRICS are switching to local currencies, and even pursuing new reserve currencies not named USD. 

With Trump looking to put an iron fist on BRICS and USD opposers, the damage and fears may start growing more from the inside than his targets. The US may no longer be the middleman for many countries in global trade soon if the US dollar is indeed abandoned.

@ Newshounds News™

Source:  Watcher Guru

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WARNING MERGING SEC AND CFTC COULD COST YOU BILLIONS!  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Evening 12-16-24

Good Evening Dinar Recaps,

CRYPTO MARKET AWAITS FED DECISION, POWELL'S STATEMENT; WHAT TO EXPECT

The cryptocurrency market is abuzz with anticipation ahead of the Federal Reserve decision and comments from Fed Chair Jerome Powell later this week.

The U.S. Federal Reserve's final meeting of the year is slated for this week; the Federal Open Market Committee's meeting on Tuesday and Wednesday is of particular interest to investors eagerly expecting this year's final interest rate decision.

Other economic statistics will be released throughout the week, including retail sales for November on Tuesday, weekly initial jobless claims and the GDP growth rate for the third quarter on Thursday.

As of Monday, markets had priced in a 97% chance of a 25-basis-point interest rate decrease. Markets will look to the Fed's updated policy statement and Fed Chair Jerome Powell's press conference on Wednesday for clues about future interest rate decisions.

The Fed is now undergoing a blackout period, which means committee members are unable to make public comments prior to the FOMC meeting.

What to expect?
If the Fed announces a rate cut and Powell's comments are regarded positively, the cryptocurrency market may respond positively. Lower interest rates generally boost risk assets, including cryptocurrencies, as investors seek higher returns.

On the other hand, if Powell's statement suggests a slowing approach or if the rate cut is smaller than expected, the market may react unfavorably. Concerns about persistent inflation and a slower pace of rate cuts might dampen investor enthusiasm.

In Monday's trading session, the crypto market is currently posting mixed price action. Bitcoin recently surged to a new all-time high.

According to CoinMarketCap, Bitcoin's price was recently up 1.41% daily at $103,926, after reaching a new record high of $106,554 in early Monday trading. Ethereum rose 1.62% in the last 24 hours to $3,951. The majority of cryptocurrency assets traded in the red; XRP, Shiba Inu, Toncoin and BONK lost between 2% and 4%, while SUI, BGB, Fantom and RUNE gained between 4% and 15% in the last 24 hours.

The outcomes of the Fed's decisions and Powell's insights might set the tone for the market in the coming days.

@ Newshounds News™

Source:  Investing

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CURRENCY: INDIAN RUPEE FALLS TO ITS LOWEST AGAINST THE  US DOLLAR

The Indian rupee dipped to its lowest price point against the US dollar in the currency markets on Monday. The INR fell to an all-time low of 84.92 and is now a stone’s throw away from plummeting to 85. The DXY index, which tracks the performance of the US dollar, shows the currency touching the 107.03 mark. It had reached a 52-week high of 108.07 and could reclaim its lost territory if it holds on to the momentum.

Confidence in Trump is boosting the US dollar while other local currencies, including the Indian rupee, are taking a beating. 

Several financial analysts indicate that the INR could fall below 85 due to weak economic cues. The Reserve Bank of India (RBI) is also unable to tame the fall of the INR despite accusations of selling the US dollar in the open markets.

Why Is the Indian Rupee Falling Against the US Dollar in the Currency Markets?

The rising crude oil prices and the exit of foreign institutional investors (FII) in the equities market are weakening the Indian economy.

In the last three months alone, a record $12 billion worth of equities have been offloaded by foreign institutional clients. The move weakens the Indian rupee as the US dollar flexes its muscles in the currency markets.

The development made Sensex dip from a high of 85,000 to a low of 78,000. However, the index managed to reclaim the 81,000 mark during Monday’s trade. The RBI now remains vigilant and is closely monitoring the Indian rupee’s lackluster performance against the US dollar.

The central bank has been previously accused of interfering in the currency market by dumping the US dollar to protect the rupee.

The Indian rupee is projected to lose further value against the US dollar on the heels of Trump’s inauguration. Trump has vowed to maintain the US dollar’s supremacy and punish the countries that plan to cut ties with the greenback. The threats include a 100% tariff on all goods entering the US for trade.

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Source:  Watcher Guru

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24 HOURS TO STOP TOTAL SURVEILLANCE BEFORE IT'S TOO LATE?  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 12-16-24

Good Afternoon Dinar Recaps,

RIPPLE'S RLUSD STABLECOIN LAUNCHING TUESDAY FOLLOWING MASSIVE XRP SURGE

The dollar-pegged Ripple USD (RLUSD) will begin trading Tuesday across Ethereum and XRP Ledger, Ripple said Monday.

Ripple will launch its U.S. dollar-pegged stablecoin called Ripple USD (RLUSD) on Tuesday, the company announced Monday.

Backed by U.S. dollars, U.S. government bonds, and cash equivalents, Ripple said that the token will initially trade on platforms including MoonPay, Uphold, Bitso, Archax, and CoinMENA. RLUSD will be available across Ethereum and XRP Ledger, Ripple added.

The anticipated launch follows a recent surge in the value of XRP, the token created by Ripple's co-founders that is used in the firm's payments services. XRP jumped to a seven-year high price of $2.82 earlier this month, and remains up by 122% over the last 30 days at a current price of $2.45, per data from CoinGecko.

RLUSD’s debut comes amid growing demand for stablecoins, which have found notable use in areas like remittances and decentralized finance, or DeFi. This year, the total market cap of stablecoins has ballooned to over $200 billion, a steep increase from $130 billion in January, according to DeFiLlama.

Stablecoins are meant to track a fiat currency’s price, such as the U.S. dollar’s, but Ripple’s Chief Technology Officer, David Schwartz, issued a recent warning. Some pre-market bids for RLUSD valued the stablecoin as high as $1,244, a price that he said should come back down.

The first stablecoin was launched over a decade ago, but companies outside the crypto space may just have started dipping their toes. 

The payments giant PayPal launched its PYUSD stablecoin last year, and a group of firms, including Robinhood, announced plans just last month to support a Global Dollar stablecoin (USDG) issued by Paxos.

Ripple said its stablecoin will be regulated by the New York Department of Financial Services, which issued the company a limited purpose trust company charter. The charter, first issued to a crypto firm in 2015, effectively makes Ripple’s product subject to New York banking laws.

Ripple said it will publish third-party attestations, providing insight into the stablecoin’s backing, each month via an independent auditing firm, for the sake of transparency.

As of now, stablecoins are subject to a patchwork of regulations in the U.S. that can vary state by state, even though the NYDFS framework has inspired states like California.

 Lawmakers have, however, discussed the merits of regulating stablecoins federally since legislation was introduced by Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) in 2022.

