Seeds of Wisdom RV and Economic Updates Sunday Morning 1-26-25

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CRYPTO ADVOCATES FOCUS ON CONGRESS AS GOP TAKES CONTROL OF US GOV'T

The Republican Party now has total control over the United States Senate, the Executive Branch, and the House of Representatives.

Following the re-election of President Donald Trump in the United States, crypto advocacy groups have shifted their focus to key players in both chambers of Congress, which advocacy groups have characterized as the most pro-crypto Congress in history.

Ron Hammond, the senior director of government relations at the Blockchain Association, told Cointelegraph editor Jesse Coghlan that the Senate Banking Committee and the House Financial Services Committee will play pivotal roles in shaping pro-crypto policies.

Congressman French Hill was selected as chairman of the House Financial Services Committee in December 2024 and is highly critical of the regulatory approach under the previous administration.

Following the appointment, Hill said introducing a crypto market structure bill within the first 100 days of the legislative session was a priority for the GOP leadership.

On January 24, the House Committee on Oversight and Government Reform launched an investigation into Operation Chokepoint 2.0 and sent letters to crypto industry leaders and advocacy groups requesting input.

The Senate Banking Committee

Senator Tim Scott, chairman of the Senate Banking Committee, is pro-crypto and promised sweeping regulatory reform for digital assets prior to the 2024 United States elections.

Speaking to an audience at the Bitcoin 2024 conference, Scott said the former leadership at the Securities and Exchange Commission (SEC) was preventing pro-crypto policies and promised change to US voters.

“We have to get rid of the folks who are in the way,” Scott told pro-Bitcoin voters in the Summer of 2024. Scott also promised Bitcoin voters:

“The one thing I will absolutely guarantee will be done is watching your legislation get a vote, pass the Banking Committee, and we’re going to fight to make it a law in the United States of America.”

Following Scott's pronouncement, Republicans won an electoral sweep in November 2024, securing both chambers of Congress, the Presidential election, and the popular vote.

Senator Lummis appointed chair of the Senate Banking Subcommittee on Digital Assets Wyoming Senator Cynthia Lummis was appointed by Scott to chair the Senate Banking Subcommittee on Digital Assets in January 2025.

Lummis said the primary goals of the subcommittee included passing comprehensive digital asset legislation and preventing overreach by government regulatory agencies.

The Senator added that legislative initiatives would include a comprehensive market structure bill, stablecoin regulations, and provisions for a Bitcoin strategic reserve.

Challenges and looking ahead

Stand With Crypto, a crypto advocacy and voter education group, told Cointelegraph that the current Congress has a "mandate" to pass comprehensive crypto regulatory reform. The group said:

"The 52 million crypto users and innovators across America elected a historic pro-crypto Congress in 2024 — sending 278 pro-crypto candidates to the House of Representatives and 20 to the Senate."

Despite this, challenges remain, as crypto regulations may take a backseat to more pressing political issues or pushback from anti-crypto politicians.

Industry executives and the crypto community have accused Democrats of being anti-crypto and stifling the regulatory process.

Some of crypto's most vocal political opponents include Democrat Senators Elizabeth Warren, Dick Durbin, and California Rep. Brad Sherman — all of whom are still in office after being re-elected in 2024.

Joe Doll, the general counsel for NFT marketplace Magic Eden, also told Cointelegraph that Republicans likely have only two years to pass crypto legislation before midterm elections take place.

Historically speaking, midterm elections tend to see the political pendulum swing the other way and change the balance of power in Congress, Doll said.

The attorney said that Republicans already have a slim majority in the US House of Representatives, which has narrowed to only three seats since Doll spoke to Cointelegraph in December 2024.

According to Doll, a gridlocked government would impede the passage of pro-crypto legislation in the United States.

@ Newshounds News™

Source:  CoinTelegraph

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SEC REVOKES CRYPTO ACCOUNTING RULE FOLLOWING PRESIDENTIAL TRANSITION

While crypto advocates cheer the SEC’s decision, skeptics like Jacob King warn that the industry’s shift toward bank custody contradicts Bitcoin’s original vision of decentralization.

▪️In a dramatic policy shift, the SEC has revoked a crypto regulation that once shackled banks and custodians, marking a fresh start under the new administration.

▪️The controversial rule, introduced in 2022, had drawn fierce criticism from industry leaders who saw it as an unnecessary hurdle for financial institutions dealing with digital assets.

▪️Under Biden’s SEC, crypto firms found themselves entangled in legal battles, with enforcement actions reaching record highs before tapering off in the final months of Gensler’s tenure.

In a significant policy reversal, the United States Securities and Exchange Commission (SEC) has rescinded Staff Accounting Bulletin No. 121 (SAB 121), a controversial accounting guideline that mandated companies holding digital assets for clients to record these holdings as liabilities on their balance sheets.

The revocation came shortly after President Donald Trump’s inauguration, signaling a shift in the regulatory approach toward the emerging economy.

Background and Industry Reaction

Enacted during President Joe Biden’s administration in March 2022, SAB 121 aimed to enhance transparency and risk management in the burgeoning crypto sector.

However, industry stakeholders criticized the rule for imposing burdensome reporting requirements, complicating the custody of digital assets, and increasing compliance costs.

The banking sector also expressed concerns, noting that the rule hindered their ability to serve as secure custodians for digital assets.

The recent revocation has been met with approval from crypto advocates. SEC Commissioner Hester Peirce, known for her pro-crypto stance, celebrated the decision by posting on X (formerly Twitter):

“Bye, bye SAB 121! It’s not been fun.”

Criticism from Outside the Crypto Industry

Despite the positive reception within the crypto community, the repeal has faced criticism from some financial analysts.  Jacob King, CEO of WhaleWire, claims the crypto advocates are wrong for believing the revocation would allow banks to custody Bitcoin BTC for customers.

In response, Carl Horton countered the tweet, noting that many still want loans using their BTC as collateral:

“Some people, like children and the elderly, need custodians. Others want smooth inheritance transfers and others want loans using their BTC in custody as collateral. BTC is freedom money and you can interact with it any way you want.”

Previous SEC Actions Against the Crypto Industry

Meanwhile, under the leadership of former SEC Chair Gary Gensler during the Biden administration, the SEC adopted a stringent regulatory stance toward the cryptocurrency sector.

The agency initiated numerous enforcement actions against crypto companies, alleging violations such as fraud and unregistered securities offerings. While these measures were intended to protect investors and maintain market integrity, critics argued that the aggressive approach stifled innovation and created an uncertain regulatory environment.

A report by Cornerstone Research highlighted that the SEC’s crypto-related enforcement actions declined by 30% in Gensler’s final year, with 33 actions initiated compared to 47 the previous year.

Despite the decrease, monetary penalties reached a record high, underscoring the agency’s continued focus on regulating the crypto industry.

The recent policy changes, including the revocation of SAB 121 and the establishment of a crypto task force under the new administration, suggest a potential shift toward a more balanced regulatory framework that fosters innovation while ensuring investor protection.

@ Newshounds News™

Source:  CoinSpeaker

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 1-25-25

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COMER INVESTIGATES APPARENT POLITICALLY MOTIVATED DEBANKING OF THIRTY TECH FOUNDERS, FIRST LADY MELANIA TRUMP

WASHINGTON—House Committee on Oversight and Government Reform Chairman James Comer (R-Ky.) is investigating recent reports of financial institutions debanking lawful American businesses and individuals based on political affiliation or involvement in industries viewed unfavorably by the Biden Administration.

On a recent episode of “The Joe Rogan Experience,” renowned tech investor and entrepreneur, Marc Andreessen, revealed thirty tech founders who were debanked over the last four years — describing the debanking as pressure against “political enemies” and “disfavored tech startups.”

Chairman Comer is asking Mr. Andreessen, as well as five additional tech leaders who have spoken publicly about debanking, to share their stories with the Oversight Committee and shed light on why debanking occurs and how it affects business operations.

“Several tech leaders within the cryptocurrency space have been outspoken about their experience being debanked. In 2022, Uniswap Labs Founder and CEO Hayden Adams explained that his bank ‘closed my bank accounts with no notice or explanation,’ and that ‘I know many individuals and companies who have been similarly targeted simply for working in the crypto industry.’  

Coinbase Co-Founder and CEO Brian Armstrong confirmed thirty tech founders were debanked, stating then-Securities and Exchange Commission (SEC) Chair Gary Gensler, ‘tried to unlawfully kill our entire industry[.]’  

Coinbase’s Chief Legal Officer, Paul Grewal, said, ‘[f]inancial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry,’” wrote Chairman Comer.

The Oversight Committee is also investigating whether these debanking practices originated from activists within each financial institution or from undue outside pressure.

In May 2014, the Oversight Committee released a staff report exposing the Obama Administration’s efforts to politically force companies the Administration viewed as unfavorable out of the banking system.

Considering the public statements of prominent tech leaders and recent evidence that Melania Trump and Barron Trump were also debanked for their political ties, the Oversight Committee is looking into how the Obama Administration’s overreach may have laid a foundation for the Biden Administration to institute similar tactics.

“These examples are startling, and the Committee is investigating whether this debanking practice originates from the financial institutions themselves or from either implicit or explicit pressure from government regulators,” continued Chairman Comer.

“The Committee is interested in engaging individuals who have been debanked and, specifically, how these actions hurt innovation, entrepreneurs, and workers. Further, to better inform the Committee’s investigation, the Committee seeks to understand the financial institutions and regulators involved, the reasons tech founders were given as to why they were debanked, and how this overreach affected business operations.”

@ Newshounds News™

Source:  House Oversight Committee

Read the letter here:  House Oversight - Letter

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TRUMP PLANS ZERO CAPITAL GAINS TAX FOR US CRYPTO PROJECTS – HERE ARE THE BENEFITS!

▪️The Trump administration is considering a zero capital gains tax for US-based cryptocurrency projects, potentially making them more attractive to investors.

▪️Non-US crypto projects may face a 30% capital gains tax, creating a clear tax advantage for US-based ventures.

