Seeds of Wisdom RV and Economic Updates Wednesday Evening 2-5-25

Good Evening Dinar Recaps,

FDIC RELEASES DOCUMENTS RELATED TO CRYPTO DEBANKING

The Federal Deposit Insurance Corporation has released more than 100 documents related to the highly criticized and controversial “debanking” of crypto companies and individuals.

In a press release on Feb. 5, the FDIC stated that the 175 documents pertain to the agency’s supervision of banks that “engaged in, or sought to engage in, crypto-related activities.”

The report was released on the same day the U.S. Senate Banking Committee began its hearing on the impact of debanking in the country. It also follows a court order that set the deadline for their release as Friday, Feb. 7.

Crypto debanking, often referred to as Chokepoint 2.0, has been a contentious issue in recent months, with the FDIC and the U.S. Securities and Exchange Commission facing criticism from various industry stakeholders.

FDIC acting chairman Travis Hill commented:

“I have been critical in the past of the FDIC’s approach to crypto assets and blockchain. As I said last March, the FDIC’s approach ‘has contributed to a general perception that the agency was closed for business if institutions are interested in anything related to blockchain or distributed ledger technology.”

The released documents include correspondence with 24 financial institutions regarding their involvement or interest in crypto-related activities.

The records reveal that the FDIC largely resisted engagement, frequently requesting additional information, delaying responses for months, and issuing directives instructing banks to pause, suspend, or entirely avoid crypto-related activities.

The crypto debanking hearings will no doubt reveal a lot more, but commentary from notable industry advocates commend the FDIC’s decision to release the documents. It includes Senator Cynthia Lummis, who observed via a post on X:

“I am thrilled the FDIC acted swiftly & efficiently to release these documents. I want to thank Chairman Hill and POTUS for your commitment to government transparency! We are putting an END to Chokepoint 2.0.”

FDIC acting chair Hill has stated that the agency is reevaluating its approach. Key measures moving forward include replacing its Financial Institution Letter (FIL) 16-2022and creating a clearer framework for banks to participate in the crypto sector. The FDIC will also collaborate with President Trump’s working group on digital assets to establish new guidelines.

@ Newshounds News™

Source:  CryptoNews

Also read:  https://coinpedia.org/news/fdic-set-to-revise-guidelines-allowing-banks-to-engage-in-crypto-activities/

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HOW TRUMP'S TRADE WAR IS AFFECTING BITCOIN AND GOLD

Gold and Bitcoin have previously moved together as "safe haven" assets. But that isn't the case with President Donald Trump back in action.

Bitcoin or gold?  Or Bitcoin and gold? Investors are weighing where to put their money in times of uncertainty—and no time is more uncertain than now.

President Donald Trump’s tariffs—or threats of tariffs—have rocked markets, making “risk-on” assets like crypto less appealing.

The price of gold hit a new high Monday, while Bitcoin dropped below $93,000, down about 14% from its all-time high price set on January 20. Bitcoin's correlation to the precious metal is down significantly as investors flock to more traditional safe haven assets, experts told Decrypt.

Bitcoin proponents have long claimed that the cryptocurrency’s unique selling point is that it’s a long-term store of value—like gold. And sometimes, they are correlated: The two assets have moved in tandem in the past, when investors have flocked to a strong dollar.

But things are up in the air now that President Donald Trump has taken office and issued a flurry of dramatic orders, and Bitcoin’s 90-day correlation with gold has remained close to zero, data provider Kaiko told Decrypt.

Case in point: The new commander in chief implemented tariffs against Canada, Mexico, and China on Saturday, causing crypto prices to drop sharply.

After having a “friendly conversation” with Mexican President Claudia Sheinbaum two days later, he decided to pause tariffs—leading to a rebound in Bitcoin’s price. Meanwhile, gold soared. Trump later agreed to a similar pause with Canada as the two countries attempt to work out a deal, while tariffs against China ultimately did go into effect.

“The trade war could decouple the correlation in the short term as gold is a more established ‘safe haven’ asset, while Bitcoin—although often seen as a safe haven—is currently owned by a large investor base also trading highly speculative risk-asset meme coins and tech stocks,” Amberdata’s director of derivatives Greg Magadini told Decrypt.

The reason for the decoupling is that Bitcoin is still performing less like a safe-haven and more like risk assets, such as tech stocks. The biggest cryptocurrency by market cap over the past seven days alone has swung from $105,893 per coin to as low as $92,876.

@ Newshounds News™

Source:  Decrypt

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🥇🥇GOLD TELEGRAPH BREAKING NEWS🥇🥇

WORLD'S DEMAND FOR GOLD HIT ANOTHER RECORD HIGH LAST YEAR

Read: X . Com

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THE ANNUALIZED RATE FOR LENDING GOLD  over a one-week period has increased to around 10% this year, up from the previous range of 2-3%.

People are definitely sweating.

Read: X . Com

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VERY STRANGE THINGS HAPPENING AT THE BANK OF ENGLAND.

They hold over $450 billion worth of gold at current prices, primarily for central banks.

There are weeks long queues to withdraw bullion from its vault and its now trading at a DISCOUNT vs. wider markets.
Massive moment...

Read:  X . Com

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BILLIONAIRE PIERRE LASSONDE MESSAGE:

Billionaire Pierre Lassonde told me late last year that the day transactions on the Shanghai Gold Exchange surpass those on the COMEX, gold pricing will shift to the East, leaving the West behind.
Right now, the LBMA says it’s working with COMEX on U.S. gold price premium...

Watch: X . Com

@ Newshounds News™

Source:  Cold Telegraph

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SEC’S CRYPTO TASK FORCE WEBSITE LAUNCHES: HESTER PEIRCE SHARES VISION FOR DIGITAL ASSET REGULATION

The US Securities and Exchange Commission (SEC) has officially unveiled its new Crypto Task Force, marking a pivotal shift in its regulatory approach to the digital asset sector.