Last year, the U.S. House Financial Services Committee passed the "Clarity for Payment Stablecoins Act of 2023.” But the bill that would provide a framework for regulating stablecoins still needs to be passed in the House and Senate. That could involve a period of bargaining and more debate, Circle’s Vice President, Yam Ki Chan, previously told Decrypt.

While the 118th Congress will end in less than three weeks, leaving lawmakers with little time to pass legislation, Democrats and Republicans had expressed optimism that a stablecoin framework could be passed in 2024. Congress’ next session will begin January 3.

@ Newshounds News™

Source:  Drcrypt

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BANK INDONESIA COMPLETES PROOF OF CONCEPT FOR DIGITAL RUPIAH: WHAT’S NEXT?

Indonesia has completed the first phase of its digital Rupiah project, advancing towards a central bank digital currency.

Bank Indonesia has achieved a significant milestone in exploring a central bank digital currency (CBDC). It completed the Proof of Concept (PoC) for the Wholesale Rupiah Digital (wRD) Cash Ledger.

This achievement marks the conclusion of the first phase of Project Garuda, a groundbreaking initiative to develop a digital Rupiah. It aims to make the digital Rupiah a legal tender central to the country’s financial modernization efforts.

What Is Next for CBDC in Indonesia?

Governor Perry Warjiyo emphasized in the whitepaper that the digital Rupiah represents Bank Indonesia’s proactive response to the rapid transformation of the financial landscape. Moreover, the regulator wants to be a single issuer of a state digital currency.

The project seeks to create a unified and interconnected ecosystem capable of supporting diverse financial transactions while safeguarding the integrity of the Rupiah.

The design of the digital Rupiah focuses on interoperability, ensuring seamless integration across various platforms and systems.

With it, Indonesia aims to strengthen its financial infrastructure by adopting it all across its monetary sovereignty.

Insights from the Proof of Concept

The PoC phase explored three fundamental business processes critical to implementing the Wholesale Rupiah Digital: issuance, redemption, and fund transfer.

These processes were tested using two advanced distributed ledger technology (DLT) platforms:

Corda, developed by R3
Hyperledger Besu, created by Kaleido
Over 55 test scenarios evaluated the platforms’ suitability for the wRD business model, focusing on resilience, privacy, speed, scalability, and fault tolerance.

Fransiskus Xaverius Tyas Prasaja, an economist at Bank Indonesia, highlighted that the technical success of the PoC validated DLT’s potential to meet the rigorous demands of the Rupiah Digital framework.

Corda employs a central notary system to validate transactions. It ensures integrity through a directed acyclic graph interconnecting transaction data.

Meanwhile, Hyperledger Besu leverages a proof-of-authority mechanism with multiple validators, maintaining data integrity within a blockchain-based structure.

Notably, integrating smart contracts also emerged as a key innovation during the PoC phase. These programmable agreements enhanced transaction efficiency and offered greater flexibility.

Moreover, the PoC demonstrated that DLT platforms can seamlessly integrate with conventional financial systems through ISO 20022 standards. It ensures compatibility with existing frameworks while enabling connectivity with other distributed systems.

Transparency has been a cornerstone of Project Garuda’s development. Bank Indonesia released a comprehensive whitepaper titled “Project Garuda: Navigating the Rupiah Digital Architecture,” detailing the project’s phased approach.

The PoC represents the first phase, laying the groundwork for the Intermediate State, where operationalization and scaling will take center stage.

Deputy Governor Juda Agung also stressed the importance of these findings. He stated that the insights gained from this phase will serve as a foundation for refining the digital Rupiah’s business and technical dimensions.

“The success and various insights from this proof of concept will form the foundation for strengthening the business and technical aspects of the Rupiah Digital in the future.”

The next steps will focus on operational readiness, scalability, and ensuring that the digital Rupiah is equipped to serve the entire Indonesian population.

@ Newshounds News™

Source:  CryptoNews

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ELON MUSK'S SEC FEUD SPARKS OUTRAGE: RIPPLE, RAMASWAMY, PALIHAPITIYA SLAM CORRUPT TACTICS

Elon Musk’s SEC battle has drawn criticism from Ripple’s legal chief, Vivek Ramaswamy, and Chamath Palihapitiya, who accuse the regulator of corruption, coercion, and partisan overreach.

SEC Faces Backlash Over Elon Musk Case: Ripple’s Legal Chief Weighs in

Elon Musk’s ongoing battles with the U.S. Securities and Exchange Commission (SEC) have sparked fresh debates over the agency’s enforcement tactics, drawing commentary from political and business figures including Ripple Chief Legal Officer Stuart Alderoty, venture capitalist Chamath Palihapitiya, and politician Vivek Ramaswamy.

Musk shared a letter on his social media platform X on Thursday from his attorney, Alex Spiro, accusing the SEC of a years-long harassment campaign against Musk and his companies. Spiro claimed the SEC has issued a 48-hour settlement ultimatum, threatening fines or charges, allegedly driven by higher-level directives.

The letter also referenced a new SEC investigation into Neuralink and a subpoena against Spiro under coercive threats, demanding clarity on whether the SEC’s actions stem from internal or external influences like the White House.
Palihapitiya weighed in on the broader implications of SEC actions, criticizing the agency’s use of taxpayer resources. He wrote on X:

This is ridiculous. Why does the SEC think they can continue to waste government resources (ie our money) so uselessly?!?!? Without a reasonable check and balance, partisan bureaucrats will continue to use lawfare to create foot faults and slow down people they don’t agree with.

“And if you don’t happen to have the resources Elon has, you will be screwed. I hope people appreciate how corrupt this all is,” he warned.

Ramaswamy, recently appointed alongside Musk to lead the Department of Government Efficiency (DOGE), accused the SEC of undermining public trust. “Here’s the worst part: the SEC regularly loses case after case in federal court because they contort their rules in illegal & unconstitutional ways,” Ramaswamy wrote, adding that their actions weaken faith in the rule of law.

Ripple’s chief legal officer joined the discussion, replying to Ramaswamy:

Ripple exposed the SEC’s lawless tactics early on. As the court said in our case: ‘The SEC is adopting its litigation positions to further its desired goal, not out of a faithful allegiance to the law.’ The question isn’t whether the SEC under Gensler is rogue—it is. The question is how we hold them accountable?

Meanwhile, a shakeup at the SEC is underway as Gary Gensler prepares to step down as Chair, signaling a potential shift in the agency’s regulatory approach. 

Gensler, known for his hardline stance on cryptocurrency and financial regulations, will leave his post in January 2025. His successor, Paul Atkins, is a former SEC commissioner and a proponent of more lenient regulation, particularly in the crypto space.

Atkins’ nomination by President-elect Trump has sparked debate, with industry insiders anticipating a friendlier environment for digital assets while critics warn of reduced oversight. The transition could redefine the SEC’s priorities, pending Senate confirmation of Atkins.

