Traceable, Credible Gold for Saudi Arabia

Traceable, Credible Gold for Saudi Arabia

Kitco News:  2-3-2024

Saudi Arabia is undergoing a significant economic transformation, moving beyond its traditional reliance on oil and gas. A key element of this diversification strategy is the development of its mining sector, with the Kingdom aiming to establish itself as a major player in the global mineral supply chain and, more specifically, a “global intermediary” in the critical minerals market.

 This ambition was highlighted in a recent interview conducted by Kitco’s Senior Mining Editor and Anchor, Paul Harris, with His Excellency Bandar Alkhorayef, Minister of Industry and Mineral Resources of Saudi Arabia, on the sidelines of the Future Minerals Forum in Riyadh.

The interview offered insights into the Kingdom’s bold plans to leverage its mineral wealth and establish itself as a vital hub in the rapidly evolving landscape of critical minerals.

Saudi Arabia sees mining as the third industrial pillar, standing alongside oil and gas and petrochemicals, a significant shift in focus for the nation. This strategic move is underscored by the fact that the Kingdom has identified a staggering $2.5 trillion in mineral resources, a figure that has already garnered significant international attention and investment interest.

Saudi Arabia’s geographical location is crucial to their strategy. Positioned at the heart of the fastest-growing region globally, the Kingdom aims to become a central mining hub connecting various global markets.

However, their ambition extends beyond simply extracting and exporting minerals. The Kingdom seeks to play a more nuanced role as a “global intermediary,” navigating complex geopolitical tensions while simultaneously building its capacity to produce and process critical minerals. This means fostering international collaboration and forging partnerships with companies and countries from around the world, irrespective of political differences.

This approach is particularly significant in the context of the global demand for critical minerals, which are essential for the development of clean energy technologies, electric vehicles, and various other modern industries. By positioning itself as a neutral intermediary, Saudi Arabia hopes to facilitate a more secure and stable supply chain, mitigating potential disruptions and ensuring a more equitable distribution of these vital resources.

The interview also shed light on Saudi Arabia’s specific mineral resources. While the $2.5 trillion figure encompasses a diverse range of minerals, gold is a key focus.

The Kingdom currently holds the 15th largest gold reserves in the world and is actively working towards increasing its gold refining capacity. This move not only aims to maximize the value of their own gold reserves but also positions Saudi Arabia as a potential processing hub for gold from other regions.

Beyond resource extraction and production, Saudi Arabia emphasizes its commitment to responsible mining practices. This includes prioritizing environmental sustainability, community engagement, and implementing ethical labor standards. This approach is crucial for ensuring that mining activities contribute to the country’s long-term development goals and do not negatively impact the environment or local populations.

In conclusion, Saudi Arabia’s ambition to become a “global intermediary” in the development of critical minerals is a key component of its broader economic diversification strategy. By leveraging its significant mineral resources, geographical location, and a commitment to international collaboration and responsible mining, the Kingdom is positioning itself as a crucial player in the future of the global mineral supply chain.

This marks a significant shift, not only for the Saudi economy but also for the global landscape of critical mineral development, offering a potentially more balanced and stable approach to this increasingly important sector.

https://youtu.be/RRDiJAVUmQc

Seeds of Wisdom RV and Economic Updates Monday Morning 2-3-25

Good Morning Dinar Recaps,

CRYPTO CATASTROPHE: WORLD RECORD BROKEN, WORST BLOODBATH IN HISTORY

Market in shambles after introduction of trading tariffs sparks enormous liquidation surge

One of the worst bloodbaths in the history of the cryptocurrency market just occurred, with liquidations skyrocketing past $2.24 billion in the last day.

With Bitcoin plummeting to $94,000 and the entire market collapsing along with it, this massive wipeout has destroyed leveraged traders. The magnitude of the losses has broken all previous records, making this one of the most vicious sell-offs in the history of cryptocurrency.  

With $609 million in liquidations, Ethereum traders were the most negatively impacted, according to the liquidation heatmap. At $412 million, Bitcoin trailed closely behind, while liquidations exceeding $85 million were reported by XRP, Dogecoin and Solana.

The biggest single loss happened on Binance, with an ETHBTC trade worth $25.64 million and a whopping 734,621 traders liquidated in a single day.

After losing crucial support at $97,000, Bitcoin is currently testing $92,000 – a level that may dictate its course in the near future.

The price of Bitcoin may drop to $83,000 if it drops below this level, signaling a more significant correction. With Bitcoin at the top of the market, altcoins are doing even worse; some have already dropped more than 80% from their peak.

Altcoin momentum has completely collapsed, falling to 38 out of 100, according to the CMC Altcoin Season Index, which indicates a strong phase dominated by Bitcoin.

This change reflects traders' swift decline in risk appetite and their flight from altcoins to safer assets. The cryptocurrency market is in a panic right now. If Bitcoin is unable to stay above $92,000, it is likely to continue declining.  

Particularly for altcoins that have already been in free fall, losses could get even worse. Overleveraged traders have paid the price, and this carnage may not end yet unless volatility levels off.

@ Newshounds News™

Source:  U Today

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CARDANO (ADA) VOLUME SKYROCKETS 428% DESPITE WORST CRYPTO BLOODBATH

Cardano dropped below $0.70 as traders rushed to sell ADA, pushing volume to historic levels

The broader digital currency ecosystem recorded its worst single-day bloodbath this year, with assets like Cardano (ADA) at the forefront. At the time of writing, the ADA price changed hands for $0.7012, down by 20.53% in the past 24 hours. The coin dropped to $0.5648 in earlier trading, its lowest level in nearly 90 days.

Cardano volume took different turn

Despite the selloff, one unique Cardano metric, the transaction volume, recorded an impressive rally.  

Per data from CoinMarketCap, the Cardano volume is up 428.86% to $3.77 billion. This boost in trading volume is not commensurate with the price outlook, thus implying traders were in flight mode over the weekend.

Market data shows that more than $36 million has been lost by ADA traders in the past 24 hours via liquidations. Long traders suffered the most, with over $31 million taken out unduly. With the crypto market drawdown triggered by the tariff war in North America, the effect appears comprehensive across all markets.

At the moment, a high level of volatility has been introduced into the Cardano trading ecosystem. After this multi-month low price, the coin has inked some rebound, but generally, the coin is not out of the woods yet.

Catalyst to watch and Bitcoin influence

Amid this unusual price slump, Cardano traders will likely focus on new anchors as the price recovers. These new anchors might include fundamental ecosystem updates and how they may shape the ADA ecosystem.

With the Plomin hard fork going live in the past week, Cardano proponents are now looking forward to how this upgrade can impact ADA accumulation and price outlook. In addition, ADA's whale activity is in the spotlight, as a large buying trend can trigger positive sentiment.

Meanwhile, the ADA-BTC correlation may yield a positive boost in the mid-to-long term. Bitcoin has stabilized its latest sell-off, hinting that Cardano may soon follow suit.

@ Newshounds News™

Source:  U Today

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STOCK MARKET CRASH: GLOBAL MARKETS DROP ON TARIFF CONCERNS

Global markets plunged on Black Monday amid escalating trade tensions as U.S. tariffs on Canada, Mexico, and China spurred a worldwide sell-off. Asian indices led the decline with Taiwan’s Taiex down 4.4%, Japan’s Topix falling 2.3%, and Korea’s Kospi dropping 2.4%. In the U.S., the Nasdaq fell 2.5% as NVIDIA shares plunged over 6.5% to a low of $111.51. Analysts warn of further instability while China vows legal action for WTO violations. Investors brace for continued volatility amid rising fears.

@ Newshounds News™

Source:  Coinpedia

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 2-2-25

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INDIAN CRYPTO HOLDERS FACE 70% TAX PENALTY ON UNDISCLOSED GAINS

India will impose tax penalties of up to 70% on undisclosed crypto gains as part of new regulations under Section 158B of the Income Tax Act.

Cryptocurrency traders in India may face significant tax penalties on previously undisclosed profits under new amendments to the country’s tax laws.