This initiative, led by Commissioner Hester Peirce, promises a more engaging and less perilous journey for both the SEC and the crypto industry compared to the tumultuous path the agency has navigated over the past decade.

Peirce articulated the need for a clear destination in the regulatory landscape, acknowledging the previous lack of clarity and the enforcement hesitancy that characterized the SEC’s earlier interactions with cryptocurrency.

New SEC Task Force To Foster Collaboration In Crypto Regulation

In her announcement, Peirce emphasized that the SEC’s past approach was fraught with “legal ambiguities” and “commercial impracticalities,” leaving many market participants in a state of uncertainty.

She highlighted that the Task Force aims to address these issues collaboratively, involving input from various stakeholders, including builders, enthusiasts, and skeptics within the crypto community.

By fostering open dialogue, the SEC seeks to develop a regulatory framework that balances investor protection with the industry’s ability to innovate and thrive.

Peirce was candid about the challenges ahead, acknowledging that untangling the complexities of cryptocurrency regulation will take considerable time and effort.

The SEC has been engaging with the crypto industry for over a decade, with its first Bitcoin exchange-traded product application arriving in 2013. Since then, the agency has faced numerous enforcement actions and made various attempts to clarify regulatory expectations, yet many issues remain unresolved.

Public Engagement In Shaping Digital Asset Regulation

The Task Force’s efforts will include examining the status of different crypto assets under existing securities laws, addressing the regulatory needs of coin and token offerings, and exploring how crypto lending and staking programs fit within the legal framework.

The Task Force also aims to enhance the process for exemptive relief applications and streamline paths to registration for token offerings, while ensuring that the necessary investor protections remain intact.

Peirce explicitly stated that the SEC does not endorse any specific cryptocurrency or token, reinforcing the idea that market participants must make informed decisions without relying on government approval.

Furthermore, the Task Force plans to collaborate with other regulatory bodies and state authorities to create a comprehensive understanding of crypto’s regulatory landscape.

This cooperation is essential for crafting policies that not only protect investors but also provide a safe environment for innovation. The SEC is keen on ensuring that the US capital markets remain robust and efficient, free from fraud and misconduct.

Peirce’s statement also invited public engagement, encouraging individuals and organizations to contribute their insights and suggestions regarding the regulatory framework for cryptocurrencies.

Interested parties can provide written submissions or request meetings with Task Force members to discuss pertinent issues. This open approach reflects the SEC’s commitment to transparency and inclusivity in its regulatory process.

@ Newshounds News™

Source: Bitcoinist

Read more:  Bitcoinist

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 2-5-25

Good Afternoon Dinar Recaps,

JUST IN: FDIC TO ALLOW BANKS TO MANAGE CRYPTO ASSETS AND TOKEN DEPOSITS

FDIC to let U.S. banks manage crypto assets, offer tokenized deposits without prior approval, marking a policy shift under the Trump administration.

The Federal Deposit Insurance Corporation (FDIC) is set to revise its guidelines, allowing U.S. banks to manage crypto assets and offer tokenized deposits without prior regulatory approval. This decision marks a shift in U.S. banking policy under the Trump administration, which has shown increased support for digital assets.

Acting FDIC Chairman Travis Hill confirmed the changes during a Senate hearing, stating that the agency is reassessing its past approach to cryptocurrency regulations.

FDIC to Change Crypto Regulations for Banks

The FDIC’s decision to revise its crypto guidelines is part of an ongoing review of past regulatory policies that discouraged banks from engaging with crypto assets. Hill stated that banks seeking to enter the sector had faced delays, excessive scrutiny, and resistance from regulators.

During his testimony, Hill explained, “Requests from these banks were almost universally met with resistance, ranging from repeated requests for further information to directives from supervisors to refrain from expanding crypto- or blockchain-related activity.”

The FDIC has also released a series of internal documents detailing past communications with banks regarding cryptocurrency. These records were disclosed as part of a court order in response to a lawsuit by Coinbase, which had sought transparency on regulatory actions affecting the industry.

@ Newshounds News™

Source:  CoinGape

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RIPPLE-CARDANO PARTNERSHIP COMING NEXT MONTH? (CHARLES HOSKINSON WEIGHS IN)

“We talk to David Schwartz and Brad Garlinghouse,” Cardano’s founder said.

▪️Hoskinson confirmed active discussions with Ripple’s leadership on RLUSD integration, with potential big news in March.

▪️Ripple’s stablecoin crossed $100M market cap, with major exchanges like Bitstamp embracing it.

One Step Closer?

The interactions between Cardano’s founder, Charles Hoskinson, and some of Ripple’s executives in the past months have caused some members of the crypto community to speculate about a potential collaboration between the two ecosystems.

In November last year, the bosses exchanged kind words, while Brad Garlinghouse (Ripple’s CEO) said, “Now is the time for the crypto community to come together, push for a level playing field and clear rules of the road.”

Earlier this year, Hoskinson took part in a heated discussion on X in which he hinted that Cardano might integrate Ripple’s stablecoin – RLUSD – into its system. “We’ve already had a call with the RLUSD people. We are actively talking,” he stated at the time.

The chances of a partnership have seemingly gone up, considering Hoskinson’s most recent disclosure. He said Cardano’s team keeps an active conversation with Ripple’s leadership regarding the implementation of RLUSD. Hoskinson also indicated that big news might be announced next month:

“We talk to David Schwartz and Brad Garlinghouse. Strong possibility we can negotiate (RLUSD). Ripple told us to wait till March as they just finished NYDFS. We’ll see if there’s a roadmap and how they’ll get that done.”

A potential partnership between Cardano and Ripple (two of the most recognizable entities in the crypto world) may positively impact the prices of their native tokens. As of writing these lines, ADA and XRP are both in the red weekly following the severe market correction witnessed on February 3.

RLUSD’s Advancement

Ripple made the headlines in April 2024, revealing its plans to design a stablecoin pegged 1:1 to the American dollar. The product passed through a testing phase in the following months before being officially approved by the New York Department of Financial Services (NYDFS) in mid-December.