@ Newshounds News™

Source: Bitcoin News

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PRESIDENT-ELECT DONALD TRUMP SAYS, “WILL BE DOING SOMETHING GREAT WITH CRYPTO.”

|  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 Morning 12-16-24

Good Morning Dinar Recaps,

XRP NEWS: RIPPLE CTO WARNS OF EARLY RLUSD SUPPLY SHORTAGES AND PRICE VOLATILITY

XRP Price Today: XRP trades at $2.41, with bullish market sentiment as the community eagerly anticipates the RLUSD stablecoin launch.

Ripple CTO warns against FOMO as RLUSD launch may see prices briefly spike above $1 before stabilizing. Stablecoin's purpose is price stability.

Ripple’s Chief Technology Officer, David Schwartz, has warned that while there may be temporary supply shortages when RLUSD launches, causing prices to rise below $1, the price will soon stabilize as the market adjusts.

He urged investors not to fall for “FOMO” (Fear of Missing Out) over possible early price fluctuations of the stablecoin. For the unversed, Ripple’s CEO, Brad Garlinghouse recently announced that RLUSD has received final approval from the New York Department of Financial Services.

Responding to concerns raised on X, Schwartz explained that during RLUSD’s early days, some individuals may be willing to pay unusually high prices, like $1,200 per fraction of an RLUSD, simply to be the first to purchase it.

He wrote,
“If you want to spend a lot of money to get a tiny bit of RLUSD before anyone else does, you can. But please don’t expect the price to stay over $1 once things stabilize, which I expect they will do very quickly. Please don’t FOMO into a stablecoin! This is not an opportunity to get rich.”

However, he assured that this price spike is temporary, and once supply stabilizes, the price will return to around $1. He said that the core purpose of a stablecoin is to maintain a stable price, and any short-term fluctuations will be corrected by arbitrage traders.

Community Awaits the Launch
The XRP community is excited for the launch of the RLUSD stablecoin. RLUSD is a stablecoin tied to the US dollar, meaning its value will stay at one US dollar. It will be issued on both the XRP Ledger and Ethereum blockchains. Ripple says it will be fully backed by cash and equivalent reserves and can be redeemed 1:1 for US dollars.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

Ripple CTO Warns of 'FOMO' as RLUSD Stablecoin Prepares for Market Debut

Schwartz highlighted pre-market bids for RLUSD reaching $1,244, driven by buyers eager to claim the “honor” of being the first to buy it.

Ripple’s chief technology officer, David Schwartz, has cautioned investors about potential price volatility for RLUSD, Ripple’s U.S. dollar-pegged stablecoin, as it prepares for launch.

@ Newshounds News™

Source:  Decrypt

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 12-15-24

Good Afternoon Dinar Recaps,

ATKINS AND SACKS: PIONEERS OF CRYPTO REGULATION?

Following Gary Gensler’s resignation, Paul Atkins was nominated to take over as the new Chairman of the SEC—the approval of which would mark his return to the Commission after a 17-year hiatus and could mark a drastic change for the crypto industry and digital assets.

Paul Atkins Returns: A New SEC

A current Chief Executive at Patomak Global Partners, Atkins is a veteran of the financial world. Atkins started his career as an attorney on Wall Street in the 1980s before eventually earning the title of SEC Commissioner in the early 2000s. Beginning his career in the financial wild west, and spending his tenure at the SEC in the wake of the dotcom bubble, Atkins has considerable experience in novel financial markets.

As head of a consulting firm that advises emerging fintech companies on the regulatory environment, Atkins has sensibly become involved in the crypto industry. Notably, in the Spring of 2020, Atkins joined the board of advisors for the Chamber of Digital Commerce, the world’s first and largest blockchain trade association. Prior to joining the Chamber’s board, Atkins served as co-chair of the Chamber’s Token Alliance, where he “focused on token issuances, trading platforms, and other areas under the SEC’s purview.”

Atkins has also served on the advisory board of Securitize, a company that works on tokenizing securities with Blackrock and $Ondo. Ondo Global Markets, which is set to launch early next year, plans to offer tokenized stocks and bonds on-chain. As Chairman of the SEC, Atkins would be able to open the door to tokenization companies that are looking to bring transparency and efficiency to traditional financial markets.

A firm believer in free markets, Atkins has notoriously criticized the Dodd-Frank legislation that came in the wake of the financial crisis as overly-burdensome on the banking industry. Given Atkins’ previous support of SEC Commissioner Hester Pierce’s crypto safe harbor proposal, it appears he will bring the same view to the crypto industry as Chairman.

This is evident by Atkins’ public advocacy for an SEC approach that enables new markets such as crypto to flourish in a healthy environment. For example, while at the Chamber of Digital Commerce, Atkins has been a longtime champion for bringing about regulatory clarity for token projects.

Criticizing the Howey test as “quite old” and questioning “whether or not it’s still current,” Atkins suggested the Supreme Court could use the Ripple case to reexamine Howey’s “coherence in the current environment and whether it needs to be tweaked.”

Atkins has also previously indicated that the then-incoming SEC chair—Gary Gensler—could withdraw the agency’s lawsuit against Ripple. While that failed to happen under Gensler, Atkins’ comment raises an interesting possibility for the future of the SEC’s case with him now at the helm.

Paul Atkins’ nomination as Chairman of the SEC ushers in a wave of optimism for the crypto industry, potentially signaling an end to its unnecessary battle with the Commission. With his broad experience navigating both traditional and emerging markets from both the public and private sectors, Atkins is uniquely positioned to bridge the gap between legacy financial systems and the rapidly evolving blockchain and tokenization ecosystems by providing a clear regulatory environment.

The New Czar: David Sacks’ Mission to Jumpstart Crypto and AI

Another win for the crypto community was scored with the appointment of David Sacks as the United States’ first Crypto and AI Czar. Making his name as an early PayPal executive, Sacks has since developed his own successful venture capital firm, Craft Ventures.

A believer in revolutionizing the payments system, Sacks did not stray far from the space. Since leaving PayPal, Sacks has invested significantly in cryptocurrencies like bitcoin and Solana, while also helping fund crypto companies such as Lightning Labs, BitGo, and Bitwise.

Sacks has been a longtime proponent of digital assets, explaining in 2017 that cryptocurrencies are fulfilling PayPal’s “original vision” of creating a “database of money.” In the runup to the recent election, Sacks highlighted “[w]hat the crypto industry has been asking for more than anything else is a clear legal framework to operate under,” and suggested that a Trump victory would provide that.

Now, the president-elect has given Sacks the opportunity to make that a reality. According to Trump’s announcement, Sacks’ primary role as Crypto and AI Czar will be “to work on a legal framework so the Crypto industry has the clarity it has been asking for, and can thrive in the US.”

Sacks has been a critic of the SEC’s unpredictable approach to regulation by enforcement and advocates for delineating a clear line between SEC and CFTC jurisdiction.

