Seeds of Wisdom RV and Economic Updates Thursday Evening 5-1-25

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HOUSE REPUBLICANS TO UNVEIL LANDMARK DRAFT DIGITAL ASSET BILL AHEAD OF KEY CRYPTO HEARING NEXT WEEK

▪️Top Republicans of the House Financial Services Committee alongside their counterparts in the House Agriculture Committee will be releasing a draft ahead of a May 6 hearing on the future of digital assets, sources told The Block
.
▪️The incoming version is set to be similar to one that passed out of the House last year called the Financial Innovation and Technology for the 21st Century Act

Key lawmakers are set to release a new discussion draft in the coming days that outlines a significant regulatory framework for digital assets, ahead of a major congressional hearing next week.

Top Republicans on the House Financial Services Committee — Reps. French Hill and Bryan Steil — along with their counterparts on the House Agriculture Committee — Reps. Glenn "GT" Thompson and Libertarian Dusty Johnson — will release the draft before a May 6 joint hearing on digital assets, a source familiar with the matter confirmed to The Block.

The hearing, titled “American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century,” will be held at 10 a.m. ET and is expected to focus on long-awaited legislation to define crypto market structure in the United States.

The draft is expected to resemble last year’s Financial Innovation and Technology for the 21st Century Act (FIT 21), which passed the House. A staffer for the House Agriculture Committee also confirmed that the text would be released prior to the hearing.

Committees in the House and Senate have advanced bills focused on stablecoins, and legislation to regulate the crypto industry as a whole has been viewed as the next step. President Donald Trump has said that he wants to see a stablecoin bill on his desk by August, but some say the bills could be linked.  

Republicans have been mostly leading efforts on both bills and would need Democratic support to pass. Some Democrats, including crypto critic Rep. Brad Sherman of California, have said that "good crypto regulation" is needed, but Trump-backed crypto ventures could threaten any hope of bipartisanship.

Moving Onwards

The process for a market structure bill is moving quickly, said Ron Hammond, senior director of government relations at the Blockchain Association, as lawmakers could decide to hold another hearing or could go straight away to a markup — the process where lawmakers openly debate, amend, and vote on a bill.

Hammond said he had not seen a version of the discussion draft, but said he had been told it was 90% similar to FIT 21.

"Overall, it's still kind of a black box until we see the text of what actually got changed and what they intend to change after the discussion draft," Hammond said in an interview.

FIT 21 sets out to clarify when a digital asset would be regulated by the Securities and Exchange Commission, the Commodity Futures Trading Commission, or both. It would have ultimately granted more power and funding to the CFTC to oversee crypto spot markets and "digital commodities," particularly bitcoin, and set parameters for the Securities and Exchange Commission.

Meanwhile, the Senate is working on its version of a crypto market structure bill, Hammond said.

Stablecoins - market structure

Combining the two bills has been floated, but there are concerns of partisan divides as the midterms near in November 2026, Hammond said, while others say they should be separated and get stablecoin legislation signed into law first. Work on a stablecoin bill is seen as less complicated than trying to regulate the industry as a whole.

Hill told reporters in March that he views the bills as "linked," and Steil said he viewed the two as peanut butter and jelly.

However, Trump's foray into crypto could complicate crypto legislative efforts. Hill was asked in March about the Trump family's involvement in crypto, which includes a DeFi protocol under development as well as live and tradable memecoins and NFTs. World Liberty Financial, backed by Trump, also recently launched its own stablecoin.

Hill had said that Trump's memecoin and stablecoin involvement has complicated their work.

During congressional hearings over the past several weeks, Democrats have raised alarm bells over Trump's involvement. Top Democrat of the House Financial Services Committee, Maxine Waters of California, accused Trump of making himself richer through his crypto ventures during a hearing last month.

"The more the Trump family gets involved in the crypto realm, and World Liberty Financial gets involved, it just presents another angle of attack for Democrats to attack Trump," Hammond said. "So there is a concern that this will only worsen over time and sour a potential good bipartisan vote in the Senate."

@ Newshounds News™
Source:  The Block

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AUSTRALIAN ELECTION WILL BRING PRO-CRYPTO LAWS EITHER WAY

No matter who wins Saturday's election in Australia, crypto legislation developed with the industry is set to finally happen this year.

Despite reports in February suggesting that 2 million pro-crypto voters could decide the outcome of this week’s Australian Federal Election, crypto has barely rated a mention during the campaign.

“I think it’s a missed opportunity,” Independent Reserve founder Adrian Przelozny told Cointelegraph. “Neither side has made crypto a headline issue because they’re wary of polarizing voters or sounding too niche.”

But the good news is that after more than a decade of inaction, both the ruling Australian Labor Party (ALP) and the opposition Liberal Party are promising to enact crypto regulations developed in consultation with the industry.

In April, Shadow Treasurer Angus Taylor promised to release draft crypto regulations within the first 100 days after taking office, while the Treasury itself has draft bills on “regulating digital asset platforms” and “payments system modernization” scheduled for release this quarter.

Amy-Rose Goodey, CEO of the Digital Economy Council of Australia, said that both parties “are equally invested in getting this draft legislation across the line.”

“Irrespective of who gets in, we’re in a better position than we were about a year ago.” Pro-crypto voters have choices in the Senate, too, with the Libertarian Party issuing a 23-page Bitcoin policy in March — calling for the creation of a national Bitcoin Reserve and the acceptance of Bitcoin as legal tender.

The minor party is fielding five Senate candidates in different states, including former Liberal MP Craig Kelly, but doesn’t currently have anyone in the Senate.

The progressive left-wing Greens party has not outlined a position on crypto, while the conservative right-wing One Nation party has campaigned against debanking and CBDCs.

More Than A Decade Of Inaction On Crypto

Australia’s first parliamentary inquiry into digital assets was held back in 2014, but there’s been more than a decade of regulatory inaction since. The industry says this has led to stagnation and a brain drain of talent to jurisdictions like Singapore and the UAE.

The former Liberal Government was considering the landmark Digital Services Act, based on the 2021 Senate Committee’s crypto recommendations, when it lost office in 2022. Despite ongoing consultations since, the ALP government, led by Prime Minister Anthony Albanese, hasn’t put forward any legislation to parliament.

But there has definitely been a vibe shift from the ALP recently, with Treasurer Jim Chalmers telling Cointelegraph that digital assets “represent big opportunities for our economy.”

”We want to seize these opportunities and encourage innovation at the same time as making sure Australians can use and invest in digital assets safely and securely with appropriate regulation.”

His office said exposure draft legislation would be released “in 2025” for consultation, introduced into Parliament “once that feedback has been considered” with the subsequent reforms “phased in over time to minimize disruptions to existing businesses.”

The shadow assistant treasurer, Luke Howarth, said the ALP has been slow to act because it didn’t have a blockchain policy when it was elected.

“It wasn’t until the FTX collapse that they acknowledged the need for regulation,” he told Cointelegraph. “The Albanese government initially promised it would put in place regulation by 2023 but have failed to draft legislation or give a clear time-frame for action. After three years, all that was offered to industry was a six-page placeholder document.”