At first, it received support from the cryptocurrency exchanges Uphold, Bitstamp, Bitso, Moonpay, CoinMENA, and Bullish.

Monica Long (Ripple’s president) said at the beginning of January that people should expect such a move from other popular platforms “imminently.” Shortly after, Bitstamp hopped on the bandwagon, listing the following trading pairs: RLUSD/EUR, RLUSD/USD, RLUSD/USDT, RLUSD/BTC, RLUSD/ETH, and RLUSD/XRP.

Despite being far away from the leaders Tether (USDT) and USD Coin (USDC), RLUSD recently hit an important milestone: its market capitalization crossed $100 million. It will be interesting to see whether the product will keep progressing throughout 2025 and whether it will erase the big gap between itself and the leaders in its field.

@ Newshounds News™

Source:  CryptoPotato

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SEC SUED BY WATCHDOG GROUP OVER WITHHELD CRYPTO REPORT

Empower Oversight has filed a lawsuit against the U.S. Securities and Exchange Commission for failing to disclose a long-awaited report on ethical conflicts and selective enforcement within the agency.

The SEC Office of Inspector General completed the report more than a year ago, but the agency has yet to release it despite repeated Freedom of Information Act requests, according to the lawsuit.

The lawsuit seeks to compel the SEC to disclose findings related to former SEC Division of Corporate Finance Director William Hinman.

The investigation focuses on potential conflicts of interest involving Hinman’s ties to his previous law firm, Simpson Thacher, which had financial interests in promoting Ethereum.

SEC’s ‘silent treatment’

Empower Oversight has pursued SEC transparency since August 2021, filing multiple FOIA requests and lawsuits seeking documents related to agency communications with crypto entities. The watchdog argues that the SEC’s delays suggest a pattern of avoiding accountability in its enforcement actions.

“The SEC’s silent treatment is old and tired, and its refusal to release these records is, quite frankly, suspicious,” said Tristan Leavitt, president of Empower Oversight.

Leavitt emphasized that transparency is essential to addressing concerns over regulatory bias and ensuring accountability in the crypto sector.

The SEC has faced mounting criticism for its regulatory approach, with industry leaders, including Coinbase, accusing the agency of selective enforcement.

Former SEC Chair Gary Gensler also faced scrutiny for aggressive litigation against major crypto firms like Coinbase and Ripple.

Empower Oversight remains committed to obtaining the SEC OIG report, arguing that public access to the findings is necessary to evaluate the agency’s handling of crypto regulations.

@ Newshounds News™

Source:  Crypto News

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Plan to Abolish the Fed and Income Tax, is $100K Gold Next?

Plan to Abolish the Fed and Income Tax, is $100K Gold Next?

Taylor Kenny:  2-4-2025

Imagine a world where you don’t have to file taxes every year. No more deductions, no more credits, just a paycheck you keep entirely. It sounds like a utopian dream, and it’s one seemingly floated by President Donald Trump.

While details remain scarce, the mere suggestion of eliminating income tax has sparked a whirlwind of speculation – most notably, the potential for gold prices to skyrocket to unprecedented levels, possibly even exceeding $100,000 per ounce.

But is this a realistic possibility, or just wishful thinking? And what would it take to replace such a significant revenue stream for the government?

Trump’s vision, as hinted at, involves potentially replacing income tax with tariffs on imported goods. This radical shift would fundamentally alter the way the US economy operates. Proponents argue it would simplify the tax system, incentivize domestic production, and potentially boost certain sectors.

So, where does gold fit into this equation? The answer lies in uncertainty. Dramatic shifts in economic policy, especially those involving potential inflation and trade disruption, often drive investors towards safe-haven assets like gold.

While the possibility of a massive gold surge is undoubtedly intriguing, a price of $100,000 per ounce remains a highly speculative scenario. Several factors would need to align perfectly for such an extreme outcome. Other potential implications beyond gold would also need to be considered in the event of a trade war.

However, the discussions surrounding Trump’s economic proposals highlight the potential for significant changes in the global financial landscape. The combination of unprecedented fiscal policies, potential trade disruptions, and questions surrounding the role of the Federal Reserve creates a climate of uncertainty that undoubtedly favors safe-haven assets, putting gold squarely in the spotlight.

Whether it will reach $100,000 or not remains to be seen, but one thing is clear: the potential shift underway in the financial system is already making waves, and the possibility of a major shakeup is something investors can’t afford to ignore.

CHAPTERS:

 00:00 - Trump’s Radical Income Tax Proposal

 01:11 - The Pre-1913 Financial System Explained

 02:23 - Why the Federal Reserve & Income Tax Go Hand in Hand

 04:18 - Could Gold Be Revalued? A Look at 1934 & Today

 06:07 - The BIS & IMF’s Role in a Global Currency Reset

07:15 - How a Gold Revaluation Could Change Everything

 08:21 - What This Means for Your Financial Future

https://www.youtube.com/watch?v=5oznbJKJ26o

This Will Likely Be A Really Big Deal For Gold

This Will Likely Be A Really Big Deal For Gold

Notes From the field by James Hickman (Simon Black)  February 4, 2025

Well that was fast.

The smoke had barely cleared on the opening salvo of the Great North American trade war, when all sides called a truce to talk out their differences.

Just as we wrote yesterday, this is exactly what I was hoping would happen. In fact, in a Zoom call that Peter and I had Friday with our Total Access members, we predicted this outcome: that the trade wars were just an elaborate show to demonstrate to the world that America is willing to make good on its threats, and force everybody to the negotiation table.

There may be some short term benefit that comes from this. But as we said yesterday, there will likely be some long term consequences and here’s why:

According to Federal Reserve data, there will be roughly $28 trillion worth of US government bonds maturing over the next four years, i.e. now through the end of 2028.

That’s more than 75% of the government’s $36+ trillion national debt.