▪️The policy could significantly boost US crypto innovation, making the country a key player in the global blockchain industry.

The United States is preparing to introduce a significant tax relief policy aimed at boosting crypto innovation and attracting investment. Eric Trump, son of President Donald Trump information recently suggested that the Trump administration might introduce a zero capital gains tax policy specifically for cryptocurrency projects.

But will this policy benefit only US-based projects, or will non-US ventures also see relief?

Zero Capital Gains Tax for US Crypto Projects

Reports indicate that US-based crypto projects, including popular ones like XRP and HBAR, will benefit from the zero capital gains tax policy. This announcement has stirred excitement in the crypto industry, with many believing that the policy could make US-based projects even more appealing to investors and developers.

Non-US Projects Left Behind

However, the policy is unlikely to offer any relief to non-US crypto projects. Eric Trump stated that these projects would be subject to a 30% capital gains tax. This creates a clear tax divide between US-based and non-US ventures, raising concerns about the potential impact on global crypto competition.

US-based Crypto Projects: An Overview

Experts believe the sharp difference in tax rates is designed to give US projects a competitive edge while encouraging crypto companies to establish operations within the United States. The total market cap of US-linked cryptocurrencies now stands at $550 billion, with a 24-hour trading volume of $37.47 billion

The “Made in USA” category includes cryptocurrencies with strong ties to the United States. The top ten cryptos in this category by market cap are XRP, Solana, USDC, Cardano, Chainlink, Avalanche, Stellar, Hedera, Sui, and Polkadot.

Positive Trends for US-Based Cryptos

Over the past 30 days, most of the top ten cryptos in this category have shown strong growth. XRP has risen by 42%, Solana by 31.7%, and Cardano by 12.3%. Chainlink, Stellar, and Hedera have also experienced positive movements. However, not all US-based cryptos have performed equally well—Avalanche, Sui, and Polkadot saw declines during this period.

Conclusion

The Trump administration’s proposed crypto tax relief policy could be a game-changer for the industry. If implemented, it could create a favorable environment for US-based crypto projects, while potentially challenging non-US players.

The coming months will determine whether this tax relief can turn the US into the ultimate destination for crypto innovation.

@ Newshounds News™

Read more:  Coinpedia

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MUSK EXPLORING BLOCKCHAIN USE TO CURB US GOVERNMENT SPENDING: REPORT

Elon Musk has previously stated that he wants to cut $1 trillion to $6.5 trillion in annual federal spending to help balance the budget.

Elon Musk, the head of the Department of Government Efficiency (DOGE), is reportedly exploring implementations of blockchain technology in US government operations to track and reduce federal spending.

According to Bloomberg, the DOGE is also looking at using blockchain to secure data, make payments, and manage buildings as part of the DOGE's efficiency push.

Personnel from the newly commissioned non-government department have also met with representatives from public permissionless blockchain networks to consult about potential use by the US government.

The initiative is part of Musk's broader goal of eliminating trillions of dollars from the annual federal budget and ensuring government accountability through transparency.

Blockchain to force government transparency?

Musk's push to use blockchain technology to force government transparency is not a new idea in US politics.

In April 2024, former Presidential candidate Robert F. Kennedy Jr. said he wanted to put the entire federal budget onchain. The politician told an audience at a Michigan rally:

“Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day. We are going to have 300 million eyeballs on our budget. If somebody is spending $16,000 for a toilet seat, everybody will know about it.”

Kennedy's proposal was met with widespread support from small government and sound money advocates, who argued that US government spending was out of control.

Department of Government Efficiency takes first steps

The Department of Government Efficiency launched its website on Jan. 21 and officially adopted the DOGE logo used by the world's first memecoin, Dogecoin.

Following the website's launch, the price of Dogecoin rallied by approximately 11% to $0.38.

On Jan. 20, former Presidential candidate, entrepreneur, and DOGE co-founder Vivek Ramaswamy announced he was stepping away from the project to focus on running for governor of Ohio.

"I’m confident that Elon and his team will succeed in streamlining government," Ramaswamy wrote in an X post, hinting at his plans to run for office in an official capacity.

@ Newshounds News™

Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Saturday Morning 1-25-25

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SATOSHI'S BITCOIN: RIPPLE CTO SHARES KEY XRP, BTC INSIGHT

In a recent discussion about the circulating supply of XRP, Ripple CTO David Schwartz draws parallels with Bitcoin and the coins attributed to its mysterious creator, Satoshi Nakamoto. His remarks highlighted the complexity of defining what constitutes "circulating supply" in the crypto landscape.

An X user had drawn attention to the disparity in XRP's circulating supply reported by the crypto ranking platform CoinMarketCap and popular XRP explorer XRPScan.

CoinMarketCap reports XRP's current circulating supply as 57.64 billion XRP, while according to a screenshot shared by the X user, XRPScan reported 62.23 billion XRP. 

Addressing this speculation, Schwartz explained, "How you measure circulating supply depends on what you consider to be circulating and what you don’t consider to be circulating." He continued, "For a Bitcoin analogy, are Satoshi’s bitcoins circulating? Reasonable people can even disagree on which bitcoins are Satoshi’s." 

Satoshi owned Bitcoin in spotlight 

The analogy made by the Ripple CTO is particularly relevant given that Satoshi Nakamoto is believed to own over 1 million BTC, which have remained untouched since Bitcoin’s early days. 

While these coins technically exist on the blockchain, many in the crypto community believe they are essentially out of circulation due to their inactivity. 

According to CoinMarketCap, Bitcoin's total and circulating supply is presently 19.81 million BTC, with a maximum supply of 21 million BTC. Ripple's XRP holdings are divided into two categories: XRP that is currently available in its wallets, and XRP subject to on-ledger escrow lockups that will be released monthly over the next 42 months. 

For this latter category, Ripple does not have access to this XRP until the escrow releases it to them monthly. Every month, the remaining XRP released is returned to the escrow account.

@ Newshounds News™

Source:  U Today

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BRICS: IS THE ALLIANCE COMMON CURRENCY PLAN OFFICIALLY OVER?

For the last several months, the BRICS economic alliance has drawn the ire of the United States due to its plan to create a common currency. Indeed, newly elected president Donald Trump has threatened 100% tariffs on nations within the bloc that are seeking to ditch the US dollar.

However, recent months have seen the bloc speak up about the plan and its place in the group’s operations. Those statements have started to place doubt on whether the initiative is even moving forward with the collective. So, is the BRICS Common Currency Plan officially over? Here’s what the alliance has said.

BRICS Speaks on Common Currency Plan: Is It Moving Forward?

For much of the last two years, the BRICS alliance has sought to engage in widespread de-dollarization efforts. With increased sanctions coming from the West, the bloc has sought to lessen its reliance on the currency and promote its own local alternatives within trade. Specifically, this took place through the creation of their own BRICS Pay system that has made major strides since 2024.

Somewhere along the line, the alliance discussed the creation of its own currency to rival the dollar. That seemed to be the final straw, as it drove increased opposition from the West.

With 100% tariff threats being shared, the BRICS common currency plan may have been ceased by the bloc. At least, that is how it seems based on recent statements.

Firstly, officials from South Africa quickly dispelled rumors of an imminent BRICS currency. They noted, according to a recent report, that their focus remained on increasing trade with local currencies. Additionally, they noted that such action only increased the financial stability of the alliance itself.

Finance Minister Enoch Godongwana emphasized that back in September, he noted that the bloc has yet to decide on the implementation of a digital currency that would be created under the umbrella of the BRICS alliance.

However, the Department of International Relations and Cooperation clarified the purpose of this was not “de-dollarization.” Instead, on strengthening banking network and alliance infrastructure

Finally, India has also spoken out about the process. Reserve Bank of India Governor Shaktikanta Das noted that the currency plan remained nothing more than an idea presented by a single member.

“BRICS Currency was an idea raised by one of the members and was discussed, but no decision has been made,” Das noted. It is likely Russia was behind the idea. The pressure of ongoing sanctions has had Moscow leading the bloc’s de-dollarization charge for much of the last year.

@ Newshounds News™

Source: Watcher Guru

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 1-24-25

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RIPPLE CEO SPARKS SPECULATION OVER XRP IN US STRATEGIC RESERVE

▪️President Trump signed an executive order creating the Presidential Working Group on Digital Asset Markets, led by venture capitalist David Sacks, to explore the establishment of a strategic national digital assets stockpile.

▪️While many anticipated that the national reserve would primarily consist of Bitcoin, discussions about including Ripple have surfaced, sparking mixed reactions within the crypto community.

Just three days into his presidency, President Donald Trump signed an executive order on Thursday to explore creating a national digital asset stockpile. 

While many Bitcoin advocates had hoped for swift action to establish a Bitcoin-only reserve, the order instead focused on the feasibility of a broader national reserve of digital assets.

The executive order also established a Presidential Working Group on Digital Asset Markets, led by venture capitalist David Sacks. The group includes high-profile officials, such as the Treasury Secretary, the Attorney General, and the head of the Securities and Exchange Commission (SEC).

 Their mission is to craft a comprehensive federal strategy for regulating cryptocurrencies and stablecoins, laying the groundwork for the U.S. government’s approach to digital finance.

Currently, the U.S. government holds $21 billion worth of crypto assets, primarily Bitcoin. This includes 69,370 bitcoins, set to be auctioned by the U.S. Marshals at the end of 2024. However, discussions about diversifying the reserve to include additional cryptocurrencies have ignited debates within the crypto community.

Ripple Pushes for Inclusion in the Reserve

Reports suggest the Trump administration may prioritize U.S.-founded crypto assets like Ripple (XRP), Solana (SOL), and USDC for the proposed reserve.

 Ripple’s $5 million donation to Trump’s inauguration and ongoing dialogue with policymakers have added to speculation about the company’s influence on the administration’s crypto policies.

Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have reportedly met with President Trump and his advisors to advocate for XRP’s inclusion in the reserve.

Garlinghouse highlighted that Ripple’s mission aligns with the administration’s vision of supporting American innovation and businesses.