He’s referring to Treasury’s March statement “on developing an innovative Australian digital asset industry.” It provides for the licensing of Digital Asset Platforms (DAPS), a framework for payment stablecoins and a review of Australia’s Enhanced Regulatory Sandbox.

While short on detail, those aims are broadly similar to the crypto regulation priorities that Howarth outlines to Cointelegraph — the big difference being that the opposition has committed to a faster time frame.

Przelozny praised the 100-day promise as “exactly the kind of urgency we need.”

If elected, the Liberal Party’s legislation is expected to take some of its cues from Senator Andrew Bragg’s private members bill in 2023 and some from the more recent work done by the Treasury.

The government steps up efforts

The Treasury has been quietly drafting legislation this year, which Goodey understands is “almost complete.”

“There’s been prioritization within Treasury, and I know that their team has almost doubled — the digital asset team — for writing that draft legislation. So, there has been an investment in that over the past six months.”

Przelozny characterizes the ALP’s approach as “cautious and methodical, but it’s been slow,” prioritizing consumer protection and risk management.

BTC Markets CEO Caroline Bowler said the election of a pro-crypto Trump administration and the UK’s draft regulations (released this week) likely forced both sides of politics to finally get serious.

”Australia has ground to make up, and I would anticipate this also being a factor in the savvy move by both parties,” she said.

Stand With Crypto campaign and ASIC

The Stand With Crypto campaign is active in Australia but has been fairly low-key during the campaign, with a focus on debanking.

Coinbase managing director for APAC John O’Loghlen called on whoever wins the election to launch a “Crypto-Asset Taskforce (CATF) within the first 100 days.” This would include industry and consumer representatives to finally get crypto regulations over the line.

“If Australia doesn’t move now, we risk falling even further behind,” he told Cointelegraph.

“The next government must move beyond consultation and into legislation.”

The Australian Securities and Investments Commission (ASIC) is the local equivalent of the US Securities Exchange Commission (SEC). It released its own crypto regulatory proposals in December.

Joy Lam, Binance’s head of global regulatory and APAC legal, told Cointelegraph she doesn’t expect ASIC to suddenly change direction if a new government comes in, as the SEC did.

“ASIC doesn’t make the law,” she said. “I don’t expect a complete kind of 180 because ASIC, it is independent, and it does have its own mandate, but it obviously operates within the legislative framework that the government is going to be setting.”

Who should single-issue crypto voters back?

In February, a poll by YouGov and Swyftx found that 59% of crypto users would vote for a pro-crypto candidate in the federal election above all other issues. That equates to around 2 million Australians and would be enough to determine the outcome of the election one way.

But the similarities between the major parties on crypto regulation are much greater than the differences. Goodey said both sides of politics have genuinely engaged with the industry about its concerns and priorities.

“You can see in some of the language with their media releases that they both released in March, April this year, that they are in agreement on what the industry issues are,” she said.

Owing to Senator Bragg’s campaigning on crypto, the industry sees the Liberal Party as more enthusiastic about digital assets, but after three years in government, the ALP looks to have arrived at roughly the same place.

Recent YouGov and Resolve polls suggest the government is likely to be reelected.

While internal Liberal polling suggests an ALP minority government is a genuine possibility, the major parties would have enough votes between them to pass bipartisan crypto legislation.

Whatever happens, 2025 looks like the year Australia will finally provide the crypto industry with the certainty it needs.

“For industry, the timing is really quite critical now because obviously it’s something that has been discussed and kicked around for quite a few years,” Lam said.

“I would say that we are cautiously optimistic.”

@ Newshounds News™
Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Thursday Afternoon 5-1-25

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US BLOCKCHAIN FIRMS URGE SEC TO CLARIFY CRYPTO STAKING RULES

The Council warns that overly strict staking rules could stymie innovation and impede market growth.

A coalition of US blockchain firms has urged the Securities and Exchange Commission (SEC) to provide clear regulatory guidance on crypto staking.

The coalition, led by the Crypto Council for Innovation, requested in an April 30 open letter that the agency treat staking with the same clarity it recently applied to proof-of-work mining.

Staked tokens are not a security

The Council argued that staking is a core technical process for maintaining blockchain networks, not an investment contract.

It stated:

“The benefits of staking to a PoS network and its participants are clear: base layer actors are incentivized to contribute to the security of the network, minimize the risk of manipulative activity, ensure data integrity, and bolster community trust in the network.”

It stressed that staking allows users to validate transactions, secure the network, and help produce new blocks. In return, participants receive token-based rewards. These rewards are determined by each network’s protocol, not by a centralized authority or profit-sharing agreement.

The Council also pointed to the SEC Division of Corporation Finance’s March 2025 statement on PoW mining. In that statement, the SEC clarified that mining on decentralized networks is not a securities transaction.

The Council asserted that this reasoning should also apply to staking, as miners and stakers engage in administrative functions to support blockchain infrastructure and receive protocol-defined rewards.

Meanwhile, the letter acknowledged that some risks exist, such as the possibility of slashing, where stakers lose tokens for violating protocol rules.

However, it noted that slashing is uncommon and not a defining feature of staking’s economic model. Therefore, the Council maintains that staking should not be classified under securities laws.

Why is clarity needed?

The Crypto Council believes that formal guidance from the SEC would benefit many stakeholders, including developers, service providers, and end-users.

They argued that such clarity would remove uncertainties for platforms that offer staking, especially those connected to crypto exchange-traded funds (ETFs).

The Council further stressed that regulatory clarity would help the US stay competitive with other global jurisdictions, which are moving faster to support innovation in the digital asset space.

However, they cautioned against overly rigid rules that could limit innovation or reinforce outdated market practices.

@ Newshounds News™
Read more:  CryptoSlate

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BRICS DRIVING A NEW US DOLLAR DOWN CYCLE OR PUSHING IT TO COLLAPSE?

The United States’ global relations have been at the forefront of geopolitical affairs throughout this month. Amid an influx of America-first trade policies, several global collectives have warned over the protectionist approach. Now, the BRICS bloc is positioning itself, alongside US policy, to either drive a new dollar down cycle or push the currency closer to collapse.

At the start of his return to the White House, US President Donald Trump had assured the importance of the greenback’s global status. Indeed, he said that the dollar’s loss of status as a global reserve currency would be akin to “losing a war.” Now, his administration is being confronted with a weakening currency and an influx of global policies to help facilitate its struggle.

US Dollar in Concerning Predicament as BRICS & United States Policy Drive It Down

Just one week ago, Goldman Sachs gave a gloomy prediction for the future of the US dollar. Indeed, the bank aligned with the prevailing belief that the global reserve asset could be on its way toward a concerning position. Not only has it faced pressure from growing de-dollarization efforts, but it has now felt the ire of nations challenged by US tariff plans.