This is an absolutely staggering figure, averaging $7 trillion per year for the next four years.

And remember, we’re just talking about the existing debt that is set to mature. It doesn’t even include new debt that has to be issued over the next four years, which could easily be another $7-10 trillion.

This is an enormous problem for the Treasury Department, because they clearly don’t have $28 trillion to repay those bondholders.

Now, usually whenever a government bond matures, the investor might simply roll the proceeds into a new government bond. In other words, the old bond matures, and the investor puts the entire principal and interest into a new bond at whatever the higher interest rate is today.

This alone is going to cost the government a lot of money, because most of the bonds that are maturing over the next four years were originally issued 5, 10, or even 20 years ago, when interest rates were much, much lower.

So let’s do the math: if the government issued $28 trillion in the past at an average interest rate of 3%, but now they’ll have to refinance all that debt at a new rate of 5%, then effectively they’ll be paying an extra 2% per year.

That’s almost $600 billion in additional interest EACH YEAR on top of the $1.1 trillion interest bill that they’re currently paying. But even that might be wishful thinking.

And the reason why is, if you look at America’s public debt, the investors who buy those bonds are split pretty evenly between US entities (the Federal Reserve, American companies, US individual investors) and foreign investors (foreign government, central banks, multinationals).

This is critical to understand: the Treasury Department relies very heavily on foreigners to buy US government bonds and help fund the national debt.

At the moment, most countries around the world have to buy US government bonds simply because the US dollar is still the world’s dominant reserve currency. So they are essentially forced to hold US dollar assets, and Treasury securities are still the most liquid US dollar assets in the world.

Yet for the past several years there has been a significant movement underway by a number of countries to engage in trade and commerce without using the dollar. And this movement is growing.

I mentioned in my letter to you yesterday that the brand new Secretary of State Marco Rubio acknowledged this over the weekend, suggesting that the dollar’s dominance could be seriously diminished within five years.

Facing the constant threat of sanctions and tariffs will only motivate Brazil, Russia, China, India, and even many countries in Europe, to accelerate their diversification away from the dollar, and away from the United States.

The natural beneficiary of that trend will be gold.

We’ve written about this extensively. Gold rocketed to an all time high last year because central banks, and foreign governments, were reducing their dollar holdings.

And think about it. If you’re a foreign central bank and you have $100 billion of US government bonds that are about to mature, what are you going to do?

Are you going to reinvest that entire $100 billion back into a country that might already be threatening you with economic penalties?

Or do you quietly let the treasuries mature, take the money, and find someplace else to invest that $100 billion?

A lot of foreign governments and central banks are going to be giving serious consideration to option two.

But they are going to have to invest that money in an asset that, like US dollars, is widely accepted, and has universal value and marketability around the world.

Gold is one of those assets. And that’s why central banks have been buying so much of it for the past couple of years.

I think there’s an obvious case to be made, given the prospects of tariffs and further trade wars, or even just the threats thereof, they are going to keep buying gold and send the price even higher.

So if you’re interested in hedging against future risks to the US dollar, gold makes a lot of sense.

But on a final note, I’ll point out as I have in the past, that foreign governments and central banks buy gold. They do not buy shares in gold companies.

And right now there is a bizarre financial paradox in that gold is at an all time high, but thriving, profitable businesses which produce gold are trading at absurd discounts.

And we’ll talk about some examples over the next few days.

To your freedom,  James Hickman   Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/this-will-likely-be-a-really-big-deal-for-gold-152041/

Seeds of Wisdom RV and Economic Updates Wednesday Morning 2-5-25

Good Morning Dinar Recaps,

REPUBLICAN LAWMAKERS LAUNCH BICAMERAL WORKING GROUP TO BRING CLARITY TO CRYPTO

Republican lawmakers announce a bicameral working group to fast-track crypto regulations, focusing on stablecoins and digital asset market rules in a major push for long-awaited industry clarity.

Republican lawmakers are stepping up their efforts to bring clear rules to the crypto industry, forming a bicameral* working group to push legislation on stablecoins and digital asset market structures.

The move, announced on Feb. 4 at a Capitol Hill press conference, marks a coordinated effort between key House and Senate leaders to create a structured framework for crypto regulation, an issue that has remained in legal limbo for years.

The working group includes members from four major committees—the House Financial Services Committee, the House Agriculture Committee, the Senate Banking Committee, and the Senate Agriculture Committee—showing that lawmakers see crypto regulation as an issue that spans multiple sectors of financial oversight.

Representative French Hill of Arkansas, along with Senators Tim Scott and John Boozman and Representative Glenn Thompson, will play leading roles in shaping these policies, drawing from existing legislative efforts while introducing new proposals.

Lawmakers plan to build on the Financial

Innovation and Technology for the 21st Century Act (FIT21), which passed a House committee in 2024, while also using a new stablecoin bill introduced by Senator Bill Hagerty on Feb. 4 as a starting point for further discussions.

Senate Banking Chair Tim Scott has made it clear that speed is a priority, saying he wants to push the crypto bills through the Senate within the first 100 days of the congressional session.

Conversations with Democratic colleagues are already underway, raising the possibility that some elements of these bills could gain bipartisan support.

At the press conference, David Sacks, Trump’s crypto and artificial intelligence czar, spoke about the broader vision for digital assets, calling this a key moment to create a “golden age” for crypto in the U.S.

His role extends beyond Congress, as he is also overseeing a separate initiative within the White House to assess the possibility of a government-held Bitcoin reserve.

Trump’s executive order on Jan. 23 laid the foundation for that discussion, along with directives to prevent the creation of a central bank digital currency.

For years, the lack of clear rules has driven many crypto firms to set up operations overseas, where regulations have been more clearly defined. If successful, this working group could finally give the crypto industry the clarity it has long been waiting for.

*Bicameral legislature is a lawmaking body that's divided into two separate chambers. The two chambers work together to pass laws. A bicameral legislature in the United States Congress: The House of Representatives and the Senate are the two chambers of the U.S. Congress.