Cryptocurrencies will be included under Section 158B of the Income Tax Act, which reports undisclosed income, according to Indian Finance Minister Nirmala Sitharaman’s Union Budget 2025 announcement.

The amendment allows cryptocurrency gains to be subject to block assessments if not reported, placing them under the same tax treatment as traditional assets like money, jewelry and bullion.

Crypto will fall under the definition of Virtual Digital Assets (VDAs), according to the new amendment, which states:

“Crypto asset has been defined in section 2(47A) of the Act under the existing definition of Virtual Digital Asset[…] A reporting entity, as may be prescribed under section 285BAA of the Act, will be required to furnish information of crypto asset.”

The new crypto tax proposition will be retrospectively applicable from Feb. 1, 2025.

At the end of December 2024, India’s Minister of State for Finance, Pankaj Chaudhary, said the government had found 824 crore Indian rupees ($97 million) in unpaid goods and service taxes (GST) by several crypto exchanges.

The report came a few months after Indian law enforcement agencies demanded 722 crore Indian rupees ($85 million) in unpaid taxes from Binance in August.

Crypto traders face up to 70% tax penalty on undisclosed crypto gains

As a sign of concern for cryptocurrency holders, Indian authorities may issue a tax penalty of up to 70% on previously undisclosed crypto profits.

This penalty may apply to crypto gains that remained undisclosed for up to 48 months after the relevant tax assessment year, according to the document, that wrote:

“70% of the aggregate of tax and interest payable on additional income disclosed in the updated income tax return [ITR].”

The amendments come two weeks after Bybit exchange suspended its services in India on Jan. 10, citing regulatory pressure as it continues to pursue a full operational license from India’s Financial Intelligence Unit.

Crypto tax laws are gaining prominence worldwide

Crypto tax laws gained increased interest worldwide in June 2024 after the US Internal Revenue Service (IRS) issued a new crypto regulation, which will make US crypto transactions subject to third-party tax reporting requirements for the first time.

Starting in 2025, centralized crypto exchanges (CEXs) and other brokers will start reporting the sales and exchanges of digital assets, including cryptocurrencies.

This decision could push crypto investors to decentralized platforms in a “paradoxical situation” that could make tax revenue harder to track, Anndy Lian, author and intergovernmental blockchain expert, told Cointelegraph.

Showcasing the crypto industry’s backlash, the Blockchain Association filed a lawsuit against the IRS in December 2024, arguing that the rules are unconstitutional because they include decentralized exchanges under the “broker” term, extending data collection requirements to them.

@ Newshounds News™

Source:  CoinTelegraph

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SOCIAL SECURITY NUMBERS ARE A PRIVACY LIABILITY

Hundreds of millions of SSNs have been leaked online already, but a privacy-focused identity solution could help fix the problem.

@ Newshounds News™

Read more:  CoinTelegraph

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UBS TESTS DIGITAL GOLD PRODUCT ON ETHEREUM LAYER-2 WITH INNOVATIVE BLOCKCHAIN SOLUTIONS

▪️UBS is testing a digital gold investment product using blockchain technology.

▪️The product offers fractional gold investment and real-time pricing features.

▪️This initiative highlights the integration of fintech and blockchain in finance.

Union Bank of Switzerland (UBS), the largest bank in Switzerland, has initiated trials for a digital gold investment product on the Ethereum $2,956-based ZKsync layer-2. The bank is testing gold trading operations using blockchain technology to enhance functionality on a global scale.

Trial Process and Product Details

The product being tested, UBS Key4 Gold, allows users to trade gold units on-chain. It provides individual investors the opportunity to invest in fractional gold while offering real-time pricing, deep liquidity, and secure physical storage options.

Blockchain Technology and Strategies

In this trial, UBS utilized the ZKsync Validium solution under a proof of concept (PoC) framework. The goal was to improve scalability, privacy, and interoperability, contributing to the product’s global expansion.

UBS Key4 Gold operates on a permissioned blockchain infrastructure known as the UBS Gold Network. This network connects vaults, liquidity providers, and distributors, ensuring technical support for the product. It is seen as a step toward the digitization of the gold market.

The testing process is considered significant for establishing a robust technical infrastructure for the product. Additionally, fluctuations in the ZK token price are being closely monitored within the context of market volatility.

The trial provides important insights into the digitization in the fintech sector and the application of blockchain technology in finance. Various technical tests and applications can serve as a guide for the product’s integration into global markets.

@ Newshounds News™

Source:  CoinTurk

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Seeds of Wisdom RV and Economic Updates Sunday Morning 2-2-25

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TRUMP-IMPOSED TARIFFS TO BEGIN TUESDAY AS MEXICO, CANADA ANNOUNCE RETALIATORY RESPONSE

▪️President Trump on Saturday signed an executive order imposing 25% tariffs on imports from Canada and Mexico, with a 10% tariff on Canadian energy and oil, and an additional 10% tariff on China.

▪️The implementation of the tariffs was delayed to Tuesday at 12:01 am.

▪️Mexico’s President Sheinbaum announced the country would implement both tariff and non-tariff retaliatory measures, while Canadian PM Trudeau said Saturday night Canada would implement 25% tariffs on a swath of American goods in response.

President Trump on Saturday declared steep tariffs on all imported goods from Canada, Mexico, and China, setting the stage for a trade war with the U.S.'s largest trading partners.

Trump set the tariffs at 25% on Canada and Mexico, with a 10% carve-out for Canada's oil and energy exports, and a 10% tariff on all goods from China.

Though the tariffs were initially set to go into effect on Saturday, Feb. 1, the implementation was delayed to Tuesday, Feb 4, at 12:01 am. The tariffs will be imposed on top of any existing tariffs, and have been implemented in response to the flow of illegal drugs into the United States, according to the White House.

"The government of Mexico has afforded safe havens for the cartels to engage in the manufacturing and transportation of dangerous narcotics, which collectively have led to the overdose deaths of hundreds of thousands of American victims," a White House fact sheet states.

Mexico's President Claudia Sheinbaum was the first to announce retaliatory tariffs and non-tariff measures in response, in a post on X Saturday evening.

In the post, Sheinbaum proposed that the U.S. and Mexico establish a working group to combat criminal organizations, warned against using tariffs to solve problems, and forcefully denounced the White House's accusation that the Mexican government has alliances with drug cartels.

"I instruct the Secretary of Economy to implement Plan B that we have been working on, which includes tariff and non-tariff measures in defense of Mexico's interests," a translation of Sheinbaum's post reads.

The Canadian government will also levy counter-tariffs on American goods in response. Canadian Prime Minister Justin Trudeau said in an address to Canadians Saturday night that the country would implement 25% tariffs on a large swath of American goods. Trudeau also said that non-tariff responses affecting the energy sector were being considered.

The Canadian government's response may eventually include export tariffs on energy, Bloomberg reported Saturday, setting the stage for a critical trade war between the U.S. and its largest foreign energy supplier.

The price of energy factors heavily into the cost of mining Bitcoin in the U.S., which has an estimated 36% share of the global hashrate, according to mining firm Luxor.

The Block's GMCI 30 index of the top 30 crypto tokens by market cap is down about 4% over the past 24 hours as the market responds to Trump's executive order.

@ Newshounds News™

Source:  The Block

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ARGENTINA DESIGNS FORENSIC PROTOCOLS TO FIGHT CRYPTO CRIME

Argentina has designed and established identification and forensic protocols to guide security and police forces in standardizing their actions to fight crypto crime.

Argentina Establishes Forensic, Identification, and Seizing Protocols for Crypto Crimes

Argentina has taken another step toward empowering its public servants to fight crypto crime.

The Nation’s Security Ministry recently issued Resolution 117/2025, which describes the procedures that public servants, including police and federal security forces, must follow when dealing with digital assets possibly linked to crime.

The protocol, which Argentine authorities must now follow, seeks to standardize the necessary processes to prevent the loss or alteration of digital assets in official procedures.

In the same way, the resolution recognizes and identifies that cryptocurrencies are tools that are being used in money laundering and terrorism financing schemes.

Because of this, the Security Ministry has established the need to strengthen the research and tracking of these assets when they are involved in criminal activities.