In interviews, Garlinghouse has emphasized that a diversified reserve of digital assets would strengthen the U.S.’s competitive edge in the global crypto landscape. “A strategic reserve that combines Bitcoin with other technologies would make sense from both an innovation and a national security standpoint,” he argued.

Not everyone supports expanding the reserve beyond Bitcoin. Pierre Rochard, VP of Research at Bitcoin mining firm Riot Platforms, criticized the potential inclusion of XRP.

He claimed Ripple’s lobbying efforts aim to divert attention from Bitcoin, undermining Trump’s campaign commitments to ban central bank digital currencies (CBDCs) and prioritize a Bitcoin-only reserve.

“The biggest obstacle for the Strategic Bitcoin Reserve is not the Fed, Treasury, or banks, it’s Ripple/XRP,” Rochard stated, underscoring his belief that Bitcoin should remain the sole asset in any national crypto reserve.

The idea of a diversified digital asset stockpile has sparked discussions across the crypto industry. Scott Melker, host of The Wolf of All Streets Podcast, shared rumors that the reserve could include both Bitcoin and XRP. 

While acknowledging the speculative nature of these claims, Melker indicated that his sources were credible. At press time, Bitcoin was trading at $105,380 after increasing by 3.62% in the last 24 hours and by 3.60% over the past week.

@ Newshounds News™

Source:  Crypto News Flash

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TRUMP EXEC ORDER DIGITAL ASSETS WORKING GROUP: FED NOT INVITED

Yesterday the White House published President Trump’s executive order on digital financial technology. It creates a digital asset working group, which will be responsible for proposing federal regulatory framework within six months.

White House AI & Crypto Czar David Sacks will chair the group, which consists of the heads of 11 government agencies. That includes the Treasury Secretary, Commerce Secretary, SEC Chair and CFTC Chair. Despite the regulations covering stablecoin payments, the Federal Reserve and other banking regulators are not included.

However, there is a caveat that the Chair can invite other agencies that have relevant expertise.

While the executive order includes evaluating the potential for creating a national digital asset stockpile, it states this will likely come from asset seizures.

The key actions of the executive order are to:

▪️allow access to public blockchains, for people to participate in validating transactions, and preserving self custody of digital assets
▪️enhance US sovereignty by promoting lawful dollar backed stablecoins worldwide
▪️protect access to banking services for all
▪️provide regulatory clarity for digital assets based on technology neutral regulation
▪️prohibit the issuance of a CBDC.

Additionally, the new order revokes President Biden’s digital assets executive order and the Treasury’s “Framework for International Engagement on Digital Assets.” 

The latter covered quite a bit of ground, with a substantial proportion relating to CBDC. It also involved working with the Financial Stability Board on digital assets, AML with FATF, and OECD work on crypto tax, amongst others.

Stablecoins in, banks out?

Apart from excluding banking regulators from the working group which covers stablecoin payments, it remains to be seen how wide the CBDC ban is.

On the stablecoin regulation front, the previous administration pushed for the Federal Reserve to be given a central role in approving stablecoins under draft regulations. Excluding the Fed from the working group is a big step in the opposite direction.

Sidestepping banking regulators is likely a backlash. They are viewed as obstructing the crypto sector through de-banking and there was pushback about the shutting down of Signature Bank by the FDIC. Digital asset bank Custodia has been repeatedly refused membership of the Federal Reserve System. That said, the FDIC now has a Republican Acting Chair.

Banks have also been slowed from engaging with blockchain and DLT. For example, the USDF Consortium for interbank DLT payments has not yet launched, even though it moved from a permissionless to a private blockchain. That’s apart from the many banks that were blocked from offering crypto to clients.

No wholesale CBDC?

Regarding CBDC, the ban does not distinguish between retail and wholesale CBDC. Unlike a retail CBDC where there are valid privacy concerns (even with the best of intentions), a wholesale CBDC is designed for interbank settlement only. The Federal Reserve already explored differences between a wholesale CBDC versus tokenizing existing central bank reserves.

Either of these would support banks engaging with blockchain, particularly for tokenized deposits, securities settlement and cross border payments. The lack of wholesale CBDCs has slowed bank adoption of DLT around the world.

Recently the European Central Bank ran DLT trials for wholesale settlement using central bank money, which encouraged numerous (real) digital bond issuances. Sixty-four institutions took part in more than 40 trials and experiments.

The New York Innovation Center (NYIC) at the Federal Reserve Bank of New York has been involved (purely for research) in Project Agorá, which aims to make cross border payments via correspondent banking faster and cheaper.

Agorá uses tokenization and is led by the Bank for International Settlements (BIS). Seven central banks and more than 40 private sector firms are involved, with most of the central banks providing a trial wholesale CBDC for interbank settlement. Without the dollar, that would leave a large gap for an international payments network.

The purpose of using central bank money for institutional settlement is to reduce payment risks. As a fallback, a private institution could tokenize the reserves held by multiple banks in an omnibus account at the central bank.

From a risk perspective it’s not quite as optimal because there is always the risk of failure of the company, even if it is designed to be bankrupt remote. In the UK, Fnality has taken this approach. If the Fed itself is blocked from tokenizing reserves, Fnality’s U.S. expansion plans could be looking rosier.

@ Newshounds News™

Sources:  Ledger Insights,  WhiteHousegov

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Seeds of Wisdom RV and Economic Updates Friday Morning 1-24-25

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TRUMP CANCELS CBDC, FAVORS STABLECOIN IN U.S. FINANCIAL STRATEGY

▪️Donald Trump cancels CBDC, favoring USD-backed stablecoins to safeguard privacy and enhance financial inclusion globally.

▪️A new task force will recommend clear crypto regulations to foster innovation while opposing invasive financial oversight.

President Donald Trump has taken a strategic move by issuing an executive order to boost the United States position in digital finance technology. One of the most notable orders is the country’s cancelation of central bank digital currency (CBDC).

This order attests to the United States’ preference for stablecoins backed by US dollars over CBDC development, as opposed to that of other nations.

This action is considered a reaction to worries that CBDC might be utilized as too intrusive monitoring instruments violating people’s privacy.

Stablecoins, according to Trump, provide a better alternative for advancing global financial inclusion and preserving the US dollar’s status as the most often used currency worldwide. The US wants to increase its impact in the global digital financial space by helping dollar-backed stablecoins.

Trump: Emphasize Stablecoins and Financial Independence

Strong legal protections for players in the blockchain and digital asset sectors are given by this executive order. Individuals and organizations today have legally acknowledged rights to access, grow, and apply public blockchain technology free from onerous legal restrictions.

Furthermore, underlined by this sequence is the need for self-custody services, which let consumers freely manage their digital resources.

A fundamental issue in the use of CBDC is the stability of value, which stablecoins are said to be able to provide while preserving user anonymity. The US government thus aims to build a digital financial environment that is creative, competitive, and still upholds personal financial freedom.

Of course, this is not the case with CBDC, which is regarded to be able to provide complete control to the government; dollar-based stablecoins provide people chances to still have control over their assets.
Working Group and Regulatory Suggestion Notes

Trump established the “President’s Working Group on Digital Asset Markets” per this order. David Sacks will be in charge of this team and assigned to create a legislative framework that advances the growth of the crypto market. This panel is anticipated to offer suggestions within 180 days that will help to establish legal certainty and draw greater industry innovation.

It also eliminates earlier rules pertaining to crypto deemed to stifle creativity. Proposed legislative clarity should enable players in the crypto space to create innovative technologies free from governmental ambiguity.

Notably, underlined by the restriction on CBDC is the government’s concentration on safeguarding personal privacy from possible too-extensive monitoring.

Advocates of this approach think that stablecoin innovation will help the US dollar’s position on the world market to be strengthened without compromising citizens’ financial freedom. It also implies that the US will not adopt the worldwide trend in central bank digital currencies.

Meanwhile, as we previously reported, Donald Trump is under investigation for ethics after his public involvement in the TRUMP token generated national security and conflict of interest concerns. The TRUMP meme coin was mentioned in a letter addressed to the House Oversight and Government Reform Committee as having the ability to grant inappropriate access to foreign entities.

@ Newshounds News™

Source:  Crypto News Flash

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BRICS: CHINA BREAKS SILENCE ON US TENSIONS, TRUMP TARIFF THREAT

With all eyes fixed on the growing geopolitical turmoil, China, a key member of the BRICS alliance, has officially broken its silence on the growing US tensions amid US President Donald Trump’s impending tariff threat. Indeed, the country has been among the few to speak out regarding the West’s warnings.

After being inaugurated Monday, Trump wasted no time in targeting the BRCIS group. Specifically, he reassured previous threats that he would impose a 100% tariff on the economic alliance. The action was meant as retaliation for the bloc’s ongoing de-dollarization efforts.

Trump Tariff and US Tensions Get Response From China as West & BRICS Faceoff Continues

For the last two years, the BRICS economic alliance has committed to lessening international reliance on the US dollar. Specifically, the bloc has sought out ways to avoid sanctions on various members. That process has seen the group promote the use of local currencies.

Although the previous Biden administration was okay with allowing the practices to go on with little retaliation, Donald Trump is not. Therefore, he has responded in rather concerning ways for those in favor of geopolitical peace. Now, key BRICS member China has broken its silence on emerging tensions and the 100% tariff threat issued by US President Trump.

In a recent report, the Chinese Ministry of Foreign Affairs (MoFA) released a statement Thursday. “As an important platform for cooperation among emerging markets and developing countries, BRICS advocates openness, inclusiveness, and win-win cooperation, not bloc confrontation, and does not target any third party,” they said. “The aim is to realize common development and prosperity,” they added.

The statement reaffirms its commitment to the bloc. Moreover, it signals the country’s willingness to continue on the path it has charted. Additionally, the answer comes weeks after India responded to the ongoing threat. Specifically, External Affairs Minister S Jaishankar said the country has “no interest” in weakening the US dollar.

“The US is our largest trade partner,” the official said. We have no interest in weakening the dollar at all,” they added. The development is ongoing and could be vital to global economics in the early months of Trump’s return to the Oval Office.