@ Newshounds News™

Source:  Crypto News

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ROBINHOOD HALTS SUPER BOWL BETS A DAY AFTER LAUNCH ON CFTC REQUEST

Robinhood Markets has suspended Super Bowl betting after receiving a request from the Commodities and Futures Trading Commission to nix its customers’ access to the event contracts.

The halt comes just a day after Robinhood launched the product in partnership with prediction market Kalishi, allowing wagers on the outcome of the Philadelphia Eagles versus Kansas City Chiefs Feb. 9 game in the National Football League’s championship Super Bowl.

In a Feb. 4 announcement, Robinhood said it would suspend the rollout of the Pro Football Championship market as it continues to work with the CFTC to understand its concerns.

The firm said it had rolled out the product to around 1% of its customers, some of who had already placed trades.

“We are disappointed by this outcome, especially given that we had been in regular communication with the CFTC about our intent and plans to offer this product,” Robinhood said.

It comes just a day after reports that the CFTC was probing Crypto.com and Kalshi over their offerings of Super Bowl event contracts and whether they comply with derivatives regulations.

Event contracts differ from traditional betting in that the odds come from a pool of users betting on the likely winner rather than a bookmaker creating the odds.

Crypto.com told Cointelegraph it would continue to offer the wagers despite the probe.

Robinhood made its first foray into event contracts in October, offering trades based on the outcome of the US presidential election.

The announcement followed a court win by prediction platform Kalshi against the CFTC, allowing the platform to offer US-based users contracts for betting on election outcomes.

@ Newshounds News™

Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 2-4-25

Good Evening Dinar Recaps,

BREAKING: DAVID SACKS’ VISION FOR DIGITAL ASSETS, EVERYTHING HE PROMISED IN HIS CRYPTO CONFERENCE

David Sacks, the newly appointed Crypto Czar, recently addressed the nation in a press conference, laying out the U.S. government’s strategy to become a global leader in the digital asset space.

Clear Regulatory Framework for Digital Assets

The primary goal, as outlined by Sacks, is to develop a clear federal regulatory framework for the operation of digital assets, including stablecoins, within the U.S. This comes after years of uncertainty, with many crypto founders expressing frustration over unclear regulations from the Securities and Exchange Commission (SEC). Sacks said that clarity on the rules is the number one request he’s heard from industry leaders.

The Impact of Unclear Regulations

For years, crypto companies have faced arbitrary prosecutions, with some founders even being personally targeted, simply for engaging in the crypto space. According to Sacks, this lack of clarity led to many companies relocating their operations overseas. The new strategy aims to keep digital innovation on U.S. soil, ensuring that the country doesn’t miss out on the next wave of technology.

Promoting Innovation and Consumer Protection

Sacks said that having a regulatory framework in place will not only foster innovation but also improve consumer protection. By bringing these operations back onshore, it will be easier for regulators to monitor activities and separate good actors from bad ones.

Stablecoins and U.S. Dollar Dominance

Another key point Sacks discussed was the potential of stablecoins to bolster the global dominance of the U.S. dollar. He believes that digital assets could increase the usage of the dollar internationally, making it a key reserve currency and driving demand for U.S. Treasury bonds.

This could ultimately lead to lower long-term interest rates.. “This is a priority for the administration, and we’re committed to ensuring that America leads the way in digital assets,” Sacks concluded.
@ Newshounds News™

Source:  Coinpedia

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WAR AGAINST CRYPTO NOT DEAD AS DIGITAL ASSET DEVELOPERS STILL BEING PROSECUTED: LAWYER JOHN DEATON

Digital asset lawyer and advocate John Deaton says the “war against crypto” isn’t dead despite the recent shift in US presidential administrations.

Deaton says on the social media platform X that there are still important cases going on even though Gary Gensler isn’t running the U.S. Securities and Exchange Commission (SEC) anymore.

The lawyer notes there is still an active case against Roman Storm, one of the founders of Tornado Cash, an Ethereum (ETH)-based coin mixing system that helps users conceal their digital asset transactions.

Storm was arrested in 2023 and slapped with charges related to allegedly laundering $1 billion in criminal proceeds, including hundreds of millions of dollars for the Lazarus Group, the sanctioned North Korean cybercriminal outfit. Storm’s trial is scheduled for April.

Deaton also points to the case against Keonne Rodriguez and William Lonergan Hill, the co-founders of the crypto mixer Samourai Wallet. Authorities arrested them last April for allegedly operating an unlicensed money-transmitting business that executed more than $2 billion in unlawful transactions.

The U.S. Department of Justice (DOJ) also alleges Samourai laundered more than $100 million worth of criminal proceeds.

Deaton notes both cases involve Section 1960 of Title 18 of the United States Code, which prohibits the operation of unlicensed money-transmitting businesses.

“Section 1960 requires money-transmitting businesses to register with FinCEN (Financial Crimes Enforcement Network).

In 2019, FinCEN published guidance around Section 1960 that caused almost everyone to believe that control over user funds is required in order to be considered engaging in a money-transmitting business.
Since, at least 2019, if not earlier, the crypto industry has believed that someone who develops software and that software operates without the developer touching the money that’s flowing through the software, the developer is NOT a money transmitter. Therefore, that developer would never need to get a license from the federal government and thus, never be required to submit reports to regulators.

But that is NOT the law, according to federal prosecutors at the DOJ. The DOJ’s interpretation in prosecuting Tornado Cash developer Roman Storm and the two developers of the Samourai Wallet is that the developers could be considered money transmitters under Section 1960 even if they never took or assumed control of any of the software’s users’ funds.”

Deaton says the cases are an “existential threat” to the decentralized finance (DeFi) sector.

“If Roman Storm is found guilty and loses a single day of his freedom, imagine the chilling effect it would have on the DeFi industry. DeFi scares both regulators and incumbent legacy players, there will be resistance to dismissing these cases. The fight continues.”