That has provided a key question for both the Western nation and its global south opposition. Is BRICS driving the US dollar to a notable down cycle or pushing it closer to collapse? The economic alliance has, for the last several years, remained at the forefront of alternative currency promotion and development. That could only fast-track this year.

The US dollar DXY Index has recently fallen to a three-year low. Moreover, the greenback has struggled amid a concerning first 100 days for US President Trump. Additionally, a report from The Hill notes that “foreign investors appear to be reappraising the role of US Treasury securities as a global haven asset” amid the administration’s actions in recent months.

So What’s Next?

With US fiscal net interest payments on its debt reaching $949 billion and surpassing its defense spending, there is even more reason to worry. Historian Barry Eichenberg told the publication that Trump “should be promoting financial stability, limiting the use of tariffs, and strengthening America’s geopolitical alliances.”

That has not taken place. In fact, the opposite has. Subsequently, there is reason to believe the BRICS bloc is playing a key role in helping the US decimate the value of its dollar. Since 2024, it has sought to limit its exposure to the currency. A key reason has been its weaponization.

Moreover, it shifted its attention to gold. Indeed, many nations in the alliance have ramped up their purchasing of the metal with eye on a continued de-dollarization approach. With gold surging, there should be a reason for the United States to emphasize a shift in philosophy. That is, before a US dollar downcycle becomes a full-blown collapse.

@ Newshounds News™
Source:  Watcher Guru

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Seeds of Wisdom RV and Economic Updates Thursday Morning 5-1-25

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COULD THE SEC SETTLE WITH RIPPLE LAWSUIT USING XRP?

▪️John Squire suggests SEC might settle Ripple case by accepting XRP instead of cash.

▪️Delaying XRP ETF approval could help SEC avoid rising prices before settlement deal.

▪️June 17 ETF delay might be part of SEC’s calculated move, says Squire.

A surprising idea is gaining attention in the crypto world as social media influencer John Squire suggests that the U.S. Securities and Exchange Commission (SEC) could be planning to settle its lawsuit with Ripple by accepting XRP tokens instead of cash.

Will the SEC truly accept XRP as a payment? Let’s find out!

Delaying ETF Could Be a Strategic Move

In a recent tweet that’s now widely shared, John Squire suggests that the SEC could be delaying the approval of XRP spot ETFs on purpose. Because if they plan to settle the Ripple lawsuit using XRP, they wouldn’t want the price of XRP to shoot up too early.

And that’s exactly what could happen if a spot ETF is approved right now. Unlike a futures ETF, a spot ETF buys XRP directly. That demand would send the price soaring, possibly making XRP too expensive for a favorable government settlement.

Therefore, to keep XRP’s price lower, there has been a delay in the settlement process.

If XRP Is Used as Payment

The theory comes after journalist Eleanor Terrett confirmed that the SEC had delayed its decision on Franklin Templeton’s XRP spot ETF until June 17. Squire argues that this delay is not a coincidence but part of a broader strategy.

Squire says that if the SEC accepts XRP as payment, it would show they no longer see it as illegal. He also points out it wouldn’t make sense for the U.S. government to take payment in something they say is not allowed.

Such a settlement could also lead to regulatory clarity for XRP, encourage institutional investment, and possibly mark the beginning of a new bull run for the token.

XRP Price Outlook

As of now, XRP is trading around $2.20, reflecting a drop of 0.63%, with a market cap hitting $129.13 billion.  However, the 1-day chart suggests that if XRP goes above $2.40, it could start a strong upward trend toward $2.60 or even $2.90. But if it falls below $2, it might trigger more big sell-offs.

@ Newshounds News™
Source:  Coinpedia

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NORTH CAROLINA HOUSE PASSES STATE CRYPTO INVESTMENT BILL

North Carolina’s House passed a bill to allow the state treasurer to invest government funds in approved cryptocurrencies with a 71 to 44 vote.

North Carolina’s House of Representatives has passed a bill allowing the state’s treasurer to invest public funds in approved cryptocurrencies, which will now head to the Senate.

The House passed the Digital Assets Investment Act, or House Bill 92, on its third reading on April 30 by a vote of 71 to 44.

Republican House Speaker Destin Hall introduced the bill in February, which would allow the treasurer to allocate 5% of the state’s investments into designated digital assets.

The investments can only be made after obtaining an independent third-party assessment confirming that the crypto holdings are maintained with a secure custody solution and risk oversight and regulatory compliance standards are met.

New amendments allow the treasurer to examine the feasibility of allowing members of retirement and deferred compensation plans to elect to invest in digital assets held as exchange-traded products (ETPs).

The House also passed a related bill, the State Investment Modernization Act, or HB 506, with little discussion on April 30, in a 110 to 3 vote.

The bill aims to create the North Carolina Investment Authority (NCIA) to take over investment management from the treasurer.

If passed into law, the authority to invest in digital assets would transfer from the treasurer to NICA, and approval would be required from its board of directors based on third-party assessments to make crypto investments.

Local news outlet NC Newsline reported that Treasurer Brad Briner supports both bills.

Arizona leads the crypto bill race

North Carolina is second to Arizona in the state-level race to approve legislation allowing local governments to invest in cryptocurrencies.

On April 28, Arizona’s House approved two bills, SB 1025 and SB 1373, proposing different methods for the state to establish a crypto reserve.

Arizona is the only state whose House and Senate have passed crypto-related bills, which are both awaiting Governor Katie Hobbs’ decision.

@ Newshounds News™
Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 4-30-25

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UK DECIDES TO ALIGN WITH US RATHER THAN EU OVER CRYPTO REGULATION: INTRODUCES NEW RULES

Amidst fear of losing ground to global fintech hubs, the UK has announced new draft regulations for the crypto sector.

On 29 April 2025, Finance Minister Rachel Reeves said, “Through our Plan for Change, we are making Britain the best place in the world to innovate – and the safest place for consumers. Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK.”

The UK government is now introducing compulsory regulation for crypto exchanges, dealers, and agents.

Importantly, the UK has decided to align with the US, treating crypto assets as securities. This marks a departure from the EU’s Markets in Crypto-Assets (MiCA) framework, which took effect in December 2024.

“The Chancellor also revealed that the UK and US will use the upcoming UK – US Financial Regulatory Working Group to continue engagement to support the use and responsible growth of digital assets,” the UK government website said.

The government aims to finalize the legislation by the end of 2025.

UK’s Clear New Rules To Boost Investor Confidence

Furthermore, the Chancellor also revealed that discussions with the US about supporting the use and responsible growth of digital assets are underway, as the government works in national interest to drive growth through Plan for Change.

The Chancellor also announced that the government will publish the first-ever Financial Services Growth and Competitiveness Strategy on 15 July, alongside her Mansion House speech. This will support the financial services sector’s long term growth, with Fintech identified as a priority sector, and help it finance investment and growth across the UK.

Around 12% of UK adults now own or have owned crypto, up from just 4% in 2021.

Industry Leaders Urge UK To Address Urgent Concerns Around Regulation, Funding, Innovation

Despite the government’s efforts, several fintech and crypto executives have expressed concern that the UK is losing its competitive edge.