On his All-In podcast, Sacks supported the Financial Innovation and Technology for the 21st Century Act, which would have classified digital assets running on decentralized blockchains as commodities subject to the CFTC’s jurisdiction.

Despite ultimately failing in the Senate, Sacks is hopeful some variation of the bill will pass in a now-united Congress. In addition to Sacks, some Courts have also taken umbrage with the SEC’s positions relating to the digital asset space.
Given the novelty of the Crypto and AI Czar position, it is unclear how much of a role Sacks will be able to play in the formal decision-making process. Regardless, the Silicon Valley financier will be able to act as a knowledgeable liaison between the President and the regulatory agencies and guide policy discussions toward establishing a healthy framework for crypto.

The Future, In America

Together, Atkins and Sacks bring a breadth of experience and a forward-thinking approach to navigating the complexities of emerging technologies. From Atkins advising Wall Street in the original Wild West of finance, to Sacks’ membership in the “PayPal Mafia,” these two have a unique understanding of revolutionary finance.

Atkins and Sacks’ nominations mark a pivotal moment for cryptocurrency and suggest a brighter regulatory future ahead. Pioneers in both the AI and crypto industries—from Sam Altman to Brian Armstrong (see also)—have congratulated the two on their nominations and shown their enthusiasm to begin building in a friendly environment. Commissioner Pierce expressed her “delight[]” to work with Atkins again “to advance free markets, capital formation, investor choice, and innovation.”

It is currently unknown how Atkins’ nomination will change the enforcement priorities of the SEC for 2025. As attorneys operating exclusively in the digital asset space, we are optimistic about the regulatory environment taking shape under the leadership of Paul Atkins and David Sacks.

 With Atkins’ commitment to regulatory clarity and free markets and Sacks’ entrepreneurial vision for crypto and AI, this duo has the potential to return the United States to its position as a leader in financial innovation.

@ Newshounds News™

Source:  Bitcoin News

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WHAT BANKS ARE HIDING FROM YOU!  |  Youtube

On ChokePoint 2.0 and Debanking

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Seeds of Wisdom RV and Economic Updates Sunday Morning 12-15-24

Good Morning Dinar Recaps,

Why Hong Kong has grown into a crypto hub — CEO of WOW Summit

"Hong Kong’s ‘one country, two systems’ framework lets it explore digital asset innovation more freely," Ivan Ivanov told Cointelegraph.

Hong Kong has rapidly become a cryptocurrency hub, positioning itself as a center for financial innovation alongside the United Arab Emirates (UAE) and Singapore. Ivan Ivanov, global CEO of WOW Summit, said this innovation was fostered by a mixture of strong regulatory policy and Hong Kong’s status as a special economic region.

Ivanov told Cointelegraph that Hong Kong’s special relationship with mainland China and robust regulation allow Hong Kong to be a sandbox for financial and technical innovation, which benefits startups, nascent technologies, and institutional investors. Ivanov wrote:

"You get the excitement and potential of crypto, but with the stability and security of a well-established financial system. With Hong Kong's strong connections to the global market, especially Mainland China, it's a really unique and promising place for crypto."

The WOW Summit CEO added that Hong Kong’s stablecoin policy, which requires issuers of stablecoins to acquire licenses and keep their fiat reserves in local Hong Kong banks, promotes trust and transparency in the nascent asset sector.

Hong Kong’s recent crypto developments
Hong Kong’s robust regulatory regime creates an attractive climate for investors who want to experience the upside of cutting-edge technology in finance without fear of losing funds in risky ventures with no legal recourse.

In October 2024, The Hong Kong Financial Services and Treasury Bureau (FSTB) laid out ground rules for AI in finance to mitigate the risks of AI while still fostering integration into existing systems.

The Hong Kong Monetary Authority (HKMA) also announced Project Ensemble in October 2024. The initiative between the HKMA, the Central Bank of Brazil, and the Bank of Thailand explored cross-border tokenized settlements between the three countries.

Hong Kong’s Cyberport Web3 network — a state-run business hub promoting digital asset innovation — now features over 270 blockchain firms. The Cyberport network added more than 120 firms in the past 17 months alone.

In November 2024, ZA Bank, Hong Kong’s largest digital bank, launched retail crypto trading for its clients. The government of Hong Kong also proposed exempting institutional investors from capital gains on their crypto holdings to encourage investment. https://cointelegraph.com/news/why-hong-kong-become-crypto-hub-ceo-wow-summit

@ Newshounds News™

Source:  CoinTelegraph

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BRICS: Trump Tariff Threat Has China Eyeing Key Move to Ditch US Dollar

Amid growing tension between the BRICS economic alliance and the US, Donald Trump’s impending tariff threat has China considering what would be a major move to ditch the US dollar. Shortly after his victory, the United States President-elect warned he would impose 100% tariffs on countries looking to abandon the greenback.

The move is looked at as a key defense from Trump to protect the global status of the currency. However, the BRICS alliance has not been shy about its goal to diversify global finance. Specifically, it has been seeking to promote local currencies over the dollar for much of the last two years.

China Presents Answer to Trump Tariff Threat; It’s Bad News for the US Dollar

Since 2022, the BRICS bloc has firmly embraced de-dollarization efforts. After Western sanctions were imposed on Russia following its invasion of Ukraine, the alliance sought new ways to lessen its reliance on the currency. Since then, talks of trade settlement assets and payment systems have abounded.

Yet the United States, with a new regime impending, has sought to put an end to that. But that hasn’t stopped the bloc from defending itself. Indeed, amid the BRICS and US face-off, Donald Trump’s 100% tariff threat has been answered, with China eyeing a key move to ditch the US dollar.

A new report has called for China to anchor the yuan to non-US dollar currencies. Specifically, a Beijing-based think tank urged policymakers to explore a basket of currencies for the exchange rate of the yuan. The move would create more flexibility in terms of domestic monetary policy and would seek a boost in demand.

The China Finance 40 Forum group that proposed the idea is comprised of senior Chinese regulator officials and finance experts. Moreover, it was devised as a clear answer to the ongoing worry Donald Trump presents.

“Given the stronger dollar and tariff threats posed by Donald Trump’s re-election, intensified external uncertainties could limit the space for domestic monetary policies aimed at maintaining internal and external balance,” the group said. Therefore, finding a new anchor for the currency would “counter the pressures.”

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Source:  Watcher Guru

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DISCOVER THE GCR RV: TIPS FOR STAYING PRODUCTIVE IN 2024!  |  Youtube

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 12-14-24

Good Afternoon Dinar Recaps,

US SENATOR: NEW TREASURY SECRETARY WILL CHAMPION DIGITAL ASSETS

A senator hails Scott Bessent as a champion for digital assets, backing his Treasury Secretary nomination to advance a Strategic Bitcoin Reserve and reshape U.S. fiscal policy.