@ Newshounds News™

Source:  DailyHodl

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TRUMP SAYS U.S. WILL TAKE OVER GAZA STRIP

WASHINGTON, Feb 4 (Reuters) - President Donald Trump said on Tuesday that the United States will take over and own the Gaza Strip, adding that "the same people" should not be in charge of rebuilding and occupying the land.

@ Newshounds News™

Source:  Reuters

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 2-4-25

Good Afternoon Dinar Recaps,

JUST IN: SENATOR HAGERTY INTRODUCES GENIUS ACT TO REGULATE STABLECOINS

In a latest development, FOX Business journalist Eleanor Terrett revealed in an X post that Senator Bill Hagerty is set to introduce legislation to establish a regulatory framework for stablecoins, representing the latest effort to promote crypto-friendly policies for an industry prioritized by Donald Trump. This signals clear regulations and a massive boost for stablecoin adoption in the U.S.

*******************************

Regulatory Framework For Stablecoins

The bill aims to create a clear regulatory framework for stablecoins, which are cryptocurrencies pegged to the US dollar or other stable assets. Supporters believe federal regulation will legitimize the asset class leading to broader adoption.

The bill is called the GENIUS (Guiding and Establishing National Innovation in U.S. Stablecoins) Act and aims to provide clear regulations for stablecoins. 

The GENIUS Act sets rules for issuing stablecoin payments and requires backing with US currency, Treasury bills, Federal Reserve notes and other assets. Stablecoins are key in connecting crypto to traditional finance, according to the bill’s draft seen by Bloomberg.

She also shared the bill’s key points, based on Hagerty’s October draft. The bill sets clear rules for stablecoins, digital assets pegged to the U.S. dollar, ensuring stability in value. 

Stablecoin issuers must meet specific licensing and reserve requirements to ensure they have sufficient backing. Issuers with over $10 billion in stablecoin assets will follow Federal Reserve rules, while smaller issuers will follow state regulations. 

The bill aims to promote financial inclusion, make transactions more efficient, and strengthen the U.S. dollar globally.

Unleashing Innovation!

“My legislation establishes a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto,” Hagerty, a Tennessee Republican, noted in a statement.

Senators Kirsten Gillibrand, a New York Democrat, Tim Scott of South Carolina and Cynthia Lummis of Wyoming, both Republicans, are co-sponsoring the bill. The legislation also requires stablecoin issuers to provide audited monthly reports on the reserves backing their stablecoins. Falsifying reports would lead to criminal penalties.

Senate staffers expect the bill to move through committees quickly, and it will be discussed further in an upcoming press conference with David Sacks.

**********************************

Trump’s Order Backs Dollar-Backed Stablecoins

Nonbank stablecoin issuers would be regulated by the Office of the Comptroller of the Currency, part of the Treasury Department. Last month, Trump signed an executive order encouraging the development of lawful, dollar-backed stablecoins globally.

The order also blocked further progress on a central bank digital currency, seen as a competitor to stablecoins.

While it set up a group to recommend a digital asset regulatory framework, the actual policy change would have to be approved by Congress. Both Democrats and Republicans are interested in regulating stablecoins.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

CONGRESS INVESTIGATES BANKING RESTRICTIONS ON CRYPTOCURRENCY COMPANIES

▪️Congress is examining restrictions on cryptocurrency banking access.

▪️Operation Choke Point 2.0 targets banking services for crypto firms.

▪️Investigation results may prompt new regulations for the industry.

On February 6, the U.S. Congress’s Financial Services Committee will scrutinize the Biden administration’s banking access restrictions imposed on cryptocurrency companies. This examination will focus on the political and financial implications of the initiative dubbed “Operation Choke Point 2.0.” Leaders and experts from the cryptocurrency sector will provide testimony during the hearing.

What is Operation Choke Point 2.0?

Operation Choke Point 2.0 is characterized by the obstruction of banking services for cryptocurrency firms. Unlike its predecessor from 15 years ago, this initiative targets political dissenters and technology startups. Some experts argue that these restrictions hinder the industry’s growth.

In the past four years, over 30 cryptocurrency companies have lost access to banking services. Marc Andreessen remarked, “This situation contradicts the principles of a free market.” Financial institutions cite risks associated with the cryptocurrency market as justification for these restrictions, while industry representatives claim the motivations are politically driven.

Objectives of the Investigation

The subcommittee will analyze the economic impact of the cessation of banking services on the cryptocurrency market. It will also investigate whether political pressure has influenced the decisions of financial institutions. Congress members are expected to request documentation from federal agencies and industry representatives during the session.

The U.S. House Oversight Committee is conducting a parallel investigation into the legal basis for financial access restrictions. Cryptocurrency companies highlight that current regulations disrupt innovative projects. The findings of the investigation are anticipated to lead to new regulations for the sector.