@ Newshounds News™

Source:  Watcher Guru

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Seeds of Wisdom RV and Economic Updates Thursday Evening 1-23-25

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TRUMP SIGNS EXECUTIVE ORDER ON US DIGITAL ASSETS: CZ SAYS BITCOIN RESERVES ‘BASICALLY CONFIRMED’

Senator Cynthia Lummis has proposed legislation to establish a national bitcoin reserve, planning to purchase 1 million BTC worth $108 billion over five years.

▪️Trump signed an order to create a federal group led by David Sacks to regulate digital assets.
▪️The US strategic Bitcoin reserves have been basically confirmed by Binance CEO Changpeng Zhao.
▪️Senator Cynthia Lummis proposed buying 1 million BTC for a US national bitcoin reserve worth $108 billion.

President Donald Trump signed an executive order to establish the “Presidential Working Group on Digital Asset Markets,” — a major shift in the United States’ approach to digital assets.

Reports from Fox Business indicate that the group will develop a federal regulatory framework for digital assets, including stablecoins, and explore the creation of a “strategic national digital assets stockpile.”

Years of legal and regulatory disputes between cryptocurrency advocates and federal authorities preceded this initiative. The directive could provide the digital assets sector with a clearer regulatory path shaped by the White House. Such executive orders often signal the start of federal policy shifts rather than their conclusion, emphasizing Trump’s supportive stance on cryptocurrency.

Chaired by Trump-appointed crypto czar David Sacks, the group includes key figures such as the Treasury Secretary. Scott Bessent, a hedge fund manager chosen to lead the Treasury, has publicly backed the president’s crypto initiatives. In a July interview with Fox Business, Bessent described Trump’s move as a bold advancement for digital assets.

US Bitcoin Reserves “Basically Confirmed”: CZ

The executive order emphasizes preventing agencies from creating a central bank digital currency, while promoting interagency collaboration to develop digital asset policies.

Senator Cynthia Lummis, head of the Senate Banking Digital Assets Subcommittee, has proposed legislation to establish a national bitcoin reserve. The plan involves purchasing 1 million BTC, valued at $108 billion, over five years.

The US remains the largest known nation-state holder of bitcoin, with seizures amounting to 198,109 BTC, worth approximately $21 billion. Binance CEO Changpeng Zhao recently highlighted these developments on X, stating:

“The US strategic Bitcoin reserves have been basically confirmed. Cryptocurrency is once again advancing at the speed of encryption.”

Speculation has also emerged about plans for an “America-first” strategic reserve prioritizing US-based coins like USDC. Unverified reports even linked a bitcoin reserve announcement to Trump’s inauguration speech. That anticipation contributed to bitcoin hitting a record $109,000 earlier this week.

TRUMP Memecoin Soars to $75 Billion

Trump’s official memecoin, TRUMP, debuted during the Crypto Ball in Washington last Friday, rapidly achieving a $15 billion market cap. Within days, its fully diluted value surged to $75 billion, marking it as the fastest-growing memecoin in history. Shortly after, First Lady Melania Trump introduced her memecoin, MELANIA.

Built on Solana, the memecoins ignited discussions over Trump’s preference for Solana instead of Ethereum. Solana’s price reached an all-time high following the launch, while Ethereum gained momentum when the Trump-backed decentralized finance platform, World Liberty Financial, made substantial ether investments.

The platform also secured Ethereum Name Service domains, including worldliberty.eth and trumpcoin.eth, establishing a foothold in the decentralized ecosystem.

@ Newshounds News™

Source:  CoinSpeaker

~~~~~~~~~

TRUMP EXECUTIVE ORDER PAVES WAY FOR FEDERAL CRYPTO RESERVE—BUT DOESN'T MENTION BITCOIN

Donald Trump signed his first executive order on crypto, establishing a working group and prohibiting CBDCs without mentioning Bitcoin.
President Donald Trump signed his first crypto-related executive order on Thursday, formally establishing a Presidential Working Group on Digital Asset Markets and laying the groundwork for exploring some of his campaign promises—including potentially establishing a national reserve for Bitcoin and other assets.

The Presidential Working Group will advise Trump on matters related to crypto policy and inform his decision-making with regards to the industry. Trump previously announced that the group will be led by Silicon Valley venture capitalist David Sacks, the White House’s first-ever “AI and crypto czar.”

Its day-to-day operations will be managed by Bo Hines, a one-time Republican congressional nominee and former college football player. The group will also include the Secretary of the Treasury, the SEC and CFTC heads, and other department and agency leaders.

Decrypt previously reported that the council is expected to consist of 20 crypto founders and CEOs. Industry donors to Trump’s presidential campaign—and perhaps his inaugural fund as well—are likely to be prioritized. The group doesn't have any real authority besides the opportunity to advise Trump and Congress, who will make their own decisions.

The executive order, titled "Strengthening American Leadership in Digital Financial Technology," further tasks the group with exploring the premise of a “strategic national digital assets stockpile,” following Trump’s campaign trail promise to establish a Bitcoin national reserve.

Such an idea has been furthered in the Senate via Senator Cynthia Lummis’ Bitcoin Act, plus several states are now considering their own Bitcoin reserve legislation. However, the executive order does not mention Bitcoin by name, nor does it mention any other specific crypto assets.

Furthermore, the order notes that agencies are blocked from launching central bank digital currencies, or CBDCs, which are often referred to as “digital dollars.” These centralized cryptocurrencies have been widely derided by Republicans due to privacy concerns.

It also aims to “protect and promote” the rights for American companies and citizens to transact and self-custody cryptocurrency, mine crypto and validate blockchain transactions, and launch blockchain software.

It is also expected that Trump will follow up this first crypto-related executive order with several more. A top priority for the industry has been repealing the SEC’s SAB 121 rule, which discourages American banks from holding crypto. Congress repealed SAB 121 last spring, but former president Joe Biden then vetoed the legislation, leaving the rule in place.

Trump is able to rescind SAB 121 with an executive order, and is widely expected to do so.

Other crypto policies that Trump may address in future executive orders include eliminating the SEC’s controversial exchange rule, which targets decentralized finance projects, and directing federal agencies including the State Department to make fostering crypto innovation a national priority.

With or without executive orders, though, The Trump Administration is already off to a running start when it comes to crypto. On Tuesday, the SEC established a new crypto task force led by Hester Peirce, the emphatically pro-industry commissioner.

The task force will aim to “craft sensible disclosure frameworks” that will allow crypto projects and companies to register legally if needed. Doing so will end the SEC’s longstanding, effective policy of regulating the industry by enforcement, an approach that brought much uncertainty to the sector and pushed many firms out of the country.

@ Newshounds News™

Source:  Decrypt

~~~~~~~~~

LEDGER CO-FOUNDER KIDNAPPED AND RELEASED AFTER INTENSE RESCUE MISSION

David Balland was found alive on Wednesday evening after a harrowing two-day manhunt conducted by France’s elite police tactical unit Groupe d’intervention de la Gendarmerie nationale (GIGN).

David Balland Rescued After Two-Day Manhunt

Ledger co-founder David Balland was rescued late Wednesday evening after being kidnapped on Tuesday in the small French town of Vierzon by a sophisticated criminal group that demanded a hefty ransom, according to reporting by French news outlet Le Parisien.

Previous rumors had mistakenly identified the hostage as Éric Larchevêque, Balland’s fellow co-founder. Larchevêque is the former CEO of Ledger and is one of France’s richest entrepreneurs with a net worth of 340 million euros or roughly $350 million USD according to French business magazine Challenges. He reportedly drives around displaying the price of bitcoin (BTC) on his Tesla’s dashboard screen.

La Parisien reported that Balland was taken to hospital soon after being rescued. Other outlets reported that his captors had sent a finger with their ransom demand. Multiple suspects were taken into custody earlier today and the investigation is still ongoing.

“This must be something quite serious because I’ve never seen anything like this in my town,” said Alain Mornay, mayor of of Méreau which is adjacent to Vierzon. “The authorities are still present tonight.”

@ Newshounds News™

Read more:  Botcoin News

~~~~~~~~~

Crypto IPO Boom On The Horizon, Says NYSE Listings Chief

The US initial public offering (IPO) market is anticipating a substantial recovery in 2025, with a noticeable emphasis on listings pertaining to crypto, as the global economy continues to change.

Favorable legislative reforms and increased institutional interest in digital assets are expected to fuel a boom in initial public offerings (IPOs) in the cryptocurrency sector.

A strong US economy and low borrowing rates are largely responsible for this recovery, which should create a favorable atmosphere for businesses looking to exit through an IPO. Even with the recent market fluctuations, the medium-term picture is still promising.

@ Newshounds News™

Read more:  Bitcoinist

~~~~~~~~~

KANSAS BILL AIMS TO ALLOCATE 10% OF RETIREMENT FUNDS TO BITCOIN ETFS

The bill proposes establishing a board of trustees to manage the Bitcoin ETF investments and conduct an annual examination of the investment program.

Kansas State Senator Craig Bowser introduced a bill to invest up to 10% of public employee retirement funds into spot Bitcoin exchange-traded funds (ETFs).

Bowser introduced Senate Bill 34, which seeks to authorize the Kansas Public Employees Retirement System (KPERS) to invest a portion of its retirement fund in Bitcoin-backed ETFs.

@ Newshounds News™

Read more:  CoinTelegraph 

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 1-23-25

Good Afternoon Dinar Recaps,

CYNTHIA LUMMIS NOMINATED TO LEAD NEW SENATE BANKING SUBCOMMITTEE ON DIGITAL ASSETS

Lummis stated that the subcommittee will bolster the idea of a US strategic Bitcoin reserve and will prevent crypto firms debanking.

Senator Cynthia Lummis (R-Wyo.) has been named the first chair of the newly established Senate Banking Subcommittee on Digital Assets, according to a Jan. 23 announcement.

As a result, Senate Banking Committee Chair Tim Scott (R-S.C.) places Lummis at the helm of legislative efforts to craft a regulatory framework for blockchain technology and crypto in the US.