“I think the UK will get it right — but there is a risk if you get it wrong that you drive innovation to other markets,” Keith Grose, Coinbase’s UK head, revealed CNBC on 30 April 2025.

Meanwhile, Jaidev Janardana, CEO of digital bank Zopa, weighed in too. “If I consider the pace of innovation, I believe the US is currently ahead – despite its own set of challenges. Yet, when you look at places like Singapore and Hong Kong, there is significantly faster innovation,” he said.

Tim Levene, CEO of venture capital firm Augmentum Fintech, said, “We’re scrambling around looking for pots of capital in the UK, where currently it would be more fruitful to go to the Gulf, to go to the US, to go to Australia, or elsewhere in Asia, and that that doesn’t feel right.”

@ Newshounds News™
Source:  99Bitcoins

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BRICS MAY PUSH GOLD PRICE TO $6,000 AS US TRADE WAR TALKS PERSIST

With continued geopolitical unrest, the rush to haven assets has been an undeniable reality. That could benefit one economic alliance that has sought out a US dollar alternative for much of the last year. Indeed, the BRICS alliance may push the gold price to heights of $6,000 as talks of an impending US trade war persist.

Since its unveiling of sweeping global tariffs in early April, tension between the US and China has reached a fever pitch. Moreover, that has created increased conflict within the alliance itself, as the group has recently failed to deliver a joint statement. Yet, all eyes are on gold, as the developments could only fuel the asset that BRICS nations have purchased rampantly throughout the last year.

BRICS May Push Gold to New Heights Amid US Tensions

Since he emerged victorious in the 2025 US presidential election, Donald Trump has expressed his issues with the BRICS alliance. He threatened 150% tariffs on the bloc for their role in global de-dollarization efforts. Although that didn’t come to fruition, China is facing import duty increases of up to 245% amid its recent roll-out of America-first trade policies.

These could only strengthen the Global South collective, however, as the policy reshapes the international economy. Indeed, the BRICS bloc may push the gold price to $6,000 as talks of a US trade war persist.

US Global Investors CEO and executive chairman of Hive Digital Technologies, Frank Holmes, recently discussed gold’s potential. “I think the goal should be going to $6,000 over the term for President Trump,” Holmes said. “If the tariffs go up 25%, then the dollar has to go down 25%,” Holmes added.

The expert was articulating the reality that the ongoing economic policy and the greenback have an adverse relationship. Since he entered office, the US dollar has plummeted 10% over the first 100 days of Trump. Moreover, BRICS, and China specifically, have ramped up gold buying.

The People’s Bank of China has been the largest covering buyer of gold for more than five straight months. Moreover, in Q1 alone, it added 27 tonnes to its reserves, making it the largest holder in modern history. Trading at the $3,300 level, there is room for the asset to skyrocket, especially if the Trump tariff plan is resumed in the coming month.

@ Newshounds News™
Source:  Watcher Guru

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 4-30-25

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COINBASE URGES SUPREME COURT TO WEIGH IN OVER IRS'S ACCESS TO CUSTOMER DATA

▪️Coinbase said the Supreme Court should clarify the third-party doctrine, which says that people who give information to third parties, such as banks, should not have an expectation of privacy.

▪️Others have filed amicus briefs, including billionaire Elon Musk, the Cato Institute, and the DeFi Education Fund.

Coinbase urged the U.S. Supreme Court to consider a case involving the Internal Revenue Service that it says "sets a dangerous precedent" surrounding customers' personal data.

The crypto exchange said the Supreme Court should clarify the third-party doctrine, which says that people who give information to third parties, such as banks, should not have an expectation of privacy.

"This Court’s guidance is especially important here because this case involves a new technology—blockchain— that is particularly susceptible to surveillance abuse," the firm said in an amicus brief filed on Wednesday with the Supreme Court.

The IRS demanded records from Coinbase almost a decade ago from thousands of its customers, including information involving security settings, transactions, and correspondence. The company pushed back, but a district court later said Coinbase had to comply, but narrowed the IRS's search according to the filing.

In 2020, petitioner James Harper, a Coinbase customer, filed a suit against the IRS for its role in the alleged unlawful seizure of information that identified him as a crypto holder.

Now it's up to the Supreme Court to decide if it wants to take Harper's case up. Others have filed amicus briefs, including billionaire Elon Musk, the Cato Institute, and the DeFi Education Fund.

Coinbase Chief Legal Officer Paul Grewal said the company supports complying with tax rules, but said the IRS went too far.

"We believe in tax compliance, but this goes far beyond a narrow and tailored request and far beyond crypto," Grewal said Wednesday in a post on X. "This applies to banks, phone companies, ISPs, email, you name it. As we explain here, you should have the same right to privacy for your inbox or account as you have for a letter in your mailbox."

@ Newshounds News™
Source:  The Block

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ZIMBABWE REINTRODUCES GOLD COINS SALE TO STRENGTHEN CURRENCY RESERVES

 https://goldseek.com/article/zimbabwe-reintroduces-gold-coins-sale-strengthen-currency-reserves

As gold prices skyrocket, the Reserve Bank of Zimbabwe (RBZ) has resumed issuing gold coins.

The central bank introduced the coins in June 2022. The program was touted as a way for investors to store value in the face of rampant inflation. At the time, a Zimbabwean brokerage firm analyst told Al Jazeera that the coin was a “welcome development.”

“For a long time, the market did not have many investment options, and this is a new asset class. The thinking was inspired by the need to come up with an instrument that addresses the inflation problems in the economy, where purchasing power has been eroded. From what we are gathering, this is going to be a store value.”

He went on to say that the fundamentals of gold help it hedge against inflation and geopolitical risk, and that the gold coins would open the gold market to “ordinary investors.”

The RBZ suspended the sale of the coins 10 months ago, but they are now being reintroduced through local banks.

Fidelity Gold Refineries (Private) Limited mints the 22-carat "Mosi-Oa-Tunya" coin. It is available in various sizes, ranging from 1/10 ounce to 1 ounce.

The Zimbabwe central bank owns Fidelity Gold Refineries (Private) Limited, and it operates as the only gold-buying and refining entity in the country.

RBZ monetary policy committee member Persistence Gwanyanya told Bloomberg that the reintroduction of the gold coins comes at a time when “gold is more attractive to the market,” and that the move “supports our value preservation efforts.”

“We are taking advantage of firm gold prices and re-injecting the gold coins into the market.”

According to the Bloomberg article, the hope is that resuming gold coin sales will “ramp up the bullion stockpile used to back up the local currency, the ZiG.”

You might be wondering how selling gold increases a bullion stockpile.

The answer is it doesn't. Bloomberg seems to be oversimplifying a monetary policy scheme that will increase the reserves backing the ZiG, but won't increase the country's gold reserves specifically. 