@ Newshounds News™

Source:  Cointurk News

~~~~~~~~~

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

Good Evening Dinar Recaps,

CBOE TO LAUNCH 24-HOUR STOCK TRADING

Traditional exchanges are seeking to expand trading hours as 24/7 onchain trading gains momentum.

Cboe Global Markets, one of the world’s largest derivatives and securities exchanges, has tipped plans to roll out 24-hour per day trading on weekdays, according to a Feb. 3 announcement.

The planned change “aims to meet growing global customer demand for expanded access to U.S. equities markets,” the exchange said. It comes as real-world asset (RWA) tokenization platforms increasingly offer a 24/7 alternative to traditional securities markets.

“We continue to hear from market participants globally – particularly those in Asia Pacific markets like Hong Kong, Japan, Korea, Singapore and Australia – that they want greater access to U.S. equities trading,” Oliver Sung, Cboe’s head of North American equities, said in a statement.

Sung said Cboe’s experience operating 24-hour exchanges in other markets means the exchange “can seamlessly support a 24x5 trading model for U.S. equities.” It plans to support 24-hour trading Monday through Friday, but not on weekends.

Cboe already offers nearly round-the-clock trading hours for certain derivatives, including S&P 500 Index options, and for its global forex markets.

Demand for extended trading hours

Other traditional US equities exchanges are also seeking to deliver round-the-clock trading for clients. In August, 24X National Exchange filed an amended application to US regulators to launch a securities exchange that could potentially bring 24/7 trading to cryptocurrency exchange-traded funds (ETFs).

In the US, spot cryptocurrency exchanges such as Coinbase operate continuously, but securities exchanges — where crypto ETFs are traded — only handle trades between 9:30 am and 4:00 pm Eastern Time.

Meanwhile, RWAs — tokens representing claims on assets such as stocks, bonds or real estate — surged in popularity after US President Donald Trump’s November election win ushered in a friendlier regulatory environment for cryptocurrencies.

Decentralized exchanges (DEXs) on blockchain networks enable 24/7 trading of RWA tokens

On Feb. 3, RWAs reached a cumulative all-time high of more than $17.1 billion across over 82,000 total asset holders, excluding the value of stablecoins, according to data from RWA.xyz.

RWAs could grow more than 50-fold by 2030, according to a Tren Financial report, which compiled predictions from financial institutions and consulting firms. They represent a $30-trillion market opportunity globally, Colin Butler, Polygon’s global head of institutional capital, told Cointelegraph in an interview.

The most popular RWA funds are the tokenized money market funds Hashnote Short Duration Yield Coin (USDY), BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and Franklin OnChain US Government Money Fund (FOBXX). Tokenized money market funds collectively command more than $3 billion as of Feb. 3, according to RWA.xyz.

On Jan. 30, private equity firm Apollo Global Management said it had partnered with Securitize to launch a tokenized private credit fund.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

COINBASE CLO TO TESTIFY IN OPERATION CHOKEPOINT 2.0 HEARING

The first Operation Chokepoint 2.0 hearing is set to hold soon with Coinbase CLO Paul Grewal among the listed testifies

▪️Coinbase CLO to participate in Operation Chokepoint 2.0 hearing

▪️Anchorage and MARA Holdings CEO also joins the witness list

▪️Industry proponents sees the Chokepoint investigation as a major win

Paul Grewal, Coinbase Chief Legal Officer (CLO) is one of the testifiers at the forthcoming Operation Chokepoint 2.0 hearing with the Senate Banking Committee. Billed to take place later this week, Grewal will join other experts includes MARA Holdings CEO Fred Thiel in testifying against the crackdown on the crypto industry.

Operation Chokepoint 2.0 Hearing Witness List

It is worth noting that the hearing regarding the Operation Chokepoint 2.0 claims will be conducted by both the House and Senate respectively. As shared in an X post, the Coinbase CLO features in the witness list for both hearing set for February 6.

Besides Grewal, WSPN CEO Austin Campbell, Fred Thiel will participate in the House Financial Services Committee hearing. Per the update from, the lawmakers noted that more witnesses may still be added to the list.

For the Senate Banking GOP hearing, Nathan McCauley, the founder and CEO of Anchorage Digital will also take part in the hearing. In addition, Stephen Gannon from Davis Wright Tremaine LLP, Mike Ring from Old Glory Bank and Aarond Klein from the Brookings Institution will also take part.

As the Coinbase CLO noted, the lawmakers’ hearing will conduct an “oversight hearing looking into the past clandestine and undemocratic campaign to cut off crypto from banking.”

Coinbase CLO and Industry Leaders Have a Lot to Say

Just like Anchorage Digital, Coinbase also suffered from the impacts of the Operation Chokepoint 2.0. Over the past few weeks, the exchange has uncovered Letters from the US FDIC that shows the role played by the Federal Deposit Insurance Commission (FDIC) in the chokepoint agenda.

Per the content of the unredacted documents, the FDIC instructed banks to cut financial services for the crypto industry. With Paul Grewal running the legal team that got these unredacted files from FDIC in a legal battle, he might shed many insight in the hearing.

Anchorage Digital also potentially faced the Operation Chokepoint as a broad-based financial services provider in the industry. With claims of crackdown in the Bitcoin mining sector, Fred Thiel may also be an invaluable witness in the hearing.

Operation Chokepoint 2.0: Promises Kept

Prior to his election victory, President Donald Trump promised that the war on crypto will be over under his tenure. The appointed Crypto and AI Czar Davids Sacks promised to probe Chokepoint claims from industry leaders.

Also, Rep French Hill also made similar promises in December with confirmation that Reps will investigate the claims in January. Crypto proponents have celebrated the move by the current administration to check regulatory agencies’ excesses.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

ONDO FINANCE LAUNCHES ONDO NEXUS TO EXPAND TOKENIZED TREASURY

Ondo Finance has introduced Ondo Nexus, a new initiative aimed at enhancing liquidity for tokenized Treasuries through expanded issuer partnerships and 24/7 redemption capabilities.

The Nexus leverages OUSG’s instant minting and redemption features to provide third-party issuers with improved liquidity for tokenized Treasuries, or “yieldcoins.”

The initiative expands OUSG’s backing to include tokenized Treasuries from Franklin Templeton, WisdomTree, Wellington Management, and Fundbridge Capital.

Additionally, Ondo Nexus integrates liquidity from existing partners like BlackRock and PayPal.

Nathan Allman, CEO of Ondo Finance, said that Ondo Nexus represents a significant advancement in tokenized Treasuries and the broader real-world asset category, emphasizing that by diversifying eligible collateral, they are developing modular infrastructure that enables shared redeemability of tokenized Treasuries to stablecoins across various products.

Ondo Finance is the only tokenized Treasury provider offering 24/7 redemptions at no cost to investors. Currently, OUSG allows redemptions against USDC, with PayPal USD expected to be added soon.

Ondo Nexus will enable seamless redemption of tokenized Treasuries from partner issuers into various stablecoins, further enhancing the asset class’s liquidity and utility.

The tokenized Treasuries sector has grown rapidly, surpassing $3 billion in total value locked in 2024. With Ondo Nexus, Ondo Finance aims to strengthen onchain financial infrastructure, bridging the gap between traditional finance and decentralized finance.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

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Gold, Silver & Sound Money Legislation Is Surging—More States Are Opting In | Jp Cortez

Gold, Silver & Sound Money Legislation Is Surging—More States Are Opting In | Jp Cortez

Gold and silver are gaining momentum in state legislatures across the U.S. as more states move to eliminate taxes, recognize precious metals as legal tender, and establish bullion reserves.

Jp Cortez, Executive Director of the Sound Money Defense League, breaks down the latest developments in sound money legislation, why states are de-dollarizing, and how Trump’s return to the White House could impact monetary policy.

 With inflation fears, central bank uncertainty, and growing distrust in fiat currencies, states are taking action.

Will we see a return to gold and silver-backed money?

Cortez shares his insights on the future of sound money and what it means for investors.

Key Topics:

-The biggest legislative wins for gold and silver in 2024

 -Why more states are opting into sound money policies in 2025

-Will Trump’s administration support gold-backed currency?

 -The push for a U.S. gold audit—what’s really in Fort Knox?

 -How state governments are moving to protect wealth from inflation

00:00 Introduction

00:31 Sound Money Policy Developments

01:04 State Legislation and Momentum

 02:19 Federal Actions and Trump's Role

04:53 Bitcoin and De-dollarization

 06:47 State-Level Sound Money Initiatives

 10:11 Future of Sound Money in 2025

13:04 De-dollarization Trends and Global Impact

15:37 Upcoming State Legislation

17:37 Conclusion

https://www.youtube.com/watch?v=jDXgUW_1m-E

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

Good Afternoon Dinar Recaps,

 IT'S DONE Article 2 - This law shall be implemented from the date of its publication in the Official Gazette.

THE LAW PDF attached
In the name of the people

Presidency

Based on what was approved by the House of Representatives and ratified by the President of the Republic based on the provisions of Clause (First) of Article 61 and Clause (Third) of Article 73 of the Constitution.

*****
The following law was issued:

No. ( ) for the year 2024

The First Amendment Law to the Federal General Budget Law of the Republic of Iraq

For the fiscal years (2023 - 2025 - 2027) No. (13) of 2023
                                                     
Article 1 - The text of Paragraph (c) of Clause (Second) of Article 12 of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2025 - 2025) No. 13 of 2023 shall be cancelled and replaced by the following:

C - 1. The Federal Ministry of Finance shall compensate the Kurdistan Regional Government from sovereign expenses for the costs of production and transportation of the quantities of oil produced in the region that are received by the State Oil Marketing Company (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a, b) of this clause, provided that the fair estimated costs of production and transportation for each field separately are calculated by a specialized international technical consulting body determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within a period of (60) sixty days from the date of entry into force of this law, and in the event of failure to reach an agreement within the aforementioned period, the Federal Council of Ministers shall determine the aforementioned consulting body.

The technical advisory body referred to in (1) of this paragraph shall submit the estimated cost of production and transportation to the Federal Ministries of Finance and Oil and the Kurdistan Regional Government, and it shall be approved for the purposes of this law. The compensation referred to in (1) of this paragraph shall be calculated based on the aforementioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a, b) of this item, and the Federal Ministry of Finance shall undertake to pay the amounts to the Kurdistan Regional Government.

Immediately begin delivering the oil produced in the region to the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation shall be compensated by the Federal Ministry of Finance as advances, at a rate of $16 per barrel, which shall be

Article 2 - This law shall be implemented from the date of its publication in the Official Gazette.

It shall be settled later after the specialized technical advisory body referred to in (1) of this paragraph has completed its work, and retroactively from the date of commencement of delivery pursuant to this amendment.

Positive reasons

For the purpose of appointing a specialized international technical advisory body to work on calculating the fair estimated costs of producing and transporting oil produced in the Kurdistan Region and for each field separately, preserving the national wealth, enhancing actual federal revenues, and enabling the State Oil Marketing Company (SOMO) to make optimal use of and diversify export outlets.

This law was enacted

@ Newshounds News™

Source:  Shafaq