Senator Lummis, known for her strong Bitcoin (BTC) advocacy, expressed her enthusiasm for the new role:

“Digital assets are the future, and if the United States wants to remain a global leader in financial innovation, Congress needs to urgently pass bipartisan legislation establishing a comprehensive legal framework for digital assets.”

Lummis also emphasized the strategic importance of bolstering the US dollar with a national Bitcoin reserve, a proposal that could position the US as a crypto trailblazer. She introduced the Bitcoin Act legislation last year at the Bitcoin 2024 conference in Nashville.

The subcommittee will prioritize passing bipartisan legislation focused on market structure, stablecoins, and consumer protections. It will also oversee federal financial regulators to ensure compliance with the law and prevent initiatives like “Operation Chokepoint 2.0,” which some lawmakers view as an overreach by regulators.

Scott praised Lummis as the ideal leader for this new subcommittee and described her as a steadfast champion of blockchain technology and crypto.

He said:

“Since day one, Senator Lummis has been a leader on digital assets legislation. Working with the Trump administration and our colleagues in the House, we will advance a commonsense regulatory framework to facilitate innovation here in the United States, not overseas.”

The bipartisan composition of the subcommittee includes Senators Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Bernie Moreno (R-Ohio), Dave McCormick (R-Pa.), Ruben Gallego (D-Ariz.), Mark Warner (D-Va.), Chris Van Hollen (D-Md.), and Tina Smith (D-Minn.). Gallego will be the ranking member, highlighting the subcommittee’s commitment to bipartisan collaboration.

The announcement has sparked optimism among the industry. Dennis Porter, co-founder and CEO of Satoshi Action Fund, said Lummis’ appointment was “a huge step forward” for advancing meaningful legislation, including the proposed Strategic Bitcoin Reserve.

Meanwhile, former Binance CEO Changpeng Zhao called the idea of a US Bitcoin reserve “pretty much confirmed” and commended the speed at which crypto developments unfold.

@ Newshounds News™

Source:  Crypto Slate

~~~~~~~~~

TAIWAN TO UNVEIL DRAFT BILL ALLOWING BANKS TO ISSUE STABLECOINS

The Taiwanese financial regulator plans to unveil a draft bill for virtual asset service providers (VASPs) in June, which includes a proposal allowing banks to issue stablecoins.

Joint Management of Stablecoins

The Taiwanese Financial Supervisory Commission (FSC) is set to unveil a draft bill for virtual asset service providers (VASPs) in June. According to a report, a key highlight of the draft bill is a proposal to allow banks to issue stablecoins. FSC Chairman Peng Jinlong argues that the bill’s passage would facilitate Taiwanese investor participation in the virtual asset market.

The report quotes Zhuang Xiuyuan, a director at an unidentified bank, as saying that all stablecoins issued in Taiwan will require FSC approval. Xiuyuan suggested that unlike the current system where issuers self-certify their stablecoin backing, the new regime would see the regulator providing issuer qualifications.

Jinlong meanwhile disclosed that the stablecoins will be jointly managed by banks and Taiwan’s central bank.

Revelations that Taiwan plans to unveil a regulatory framework for virtual asset service providers (VASPs), including provisions for bank-issued stablecoins, come amid a U.S. push to regulate stablecoins.

One of the U.S. bills, the Lummis-Gillibrand Responsible Financial Innovation Act, mandates that issuers back stablecoins with high-quality liquid assets, such as short-term U.S. Treasury securities. Like the FSC draft bill, the Lummis-Gillibrand proposal requires issuers of payment stablecoins to obtain a federal license.

The Stablecoin TEFRA Act, backed by Rep. Patrick McHenry, proposes that only banks be allowed to issue stablecoins. While the McHenry-backed bill may seemingly have limited consumer protection provisions, the Lummis-Gillibrand bill is said to include provisions for consumer protection, such as disclosure requirements and anti-money laundering safeguards.

Similarly, the FSC’s draft VASP bill reportedly emphasizes anti-money laundering protocols and risk assessments.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

BRICS: US TARIFFS MAY DO MORE HARM THAN GOOD, DATA SHOWS

With the economic alliance becoming a clear challenger to the recently appointed president of the United States, the BRICS bloc has seen itself on the receiving end of US Tariff threats. However, that street goes both ways. Moreover, data shows that, in the end, it could do more harm than good to the Western nation.

Since his election victory, US President Donald Trump has not minced words in relation to BRICS. As the group has continually embraced de-dollarization efforts, he has fought back. Yet, using tariffs to ensure the stability and prominence of the US dollar could be a decision that has immense consequences.

Trump Tariff Threat to BRICS Nations Have Massive Implications for US, Data Says

During his campaign for reelection, Donald Trump had placed an immense focus on the US dollar’s status. Specifically, he reiterated the importance of ensuring that the greenback remained the world currency. Indeed, he said that its relegation from such a position would be akin to the nation “losing a war.”

That has led him to take action against the BRICS alliance early in his return to the Oval Office. Yet, the way he has chosen to go about challenging the group could end up being problematic. Ultimately, the BRICS US tariff threat could do more harm than good to the Western nation, data shows.

The major point of concern lies in the lopsided trade between the United States and BRICS nations. Specifically, Statista data shows that the US is currently running a trade deficit with the economic alliance nations overall. That means that the country imports far more than it sells to them.

The report notes that the group is almost certain to issue retaliatory tariffs. Moreover, that could give US importers a lot to lose in their total trade. In 2023, the US shipped nearly $300 billion in goods to the BRICS countries. Alternatively, it purchased nearly $650 billion worth of various merchandise.

There is the potential for lower trade tariffs, the report notes. This is even more likely considering Trump has held a disdain for trade deficits. Conversley, de-dollarization is a key point of emphasis.

It has not taken hold the way BRICS has hoped. Is the threat of tariffs worth awaiting if Trump sticks to his plan? Or can the mere threat of action drive the bloc to ensure the dominance of the greenback? 

The next several months will surely be filled with vital geopolitical developments, with the US and world economies hanging in the balance.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

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CME’S XRP AND SOL FUTURES PAGE GOES LIVE: MAJOR STEP TOWARDS FEBRUARY 10 LAUNCH

In a significant development for the broader cryptocurrency market and ongoing digital asset adoption in the US and globally, the Chicago Mercantile Exchange (CME), the world’s largest derivatives marketplace, briefly added a futures page for XRP and Solana (SOL) to its staging subdomain.

This move indicates preparations for an official announcement regarding the launch of futures contracts for these two leading cryptocurrencies, set to go live on February 10, pending regulatory review.

XRP And SOL Futures On The Horizon?

The futures page was briefly visible before being taken down, after a user on social media platform X (formerly Twitter) shared a screenshot revealing its content.

The page highlighted that traders could engage in “regulated capital-efficient futures” for XRP and SOL, emphasizing the flexibility and risk management these contracts would offer.

Specifically, the contracts are expected to be available in both standard and micro-sized formats, allowing investors to scale their exposure to these cryptocurrencies more

Key features of the upcoming contracts include the ability to manage exposure to SOL and XRP through financially settled contracts in US dollars, eliminating the need for a crypto wallet.

This setup positions the CME’s offerings within a regulated environment overseen by the Commodity Futures Trading Commission (CFTC), which is known for its transparent pricing and financial safeguards.

James Seyffart, a Bloomberg expert, commented on the development, stating that the emergence of these futures contracts is both logical and anticipated, given the current market dynamics.

However, despite the excitement surrounding the potential introduction of XRP and SOL futures, market reactions have been relatively muted. Investors appear to be awaiting further official confirmation from the CME before making significant moves.

Short-Term Challenges, But Monthly Performance Remains Strong

At the close of the day, XRP was trading at $3.15, while Solana remained at $249. Both tokens recorded slight losses of approximately 2% over the past 24 hours, reflecting a broader trend in the cryptocurrency market as traders await catalysts to drive prices upward.

While the short-term outlook may seem challenging, both XRP and SOL have seen remarkable gains over the past month, with increases of 32% and 42%, respectively.

Solana recently reached a new record high of $293 just before Donald Trump’s presidential inauguration, while XRP has made impressive strides, hitting a seven-year high of $3.38, though it still falls short of its previous peak of $3.40 from the 2018 market rally.

As the market anticipates official confirmation regarding the CME’s futures contracts, the potential for XRP and SOL to enter a new price discovery phase remains.

If these futures are officially launched, they could significantly impact trading activity and investor sentiment for both cryptocurrencies, paving the way for further institutional interest and market growth.

@ Newshounds News™

Source:  Bitcoinist

~~~~~~~~~

COINBASE EXECUTIVE DISCOVERS 430 BTC IN DOZENS OF ROSS ULBRICHT’S DORMANT WALLETS, VALUED AT $47M

▪️Coinbase exec discovers 430 Bitcoins linked to Ross Ulbricht, now worth $47M, untouched for over 13 years.

▪️Trump’s pardon of Ross Ulbricht sparks debate, as crypto community celebrates his release despite Silk Road’s criminal activities.

President Trump has kept one of his reelection promises by pardoning Ross Ulbricht, the founder of Silk Road and a key figure in the early days of Bitcoin, who has been in prison for 12 years. In a recent tweet, a Coinbase executive claimed that he discovered Bitcoin linked to Ross, valued at nearly $47 million, which has been untouched for more than 13 years.

430 Bitcoins Excluded from Government Seizure

Conor Grogan, Coinbase’s Director of Product Strategy and Business Operations, recently announced that he discovered around 430 bitcoins in several wallets linked to Ross Ulbricht, the founder of Silk Road.

This discovery comes after Ulbricht received a full pardon from President Donald Trump information
 Grogan highlighted that these bitcoins, valued at approximately $47 million today, were not part of the 174,000 BTC seized by U.S. authorities. This seizure occurred from Silk Road-affiliated wallets after the platform was shut down in 2013. These bitcoins have remained untouched for over 13 years.