With this move, Argentina jumps to the forefront of Latam regarding the treatment of crypto-related crime and recognizes the relevance of digital assets as money proxies.

And with a good reason: the country has been home to several high-profile crypto frauds affecting thousands, mostly related to investment fraud and Ponzi schemes.

The Security Ministry is aware of this crypto crime wave and has been preparing a suite of tools to combat it. In December, the ministry established that the security forces should prevent “unauthorized financial intermediation through the use of cryptoassets,” vowing to preemptively track possibly criminal behavior derived from their usage.

Argentine authorities scored major wins in crypto crime cases last year. In September, one of the first crypto seizures was executed in a money laundering operation that mixed phone smuggling activities and illegal online casinos.

Also, In December, Argentine law enforcement agencies requested the freezing of 3.5 million USDT linked to Rainbowex, an alleged Ponzi scheme. This marked the first time Argentine law authorities interacted directly with Tether in a criminal case, issuing an order for this objective.

@ Newshounds News™

Source:  Bitcoin News

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 2-1-25

Good Afternoon Dinar Recaps,

BRICS CURRENCY: KREMLIN SAYS NO PLANS FOR A COMMON CURRENCY

According to the Kremlin, Russia and BRICS do not have plans for a common currency, contrary to previous reports. Following threats from US President Donald Trump to impose tariffs on the BRICS nation for creating such a currency, the bloc insists that no such plans exist.

Trump on Thursday warned BRICS member countries about replacing the U.S. dollar as a reserve currency by repeating a threat of 100% tariffs he had made weeks after winning the November presidential election. 

“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” the President said on Truth Social. 

“We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.“

Kremlin Denies BRICS Currency Developments

However, Kremlin spokesman Dmitry Peskov says BRICS, of which Russia is a founder, was not talking about setting up its own currency, but merely about creating joint investment platforms. He added U.S. experts should brief Trump in more detail about what BRICS is doing.

BRICS has been in active discussions about developing its own common currency for years. The talks have become more concrete in the last year, with more nations joining in and interest in the bloc growing.

Despite the story of BRICS looking to overthrow the greenback, the bloc recently insisted it’s not pursuing de-dollarization. Peskov’s statement doubles down on this, saying that the bloc never wanted to abandon the USD altogether, simply providing an alternative for countries who have lost trust in the US currency.

More countries are ditching the US dollar for local currency alternatives as the greenback faces continuous pressure. Donald Trump’s tariff plan also stands to put the greenback in more jeopardy, isolating it from countries out East. While Trump is looking to save the US dollar from opposition, he could in turn be adding to the nation’s current economic rivals.

@ Newshounds News™

Source:  Watcher Guru

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XRP LAWSUIT NEWS: CAN ACTING SEC CHAIR MARK UYEDA DROP THE RIPPLE CASE?

▪️Ripple CEO Talks to Trump – Discussions heat up over XRP as a potential U.S. national digital asset reserve.

▪️Ripple Case Removed from SEC Website – What does this move indicate? Settlement rumors spark speculation.

▪️Acting SEC Chair's Role – Why it's unusual for an Acting Chair to drop Ripple's high-profile case.

The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has fueled widespread speculation about a potential settlement. Recent developments suggest that the resolution of this case could be closer than expected, with some pointing to key signs indicating a possible outcome.

Ripple’s CEO Talks to Trump About XRP as National Digital Reserve

One factor intensifying speculation is the revelation that Ripple’s CEO, Brad Garlinghouse, has had direct discussions with President Donald Trump regarding XRP as a potential U.S. national digital asset reserve. While the idea of XRP becoming a national reserve asset remains uncertain, the fact that such discussions are happening is seen as a major development.

Ripple Case Removed from SEC Website: What Does It Mean?

The recent removal of the Ripple case from the SEC’s website is also being widely discussed. While this move has sparked rumors about an imminent settlement, experts warn against reading too much into it.

Sherrie, a well-known expert in the XRP community, said that the SEC didn’t move the case; it’s actually been concluded and is now listed under Award Claims. Once the case was appealed, it received a new case number and can be found on the Court of Appeals website.

Challenges in Dropping the Case: Acting SEC Chair’s Role

When a user enquired about why acting Chairman Mark Uyeda has not yet dropped the case, she explained that it would be unusual for an acting SEC Chair to drop a high-profile case like Ripple’s. Normally, these big cases are handled by the official Chairman

It would be unusual for an Acting Chair to take such a liberty as to drop a high profile case such as Ripple’s. Generally these big cases are dealt with by the actual Chairman. Atkins has an estimated time of getting approved by the Senate around April, 
She Wrote.

@ Newshounds News™

Source:  Coinpedia

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CIRCLE’S USDC STABLECOIN OFFICIALLY GOES LIVE ON LAYER-1 CHAIN APTOS (APT)

Circle’s dollar-pegged stablecoin USDC has officially gone live on the layer-1 chain Aptos (APT).

Aptos’ native token, APT, is up on the news, surging by 5.5% in the past 24 hours.

The 38th-ranked crypto asset by market cap is trading at $7.91 at time of writing.

Coinbase, the top US crypto exchange, has already added Aptos-native USDC to its listing roadmap.

In November, Aptos first announced that it planned to integrate USDC, as well as the fintech giant Stripe’s payment services.

Stripe will provide a fiat on-ramp for the Aptos network. The payments firm reemerged in the crypto sector in October when it rolled out support for USDC settlements. It had previously enabled payments made using Bitcoin (BTC) until 2018, when the firm discontinued its support, citing BTC’s lack of utility as a payments rail.

Native USDC stablecoins are officially issued by Circle and are redeemable 1:1 for US dollars. USDC is the second-largest stablecoin with a market cap of more than $53 billion, second only to Tether’s USDT, which has a market cap of nearly $140 billion.

Despite its gains in the past day, APT remains down by more than 5% in the past seven days and more than 10% in the past month.

@ Newshounds News™

Source:  DailyHodl

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Seeds of Wisdom RV and Economic Updates Saturday Morning 2-1-25

Good Morning Dinar Recaps,

ARGENTINA WELCOMES COINBASE: A NEW ERA FOR CRYPTO IN LATIN AMERICA!

Coinbase receives regulatory approval to operate in Argentina, expanding its presence in Latin America.

Argentina's increasing crypto adoption and planned currency liberalization create a favorable environment for Coinbase's entry.

Coinbase's expansion aligns with international crypto collaborations.

In a major move, Coinbase has just secured approval from Argentina’s National Securities Commission (CNV) to operate as a Virtual Asset Service Provider (VASP). This marks a significant milestone in the exchange’s ongoing expansion efforts across Latin America.

Following its 2023 launch in Brazil, coinbase entry into Argentina signals a bigger push to cater to the growing demand for crypto solutions in the region. The goal is to strengthen user protection while complying with local regulations.

Argentina’s Growing Crypto Adoption

Coinbase reports that nearly 5 million Argentinians use cryptocurrency daily, with 76% of adults viewing it as a solution to issues like inflation and high transaction fees. Matías Alberti, a former fintech executive from Buenbit and Clara, will lead Coinbase’s operations in Argentina, helping to guide the company’s growth in the country.

With this approval, Coinbase is now able to offer a full range of services, such as buying, selling, transferring, and storing cryptocurrencies. This expansion strengthens Coinbase’s presence in Latin America, particularly in one of the region’s largest economies, further expanding its global reach.

Markets Get Competitive

Coinbase’s move into Argentina comes as the local market becomes increasingly competitive. Binance also registered in the country in October, while Argentina is preparing for significant changes. By 2025, the country plans to allow free currency circulation, which would include cryptocurrencies like Bitcoin for everyday transactions.

Coinbase’s launch in Argentina coincides with growing international crypto collaboration. In December 2024, Argentina and El Salvador signed an agreement to boost the crypto industry, paving the way for Argentina to become a key player in the global digital asset market.

As more countries open their doors to crypto, digital assets continue to be the buzz of the market. We’ll keep you updated!