@ Newshounds News™
Source:  GoldSeek

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A New Gold Standard, Evidence and Path to $10,000 Gold Intensifies

A New Gold Standard, Evidence and Path to $10,000 Gold Intensifies

Mike Maloney:  4-29-2025

The global economic landscape is constantly shifting, but recent murmurings suggest a seismic change could be on the horizon: a return to a gold-backed monetary system.

 In a provocative new discussion, economist and precious metals expert Mike Maloney presents compelling evidence suggesting this shift is not only possible, but increasingly likely.

This potential reordering of the global financial system could have profound implications for everyone, making it crucial to understand the driving forces behind it.

Maloney’s analysis points to several key indicators, starting with potentially unexpected sources. He highlights documented instances of Donald Trump advocating for gold-centric economic strategies, suggesting a possible long-term vision for a gold-backed dollar.

 While this idea might seem radical to some, Maloney argues it aligns with a growing sentiment among certain economic circles.

Beyond political rhetoric, Maloney delves into what he perceives as crucial “behind-the-scenes” maneuvers. He suggests the U.S. Treasury, along with global elites, are quietly preparing for a significant change to the monetary system. While concrete proof remains elusive, the implications of such preparations are significant.

One of the strongest arguments for a potential return to gold lies in the surging global flows of the precious metal. Nations are increasingly stockpiling gold reserves, a trend that historically signifies a move away from reliance on fiat currencies.

 This accumulation can be seen as a hedge against economic uncertainty and a preparation for a world where gold plays a more central role in monetary stability.

Further fueling the speculation is the activity surrounding COMEX, the world’s largest commodity futures exchange. Maloney argues that preparations within COMEX point to an awareness of a potential financial crisis and a need to manage a surge in demand for physical gold.

This heightened activity, coupled with historical precedent, paints a picture of a system bracing for a significant disruption.

History provides valuable lessons in understanding these trends. Throughout history, periods of economic instability have often led to a renewed interest in gold as a store of value.

As fiat currencies fluctuate and lose purchasing power, the tangible nature and inherent value of gold become increasingly attractive.

 Maloney uses historical examples to illustrate the potential pitfalls of relying solely on fiat currencies and the stabilizing role gold can play in a turbulent economy.

So, what does all this mean for the average individual? Maloney suggests that a return to a gold-backed monetary system could trigger a massive wealth transfer.

Those who are prepared and positioned to understand the transition could potentially benefit significantly, while those who are unprepared risk being left behind.

Ultimately, the question remains: will we witness a return to a gold-backed monetary system?

While definitive answers are impossible to provide, the evidence presented by Maloney and others suggests that the possibility is far from negligible. Understanding these trends, analyzing the data, and taking proactive steps to protect your financial future could be crucial in navigating the potential economic shifts ahead.

 It’s time to consider: will you be positioned for what could be the greatest wealth transfer of our lifetime?

https://youtu.be/jLynHFHiyyw

Seeds of Wisdom RV and Economic Updates Wednesday Morning 4-30-25

Good Morning Dinar Recaps,

BRICS:  INDIA SEEKS TO BE A MAJOR REPLACEMENT SUPPLIER TO THE US IN TRADE

India hopes to establish a new deal with the US on trade quickly, as the country seeks to become a major replacement supplier in areas vacated by China in trade. 

New Delhi says its prepared to include a sweetener in trade talks with the US that would “future-proof” a deal by ensuring no other trade partners could have superior terms. “This clause, in a sense, future-proofs the U.S. deal and is the only way to do so,” one of the officials said.

Indian government officials are pushing for the deal to be accepted by the Trump Administration as soon as possible. Despite the tensions between the nation and the BRICS alliance, the US and India have been in revised trade talks for months.

The potential US-India trade deal represents a significant step forward in bilateral economic relations between the two nations. Secretary Bessent’s statements this week and India’s latest proposal suggest that negotiators have already made substantial progress in these ongoing discussions.

Right now, the US actively pursues trade agreements with several Asian nations as well. The Treasury Secretary provided some additional insight into these diplomatic efforts during his recent CNBC interview on Monday. Bessent stated: “The U.S. had also held very substantial negotiations with Japan, and discussions with other Asian trading partners were going well.”

India has already made several offers and pre-emptive concessions to the U.S. on trade, showing itself more eager than several other big U.S. trading partners. Unlike China, Canada, and the European Union, India has been very supportive of the Trump administration and has established a solid partnership. Furthermore, the country also wants to avoid the proposed 26% tariff on itself from the US.

@ Newshounds News™
Source:  Watcher Guru

~~~~~~~~~

EU SECURITIES WATCHDOG ESMA ISSUES GUIDELINES TO COMBAT MARKET ABUSE IN CRYPTO ASSETS UNDER MICA

On April 29, 2025, the European Securities and Markets Authority (ESMA) published guidelines to enhance supervisory practices for preventing and detecting market abuse in crypto assets under the Markets in Crypto Assets Regulation (MiCA).

Tailored for National Competent Authorities (NCAs), the guidelines draw on ESMA’s experience with the Market Abuse Regulation (MAR) and address the unique aspects of crypto trading, such as its cross-border nature and heavy reliance on social media.

 They emphasize risk-based, proportionate supervision and aim to foster a unified supervisory culture through industry dialogue and NCA collaboration.

The guidelines will be translated into all EU languages, take effect three months after publication, and require NCAs to confirm compliance within two months, though ESMA encourages immediate adoption of the principles.

@ Newshounds News™
Source:  Bitcoin News

~~~~~~~~~

🇪🇺 LATEST: Europe's second largest neobank, Bunq partners with Kraken to offer crypto trading services for its banking app users in six European countries starting April 29.

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Source:  @Cointelegraph on Telegram

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 4-29-25

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HISTORIC: AI WILL BEGIN DEVELOPING LAWS IN THE UAE

The government of the UAE has launched what it calls the first AI-based legislative system, allowing synthetic agents to develop laws and monitor their effects through big data analysis.

UAE Enables AI Interaction in Lawmaking With New Smart Legislative System

Artificial Intelligence (AI) has begun to penetrate all aspects of human life, and governance is next. On April 14, the government of the United Arab Emirates (UAE) approved the implementation of what the media is calling the first AI-powered legislative system, paving the way for the proposal of law projects with significant synthetic participation.

The system will link all judicial rulings to their established jurisdictions, creating a map that connects these rulings with AI elements. As a participant in this system, the AI will be able to monitor these developments and study the effects of regulations in each jurisdiction with the help of this map.

Sheikh Mohammed bin Rashid Al Maktoum, Prime Minister of the UAE and a member of the cabinet that approved this development, expects AI to significantly improve the legislative process in the UAE.

In this regard, he stated:

"The new AI-based legislation system will create a qualitative shift in the legislative cycle, its speed, and its accuracy, ensuring our national legislative excellence and keeping our laws in line with best practices and the highest aspirations."

Al Maktoum also highlighted that the system will be able to propose legislative amendments on an ongoing basis, supported by the analysis of their effects using big data and statistics. Official reports stated that the expectation is for this tool to enhance the efficiency of the legislative process and accelerate the legislative issuance cycle by up to 70%.