The Pro-Crypto Leader Poised to Shape US Fiscal Policy

U.S. Senator Cynthia Lummis (R-WY) has voiced firm backing for President-elect Donald Trump’s selection of hedge fund manager Scott Bessent as the next Treasury Secretary. Last month, Trump nominated Bessent to succeed Janet Yellen as the 79th U.S. Treasury Secretary.

Lummis emphasized that his appointment could bolster her recently proposed legislation advocating for a Strategic Bitcoin Reserve. This initiative, formally known as the BITCOIN Act, was unveiled in July and aims to establish a federal bitcoin reserve to fortify the U.S. dollar and tackle the growing national debt. The senator expressed her enthusiasm on the social media platform X on Friday, stating:

Scott Bessent will be a champion for digital assets and a crucial ally in passing my Strategic Bitcoin Reserve.

“I look forward to working closely with the future Treasury Secretary to restore fiscal responsibility!” she added.

The concept of a U.S. strategic bitcoin reserve has gained traction recently, with several states initiating legislative efforts to establish such reserves. Notably, Texas introduced House Bill 1598, aiming to create a strategic bitcoin reserve funded through donations and gifts, allowing residents to pay taxes in bitcoin.

Similarly, Pennsylvania proposed legislation permitting its treasury to allocate up to 10% of state funds into bitcoin. At the federal level, Trump has advocated for a national bitcoin reserve, a proposal that has sparked debate among experts regarding its feasibility and potential economic impact.

These developments reflect a growing interest in integrating bitcoin into governmental financial strategies across the U.S.

Supporters of the decision have praised Bessent’s openness to cryptocurrency innovation. Ripple CEO Brad Garlinghouse, for instance, commented on X: “I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick by Donald Trump. He will be the most pro-innovation, pro-crypto Treasury Sec we’ve ever seen.”

Bessent, who founded Key Square Capital Management and previously served as chief investment officer for George Soros, has gained recognition for his macroeconomic acumen. Known for advocating deficit reduction and regulatory reform, his nomination has been met with optimism by financial markets and business leaders. Many anticipate his leadership could foster policies favorable to cryptocurrency, potentially advancing proposals such as Lummis’s bitcoin reserve plan.

@ Newshounds News™
Source:  Bitcoin News

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BANK OF ENGLAND GIVES CRYPTO FIRMS TILL MARCH 2025 TO DISCLOSE DIGITAL ASSET EXPOSURE

England’s central bank is giving companies until March 2025 to disclose their exposure to digital assets.

In a new announcement, The Bank of England says that the Prudential Regulation Authority (PRA) – the UK’s financial regulator – is looking to gather data on firms’ current and future exposure to crypto assets.

“This [data] will inform work across the PRA and the Bank of England on crypto assets by helping us calibrate our prudential treatment of crypto asset exposures, analyze the relative costs and benefits of different policy options and providing an updated view of firms’ current and intended crypto asset-related business activities as a base from which to monitor the financial stability implications of these assets.”

Some of the disclosure requirements include any business related to digital assets and how the bank profits from it, risk management policies of the bank toward crypto, a rundown of how the bank reports its crypto assets, and the most significant crypto-related risks the firms are exposed to and how they plan to manage them, according to the PRA’s questionnaire.

“The decision to hold crypto assets (either under trading or banking book) and provide services to crypto asset operators must be fully consistent with the bank’s risk appetite and strategic objectives as set down and approved by the board, as well as with senior management’s assessment of the bank’s risk management capabilities.”

According to the PRA’s second framework for crypto assets, which was released in 2022, firms still cannot completely mitigate the risks of using permissionless blockchains.

@ Newshounds News™

Source:  DailyHodl

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DISCOVER THE BRICS AI ALLIANCE REVOLUTIONIZING GLOBAL TECH IN 2024  |  Youtube

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Seeds of Wisdom RV and Economic Updates Saturday Morning 12-14-24

Good Morning Dinar Recaps,

BRICS NEWS: CALLS TO MOVE AWAY FROM THE US DOLLAR IS GROWING

A handful of developing countries are inspired by the BRICS alliance to ditch the US dollar for cross-border transactions. Emerging economies are taking cues from the bloc to de-dollarize their economies and make local currencies the sole beneficiary for payments. The calls to cut ties with the US dollar are growing and the White House is unable to clamp it down.

BRICS members China, Russia, and Iran are advancing the de-dollarization initiative by pushing local currencies ahead for trade. The move is adding pressure on the greenback’s prospects as it could lose out on the demand and supply dynamics. They are also diversifying their central bank reserves by adding gold and other currencies and commodities.

 
BRICS Advancing To End US Dollar’s Supremacy

The central banks of BRICS and other developing countries are diversifying their reserves giving the US dollar a run for their money. “By diversifying their holdings reserves into a more multi-currency sort of portfolio. Perhaps they can reduce that pressure on their external sectors,” said Cedric Chehab from Fitch Solutions to CNBC.

As BRICS member China’s influence is growing, it is also setting the stage for the de-dollarization agenda to grow rapidly. “As China’s economic might continues to rise, that means that it’ll exert more influence in global financial institutions and trade,” he said. Another benefit for countries moving away from the US dollar as the middleman in bilateral trade

BRICS countries could benefit if they trade in local currencies as it’ll help them move up the value chain. Trading in local currencies “allows exporters and importers to balance risks, have more options to invest, to have more certainty about the revenues and sales,” said former Brazilian ambassador to China, Marcos Caramuru.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

JAPAN’S LAWMAKER PROPOSES NATIONAL BITCOIN RESERVE

▪️Japanese lawmaker proposes a national Bitcoin reserve.

▪️States can effortlessly create reserves for Bitcoin.

▪️MicroStrategy holds a significant portion of the BTC supply.

Name similarity becomes intriguing in this development. Recently, a Japanese lawmaker presented a new proposal. As you may recall, several months ago, statements emerged from the Trump camp, led by Lummis, advocating for the U.S. government to establish a Bitcoin reserve. This proposal even evolved into a legislative bill.

Satoshi and the Bitcoin Reserve Idea

Trump appointed someone to organize cryptocurrency efforts at the White House before taking office in January. This individual will also work to realize the Bitcoin reserve concept. Today, Japanese parliament member Satoshi Hamada has taken steps to create a national Bitcoin reserve.

Satoshi Hamada, sharing a name with Satoshi Nakamoto, believes that his country should establish its strategic Bitcoin reserve before the U.S. implements this idea. Recently, Russian President Putin mentioned that Bitcoin would not be obstructed.

National Bitcoin Reserve

States can easily create reserves for Bitcoin and other cryptocurrencies with minimal effort. The fact that even Federal Reserve members, including the President, view Bitcoin as an “asset competing with gold” explains our current situation well. Governments already possess vast gold reserves and can similarly create reserves for Bitcoin, often referred to as “digital gold.”

MicroStrategy, MARA, RIOT, BlackRock, and thousands of companies have begun to hold BTC in their reserves. The world’s largest asset manager, BlackRock, has thousands of ETF customers indirectly holding BTC through its IBIT BTC ETF product.