@ Newshounds News™

Source:  Coinpedia

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EL SALVADOR PASSES NEW BITCOIN (BTC) LEGISLATION TIED TO NEW IMF $1,400,000,000 FUNDING DEAL: REPORT

The first country to use Bitcoin (BTC) as a legal tender has reportedly passed a new law that will scale back its crypto efforts.

Reuters reports that awmakers in El Salvador approved a bill to amend the nation’s Bitcoin law in compliance with a deal that the government struck with the International Monetary Fund (IMF).

In December, the government of El Salvador and a staff team from the IMF reached a deal for a $1.4 billion loan facility after agreeing that the Central American nation would allow businesses to decide whether they want to accept cryptocurrency payments.

El Salvador intends to use the fund to support economic reforms. The IMF says the arrangement under the Extended Fund Facility (EFF) will mitigate the country’s Bitcoin-related risks.

“The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies. Legal reforms will make acceptance of Bitcoin by the private sector voluntary. For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined.”

El Salvador’s congress, which is dominated by President Nayib Bukele’s New Ideas Party, approved the reform with 55 votes in favor and two against.

The agreement is still subject to the approval of the IMF Executive Board and conditioned on EL Salvador’s fulfillment of the terms.

@ Newshounds News™

Source:  DailyHodl

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UTAH HOUSE COMMITTEE PASSES BILL FOR STATE TO BUY CRYPTO

The bill now needs to pass by majority vote in Utah’s House and Senate before being approved by state governor Spencer Cox, who appears to be pro-crypto.

A Utah House committee has passed a bill that would allow the state to invest a portion of public funds into crypto, with the measure now heading to the House for a vote.

@ Newshounds News™

Read more:   CoinTelegraph

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SOUTH DAKOTA REPRESENTATIVE PROPOSES BITCOIN RESERVE BILLS

In what is a continuation of the ongoing trend in the United States, one South Dakota representative has proposed not one but two Bitcoin reserve bills. Indeed, state lawmaker Logan Manhart is seeking to make South Dakota one of many hoping to establish a strategic BTC reserve in their state.

The move has made South Dakota the 15th state to introduce a bill that would establish such a reserve, according to Dennis Porter. Moreover, one of the introduced laws would see the state allocate 10% of public funds to acquiring Bitcoin. Additionally, the state is looking to explore the leading cryptocurrency as a hedge against potential inflation.

@ Newshounds News™

Read more:  Watcher Guru

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 1-31-25

Good Afternoon Dinar Recaps,

Just In The Seventh Asset Manager Seeking To Launch An XRP ETF, Amidst A Surge In ETF Applications.

In a recent development, asset manager Grayscale Investment has filed a 19b-4 form with the NYSE to launch an XRP ETF. The company aims to convert its XRP Trust into an exchange-traded fund (ETF), which will be listed and traded on the NYSE.

“Grayscale Investments has filed with the New York Stock Exchange (NYSE) to offer a spot XRP exchange-traded fund (ETF). This filing aims to convert Grayscale’s existing XRP Trust into an ETF, allowing shares to be listed and traded on the NYSE,” the filing read.

This comes shortly after Grayscale filed for Litecoin and Solana ETFs. Additionally, the company recently introduced its Bitcoin Miners ETF, under the ticker MNRS, which provides exposure to publicly traded Bitcoin mining companies.

It’s a Growing Trend!
By filing for an XRP ETF, Grayscale joins asset managers like Bitwise and WisdomTree in the race to issue an exchange-traded fund. 

This filing makes Grayscale the seventh asset manager to submit a proposal for an XRP ETF, as part of a wave of ETF applications since Donald Trump return to office and Gary Gensler’s exit from the SEC.

XRP Trust’s Strong Performance
Grayscale’s XRP Trust has been performing well this year. In January, the trust saw a 300% increase, according to Nasdaq, driven by speculation that an XRP ETF might launch within the next 12 months.

The momentum behind crypto ETFs is undeniable, and Grayscale has proved it once again.

@ Newshounds News™

Source:  CoinPedia

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PURPOSE INVESTMENTS FILES PRELIMINARY PROSPECTUS FOR THE WORLD'S FIRST RIPPLE XRP EFT

Purpose Investments Inc. ("Purpose"), the leader behind the world’s first Bitcoin ETF and Ether ETFs, is pleased to announce that it is further solidifying its preeminence in the digital asset space with the filing of a preliminary prospectus with Canadian securities regulators for the proposed launch of the Purpose Ripple ETF.

The Purpose Ripple ETF seeks to invest substantially all of its assets in long-term holdings of Ripple (“XRP”) and to provide holders of ETF Units with the opportunity for long-term capital appreciation.

"At Purpose, we remain steadfast in our commitment to innovation and to bridging the gap between traditional and decentralized finance," said Som Seif, founder and CEO of Purpose Investments. 

"As XRP sees increasing adoption and institutional interest, we believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework."

"This launch represents another important step in our efforts to be the leading and most trusted partner for investors in harnessing the benefits of crypto and digital assets by enabling them to understand, access, and confidently invest these assets," added Vlad Tasevski, Chief Innovation Officer. "We remain committed to providing exposure to transformative digital assets and blockchain technologies through regulated investment vehicles."

About Purpose Investments Inc.

Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products.

Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

@ Newshounds News™

Source:  Purpose Investment

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BRICS: CHINA OIL OUTPUT HITS 400M TONS AMID RECORD GROWTH

For much of last year, the global south has sought to increase its standing in the oil sector. Indeed, that pursuit took another step forward this week, as the BRICS leading economy, China, has seen its oil output reach 400 million tons this year as its record growth continues.

The development continues what has been a tremendous month for the country’s economic standing. At the start of the year, the country announced that its trade surplus had reached a monumental $5 trillion.

Altogether, it positions the nation well as it enters a year in which geopolitical tension with the US and the West is nearing a boiling point.

BRICS Solidify Oil Presence as China Output Continues Upward Trajectory

There is no understating of just how important 2025 is proving to be for the BRICS economic alliance. The collective has been engaged in continued de-dollarization efforts that have now drawn the ire of new US President Donald Trump.

Now, his sights are set on limiting the impact of the global south’s efforts as experts note the US dollar’s days of dominance may be coming to an end.

Throughout the last month, the bloc has sought to continue establishing itself as a key alternative to the West. Now, those efforts may have taken a significant step forward. Indeed, BRICS nation China has seen its oil output hit 400 million tons as record growth continues, according to a recent report.

The country has also noted that its oil output has grown by more than 10 million tons for eight consecutive years. Moreover, last year, oil production surpassed 213 million tons. The tremendous growth is put into perspective when considering it jumped from just 24 million tons just six years ago.

That could be a key aspect of the bloc as it continues to grow. With Saudi Arabia considering its application to join the alliance, I could soon be a leader in the vital sector.

 That could throw a significant wrench into the ongoing geopolitical tensions with the US. Specifically, it would see the pursuit of the global south grow in merit and potential allure to global powers.

@ Newshounds News™

Source:  Watcher Guru

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Seeds of Wisdom RV and Economic Updates Friday Morning 1-31-25

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XRP NEWS TODAY: RIPPLE’S RLUSD STABLECOIN GOES LIVE IN AMM POOLS

▪️The XRP Ledger has activated the AMMClawback amendment, allowing token issuers to recover tokens even after they've been sent.

▪️This update enables Ripple's RLUSD stablecoin to be used in Automated Market Maker (AMM) pools, increasing its liquidity and accessibility.

▪️The AMMClawback feature enhances regulatory compliance by allowing Ripple to recover tokens involved in illegal activities.

The XRP Ledger has just activated a game-changing update – the AMMClawback amendment. This new feature gives issuers the ability to recover tokens, even after they’ve been sent, offering a level of control never seen before.

But that’s not all. This amendmet also opens the door for Ripple’s stablecoin, RLUSD, to be used in Automated Market Maker (AMM) pools, unlocking a world of new opportunities.

What Issuers Should Know

With the AMMClawback amendment, issuers can now recover tokens that are sent to unintended or illegal recipients. This is particularly important if tokens are linked to illegal activities, as issuers can quickly take back the funds. This feature adds an extra layer of security and control to the XRP ecosystem.