This new approach to legislation will also create new roles for AI agents, such as legislative researchers, legislative editors, and legislative monitors.

However, neither the technical details of the implementation nor the models to be used for this system were specified by UAE authorities.

@ Newshounds News™
Source:  Bitcoin

~~~~~~~~~

US SENATE MAJORITY LEADER EXPECTS STABLECOIN VOTE BEFORE MAY 26 — REPORT

Lawmakers in the US Senate will reportedly move forward with a vote on the GENIUS stablecoin bill before the Memorial Day holiday.

US Senate Majority Leader John Thune reportedly told Republican lawmakers that the chamber would address a bill on stablecoin regulation before the May 26 Memorial Day holiday.

According to an April 29 Politico report, Thune made the comments in a closed-door meeting with Republican senators, who hold a slim majority in the chamber. 

The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, was introduced by Senator Bill Hagerty in February and passed the Senate Banking Committee in March.

Thune did not mention any crypto or blockchain-related bills in his public comments on US President Donald Trump’s first 100 days in office. Since his Jan. 20 inauguration, Trump has signed several executive orders with the potential to affect US crypto policy, including one affecting stablecoins. Still, many of the actions do not carry the force of law without an act of Congress.

The proposed GENIUS bill could essentially restrict any entity other than a “permitted payment stablecoin issuer” from issuing a payment stablecoin in the United States. 

The House of Representatives, also controlled by Republicans, has proposed a companion bill to the legislation: the Stablecoin Transparency and Accountability for a Better Ledger Economy, or STABLE Act.

Trump accused of conflicts of interest over stablecoins, crypto ventures

The president’s executive order, signed on Jan. 23, established a working group to study the potential creation and maintenance of a national crypto stockpile and a regulatory framework for stablecoins. Republican lawmakers followed by introducing the STABLE and GENIUS acts.

Trump also introduced the order before World Liberty Financial, a crypto firm backed by the president’s family, launched its US-dollar pegged USD1 stablecoin.

 Many Democratic lawmakers said that Trump’s ties to the firm, coupled with his political influence and position, could present an “extraordinary conflict of interest that could create unprecedented risks to our financial system” as Congress considers the two stablecoin bills.

@ Newshounds News™
Source:  CoinTelegraph

~~~~~~~~~

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Economist’s “News and Views” 4-29-2025

A New Gold Standard: Evidence & Path to $10,000 Gold Intensifies | Mike Maloney

4-29-2025

A seismic shift in the global economy is underway. In this eye-opening video, Mike Maloney reveals new evidence pointing to an imminent return to a gold-backed monetary system.

 From Donald Trump's gold-centric strategies to behind-the-scenes maneuvers by the U.S. Treasury and global elites, this is the clearest sign yet of a massive financial reordering.

Learn why global gold flows are surging, how COMEX is preparing for a potential crisis, and what history teaches us about the coming monetary reset.

Will you be positioned for the greatest wealth transfer of our lifetime?

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

Gold Is Replacing The US Dollar | Michael Pento

Liberty and Finance:  4-28-2025

Michael Pento argues that the stock market remains overvalued despite clear signs of economic distress.

He warns that inflation and supply shortages pose serious threats, while the real estate market is weakening under the pressure of rising mortgage rates and growing inventory.

Pento emphasizes that both retail and institutional investors often react emotionally and irrationally, especially during downturns.

Notably, he states that gold is beginning to supplant the U.S. dollar as the world reserve currency, reflecting a loss of confidence in American monetary policy.

 Given the Federal Reserve’s limited ability to stabilize the economy, Pento advocates for proactive and strategic investing in a market that may not follow historical recovery patterns.

INTERVIEW TIMELINE:

 0:00 Intro

1:25 Stock market

6:00 Real estate market

15:30 Treasury bond demand

 19:00 Recession

23:00 Tariffs

https://www.youtube.com/watch?v=2WX2wK1sGLM

This Signal 'Front-Running' Global Depression: Repeat of 1929? | Mike McGlone

David Lin:  4-29-2025

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, examines the indicators suggesting an impending global recession, arguing that gold outperformance versus silver signals economic contraction while predicting continued stock market weakness and potential deflation despite short-term inflationary pressures from tariffs.

0:00 – Intro.

1:02 – Inflation expectations

3:05 – Tariff impact

 8:21 – Market indicators

12:34 – Phillips Curve breakdown

 14:11 – Gold/silver cross

 18:26 – Metals forecast

20:51 – Front-running recession

 24:34 – Gold/Bitcoin

28:20 – Bullish assets

30:22 – Bitcoin

 34:10 – DXY and Oil

https://www.youtube.com/watch?v=5WeIIofZ8nM

Seeds of Wisdom RV and Economic Updates Tuesday afternoon 4-29-25

Good Afternoon Dinar Recaps,

VISA, STRIPE, AND MASTERCARD DRIVE STABLECOIN GROWTH IN 2025

▪️Stablecoins are transitioning from a crypto niche to a significant force in global finance.

▪️Major financial firms like Visa, Mastercard, and Stripe are actively integrating stablecoin technology.

▪️Stablecoin transaction volumes now surpass Visa's, indicating rapid mainstream adoption.

Stablecoins are evolving from a niche part of the crypto world to a major player in global finance. With major financial institutions like Visa, Mastercard, and Stripe supporting stablecoin projects, and transaction volumes now surpassing Visa’s network, it’s clear that stablecoins are changing the way money moves around the world.

Visa, Mastercard, and Stripe Embrace Stablecoins

There’s no denying the shift – traditional finance is embracing stablecoins. Visa has launched its Tokenized Asset Platform to help manage stablecoins and tokenized deposits. Stripe, meanwhile, is testing stablecoin payments to make it easier for businesses outside the US and EU to access US dollars.

Mastercard has introduced features that allow consumers to spend in stablecoins and merchants to receive payments in these digital currencies worldwide.

Stablecoin Market Overview

The stablecoin market is booming, with a total market cap of $243.1 billion, according to Coingecko. Tether (USDT), USDC, and USDS lead the charge, with market caps of $148 billion, $62 billion, and $7.6 billion, respectively. In terms of transaction volume, Tether dominates with over $51 billion, followed by USDC with $11 billion.

Stablecoin Transaction Volume Surpasses Visa

In an impressive shift, stablecoins now process more transactions on a weekly basis than Visa. This signals their growing influence in the global financial system and suggests they’re quickly becoming a mainstream financial tool that challenges traditional payment networks.

The Future of Stablecoins: What’s Next?

Billionaire investor Chamath Palihapitiya predicts that the stablecoin sector will see significant growth throughout 2025, with US dollar-backed stablecoins emerging as the biggest winners. He believes these stablecoins will become a core component of the global financial system, further solidifying their position in the market.