Every week, we read news about institutions purchasing billions of dollars in BTC. Many companies are adding Bitcoin to their reserves to improve stock performance and increase share prices, with MicroStrategy being the most advanced player in this regard. It has grown significantly, with a strong likelihood of being added to the NASDAQ100 in March.

MSTR alone holds approximately 2% of the BTC supply. The total BTC held by ETF issuers, governments, private and public companies, BTC miners, and DeFi platforms is valued at $292 billion, representing 13.81% of the BTC supply.

@ Newshounds News™

Source:  Coin-Turk

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CONSTITUTION CALL AUDIO 12 13 2024  |  Youtube

Did you miss the call last night?  You can listen to the call at our Youtube Channel at the link above.

Ask questions in The Constitution Intel history and more Room Link

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 12-13-24

Good Afternoon Dinar Recaps,

 BRICS NEWS:  BRICS ANNOUNCE CREATION OF NEW KEY ALLIANCE: WHAT IT MEANS

Amid the shifting geopolitical landscape, the BRICS bloc has announced the creation of a new key alliance that could have massive ramifications. Indeed, the economic alliance has seen its members come together to establish a new collaborative effort to focus on technological growth over the next six years.

The BRICS bloc has ramped up cooperation over the last two years. As Russia has navigated increased Western sanctions following its invasion of Ukraine in 2022, it has looked to its allies in the global south to continue fortifying its global position. That is poised to continue with the launch of this new alliance.

BRICS Launch New Alliance With Massive GDP Growth Expected

The past two years have been massive for the BRICS alliance. It has grown from a five-member bloc to a nine-member collective and introduced a new 13-nation partnership association. Yet alongside its growth has been an ongoing and worldwide technology revolution. Now, the bloc has instituted a new initiative to take advantage of those changes.

The BRICS bloc has announced the creation of its very own AI alliance, according to a Reuters report. Indeed, Russian President Vladimir Putin announced that the country would spearhead plans to develop AI technology within the BRICS nations. The move will see the global south seek to better compete with the world in various emerging technologies.

Russia must participate on equal terms in the global race to create strong artificial intelligence,” Putin said at an AI conference in Moscow. “It is precisely the advanced solutions hat Russian scientists are currently working on.”

Additionally, Putin said the bloc will “invite scientists from all over the world to join in the collaboration.” Currently, Western sanctions have affected Russia’s access to microchips necessary for AI development. Therefore, it is once again turning to its BRICS allies to help it keep pace while the Ukraine war that is driving sanctions persists.


@ Newshounds News™

Source:  Watcher Gurur

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TRUMP TEAM EXPLORES CONSOLIDATING OR ENDING BANKING OVERSIGHT BODIES—BIG WIN FOR CRYPTO?

▪️Donald Trump’s presidential transition team is reportedly discussing the possibility of reducing the number of banking regulators, merging agencies, or even eliminating some entirely.

▪️With the potential consolidation or reform of the FDIC, OCC, and Federal Reserve, alongside the CFPB, the crypto market could benefit from a more streamlined regulatory environment, allowing it to flourish more freely.

Advisers to President-elect Donald Trump and officials of the Department of Government Efficiency (D.O.G.E), Elon Musk and Vivek Ramaswamy, are reportedly debating on strategies to slim down or even abolish key financial watchdogs.

According to a report by The Wall Street Journal, this discussion comes as part of a broader push to reconfigure the regulatory framework affecting the banking and crypto sector, which some in Trump’s circle view as overly burdensome. These advisers argue that a significant rollback of regulatory powers could foster a more business-friendly environment for cryptocurrencies.

In interviews, Trump’s advisers have raised questions about the feasibility of consolidating bank deposit insurance functions into the Treasury Department.

Additionally, conversations have included suggestions to combine various regulatory bodies, including the FDIC, the Office of the Comptroller of the Currency (OCC), and the Federal Reserve.

A significant opportunity has emerged for Trump to appoint a new leader to the Federal Deposit Insurance Corporation (FDIC).

Meanwhile, Brian Quintenz, a prominent name in cryptocurrency policy, is being considered for the chair position at the Commodity Futures Trading Commission (CFTC). Current FDIC Chair Martin Gruenberg has announced his retirement, effective January 19.

However, as he steps down, he faces considerable challenges. Republican House of Representatives member Tom Emmer publicly accused Gruenberg of being the “architect of Operation Chokepoint 2.0. and failing to protect his own employees”. 

Emmer’s comment is based on a congressional hearing where Gruenberg testified about an investigation revealing a culture of sexual assault, harassment, and mistreatment at the FDIC during his tenure.

For context, “Operation Chokepoint 2.0” is an alleged and unconfirmed initiative suggesting that the U.S. government pressured banks to limit services to cryptocurrency businesses, which may have impacted crypto exchanges like Binance and Coinbase.

Deregulation: A Double-Edged Sword for Crypto?

Nic Carter, a partner at Castle Island Ventures, recently stated that Silvergate Bank likely would have survived if it hadn’t been forced into voluntary liquidation by U.S. regulators.

The bank paid out large fines to its regulators: $43 million to the Federal Reserve, $20 million to California’s Department of Financial Protection, and $50 million to the Securities and Exchange Commission (SEC). Carter revealed that an insider at Silvergate informed him the bank had to limit its crypto deposits to 15% to avoid regulatory repercussions.

Signature Bank and Silicon Valley Bank, both of which were known for their support of cryptocurrency, are additional examples of banks affected by the actions of the FDIC. These banks, which had partnerships with venture capital firms like Andreessen Horowitz and Pantera Capital, shut down in early 2023.

Recently, a federal judge reprimanded the FDIC for its lack of transparency regarding its oversight of banks involved in cryptocurrency. This criticism highlights the need for reforms in the agency.

Additionally, the potential dissolution of the Consumer Financial Protection Bureau (CFPB) adds another challenge for the crypto sector.

The judge’s comments arose during a Freedom of Information Act (FOIA) lawsuit backed by Coinbase, which questioned the FDIC’s redactions of “pause letters” issued to banks concerning their crypto activities.

By abolishing the watchdogs, it can allocate resources more efficiently and encourage innovation in the crypto industry. However, if regulatory changes disrupt the existing financial oversight structure, the crypto industry might find itself in a precarious position as agencies like the SEC, CFTC, and OCC vie for authority over various facets of blockchain. 

This process could either clarify regulations or lead to confusion and instability within the industry.

With support from Coinbase and other major crypto firms, the election of pro-crypto candidates marked a pivotal moment for the industry. 

The cryptocurrency sector invested over $119 million to support such candidates, resulting in the election of more than 240 pro-crypto lawmakers to the House of Representatives and Senate, a notable success for the push for clearer regulations and leadership in the US.

Coinbase CEO Brian Armstrong declared this as “America’s most pro-crypto Congress ever,” suggesting that the potential abolition of banking watchdogs would represent a substantial win for the crypto industry and could bolster investor confidence.