Before this amendment, RLUSD could only be used within centralized exchanges. Now, with RLUSD enabled in AMM pools, Ripple’s stablecoin can be used more widely. This opens up new opportunities for its adoption and liquidity, especially in decentralized finance (DeFi) spaces.

Increasing Liquidity for RLUSD

Experts believe that the XRP/RLUSD pool will significantly increase the liquidity of Ripple’s stablecoin. By allowing RLUSD to be used in decentralized platforms, this update is expected to create more opportunities for growth, helping to strengthen its value and stability.

Ripple’s Focus on Regulatory Compliance

Former Ripple executive Emi Yoshikawa expressed excitement about the development, praising the XRPL community for its continued support. Jack McDonald, another Ripple executive, highlighted the company’s commitment to global financial regulations.

He stated that RLUSD is fully compliant with the highest regulatory standards, ensuring its continued success in the global market.

Experts agree that the new AMMClawback feature aligns with international financial regulations. This update ensures that if RLUSD is linked to fraud, Ripple can quickly take back the tokens, offering more protection for users and investors.

Ripple USD Market Overview

The market cap of Ripple USD stands at $72,339,549. The 24-hour trading volume of RLUSD remains at $58,098,278. The current circulation supply of RLUSD is 72,300,301.

The activation of the AMMClawback amendment marks an important milestone for Ripple and its RLUSD stablecoin. By improving liquidity and ensuring regulatory compliance, this update strengthens Ripple’s position in the financial world. With RLUSD now able to be used in AMM pools, Ripple is opening the door to more growth and providing added security for its users.

Ripple is paving the way for a new era of stability and liquidity in the world of stablecoins.

@ Newshounds News™

Source:  Coinpedia

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LONDON BULLION MARKET LAUNCHES DLT-BASED GOLD BAR INTEGRITY DATABASE

The London Bullion Market Association (LBMA) has gone live with its Gold Bar Integrity (GBI) Database. It standardizes and centralizes data related to the responsible sourcing of the gold, and the country of origin of gold held in London vaults, but the ownership data remains with custodians.

The solution uses the Axedras Bullion Integrity Ledger, a system based on the R3 Corda enterprise blockchain.

The LBMA and World Gold Council first partnered with Swiss startup Axedras in March 2022 with the WGC investing a couple of months later. This was for the LBMA’s broader Gold Bar Integrity Ecosystem, where the database is a single aspect. However, the contract for the GBI database was only awarded last March.

“The GBI Database will initially focus on two crucial datasets: Refiner Data and London Vault Data,” said Ruth Crowell, LBMA CEO. “This means faster, more secure data collection and processing. Beyond this, the platform’s ability to automate risk identification and flag potential issues quickly will play a vital role in enhancing confidence across the market.”

Currently refiners provide responsible sourcing data via email. Now they will upload the data directly to the database, with many already onboarded. London custodians will be required to submit bar-level data for gold and silver bars.

The system works by creating digital twins, not only for gold bars but also for gold grains and semi finished products. This is used to create provenance for the gold supply chain.

Gold tokenization

However, these digital twins for the finished product can also support tokenization which could reduce settlement risks and enable vaulted gold to be easily used as tokenized collateral to meet margin requirements at clearing houses.

The World Gold Council participated in such a pilot last year. There have been several gold tokenization initiatives targeting consumers. But last year HSBC tokenized its vaulted gold.

Turning back to Axedras, a key feature of its permissioned blockchain, is it only enables confidential data to be available to those that have the right to see it. This contrasts with encryption solutions where someone might hold a copy of the data but not have the key to be able to view it. With Corda, an unauthorized person does not have the data at all.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

THIS IS THE REASON WHY HBAR HOLDERS ARE ABOUT TO GET RICH IN 2025

@ Newshounds News™

Source:  NCashOfficial - Daily Crypto & Finance News

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Seeds of Wisdom RV and Economic Updates Thursday Evening 1-30-25

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COINBASE FILES TO LIST SOLANA AND HEDERA FUTURES ON ITS DERIVATIVES TRADING PLATFORM

▪️Coinbase Derivatives has filed to list new futures contracts for Solana and Hedera tokens on or after Feb. 18.

▪️The move comes amid a flurry of regulatory filings to list new assets like crypto ETFs and derivatives.

Coinbase Derivatives, a subsidiary of the U.S.-based crypto exchange, has filed to list new futures contracts for Solana and Hedera, according to separate regulatory filings on Thursday. The exchange is looking to list these new contracts, which will be cash-settled on a monthly basis, on or after Feb. 2025.

Coinbase is the latest firm looking to capitalize on the improved market sentiment and the possibility of positive regulatory advancement under the Trump Administration.

CME, for instance, appears to be readying to launch SOL and XRP futures in the coming weeks, while asset managers such as VanEck and ProShares submitted a flurry of crypto ETF filings to trade Litecoin, XRP and Solana in the days leading up to Inauguration Day.

Launched in June 2021, Coinbase Derivatives is regulated by the Commodity Futures Trading Commission as a “designated contract market” to allow users to trade crypto derivatives like futures contracts on various digital assets, including BTC and ETH.

If approved, the new Solana futures will have a contract size of 100 SOL (around $24,000) contract notional, or the monetary value of a futures contract at a given price. Trading terminates at 4:00 PM London time on the last Friday of the contract month. 

The exchange also filed to list a “nano” Solana contract with a size of five SOL. The Hedera contract would track 5,000 Hedera tokens.

Nodal Clear, LLC, a CFTC-registered derivatives clearing organization, will clear the contracts.

“The Exchange has spoken with FCMs and market participants who support the decision to launch a nano Solana Contract. The Exchange is not aware of any substantive opposing views to the Contract,” Coinbase wrote in all three regulatory filings.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

TETHER DISAPPOINTED WITH ‘RUSHED ACTIONS’ ON MICA-DRIVEN USDT DELISTING IN EUROPE

MiCA-triggered crypto changes in Europe could create a “disorderly” market, according to USDT stablecoin operator Tether.

Stablecoin operator Tether addressed European cryptocurrency regulations amid exchanges like Crypto.com preparing to delist its USDt stablecoin in Europe tomorrow.

Tether expressed disappointment over market developments in Europe amid changes triggered by the enforcement of the European Union’s Markets in Crypto-Assets (MiCA) framework.

Crypto.com, a global crypto exchange, confirmed on Jan. 29 it will start delisting Tether’s USDt stablecoin and nine other tokens on Jan. 31 to comply with MiCA regulations.

“It is disappointing to see the rushed actions brought on by statements which do little to clarify the basis for such moves,” a spokesperson for Tether told Cointelegraph.

EU consumers under risk of “disorderly” crypto market

MiCA-triggered changes pose significant risks for EU consumers and the local crypto market, with exchanges like Crypto.com preparing to delist multiple tokens, according to Tether.

“These changes affect many tokens in the EU market, not only USDt, and we fear that such actions will lead to further risk being placed on consumers in the EU,” Tether’s representative said.

According to Tether, such regulatory developments in the EU could create a “disorderly” market at a time when MiCA is still in the early stages of implementation.

As previously mentioned, Crypto.com’s MiCA-forced delisting process is set to affect a total of 10 tokens, including Wrapped Bitcoin (WBTC) stablecoin and more.

Coinbase — an exchange that delisted USDT in December 2024 — said at the time it would delist six tokens to comply with MiCA. The exchange delisted WBTC on the entire Coinbase platform for other reasons on Dec. 19, 2024.

“We regularly review the assets we make available to customers on our platform to ensure we are meeting regulatory requirements, and will assess re-enabling services for stablecoins that achieve MiCA compliance on a later date,” a Coinbase representative told Cointelegraph on Jan. 30.

The spokesperson also mentioned that Coinbase has so far delisted a total of eight tokens to comply with MiCA.

Tether finalizes European strategy for USDt

Apart from broader consumer risks potentially arising from MiCA-triggered ecosystem changes, Tether reiterated that MiCA poses negative implications for stablecoins licensed in the EU.