In his post on X, Grogan shared a screenshot of what he believes is one of Ulbricht’s Bitcoin addresses, which currently holds 88.7 BTC, as verified by the blockchain explorer Mempool.

Conor said, “Back then these were probably dust wallets, now, collectively, they are worth about $47M. Welcome back Ross.”

He noted that these funds were likely considered insignificant at the time but now represent a significant value. Grogan also mentioned the possibility that Ulbricht might still have access to the private keys, suggesting that time would tell if they can be recovered.

Despite his criminal activities, Mr. Ulbricht remains popular among crypto enthusiasts because Silk Road was an early platform for Bitcoin transactions. His supporters believe his sentence was too harsh and have promoted the “Free Ross” slogan at industry events and online.

Why did Trump Pardon Ross Ulbricht?

President Trump’s pardon of Ross Williams Ulbricht follows through on his campaign pledges to confront what he calls a “weaponized government.” In a post on Truth Social announcing the pardon, Trump labeled Ulbricht’s conviction as a result of political corruption and openly criticized the prosecutors.

Ulbricht is celebrated as a cult hero among crypto enthusiasts, who see Silk Road as an early adopter of Bitcoin. The “Free Ross” slogan has been a popular rallying cry at blockchain events and in online forums for years. 

The crypto community, having reportedly donated over $100 million to Trump’s reelection campaign, played a significant role in Ulbricht’s release.  

However, critics are concerned that pardoning Ross Ulbricht could lead to more lenient treatment for similar crimes in the future. They point out the serious harm from drugs traded on Silk Road, arguing that it sends the wrong message about holding people accountable for profiting from illegal activities.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

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COINBASE SEEKS COURT RULING TO CLARIFY CRYPTO TRADES AND CHALLENGE SEC’S AUTHORITY: BLOOMBERG

As per a latest Bloomberg report, Coinbase Inc. asked the Second Circuit to say that digital token trades on its platform aren’t transactions governed under federal securities law.

“There is no more pressing issue in securities law today than the scope of the Securities and Exchange Commission’s authority to regulate secondary trades of digital assets,” Coinbase said in its petition docketed in the US Court of Appeals for the Second Circuit. The appeals court could “clear away the cloud that currently hangs over the cryptocurrency market,” it noted.

Second Circuit Ruling Could Accelerate Resolution

Notably, A decision by the Second Circuit stating that token trades aren’t securities transactions could speed up the end of the SEC’s case against Coinbase and ease US crypto regulations. The Trump administration has indicated that it will provide crypto companies with greater regulatory flexibility.

The case gives the appeals court a chance to weigh how it should apply the “Howey test” to crypto transactions. 

Coinbase argued in its brief that trades on its platform are not investment contracts, but asset sales. The US District Court for the Southern District of New York granted Coinbase’s request to seek an immediate appeal earlier this month in an SEC enforcement suit.

The US Chamber of Commerce and Blockchain Association have filed briefs supporting the Second Circuit’s review of the Coinbase case. 

They highlighted that the lack of clarity on whether crypto trades are investment contracts could have negative effects, as federal courts remain divided on the issue.

The Need For Legal Clarity

The SEC sued Coinbase in 2023, accusing the platform of operating as an unregistered securities exchange. Coinbase argues that its crypto trades aren’t investment contracts and thus not under SEC jurisdiction.

Coinbase’s chief legal officer emphasized the need for legal clarity on this issue. Meanwhile, Trump’s SEC has created a “crypto task force” to develop a clear regulatory framework, and the US Court of Appeals has ordered the SEC to explain its refusal to provide crypto-specific rules.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

REPUBLICANS SEEK TO OVERTURN IRS CRYPTO BROKER RULE

Corresponding resolutions were introduced to “roll back the disastrous” rule requiring custodial brokers to report transactions

Congressional Republicans are working to reverse new IRS guidelines that require so-called “custodial brokers” to report transactions.

Rep. Mike Carey and Sen. Ted Cruz this week introduced corresponding resolutions seeking to “roll back the disastrous IRS broker rule.”

The legislation comes weeks after a group of crypto lobbying firms sued the IRS over the rule. They claim the requirement “exceeds the agencies’ statutory authority, violates the Administrative Procedure Act (“APA”) and is unconstitutional.”

As it currently stands, starting in 2025, custodial brokers are required to report gross proceeds. In 2026, they will have to report cost basis for certain transactions
.
The final version of the 1099-DA form was published at the end of last year. While earlier drafts had included a section where brokers had to identify their “type” of business, the final form nixed this box. It’s a small change, but by cutting this section the IRS more or less punted the issue of DeFi actors.

Even so, those opposed to the rule claim that the rule still imposes unfair reporting obligations on intermediaries and other actors in the crypto space.

The resolutions have some co-sponsors (Sens. Cynthia Lummis and Tim Sheehy, to name a few), but neither have been scheduled for a markup or vote just yet. This is a hot-button issue in the crypto space though, so we’d expect companies to be directing a significant amount of their lobbying efforts here.
@ Newshounds News™