Additionally, it could enable cryptocurrencies to operate more efficiently, leading to real-time transactions, lower fees, and increased mainstream acceptance.

@ Newshounds News™

Source: Crypto News Flash

~~~~~~~~~

CARDANO (ADA) JUST RELEASED DAEDALUS V7.0.0: MAIN CHANGES

Cardano's developer Input Output announced the release of Daedalus v7.0.0, an updated version of full-node desktop wallet software. Deadalus mechanisms are optimized for a new design of ADA delegation that is necessary for the upcoming Cardano Constitution referendum.

Cardano's Daedalus v7 is out: What changed?

Input Output Global, the development entity behind PoS blockchain Cardano, announced the release of a new version of Daedalus, its full-node wallet software. Daedalus v7.0.0 arrives with major changes of the ADA delegation mechanism.

The new release, which was revealed by IOG on Dec. 10, 2024, enables users to delegate their voting power to delegated representatives (DReps), as voting actors in governance mechanism.

Also, with Daedalus v7.0.0, ADA wallets can choose an automatic voting option (abstain or no confidence), ensuring that the Daedalus community has a voice in crucial developments for Cardano.

Daedalus v7.0.0 build is now available in mainnet, pre-prod and preview iterations. The team of IOG reiterated that the ADA community should be ultra-cautious about Daedalus-related scams.

ADA community to vote on Cardano Constitution in January 2025

Namely, Cardanians should always keep in mind that Daedalus full node wallet is only available for desktops. All announcements regarding "mobile Daedalus" wallets and ADA delegation in them are blatant scams.

Also, in the new voting tab, users can select their registration preference for each wallet held in Daedalus. Existing users will get a prompt to update via the Daedalus newsfeed.

As covered by U.Today previously, Cardano inches closer to the greatest referendum in years. In January 2025, the ADA community will approve or reject Cardano Constitution, an ambitious decentralization principles code.

In early December, Cardano's Constitution draft was approved by a convention in Buenos Aires.

@ Newshounds News™

Source:  Trading View

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FRIDAY NIGHT LIVE CONSTITUTION CALL

Discussions on our Constitution, your sovereignty, your rights, your jurisdiction, your citizenship, and your Strawman.  Join the call whether you are brand new and know nothing of how we lost our sovereignty, original Constitution, and God given rights over the last 200 hundred years or whether you are a scholar on the subject.  We invite all to join. We have two gentlemen, Mike Mason and Jim Silver57, who are well versed on our TRUE history and we invite you to join in the discussion.

JOIN US TONIGHT AT 5 PM PT, 7 PM CT, AND 8 PM ET

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Download the app on either your mobile phone or PC, then click the 'Join the Call ' Link above to listen and/or ask questions..

@ Newshounds News™

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WHAT DID HE SAY ABOUT LAW?  |  Youtube Short

Jim Silver 57 on:

History, Common and Civil Law, Jurisdiction, Language

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Seeds of Wisdom RV and Economic Updates Friday Morning 12-13-24

Good Morning Dinar Recaps,

CRYPTO ADVOCATE FRENCH HILL PICKED TO LEAD HOUSE FINANCIAL SERVICES COMMITTEE IN 2025

As chair, Hill will oversee Federal Reserve, Wall Street, and crypto sector regulations amid growing scrutiny.  Congressman French Hill has been appointed as the next chair of the House Financial Services Committee.

He will succeed North Carolina’s Patrick McHenry, who is retiring after a 20-year stint in Congress, including multiple terms leading Republicans on the board.

Hill’s Vision

The Arkansas Republican announced the news on December 13 via X:

“I am humbled that my colleagues have placed their trust in me to lead FinancialCmte as their next Chairman.”

The party’s steering committee appointed the lawmaker to the role on Thursday while finalizing committee leadership for the 119th Congress, which begins next year. This position means Hill will be key for legislative initiatives for the crypto industry that will take shape in the coming year.

In a formal statement, the 68-year-old highlighted his promise to work closely with Speaker Mike Johnson, Majority Leader Steve Scalise, Majority Whip Tom Emmer, and House Republican Conference Chair Lisa McClain in the future.

He also mentioned that he’s looking forward to collaborating with President-elect Donald Trump and Senate Banking Committee Chairman Tim Scott on what he described as “a new era of American prosperity’ for all citizens.

Crypto Legislative Efforts

The Financial Services Committee oversees critical areas, including the Federal Reserve, Wall Street regulations, and the increasingly scrutinized cryptocurrency sector. Hill, who currently chairs the Digital Assets, Financial Technology, and Inclusion subcommittee, has been a vocal proponent of crypto-related legislation.

His efforts include championing bills to clarify regulatory jurisdiction between the Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC). 

He has also collaborated with California Representative Maxine Waters on stablecoin legislation, though the bill was ultimately not introduced.

Additionally, the Arkansan has pledged to investigate Operation Chokepoint 2.0, which he described as an initiative targeting the cryptocurrency sector through politicized debanking.

Trump has previously vowed to end the Biden administration’s war on crypto. Following his re-election, reports came out that his transition team was considering various crypto-friendly candidates for key regulatory positions.

Since then, the President-elect has appointed David Sacks as AI and Crypto Czar and Paul Atkins as the SEC’s new chairman. Hill will officially take on the leadership role when the new congressional session convenes on January 3, 2025.

@ Newshounds News™

Source:  Crypto Potato

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COINBASE TO START RESTRICTING STABLECOINS IN EU BASED ON MICA COMPLIANCE

▪️Coinbase will restrict non-compliant stablecoins under MiCA, including USDT, PAX, PYUSD, and DAI, starting tomorrow.

▪️Algorand identified Circle’s USDC and Quantoz’s EURD as compliant alternatives amid shifting EU stablecoin market dynamics

▪️Tether exited Europe but invested in Quantoz, signaling strategic pivots as Circle partners with Binance to challenge Tether’s dominance.

According to Algorand, Coinbase began notifying its European clients that it will begin restricting stablecoins that don’t meet Markets in Crypto Assets (MiCA) requirements tomorrow.

Coinbase Prepares for MiCA

This news comes from the Algorand Foundation, a proof-of-stake blockchain and cryptocurrency.

Algorand directly posted their notice from Coinbase through a social media post and listed the MiCA-compliant stablecoins that its users could switch to. Both of these options, Circle and Quantoz, are entangled in a new struggle for EU stablecoin dominance.

“Dear Client, as a reminder, due to the new MiCA regulation, Coinbase will implement restrictions for stablecoin services that do not meet MiCA requirements. Based on the latest information, we currently expect we will have to restrict services for the following assets: USDT, PAX, PYUSD, GUSD, GYEN, and DAI,” Coinbase claimed in its notice.

MiCA is a comprehensive new regulatory framework for cryptoassets in the EU, and its advent is creating dramatic new market opportunities. 