“As we have consistently expressed, some aspects of MiCA make the operation of EU-licensed stablecoins more complex and potentially introduce new risks,” Tether said.

Tether’s representative also again highlighted differences in stablecoin use cases between Europe and emerging markets, where USDT is extremely popular. “The USD stablecoin market is almost negligible in Europe,” the spokesperson noted.

At the same time, Tether still commends EU regulators for their efforts in establishing a structured framework, as it plays a key role in fostering growth within the sector, the spokesperson noted, adding:

“As Tether finalizes its European strategy for USDt, it remains committed to ensuring compliance with evolving regulations while introducing groundbreaking technologies such as Hadron and investments in transformative projects such as Quantor, designed to be MiCA compliant.”

Tether’s comments come shortly after the European Securities and Markets Authority pushed European crypto asset service providers (CASP) to start restricting non-MiCA-compliant stablecoins by the end of January.

While still allowing the listing of those tokens in sell mode until March 31, the regulator has asked CASPs to completely restrict non-compliant stablecoins by the end of the first quarter of 2025.

@ Newshounds News™

Source:  CoinTelegraph

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CZECH NATIONAL BANK GOVERNOR TO PROPOSE $7B BITCOIN RESERVE PLAN

The Czech National Bank may invest up to 5% of its reserves in Bitcoin, potentially acquiring $7.3 billion in BTC as part of its diversification strategy.

The Czech National Bank (CNB) may become the first European central bank to invest in Bitcoin as part of its diversification strategy for the country’s foreign exchange reserves.

CNB Governor Aleš Michl is set to present his Bitcoin acquisition plan to the bank’s board meeting on Jan. 30, he told the Financial Times.

If approved, the investment may amount to over $7.3 billion in Bitcoin purchases, given the CNB’s total reserves of more than $146 billion, according to André Dragosch, head of research at Bitwise 

@ Newshounds News™

Read more:  CoinTelegraph

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 1-30-25

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BRICS: CHINA TRADE SURPLUS HITS $1T AMID US FACEOFF

The last several months have seen geopolitical tensions between the global South and West increase. At the center, new United States president Donald Trump has warned of impending 100% tariffs on the alliance. Yet one of the BRICS leading nations, China, has recently announced a trade surplus of $1 trillion amid its ongoing US faceoff.

The growth of China as a prominent global economy is undeniable. Moreover, it has only reinforced the growing rivalry with the United States that could continue well into 2025. However, the Eastern Asian nation has continued to solidify its position at the forefront of an economic alliance that could be growing in its allure.

China Announces Trade Surplus and Economic Growth as US Targets BRICS

In 2024, Donald Trump won a historic presidential election. The outcome was clear, and he was set to lead his second nonconsecutive term as commander-in-chief. 

A key part of his campaign was ensuring the US dollar stood as the world’s currency. That placed his incoming administration in direct conflict with the BRICS alliance

For much of the last several years, the BRICS bloc has sought to challenge the dominance of the greenback. Moreover, they have even considered the creation of their own economic alliance. A big reason was to create an alternative world order, one that doesn’t so easily rely on the West.

That message caught on, and its influence is what drove Trump to focus on countering it. Yet, recent data has reinforced why it became important to begin with. Indeed, BRICS nation China has announced its trade surplus has hit $1 trillion amid its US faceoff.

That reality reinforces the potential of the Chinese economy to continue to flourish. The US goods trade deficit reached a record $122 billion, according to a Reuters report. Moreover, China has also announced a 5% economic growth figure, which only assures it is a key alternative to Western dominance.

Trump has warned of incoming tariffs, but the data makes that a concerning proclamation. How both sides respond will have monumental geopolitical implications.

To this point, China has not budged on its BRICS-related efforts. Alternatively, the US President has not sought producing discussions. Only time will tell where the faceoff goes in the coming months.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

ECB CUTS RATES, LAGARDE RULES OUT BITCOIN IN EU RESERVES

The European Central Bank cut interest rates as expected on Thursday and left the option for more easing open. It maintained that inflation in the euro zone is mostly under control, despite concerns about global trade.

ECB Cuts Rate To 2.75%

The European Central Bank made its fifth rate cut since June, lowering the deposit rate from 3.0% to 2.75%. Despite some signs of recovery in recent surveys, the euro zone economy remains weak, and inflation is still slightly above the ECB’s 2% target.

This economic situation made the rate cut necessary to support growth and keep inflation under control. “The disinflation process is well on track,” noted the ECB.

The ECB noted that inflation is still high because wages and prices are adjusting slowly after the past inflation surge. However, wage growth is slowing down as anticipated, and company profits are helping to reduce the impact of inflation.

Policymakers Relieved

Besides, the policymakers were likely relieved after U.S. President Donald Trump’s new administration didn’t impose the feared blanket trade tariffs. However, his threats continue to cast a shadow over the economic outlook. Tariffs often weaken economic growth, and if countries respond with their own tariffs, it can drive up inflation. This could complicate the ECB’s plans to ease interest rates.

Recently, the US Federal Open Market Committee (FOMC) announced its first monetary policy decision of 2025 noting that it will keep interest rates steady at the 4.25% to 4.5% range, which was in line with expectations.

Bitcoin Won’t Enter EU Reserves

Besides, the European Central Bank President Christine Lagarde said that she was confident that Bitcoin would not enter reserves in the European Union.

“There is a view around the table of the Governing Council and most likely the General Council as well that reserves have to be liquid, that reserves have to be secure, that they have to be safe, that they should not be plagued by the suspicion of money laundering or other criminal activities,” Lagarde noted.

As a result, she stated that she is confident Bitcoin will not be included in the reserves of any central bank within the General Council.

Czech Reublic Faces Concerns Over Bitcoin Reserve Proposal

The Czech Republic is also preparing to adopt a Bitcoin reserve, but Finance Minister Zbynek Stanjura has raised concerns about the country’s Bitcoin strategy. In response to Czech National Bank (CNB) Governor’s Bitcoin proposal, the Finance Minister voiced concerns about Bitcoin’s instability and volatility. He argued that Bitcoin is unsuitable as a national reserve due to its highly volatile nature and emphasized that the government cannot override the CNB’s decisions.

@ Newshounds News™

Source: Coinpedia

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Thursday Morning 1-30-25

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PAYPAL’S PYUSD STABLECOIN JOINS CARDANO, ENHANCING BLOCKCHAIN INTEROPERABILITY

PYUSD’s integration into Cardano enhances DeFi liquidity, providing users with new stablecoin options and increasing cross-chain transaction potential.

▪️PYUSD, launched by PayPal, is now available on Cardano via a bridge by Wanchain, expanding cross-chain options.

▪️The stablecoin brings new lending opportunities to Cardano, enabling platforms to offer yield-earning products.

▪️PYUSD’s presence on Cardano boosts liquidity, attracting more participants and enhancing the network's appeal.

Cardano is expanding with the integration of PayPal USD (PYUSD) in its system. PYUSD, a stablecoin that was first available on Solana and Ethereum, is now accessible on Cardano through a bridge created by Wanchain. This provides Cardano blockchain users with new ways to trade, lend, and manage liquidity.

The introduction of PYUSD opens up new opportunities for lending protocols on Cardano. Platforms may adopt the stablecoin to offer yield-earning options, further expanding the lending ecosystem. For traders, having another stablecoin for liquidity and positions adds flexibility and efficiency. PayPal users and blockchain participants with PYUSD can now bridge their assets to Cardano, helping attract more users and making the ecosystem more appealing.

Wanchain’s CEO, Temujin Louie, stated that the integration will provide users with additional options and more autonomy when moving assets between blockchains. With nearly $447 million in Cardano’s DeFi ecosystem, this collaboration will promote stronger connections between networks, fostering new developments and broader blockchain adoption. It will contribute to improving the interaction between diverse systems.

Broader Implications for US Cryptocurrency and Cross-Border Payments

Aside from its impact on Cardano, PYUSD’s integration could also have broader implications for the cryptocurrency market in the United States. Platforms that support PYUSD may gain a competitive edge as users increasingly favor networks offering diverse stablecoin services. This trend could reshape US digital currency platforms, encouraging greater adoption of blockchain-based payment solutions.