Source:  Blockworks

~~~~~~~~~

COINBASE CEO: EXCHANGE WILL DELIST USDT IF AUTHORITIES DEMAND IT

Coinbase CEO recently stated that his exchange would delist Tether’s USDT if authorities demand it or if Tether fails to comply with new US laws.

New Stablecoin Regulations on Horizon

Coinbase Global CEO Brian Armstrong has said his cryptocurrency exchange would have no choice but to delist the stablecoin issued by Tether, known as USDT, should authorities demand it.

Armstrong, who has lobbied the U.S. to create a cryptocurrency framework, added that Coinbase would take similar action if Tether fails to comply with any new U.S. laws.

However, according to a Wall Street Journal (WSJ) report, the CEO acknowledges that many of Coinbase’s users hold the stablecoin, and the company’s desire is to preserve this status quo.

Armstrong’s remarks about the possibility of Coinbase completely delisting USDT from its platforms come a month after the crypto exchange delisted the stablecoin on its platform used by Eurozone residents.

As reported by Bitcoin.com News, months before the delisting, Coinbase, which is a shareholder in another stablecoin issuer Circle, framed the move as part of its efforts to adhere to new rules requiring issuers to obtain an e-money license from a European Union member state.

The new rules also obligate stablecoin issuers to hold a portion of their reserves in cash at banks, something Tether reportedly opposes.

“There are a lot of people with tether, and we want to give them an off-ramp, if we want to help them transition to a system that we think is more secure,” Armstrong said.

With the U.S. set to shift its stance under Donald Trump, some believe that two stablecoin bills seeking to require stablecoin issuers to hold U.S. Treasury bonds will be passed. If enacted, such a law would compel Tether and other stablecoin issuers to liquidate non-U.S. Treasury assets.

Late last year, Tether, which posted a net profit of $2.5 billion in the third quarter of 2024, claimed to hold over $105 billion in cash and cash equivalents, with a notable $102.5 billion in direct and indirect exposure to U.S. Treasuries. Furthermore, the stablecoin issuer disclosed that it held assets, including precious metals and secured loans, with a face value of just over $20 billion.

While the enactment of laws proposed by U.S. lawmakers would require Tether to convert these assets to U.S. Treasury bonds, the WSJ report acknowledged that neither bill has made significant progress.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 1-22-25

Good Afternoon Dinar Recaps,

BRICS: 40 COUNTRIES LOOK TO DITCH THE US DOLLAR

BRICS member China is looking to convince 40 new countries to use the Chinese yuan for cross-border transactions and not the US dollar. The Communist country is aiming to capitalize on the growing de-dollarization trend and is pushing the Chinese yuan for trade.

For the uninitiated, the usage of the Chinese yuan for trade settlements has surged 4.6% in 2024, compared to 2% in 2019. The currency usage has more than doubled in six years and is threatening the prospects of the US dollar.

If the US fails to import the dollar overseas, it would return to the homeland leading to inflation. Therefore, the USD needs to maintain its top position in the currency markets to sustain the American economy and keep prices lower.

BRICS: CHINA SIGNING AGREEMENTS WITH 40 COUNTRIES TO USE THE CHINESE YUAN, NOT US DOLLAR

The People’s Bank of China (PBOC) has signed bilateral trade deals with over 40 countries to use the Chinese yuan for trade settlements. The trade agreement is with the central banks of developing countries and initiates currency swaps.

The overall scale of the currency swap agreement stands at 4.16 trillion yuan, equivalent to $586 billion. The development gives the BRICS country China power through the currency market and dampens the US dollar’s global prospects.

China, Russia, and Iran are the three BRICS countries that are aggressively looking to end dependency on the US dollar. They are forging new trade deals and rewriting policy settlements that prefer using local currencies.

The dynamics of de-dollarization are advancing as more countries are willing to trade in the national currencies. China is leveraging the situation and taking advantage of the White House weaponizing the US dollar.

@ Newshounds News™

Source:  Watcher Guru

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BANK OF AMERICA READY FOR CRYPTO PAYMENTS — DECODING HOW BANKING WILL CHANGE FOREVER

Is the banking industry prepared for the disruption crypto payments might cause, and if Bank of America leads the charge, what lasting changes can we expect in how banks, businesses, and consumers interact?

Bank of America CEO advocates for crypto…

▪️Bank of America CEO advocates for crypto payments
▪️Bank of America’s twofold relationship with crypto
▪️How U.S. institutions are stepping into crypto
▪️Decoding the probable impact

Bank of America CEO advocates for crypto payments

The banking and crypto worlds have often seemed like two ships passing in the night — acknowledging each other’s existence but rarely finding common ground.

However, Bank of America CEO Brian Moynihan has now thrown his weight behind the idea of integrating crypto payments into the U.S. financial system — but only if regulators give the green light.

Speaking at the prestigious World Economic Forum in Davos, Switzerland, Moynihan addressed a question that has long lingered over the industry — what would it take for banks to embrace crypto as a payment method?

“If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” Moynihan remarked during an interview with CNBC.

“If you go down the street here and buy lunch, for example, you could pay with Visa, Mastercard, a debit card, Apple Pay, and so on. In that sense, cryptocurrency would just be another form of payment,” Moynihan explained.

He also discussed a growing realization that crypto — especially stablecoins backed by traditional assets like the U.S. dollar — could seamlessly integrate into existing payment networks.

“If it’s a stablecoin-type of dollar-backed crypto…and our consumers actually want to use it, we think there’s value there,” Moynihan said, hinting that banks could view these tokens as a safer entry point into the crypto payments space.

However, Moynihan did not touch upon the notion of cryptocurrencies like Bitcoin as an investment or store of value, stating that it is “really a separate question.”

Bank of America’s twofold relationship with crypto

Bank of America has not always been optimistic about crypto. For years, the institution’s top executives voiced strong concerns, often portraying crypto as a challenge to the transparency and security upon which the banking system relies.

Back in 2018, BofA’s Chief Technology Officer, Cathy Bessant, expressed sharp criticism of crypto’s fundamental structure, stating:

“As a payment system, I think it’s troubling because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort.”

She labelled crypto as the “antithesis” of transparency, mentioning how its pseudonymous nature made it difficult for authorities to “catch bad guys.”

However, over the years, BofA’s stance has drastically evolved. The bank has invested heavily in blockchain, recognizing its potential to enhance efficiency, reduce costs, and modernize financial systems.

“We have hundreds of patents on blockchain already,” CEO Brian Moynihan remarked recently in Davos.

The bank’s interest in crypto itself has also grown. In 2024, BofA’s Merrill Lynch added Bitcoin exchange-traded funds to its brokerage platforms for eligible wealth management clients.

The U.S. Securities and Exchange Commission recently announced the creation of a crypto task force aimed at establishing a “sensible regulatory path,” which could provide the necessary guidance for banks like BofA to integrate crypto payments into their operations.

@ Newshounds News™

Read more:  Crypto News

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 1-22-25

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EU ENFORCES STRICT STABLECOIN REGULATIONS, ORDERS REMOVAL OF NON-COMPLIANT TOKENS

The EU regulator has ordered all crypto exchanges to remove unauthorized stablecoins like Tether by March 2025, with a ban on new acquisitions starting January 2025, as part of its comprehensive stablecoin regulation implementation.

▪️EU regulator ESMA mandates crypto exchanges remove non-compliant stablecoins by end of Q1 2025
▪️Tether’s USDT will be affected as it lacks EU authorization and has no plans for MiCA compliance
▪️Exchanges must stop enabling clients to acquire unauthorized stablecoins by January’s end
▪️Clients holding non-compliant stablecoins have until March to convert to compliant alternatives
▪️Major exchanges like Coinbase have already begun restricting services for non-compliant stablecoins

The European Securities and Markets Authority (ESMA) has issued a clear directive to the 27 EU member states requiring the removal of non-compliant stablecoins from trading platforms.

 The announcement sets a firm deadline of Q1 2025 for full compliance with the EU’s stablecoin regulations.

Under the new requirements, crypto asset service providers (CASPs) must cease offering trading services for unauthorized asset-referenced tokens (ARTs) and electronic money tokens (EMTs). This mandate specifically targets stablecoins that lack proper EU authorization, notably affecting major players like Tether’s USDT.

The timeline established by ESMA requires exchanges to stop enabling new acquisitions of unauthorized stablecoins by the end of January 2025. Current holders of these assets will have until the end of March to convert their holdings to compliant alternatives, ensuring an orderly transition in the market.

Leading cryptocurrency exchange Coinbase has already taken steps to align with these requirements. The company restricted services related to non-compliant stablecoins for its Retail, Exchange, and Prime Vault customers across its European operations starting December 13, 2024.

Tether, one of the largest stablecoin issuers globally, has shown its response to the regulatory pressure by discontinuing its euro stablecoin, EURT, in November. The company has not obtained the necessary e-money license to operate within the EU, unlike competitor Circle, which secured its license in July.

The European Commission has provided additional clarity on the regulations through Peter Kerstens, an advisor involved in drafting the legislation. Kerstens emphasized that the rules are straightforward: unauthorized crypto-assets cannot be listed, regardless of their underlying currency.

Questions had arisen in the crypto community about whether the regulations would affect stablecoins that were already listed before the MiCA regulations came into force. The Commission’s clarification confirms that pre-existing listings are not exempt from the new requirements.

The regulatory framework requires that any entity offering or seeking admission for stablecoins within the EU must either be a bank or an e-money institution and publish a white paper. Third parties may offer these tokens only with the issuer’s consent, and the issuer must still maintain proper authorization.

ESMA’s clarification came after the authority itself sought guidance from the European Commission, highlighting the complexity of implementing these regulations.

This consultation process has resulted in a clear interpretation: crypto exchanges qualify as third parties seeking admission and must ensure their listed stablecoins comply with all regulatory requirements.

For crypto exchanges operating in the EU, this means conducting a thorough review of their stablecoin offerings. They must verify that each listed stablecoin either has proper authorization or must be removed from their trading platforms by the specified deadline.

The regulations also address concerns about monetary sovereignty, particularly regarding non-Euro stablecoins. However, these rules primarily focus on real-world payments rather than crypto trading activities.

EU authorities are emphasizing the importance of an orderly transition to prevent market disruption. Exchanges are expected to communicate clearly with their users about the upcoming changes and provide guidance on converting non-compliant stablecoin holdings.

Industry observers note that these measures align with the EU’s broader strategy to create a regulated and secure cryptocurrency market. The clear deadlines and requirements aim to provide stability and protection for market participants.

Current holders of non-compliant stablecoins are advised to stay informed about their exchange’s compliance timeline and prepare for the necessary conversions before the March deadline. Exchanges are expected to provide detailed instructions and support for this transition process.

@ Newshounds News™

Source:  Blockonomi

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CIRCLE STRENGTHENS USDC ECOSYSTEM WITH HASHNOTE ACQUISITION AND TOKENIZED FUNDS

▪️Circle’s acquisition of Hashnote and integration of USDC and USYC into the Canton Network strengthen its position in tokenized finance, bridging DeFi with traditional markets.

▪️Circle’s innovations and increased demand for tokenized assets could drive Ethereum adoption, reinforcing its role as a foundational blockchain in global finance.

After Circle donated 1 million USDC to Trump’s inaugural committee, CNF highlighted this as a significant step in showcasing stablecoin acceptance in mainstream politics. Circle’s next move, the acquisition of Hashnote, further expands its influence in tokenized asset growth and the $48 billion USDC stablecoin ecosystem.

Hashnote, a leader in tokenized real-world assets and creator of USYC, a $1.3 billion tokenized money market fund, is a strategic acquisition that positions Circle at the forefront of bridging blockchain technology with traditional finance. The acquisition was announced in a tweet, emphasizing its positive implications.

The integration of USYC with Circle’s platform enables it to serve as yield-bearing collateral on major digital asset exchanges and institutions, strengthening both the USDC and USYC ecosystems.

Strengthening USDC and USYC Ecosystems

Circle plans to integrate USDC and USYC into the Canton Network, a blockchain designed for real-world asset transactions backed by leading financial institutions. 

A tweet from Circle highlighted the partnership with DRW, a prominent traditional and crypto market player via its affiliate Cumberland, as a critical step in enhancing institutional adoption and operational efficiency in digital finance.