Before this year, Tether was the dominant stablecoin in this market, but it quickly became apparent that the stablecoin giant would not meet compliance. Several firms consider this moment a chance to overtake Tether’s market share.

Tether, for its part, is acting strategically. On one hand, it significantly scaled back EU operations in November. The company also heavily invested in Quantoz, which launched one of two MiCA-compliant stablecoins that Algorand identified. The other approved asset, Circle’s USDC, represents an effort to directly muscle in on Tether’s old territory.

Yesterday, Binance announced a partnership with Circle, seemingly to expand in Europe. Coinbase partially owns Circle, and thus, this public gesture took place despite these two massive exchanges’ rivalry. With their combined capital and resources, the pair could make significant strides in the EU market.

For non-stablecoin crypto firms like Algorand, however, this “MiCA market opportunity” might not impact regular operations. The firm has enjoyed an impressive rally in recent months, and its announcement claimed that users could seamlessly use either USDC or EURD from Quantoz.

@ Newshounds News™

Source:  Be In Crypto

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CRYPTO SUCCESS SECRETS NOBODY SHARES  |  Youtube

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

Good Evening Dinar Recaps,

GOLDMAN SACHS CEO DAVID SOLOMON SAYS BANK NEEDS REGULATIONS TO CHANGE BEFORE LOOKING AT CRYPTO: REPORT

The CEO of Wall Street titan Goldman Sachs reportedly says the investment bank is not diving into crypto without regulatory permission.

According to Reuters, David Solomon says US regulations need to change before the bank can start holding and trading crypto assets.

Says Solomon during an interview at the Reuters NEXT conference in New York,

“That’s a question you have to ask regulators. At the moment, as a regulated banking institution, we’re not allowed to own a cryptocurrency like Bitcoin as a principal.

We give our clients advice around a variety of these technologies and these issues and will continue to do that, but for the moment our ability to act in these markets is extremely limited from a regulatory perspective.”

Solomon’s statement comes amid growing interest in crypto-focused financial products. Investment giant BlackRock’s Bitcoin (BTC) exchange-traded fund is now bigger than its gold exchange-traded fund despite the latter’s 19-year head start.

The crypto market is also anticipated to explode following the victory of Donald Trump in the November election. The president-elect promised to implement policies that will solidify crypto self-custody and bolster the growth of the industry.

Trump also picked crypto-friendly Scott Bessent and Paul Atkins as Treasury Secretary and U.S. Securities and Exchange Commission (SEC) chair, which is regarded as an early sign of an incoming shift in the government’s stance on digital assets.

@ Newshounds News™

Source:  DailyHodl

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IOTA COFOUNDER MEETS PHILIPPINE SECRETARY OF TRADE TO DISCUSS EXPANSION IN SOUTH EAST ASIA

▪️Dominik Schiener met Philippine Trade Secretary Cristina Aldeguer-Roque to explore integrating IOTA’s TWIN logistics network into Southeast Asia by 2025.

▪️IOTA’s Rebased protocol introduces a dual-contract system (EVM and MoveVM) enabling 50,000+ transactions per second with minimal latency.

IOTA, a decentralized blockchain solution known for its scalability and efficiency, is ramping up its efforts in Southeast Asia. In a strategic move, Dominik Schiener, IOTA’s co-founder, engaged in an important discussion with Cristina Aldeguer-Roque, the Secretary of Trade for the Philippines.

 This meeting occurred during a high-profile international summit, setting the tone for IOTA’s expanding footprint in the region.  

The session highlights cooperation between prominent industry leaders and government officials. Discussions reflect a strategic vision to incorporate TWIN into Southeast Asia’s logistics networks, with the aim of implementing it by 2025. 

TWIN seeks to optimize trade processes by merging physical goods with digital infrastructure, eliminating inefficiencies and boosting transparency.

Rebased Upgrade Solidifies IOTA’s Expansion

In parallel, IOTA continues to evolve its ecosystem by introducing the Rebased protocol, which represents a pivotal upgrade for the platform. 

Building on earlier updates like Stardust, Rebased brings groundbreaking changes, solidifying IOTA’s standing as a leading blockchain innovator. Features such as low transaction fees, staking rewards, and enhanced scalability further underline its commitment to progress.  

The Rebased protocol introduces advanced smart contract capabilities through its unique dual-contract framework, which blends the Ethereum Virtual Machine (EVM) with MoveVM. Developers can now leverage Ethereum-compatible tools or Move-based programming languages to create seamless, scalable solutions on the IOTA network.  

Moreover, the Mysticeti consensus switch bolsters the protocol’s capacity, enabling over 50,000 transactions per second with minimal latency. This ensures faster finality while retaining decentralization. Notably, IOTA’s adaptive fee burn mechanism keeps transaction costs low, catering to a wide spectrum of users.  

The network’s staking model offers attractive incentives, with an initial annual inflation rate of 6-7% and staking yields as high as 10-15% for participants. Such robust features are steering IOTA toward a sustainable future, fostering innovation in decentralized finance (DeFi) and other blockchain applications.  

Expanding Ecosystems and Strategic Partnerships

IOTA’s commitment to scalability is evident in the recent growth of its Ethereum Virtual Machine (EVM) Layer 2 platform. Introduced in June 2024, the platform achieved remarkable success, with its Total Value Locked (TVL) climbing from $30 million to $86 million. To further encourage DeFi adoption, IOTA has set aside $28 million for development over the next two years.  
On a global scale, IOTA has forged critical alliances. Notable partnerships include the development of Kenya’s Trade and Logistics Information Pipeline, the tokenization of U.S. Treasuries with Realize, and collaborations with Rabby Wallet, LayerZero, and Pyth Network. These ventures showcase IOTA’s dedication to practical applications of blockchain technology.

As 2025 approaches, all eyes are on IOTA to see how it will continue reshaping the digital landscape, driving transparency, efficiency, and growth across industries worldwide.

@ Newshounds News™

Source:  Crypto News Flash

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JUST IN: COINBASE SCORES MAJOR WIN IN FOIA CASE AGAINST FDIC

A Federal Judge has once again ruled in favor of Coinbase as FDIC's redactions in core files were called into question

American crypto trading firm Coinbase Global Inc. has scored another major win against the Federal Deposit Insurance Commission (FDIC) in its ongoing Freedom of Information Act (FOIA) legal battle. This new ruling flags the FDIC for making what the court called “nuanced redactions.”

Coinbase and FDIC: Where is The Case Heading?

According to excerpts of the ruling shared by Paul Grewal, the exchange’s Chief Legal Officer, the Judge said FDIC acted in bad faith with its redactions. The judge noted that the market regulator cannot just “blanket redact everything that is not a preposition.”

This new ruling comes as Coinbase shared documents last week that exposed the FDIC’s role in the much criticized Operation Chokepoint 2.0.

@ Newshounds News™

Source:  CoinGape

Read more:  X .com 

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