@ Newshounds News™
Source:  Coinpedia

~~~~~~~~~

CIRCLE SECURES USDC REGULATORY NOD IN ABU DHABI, ENTERS TECH ECOSYSTEM

Circle's FSRA approval in Abu Dhabi sets stage for significant USDC expansion across the Middle East and Africa.

Circle, the issuer of the USDC stablecoin, has secured initial approval from the Financial Services Regulatory Authority (FSRA) in Abu Dhabi.

The approval, announced on April 29, allows Circle to move closer to receiving a full Financial Services Permission (FSP) to operate within the Abu Dhabi Global Market (ADGM).

This progress comes just months after Circle’s incorporation in ADGM in December 2024. It marks a significant step in the stablecoin issuer’s plan to offer compliant financial services across the Middle East and Africa (MEA).

Circle stated that the approval strengthens its position as a trusted player in the expanding world of regulated digital finance.

The firm continued that the move would allow it to expand the reach of USDC, the second-largest US dollar-pegged stablecoin by market capitalization, throughout the Middle East.

According to the firm, this would significantly boost USDC’s adoption in a region increasingly turning toward digital assets and adequately compete against Tether’s USDT, the largest stablecoin by market cap.

Circle’s CEO, Jeremy Allaire, said:

“[This creates] new pathways for investment and innovation in the region. It also underscores Circle’s enduring commitment to global stablecoin oversight—strengthening trust, compliance, and adoption worldwide, while laying a resilient foundation for the internet financial system.”

Collaboration with Hub71 to boost innovation

Beyond its regulatory success, Circle has partnered with Hub71, Abu Dhabi’s leading global tech ecosystem.

This partnership is focused on promoting digital asset innovation and strengthening the region’s fintech infrastructure.

Circle will work with Hub71 to tap into ADGM’s digital regulatory sandbox, a framework designed to test and support new financial technologies. The collaboration will give fintech founders access to grants, funding networks, and opportunities to scale their businesses.

Additionally, Circle will become part of Hub71’s Digital Assets Specialist ecosystem. This growing community includes more than 500 tech startups and venture capital partners.

Ahmad Ali Alwan, CEO of Hub71, said:

“Circle’s expertise will enrich our digital assets ecosystem, providing Hub71 founders with greater access to resources, mentorship, and growth opportunities. Through this partnership, we are enabling the adoption of leading digital financial infrastructure that supports startup growth and drives the evolution of Web3 and digital finance from Abu Dhabi.”

@ Newshounds News™
Source:  CryptoSlate

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 4-29-25

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CARDANO LACE WALLET INTEGRATES BITCOIN, BOOSTING CROSS-CHAIN CAPABILITIES

▪️Charles Hoskinson announced on Monday that Bitcoin integrates into the Lace Wallet, expanding Cardano’s ecosystem and cross-chain capabilities.

▪️This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality.

▪️The news failed to move Cardano’s price significantly, but suggests a positive outlook for ADA.

Cardano (ADA) co-founder Charles Hoskinson announced Monday that Bitcoin (BTC) is integrated into the Lace Wallet, expanding Cardano’s ecosystem and cross-chain capabilities. This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality.

The news failed to move Cardano’s price significantly, with ADA trading in a narrow range near $0.70 at the time of writing on Tuesday, but it suggests a positive outlook for the token.

Cardano’s co-founder welcomes Bitcoin

On Monday, Charles Hoskinson announced on his X post that Bitcoin is integrated into the Lace Wallet, a non-custodial wallet platform developed by Input Output Global (IOG), one of the key organizations behind the Cardano blockchain. Lace allows users to send, receive, and stake Cardano’s native cryptocurrency, ADA, and manage other digital assets on the network.

“With this release, Lace becomes even more accessible and versatile, introducing Firefox support, the beta rollout of Bitcoin, and several performance improvements under the hood,” says Lace in its blog post.

This integration enables users to manage BTC alongside Cardano assets, providing support for multichain functionality. However, this news did not significantly impact Cardano’s price on Monday; nonetheless, it suggests a positive outlook for the long term as it expands Cardano’s ecosystem, enhances its cross-chain capabilities, and boosts wider adoption.

Cardano's technical outlook suggests a rally if it closes above $0.74

Cardano price is facing resistance around its 200-day Exponential Moving Average (EMA) at $0.71 since last week and declined to find support at the 61.8% Fibonacci retracement (drawn from the August 5 low of $0.27 to the December 3 high of $1.32) at $0.66 on Monday. At the time of writing on Tuesday, ADA hovers around the 200-day EMA at $0.71.

If ADA breaks above the 200-day EMA and closes above its weekly resistance level at $0.74, it could extend the rally to retest its next daily resistance at $0.80.

The Relative Strength Index (RSI) stands at 59, indicating bullish momentum, as it is positioned above its neutral level of 50. The Moving Average Convergence Divergence (MACD) also exhibited a bullish crossover last week, providing a buy signal and indicating a potential continuation of the upward trend.

However, if ADA’s daily candlestick closes below the 61.8% Fibonacci level at $0.66, it could extend the decline to retest its April 22 low of $0.61.

@ Newshounds News™
Source:  FX Street

~~~~~~~~~

SOUTH KOREA'S RULING PARTY VOWS TO APPROVE SPOT CRYPTO ETFS, SCRAP KEY BANKING RULE

South Korea’s People Power Party has pledged crypto reforms, including ETF approval and banking rule repeal, ahead of the June election.

▪️South Korea’s People Power Party has pledged to approve spot crypto ETFs and scrap South Korea’s "one exchange, one bank" rule if they win.

▪️The party’s crypto agenda includes corporate crypto trading, stablecoin regulation, and a new Virtual Asset Special Committee this year.

▪️The election outcome could decide the fate of reforms, with opposition leader Lee Jae-myung leading in the polls ahead of the June 3 vote.

South Korea’s People Power Party has vowed to approve spot crypto ETFs, dismantle a major banking restriction, and overhaul digital asset laws before the end of the year, local media reported Monday.

The party revealed its digital asset pledge just weeks after the country’s impeached president, Yoon Suk Yeol, was removed from office for illegally imposing martial law, a political shock that has formed the basis for a fiercely contested snap election on June 3.

The PPP’s proposals include abolishing the "one exchange, one bank" rule, which restricts crypto exchanges to a single banking partner —a regulation blamed for entrenching monopolies and limiting consumer choice.

"It is very restrictive not to be able to trade virtual assets through the bank of your choice," Rep. Park Soo-min said on Monday during the emergency response committee meeting held at the National Assembly.

The PPP has also pledged to legalize spot crypto ETFs within the year. Park stressed the urgency of approval, pointing to the U.S. Securities and Exchange Commission’s (SEC) decision to greenlight spot Bitcoin ETFs last January.

In addition, the party said in its agenda that it would also institutionalize corporate and institutional investor participation in the crypto market within this year.

If PPP wins, starting in Q2, non-profits can engage in crypto trading, with broader participation from around 3,500 corporations and investment firms.

‘Golden standard’

During the committee meeting, Rep. Choi Bo-yoon said that PPP also plans to introduce a "global standard" regulatory system for stablecoins, local media reported.

To oversee the implementation of its digital asset agenda, the party seeks to establish a Virtual Asset Special Committee directly under the presidential office.