The integration also demonstrates the potential of stablecoins like PYUSD to streamline cross-border payments. By significantly reducing transaction times and fees compared to traditional banking systems, stablecoins could set the stage for wider adoption of similar frameworks across other networks.

However, challenges remain. The need for seamless operation and adherence to regulatory frameworks, including features like reversing transactions or locking accounts, is critical. Cross-chain bridges also pose technical challenges, such as security risks, complicated transactions, and ensuring secure and efficient performance. Addressing these issues will require constant attention and strong security measures.

PYUSD’s Market Performance and Cardano’s Expanding Stablecoin Ecosystem

The total supply of PYUSD is currently $484 million, according to data from CoinMarketCap. The stablecoin was launched in August 2023. In September, PayPal began allowing US businesses to directly buy, hold, and sell cryptocurrencies through their accounts. In October, OKX wallet revealed that it now supports the token in its spot market.

PYUSD is an addition to the growing list of stablecoins in the Cardano ecosystem, including DJED, iUSD, MyUSD, USDM, USDC, and USDT, among others. The price of Cardano’s native token, ADA, has increased by more than 7% in the last 24 hours and is currently trading at $0.9542.

The integration of PYUSD into Cardano is a major milestone. It strengthens the foundation for blockchain interoperability, fosters growth in DeFi, and enhances the user experience for both Cardano participants and PYUSD holders.