The partnership with DRW, a major player in traditional and crypto markets via its affiliate Cumberland, is a huge unlock for supporting USDC and USYC and elevating institutional adoption and operational efficiencies in digital finance.

This integration provides seamless convertibility between cash (USDC) and yield-bearing assets (USYC), ensuring liquidity and bridging decentralized finance (DeFi) with traditional financial markets. Circle’s collaboration with Cumberland also improves liquidity and collateral management for institutional digital asset transactions.

Circle CEO Jeremy Allaire emphasized the company’s commitment to shaping the future of tokenized finance by uniting liquid payment systems with yield-bearing assets. This acquisition marks a significant step toward creating a unified system where tokenized cash and money markets coexist, driving adoption across global trading platforms.

Implications for Ethereum’s Ecosystem and Market Value

These developments have substantial implications for Ethereum, the blockchain supporting both USDC and USYC. As Circle strengthens its tokenized asset ecosystem, demand for Ethereum’s network is likely to rise due to increased transaction volumes and DeFi integrations.

@ Newshounds News™

Source:  Crypto News Flash

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 1-21-25

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FINLAND’S NASDAQ HELSINKI WELCOMES VIRTUNE’S 5 CRYPTO ETPS:  BTC, ETH, XRP, SOL, AND ALTCOINS

The products will be listed on the Finnish Nasdaq Helsinki.

Virtune, a leading Swedish regulated crypto asset manager, has successfully listed five crypto exchange-traded products (ETPs) in Finland’s Nasdaq Helsinki. The products include top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and altcoins. 

The launch marks a key milestone for Finland as it represents the nation’s first crypto ETPs. It is also the biggest crypto ETP launch on a regulated market in northern Europe’s Nordic nations like Denmark, Finland, Iceland, Norway, and Sweden.

@ Newshounds News™

Read more:  Crypto Flash News

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XRP, DOGE, SOL, AND OTHER COINS GET NEW ETF FILINGS

REX Shares has filed multiple exotic ETF applications for such tokens as XRP, Solana (SOL), and Dogecoin (DOGE).    Leading ETF analyst Eric Balchunas has stated that REX is not just a random issuer, noting that its CEO was "an early pioneer in the industry."

Greg King, the founder and CEO of the Florida-based firm, has launched more than 100 ETFs and notes for such major names as BONK and Dogecoin. The filing also seeks to create funds for Bitcoin, Ethereum, Solana, and XRP.

Meanwhile, Teucrium, another ETF issuer, has filed for 2x Long & Short XRP ETFs. As reported by U.Today, leading analyst Nate Geraci previously predicted that an XRP ETF would be approved this year.

@ Newshounds News™

Read more:  U Today

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TRUMP PARDONS FORMER SILK ROAD FOUNDER AND BITCOIN ICON ROSS ULBRICHT

Those who convicted Ulbricht were "some of the same lunatics involved in the modern-day weaponization of government against me," Trump wrote Tuesday.

President Donald Trump announced Tuesday the pardon of Ross Ulbricht, founder of the Silk Road online marketplace.

In a social media post on Truth Social, Trump said he had granted Ulbricht a "full and unconditional pardon," citing support from the Libertarian movement and criticizing the government’s handling of Ulbricht’s case.

Ulbricht, 40, was convicted in 2015 on charges including conspiracy to traffic narcotics and money laundering in connection with the Silk Road, a darknet site that facilitated billions of dollars in illegal drug transactions.

He received a sentence of two life terms plus 40 years without parole, sparking years of debate over the fairness of his punishment.

"The scum that worked to convict him were some of the same lunatics involved in the modern-day weaponization of government against me," Trump wrote.

The pardon is expected to draw sharp reactions from both supporters and critics.

Advocates for Ulbricht have long argued his sentence was excessive, while opponents highlight the scale of criminal activity linked to the Silk Road.

@ Newshounds News™

Source:  Decrypt

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HERE IS THE FULL LIST OF PRESIDENTIAL ACTIONS TRUMP SIGNED ON DAY ONE

These bold initiatives mark a stark departure from the Biden regime’s globalist policies and signal a return to the principles that put the American people first.

Here is the list of presidential actions Trump signed on Monday following his inauguration:

1. Withdrawing The United States From The World Health Organization

2. Application Of Protecting Americans From Foreign Adversary Controlled Applications Act To TikTok
3. Granting Pardons And Commutation Of Sentences For Certain Offenses Relating To The Events At Or Near The United States Capitol On January 6, 2021

4. Putting America First In International Environmental Agreements
5. Delivering Emergency Price Relief for American Families and Defeating the Cost-of-Living Crisis
6. Hiring Freeze

7. Regulatory Freeze Pending Review
8. Return to In-Person Work

9. Ending The Weaponization Of The Federal Government

10. Restoring Freedom Of Speech And Ending Federal Censorship
11. Securing Our Borders

12. Protecting The Meaning And Value Of American Citizenship
13. Realigning the United States Refugee Admissions Program
14. Unleashing American Energy

15. Clarifying The Military’s Role In Protecting The Territorial Integrity Of The United States
16. America First Trade Policy
17. Memorandum to Resolve the Backlog of Security Clearances for Executive Office of the President Personnel

18. Declaring A National Emergency At The Southern Border Of The United States
19. Holding Former Government Officials Accountable For Election Interference And Improper Disclosure Of Sensitive Governmental Information

20. Restoring Accountability To Policy-Influencing Positions Within the Federal Workforce
21. Protecting The American People Against Invasion

22. The Organization for Economic Co-operation and Development (OECD) Global Tax Deal (Global Tax Deal)
23. Organization of the National Security Council and Subcommittees
24. Reevaluating And Realigning United States Foreign Aid

25. Temporary Withdrawal of All Areas on the Outer Continental Shelf from Offshore Wind Leasing and Review of the Federal Government’s Leasing and Permitting Practices for Wind Projects

26. Declaring a National Energy Emergency

27. Restoring Accountability for Career Senior Executives
28. Promoting Beautiful Federal Civic Architecture
29. Restoring The Death Penalty And Protecting Public Safety

30. Putting People Over Fish: Stopping Radical Environmentalism to Provide Water to Southern California

31. Guaranteeing The States Protection Against Invasion
32. Restoring Names That Honor American Greatness

33. Designating Cartels And Other Organizations As Foreign Terrorist Organizations And Specially Designated Global Terrorists
34. Reforming The Federal Hiring Process And Restoring Merit To Government Service

35. Ending Radical And Wasteful Government DEI Programs And Preferencing
36. Defending Women From Gender Ideology Extremism And Restoring Biological Truth To The Federal Government

37. Establishing And Implementing The President’s “Department Of Government Efficiency”
38. America First Policy Directive To The Secretary Of State
39. Protecting The United States From Foreign Terrorists And Other National Security And Public Safety Threats
40. Unleashing Alaska’s Extraordinary Resource Potential

With bold leadership and a clear vision, Trump has reaffirmed his commitment to putting America first. You can read each of these executive orders on the White House’s website.

@ Newshounds News™

Source:  TruthPress

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 1-21-25

Good Afternoon Dinar Recaps,

SEC LAUNCHES CRYPTO TASK FORCE TO DEVELOP CLEAR REGULATION

In a recent announcement, the US Securities and Exchange Commission (SEC) announced the launch of a brand new crypto task force. Specifically, the agency is set to develop “a comprehensive and clear regulatory framework for crypto assets,” according to a recently released press release.

The announcement is part of the expected changes to come from the incoming administration. With Donald Trump officially inaugurated into office Monday, he announced the appointment of Mark Uyeda as acting chair of the agency. His presence comes following former Chair Gary Gensler’s resignation this week.

SEC Launching Crypto Task Force to Develop New Regulatory Framework

For the last several years, the SEC has developed a rather contentious relationship with the digital asset sector. Under the former Biden Administration, the agency adopted a regulation-by-enforcement approach. As a result, companies like Ripple found themselves engaged in years of court battles with the agency.

Yet, that has begun to change today. With Donald Trump beginning his second non-consecutive term as US President Monday, the SEC has announced the launch of a crypto task force dedicated to the formulation of a clear regulatory framework for which the industry will be governed.

Chairman Uyeda announced the framework, with Commissioner Hester Peirce set to lead it. “Drawing from talented staff across the agency, the Task Force will collaborate with Commission staff and the public to set the SEC on a sensible regulatory path that respects the bounds of the law,” the agency said.

Additionally, they noted things like clear regulations and a pathway to registration “have been elusive.” Moreover, they noted, “The SEC can do better.” The task force appears to be the first step in that pursuit. It could be the beginning of the United States’ path to being a global crypto leader.

@ Newshounds News™

Source:  Watcher Guru

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NO CRYPTO FOCUS IN TRUMP’S 200 EXECUTIVE ORDERS: WHAT’S NEXT?

▪️Trump’s first 200 executive orders did not include any clear actions related to Bitcoin or cryptocurrencies.
▪️David Bailey hinted at potential crypto-related content but admitted uncertainty about the specifics.
▪️The crypto community was disappointed as Trump prioritized energy, immigration, and security over digital assets.

US President Donald Trump signed his first 200 executive orders shortly after assuming office. However, despite speculation and expectations from the crypto community, none of these orders were related to virtual assets like Bitcoin or other cryptocurrencies.

David Bailey, CEO of Bitcoin Magazine and former cryptocurrency advisor to the Trump campaign, shared his insights on X (formerly Twitter), stating:

“Got confirmation tonight that our EOs are among the first 200.”

However, he admitted uncertainty about the specifics. “I have no idea what made it in, but good news cometh,” he added.

Interestingly, the crypto community had hoped for stronger signals from the administration. Rumors before Trump’s inauguration suggested that he might prioritize cryptocurrency, perhaps even declaring it a national priority or establishing a Bitcoin reserve. But these ambitions did not materialize.

No Crypto in Trump’s First-day Executive Orders

On his first day, Trump directed his attention to immigration, energy, and federal operations. Key actions included reversing Biden’s restrictions on oil drilling and announcing, “We will extract as much oil as we can.” He also withdrew the US from the Paris Climate Agreement, a global initiative to combat climate change.

In another notable move, Trump signed a decree granting TikTok an additional 75 days to find a US buyer, allowing its operations in the country to continue temporarily. While this decision aimed to address security concerns, critics noted the absence of actions supporting the burgeoning crypto industry.

Fox Business journalist Eleanor Terrett expressed disappointment, tweeting:

“No Day 1 executive orders on #crypto or industry-related pardons, then?”

This sentiment echoed across the crypto community, which had anticipated early moves to recognize or regulate digital assets.
A Shift in Focus, a Missed Opportunity?

Cryptocurrency advocates were left questioning why digital assets, widely viewed as transformative, were left off the agenda. Before Trump’s term, some hoped he would pardon Ross Ulbricht, the Silk Road founder serving a life sentence. However, no such measures emerged.

During his inaugural speech, Trump remained silent on the topic of cryptocurrencies, further deepening concerns. David Bailey reassured enthusiasts by saying that their [our] “decrees are coming too”, suggesting that virtual assets might gain attention later in Trump’s presidency.

Despite the initial absence of crypto-focused orders, the speculation surrounding Trump’s approach to digital assets highlights the growing importance of cryptocurrency in national policy discussions. For now, the crypto world watches and waits, hopeful for future recognition and regulation.

@ Newshounds News™

Source:  CoinSpeaker

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HESTER PEIRCE TAPPED TO LEAD SEC’S NEW CRYPTO TASK FORCE

Acting SEC chair Mark Uyeda appoints Hester Peirce to lead a task force focused on crypto regulations and market integrity.

▪️The SEC has formed a Crypto Task Force under Commissioner Hester Peirce to establish proactive regulation and clear legal standards.

▪️The initiative aims to support innovation while addressing industry confusion over previously enforcement-focused approaches.

The SEC has established a Crypto Task Force under the leadership of Commissioner Hester Peirce, with Acting Chairman Mark T. Uyeda announcing the initiative on Tuesday.

Richard Gabbert and Taylor Asher will serve as Chief of Staff and Chief Policy Advisor, respectively, bringing together experts across the agency to work with Commission staff, industry participants, and the public.

“The SEC has relied too heavily on enforcement actions to regulate crypto, often adopting untested legal interpretations,” Uyeda said.

The task force seeks to move toward proactive regulation by establishing clear legal standards, creating practical registration pathways, and maintaining market integrity while supporting innovation.

The announcement comes as Uyeda serves as interim SEC Chair until Paul Atkins assumes the role under President Donald Trump’s administration.

The initiative aims to address industry confusion resulting from the SEC’s previous enforcement-focused approach by developing clear regulatory guidelines and disclosure frameworks for crypto assets.

@ Newshounds News™

Source:  Crypto Briefing

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