~~~~~~~~~

TRUMP ORDERS CREATION OF US SOVEREIGN WEALTH FUND, SAYS IT COULD OWN PART OF TIKTOK

WASHINGTON (AP) — President Donald Trump on Monday signed an executive order directing the U.S. to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he’s successful at finding it an American buyer.

Trump signed an order on his first day office to grant TikTok until early April to find an approved partner or buyer, but he’s said he’s looking for the U.S. to take a 50% stake in the massive social media platform. He said Monday in the Oval Office that TikTok, which is owned by China-based ByteDance, was an example of what he could put in a new U.S. sovereign wealth fund.

“We might put that in the sovereign wealth fund, whatever we make or we do a partnership with very wealthy people, a lot of options,” he said of TikTok. “But we could put that as an example in the fund. We have a lot of other things that we could put in the fund.”

Sovereign wealth funds invest in assets, such as stocks, bonds and real estate. They are typically funded by a country’s budgetary surpluses, which the U.S. currently does not have.

Trump noted many other nations have such investment funds and predicted that the U.S. could eventually top Saudi Arabia’s fund size. “Eventually we’ll catch it,” he promised. Countries like Norway also have a similar fund.

@ Newshounds News™

Source:  AP News

~~~~~~~~~

GOLD AND CURRENCY REVALUATION STRATEGY

Why does Gold need to revalue before the currency dilemma can be fixed? Will the price of gold affect the crypto market?

@ Newshounds News™

Source:  CryptoLedger

~~~~~~~~~

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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

~~~~~~~~~

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

~~~~~~~~~

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

Good afternoon Dinar Recaps,

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

~~~~~~~~~

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

~~~~~~~~~

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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