@ Newshounds News™

Source:  CoinSpeaker

~~~~~~~~~

CRYPTO FOE AND FORMER SEC CHAIR GARY GENSLER RETURNS TO MIT

▪️Gensler will focus on AI, financial technology, and finance.

▪️The announcement comes one week after he stepped down as SEC chair.

▪️Gensler is touted to be one of crypto’s staunchest adversaries in Washington D.C.

One of crypto’s top adversaries is returning to academia.

Former Securities and Exchange Commission Chair Gary Gensler will return to MIT after a controversial four-year stint at the helm of the regulator.

His teaching and research will focus on artificial intelligence, finance, financial technology, and public policy, according to a press release from the prestigious university.

“I’m thrilled to once again collaborate with MIT’s distinguished team of scholars creating a better future for all through artificial intelligence, finance, and technology,” said Gensler in a statement.

The news comes one week after he left the markets watchdog the same day that Donald Trump was inaugurated. Before stepping down, he had become crypto’s l’ennemi commun after spearheading the agency’s crackdown on the industry.

At MIT, Gensler will serve as co-director of the FinTechAI initiative, exploring the intersection of AI and finance.

His new focus on AI comes at a crucial time for the US tech industry. Earlier this week, the market went into freefall after a Chinese artificial intelligence startup dubbed DeepSeek surfaced. The startup brandished an AI assistant that operates at a discount to US-based AI leader OpenAI and its ChatGPT product.

The slump — which wiped out more than $1 trillion from the broader stock market — was also exacerbated by derisking from investors in anticipation of Wednesday’s Federal Open Market Committee meeting by the Federal Reserve.

Gensler was co-director of MIT’s FinTech@CSAIL, and senior advisor to the MIT Media Lab Digital Currency Initiative immediately before he joined the SEC.

Anti-crypto stance

Under Gensler, the SEC pursued a number of lawsuits against top companies like Coinbase, Binance, and Ripple, while also tagging a number of tokens as unregistered securities.

His tough approach wasn’t limited to crypto.

While leading the Commodity Futures Trading Commission from 2009 to 2014, he was also known as an industry hard-hitter — annoying Wall Street and implementing new swap rules in the aftermath of the global financial crash of 2008.

“Those who have known Gensler throughout his regulatory career know he has an imperious attitude that tends to rub industry and fellow policymakers the wrong way,” Sean Tuffy, a regulation and market structure expert, previously told DL News.

“He’s not a warm and fuzzy guy,” Tuffy said.

@ Newshounds News™

Source:  DI News

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 1-29-25

Good Evening Dinar Recaps,

BRICS: US DOLLAR FALLS AS TRUMP TARIFF PLAN TAKES A TURN

Geopolitical tensions are nearing a fever pitch as the global south and the west face off. With de-dollarization efforts at the forefront, the two sides have shown no interest in budging.

However, things took a twist for BRICS and the US this week, as the US dollar fell from its two-year high with President Donald Trump’s 100% tariff plan taking a turn.

Throughout his campaign for reelection, Trump has not been shy about his perspective on the US dollar. Specifically, he has continued to maintain the importance of the greenback to remain the world’s currency. This week, he has shared an interesting update that adds the latest on what is an extended saga.

US Dollar Falls From 2-Year High as BRICS & Trump Saga Enters Another Chapter

Since his 2024 presidential election win in November of last year, Donald Trump has targeted the BRICS alliance. He has issued a severe warning on the bloc, calling for 100% tariffs on participating nations. Specifically, he sought to challenge its ongoing initiatives to create a native currency to oppose the dollar.

That had been received rather well by the United States citizens. In his early days returning to the Oval Office, the greenback had surged to a two-year high. However, things took a turn on Monday. Specifically, the BRICS and US faceoff saw the US dollar fall as Trump’s tariff plan has taken a turn.

Late last week, the dollar fell to a January low following a recent statement from the US President. Specifically, Trump said he would “rather not” impose tariffs on China, according to a Yahoo Finance report. Moreover, he went into detail about the plan and its impact on the largest economy in BRICS.

“We have one very big power over China, and that is tariffs, and they don’t want them,” Trump said. “And I’d rather not have to use it. But it’s a tremendous power over China.” That statement led the US Dollar index to fall more than 0.5%. In the end, it would have its worst week of the year thus far.

The move saw the greenback suffer its greatest single-day drop since November of 2023. Moreover, the report notes that the movement is likely connected to the president’s refrain from using the “broad-based tariffs on his first day in office.”

 The unknown nature of the tariff policy will still have an increased effect on the dollar. With his economic and international relations policy still developing, its confrontation with BRICS is immensely important to observe.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

FED: BANKS ABLE TO SERVE CRYPTO CUSTOMERS, BTC UP 3%

Bitcoin bounced after comments from U.S. Federal Reserve Chair Jerome Powell at the FOMC meeting signaled that banks are allowed to serve crypto clients.

Crypto markets initially had a muted reaction to the Federal Open Market Committee’s decision on Wednesday, Jan. 29, to keep interest rates unchanged. The Fed maintained its 4.25% to 4.50% federal funds rate, citing “somewhat elevated inflation,” as analysts had predicted.

Bitcoin edged up 0.5% minutes after the Fed released its FOMC minutes. The uptrend accelerated to 3%, pushing BTC above $103,500 heading into the U.S. evening trading session.

Responding to a crypto-related question, Powell stated that U.S. banks are “perfectly able” to serve crypto customers, provided they comply with risk disclosure requirements. He emphasized that de-banking legally compliant customers is not Fed policy, addressing concerns related to the so-called “Operation Choke Point 2.0.”

“Great regulation on crypto would be helpful,” Powell added.

He also reiterated that the U.S. central bank cannot legally hold BTC, prompting Senator Cynthia Lummis to propose changing the law if necessary.

Digital asset markets flipped green following Powell’s remarks while major U.S. equity indices closed the day slightly in the red.

Unchanged federal interest rates split sentiment between bulls and short-term bears. Bulls argued that Bitcoin could surge in February, as it has in eight of the last 12 Februaries. They also speculated that President Trump’s pro-crypto stance could provide additional support for BTC and the broader market.

Bears, on the other hand, contended that static interest rates could deter new capital inflows into BTC and related products, such as Wall Street’s spot Bitcoin exchange-traded funds.

Meanwhile, reports suggest that President Trump has encouraged Powell and the Fed to implement lower interest rates. However, Powell stated that he has had no contact with Trump so far and did not comment on the rumored request.

@ Newshounds News™

Source:  Crypto News

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TRUMP MEDIA PARTNERS WITH CHARLES SCHWAB IN NEW CRYPTO VENTURE TRUTH.FI

President Donald Trump’s media and technology group (TMTG) is announcing a partnership with financial services giant Charles Schwab to further venture into the world of decentralized finance (DeFi)

In a new press release, TMTG – the firm behind social media platform Truth Social and the video streaming service Truth+ – says it’s collaborating with Charles Schwab to launch Truth.Fi, a fintech firm with crypto services.

@ Newshounds News™

Read more:  DailyHodl  

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 1-29-25

Good Afternoon Dinar Recaps,

CRYPTO MOMENTUM IN THE US: WHAT’S NEXT FOR RIPPLE PAYMENTS

The turn of the year signifies motivated new beginnings, and Ripple has hit the ground running in 2025 with multiple advances to its cross-border payments solution.

Additionally, industry players across the US are enthusiastic about what the next four years has in store as a progressive crypto administration takes office.

Financial institutions that are eager to stay ahead of the curve are moving to capitalize on crypto—both to diversify portfolios and to optimize efficiency through blockchain solutions.

Crypto-enabled cross-border payments is one use case that has proven valuable to global finance leaders, more than 90% of which believe blockchain and digital assets will have a massive or significant impact on finance in the next three years.  

Ripple, the leading provider of digital asset infrastructure for financial institutions, has recently secured key Money Transmitter Licenses (MTLs) in New York and Texas—two states where Ripple has seen strong demand for real-time global payments from both banks and crypto businesses—bringing the total to more than 50 MTLs.

Texas and New York have defined regulations and stringent licensing requirements with robust compliance standards and regulatory oversight.

With more than 60 licenses globally, Ripple can offer customers access to a seamless, compliant-first, global payment experience that leverages the superior capabilities of digital assets. MTLs allow Ripple Payments customers to access a licensed version of the cross-border payments solution in the US where transactions are managed end-to-end by Ripple on behalf of the customer.

For years, Ripple has been working diligently to secure global licenses. Ripple and its other subsidiaries collectively hold:

▪️a NY BitLicense

▪️NY Limited Purpose Trust Company Charter

▪️55+ MTLs across Ripple's payments, custody and stablecoin business

▪️a Major Payment Institution License from the Monetary Authority of Singapore

▪️a Virtual Asset Service Provider registration with the Central Bank of Ireland

▪️a Virtual Asset Service Provider registration with the Cayman Islands Monetary Authority

▪️in-principle license approval from the DFSA

Additionally, customers can access Ripple’s global payments network through a single integration where streamlined onboarding offers the agility and speed necessary to keep up with the rapidly evolving payments market. Last year saw banks lose a small but noteworthy share of the cross-border payments market to new players, indicating a trend that will likely drive banks to rethink strategies to stay competitive.

“We’re continuing to see more interest from financial institutions to crypto businesses that want to unlock the benefits of crypto and blockchain for faster, cost-efficient and 24/7 cross-border payments.

With years of experience working in both crypto and with financial institutions, Ripple is well-positioned to support companies who are ready to take advantage of the current landscape,” said Joanie Xie, Managing Director of North America at Ripple.

Ripple Payments has served $70 billion in payments volume, with around-the-clock availability and global network coverage across 90+ markets representing more than 90% of the daily FX markets. Last year, Ripple’s payments business doubled and a number of new North American customers were added to the network including:

▪️Bancoli

▪️CambioReal

▪️GeoSwift

▪️AgilityFx

▪️Cloud Payments

▪️Atlantic Xchange

▪️Zil Money

Demand for digital asset capabilities has grown alongside greater adoption of stablecoins for payments including Ripple USD (RLUSD)—an enterprise-grade, USD-denominated stablecoin created with trust, utility, and compliance at its core. RLUSD will be integrated into Ripple Payments later this year.

Digital asset regulation in the US is rapidly shifting. Just last week, the Securities and Exchange Commission (SEC) rescinded SAB 121 for crypto assets, which would have imposed prohibitive requirements on banks offering digital asset custody services. Congress had previously voted to overturn SAB 121 last year with bipartisan support.

A growing number of US policymakers and regulators are recognizing the importance of digital asset innovation, signaling a confidence in the realized and potential benefits at both the consumer and industry level.

As such, real-world digital asset use cases are moving to the foreground and institutions are taking action on their crypto strategies. 

The financial sector is trending increasingly digital as technologies like blockchain and artificial intelligence envelop existing services and open doors to new use cases like real-world asset (RWA) tokenization which can afford greater utility, liquidity, and accessibility of financial instruments (e.g., stocks, bonds, ETFs).

Ripple is continuing to expand its US footprint by investing in domestic talent; ~75% of open positions are based in the US and domestic hiring has doubled compared to 2023. Just last year, Ripple opened new, larger offices in San Francisco and New York, signaling positive business momentum in the US.

The coming years will likely be monumental for the crypto industry, with many optimistic that political bodies and financial institutions alike will glean the benefits of blockchain through public-private collaboration, continued education, and tangible results driven by real-world applications of the technology.

@ Newshounds News™

Source:  Ripple

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COINBASE DEEPENS TIES TO TRUMP WITH ADVISORY COUNCIL PICK

Weeks after a meeting between Trump and Brian Armstrong to reportedly discuss personnel, the US president’s co-campaign manager will be joining Coinbase’s advisory council.

In a Jan. 29 notice, Coinbase said former Trump co-campaign manager Chris LaCivita would join former US Senator Kyrsten Sinema, former New York Fed president Bill Dudley and former Colombian Ambassador to the US Luis Alberto Moreno on the exchange’s Global Advisory Council. LaCivita, who worked to help elect Trump, has close ties to the Republican National Committee and likely continues to have a relationship with the US president.

According to LaCivita, the crypto industry “deserves better” than former US President Joe Biden’s administration’s approach to legislation and regulation. He echoed Trump’s claims of making the US a leader in digital assets.

Coinbase established its advisory council in May 2023 to navigate the “increasingly complex and evolving” crypto landscape globally. 

The council’s members have included several former US lawmakers, including former Senator Pat Toomey. Cointelegraph contacted Coinbase regarding its current ties to the Trump administration but did not receive a response at the time of publication.

Coinbase CEO Brian Armstrong reportedly met with Trump in November after the US election to discuss personnel appointments. The exchange donated $1 million to Trump’s inauguration fund and said it was “committed to supporting” the transition from the Biden administration.

In 2020, Armstrong said Coinbase would not support “any particular causes or candidates” unrelated to its mission, calling them a “distraction.”

After the exchange received a Wells notice from the US Securities and Exchange Commission in 2023 — that ultimately led to a civil lawsuit — the company launched efforts to influence the outcome of US congressional elections, later contributing $45 million to help elect “pro-crypto” candidates in 2024.

With the election of Trump, some executives at crypto firms have suggested that the SEC’s new leadership could drop enforcement cases, potentially including Coinbase’s. A federal judge ordered Coinbase’s case stayed in January pending a decision by the Second Circuit Court of Appeals that could reverse an order denying the exchange’s motion for judgment.

@ Newshounds News™

Source:  CoinTelegraph

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FED HOLDS INTEREST RATE AT 4.25-4.5% DESPITE TRUMP’S CALL FOR A CUT: HERE’S THE IMPACT ON CRYPTO

The US Federal Reserve has finally announced its first policy decision for 2025 following two-day Federal Open Market Committee (FOMC) meeting. According to the recent press release, the Federal Open Market Committee decided to maintain interest rates at their current range of 4.25% to 4.5%. This decision follows after the committee lowered rates three times consecutively last year.

Fed Pauses Rate Cuts Despite Trump’s Call

As expected, Federal Reserve officials decided not to change interest rates after their recent two-day meeting, the first under President Trump’s second term. They made this choice even though President Trump has been pushing them to lower the rates.

Crypto Market Remains Stable

The crypto market stayed fairly stable because it had already expected the decision to keep interest rates unchanged. Fed Chair Jerome Powell previously mentioned that the committee isn’t rushing to lower the key benchmark interest rates and will proceed more cautiously with any rate cuts.

@ Newshounds News™

Read more:  Coinpedia

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