The PPP has vowed to enact the Framework Act on the Promotion of Digital Assets, which would subdivide exchange operations, create listing regulations, and introduce a disclosure system for digital asset transactions.

The party’s push aligns with a global shift toward crypto deregulation, triggered by U.S. President Donald Trump’s moves to repeal DeFi broker reporting rules, authorize the creation of a national Bitcoin stockpile, and place crypto as a core element of American financial policy.

Invoking Trump-era deregulation, PPP presidential candidate Hong Joon-pyo recently vowed to “eliminate regulations as much as the Trump administration did” and pledged to expand blockchain applications across South Korean public services.

Still, whether the PPP’s agenda can move forward will depend on the election outcome.

Democratic Party candidate Lee Jae-myung has campaigned on restoring democratic norms and stabilizing the economy, but has offered few specifics about his stance on regulating digital assets.

Current polling shows Lee, who narrowly lost the 2022 race, now holding a commanding lead over his rivals, according to local media.

@ Newshounds News™
Source:  Decrypt

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Seeds of Wisdom RV and Economic Updates Monday Evening 4-28-25

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ARIZONA LEGISLATURE PASSES BITCOIN RESERVE BILL, SENDS IT TO GOVERNOR’S DESK: BLOOMBERG GOVERNMENT

▪️The bill, called the Arizona Strategic Bitcoin Reserve Act, was passed on Monday by Arizona’s state legislature, Bloomberg Government reported.

▪️If signed by Democratic Governor Katie Hobbs, the state would be the first to require public funds to invest in bitcoin.

Lawmakers in Arizona have passed a bill allowing the state treasurer and retirement system to invest up to 10% of available funds in digital assets, specifically bitcoin, sending it to the governor’s desk for approval, according to Bloomberg Government.

The bill, called the Arizona Strategic Bitcoin Reserve Act, passed Monday in the state legislature, Bloomberg Government reported.

"This bill represents an emerging approach by a state government to integrate cryptocurrency into public financial management, reflecting the growing mainstream acceptance of digital assets," according to the bill text's summary.

The bill's cosponsors are both Republicans: Sen. Wendy Rogers and Rep. Jeff Weninger. If signed by Democratic Governor Katie Hobbs, the state would be the first to require public funds to invest in Bitcoin.

Several states, including Iowa, Missouri, and Texas, are weighing whether to establish a strategic bitcoin reserve. At the federal level, President Donald Trump signed an executive order in March establishing a strategic bitcoin reserve and digital asset stockpile.

Some asset managers have weighed in on how much bitcoin investors should hold. BlackRock recommended in December allocating 1% to 2% of a portfolio to bitcoin, according to Business Insider. Fidelity has suggested a slightly higher range, recommending 2% to 5%.

@ Newshounds News™
Source:  The Block

~~~~~~~~~

CONGRESS STRUGGLES TO MEET TRUMP’S AUGUST DEADLINE FOR U.S. CRYPTO REGULATION

▪️Congress accelerates efforts to finalize U.S. crypto legislation before President Trump’s August deadline.

▪️Lawmakers push for market structure and stablecoin bills as industry calls for action on DOJ prosecution.

▪️The crypto industry urges intervention from Trump’s Crypto Czar as legal battles over developer accountability heat up.

As lawmakers return to Capitol Hill after a two-week recess, crypto legislation is at the top of their agenda. With just three months left before President Trump’s August deadline, Congress has a lot of work ahead to craft laws that could define the future of digital assets in America.

Eleanor Terrett took to X to give a *spicy* update on everything that’s brewing.

Crypto Legislation: The Countdown Begins

Lawmakers are hard at work to push through two key bills: the market structure and stablecoin regulations. With little time left before the August deadline, there’s not much room for error. And let’s be honest, it was about time.

Last Friday, the House Financial Services Committee scheduled a joint hearing with the House Agriculture Committee for May 6, titled “American Innovation and the Future of Digital Assets.”

It’s clear that Congress is aiming for a forward-thinking approach.But can they pull it off in time? That’s the million-dollar question.

House Financial Services Committee Chairman French Hill (R-AR) shared that a discussion draft of the new legislation is expected soon. This draft is an updated version of last year’s FIT21 market structure bill. Meanwhile, Senate staffers are working on their own version, incorporating elements from both the 2022 Lummis-Gillibrand Responsible Financial Innovation Act and the FIT21 bill.

Industry Leaders Step Up: DOJ, It’s Time to Listen

While Congress scrambles, the crypto industry is raising its voice.

A petition led by the DeFi Education Fund, along with key industry leaders, has been launched urging President Trump’s Crypto and AI Czar, David Sacks, to intervene in the Department of Justice’s prosecution of Tornado Cash co-founder Roman Storm.

The petition argues that developers shouldn’t be criminally liable for how bad actors use their code, especially when they have no control over it. The legal theory behind the prosecution has the potential to seriously impact innovation.

If lawmakers want to ensure the growth of the crypto ecosystem, this issue needs immediate attention.

What’s Next for Crypto?

With Congress hustling to meet the August deadline and the industry pushing for reform, we’re in for a wild few months.

@ Newshounds News™
Source:  Coinpedia

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Bizarrely, Gold Is The Opposite Of The Bitcoin Effect Right Now

Bizarrely, Gold Is The Opposite Of The Bitcoin Effect Right Now

Notes From the Field By James Hickman (Simon Black)  April 28, 2025

You’ve probably heard the story.

As the legend goes, on a late-summer morning in 1929, Joseph Kennedy — patriarch of the famous Kennedy family — was headed into his office in downtown New York City. As he sat for a quick shoe shine, the young boy buffing his shoes, barely a teenager, eagerly offered him stock tips.

 Kennedy listened politely, but inside, he felt a jolt of alarm.

Supposedly he rushed to his office, dumped his entire stock portfolio, and moved heavily into cash. And just weeks later the stock market collapsed.

 There’s a good chance this story isn’t true; I’ve often heard it told with Sir John Templeton in place of Joe Kennedy... and when urban legends can’t even get their protagonists straight, that’s usually a sign of fiction.

 Curiously, however, a similar thing actually happened to me.

It was March 2009— six months after the Global Financial Crisis kicked off that wiped 50% off the S&P 500.

 I was living in Punta del Este, Uruguay at the time and was coincidentally getting my shoes shined before heading to the airport for a trip to Asia.

 The shoe shiner, an elderly Uruguayan man, asked me what I did for a living. I mentioned something about finance, at which point he cautioned me to avoid the stock market.

 At that point the S&P was at its crisis-era low... and would go on to nearly 10x over the next 16 years.

 Another story that is true is from August 1979: Businessweek magazine famously declared "The Death of Equities," capturing the widespread view that stocks (which had suffered in the 1970s) would continue to languish.

Yet the stock market was just about to unleash a multi-decade bull run.

 In April 2019, the same Businessweek ran a cover asking, "Is Inflation Dead?", again capturing the popular idea that there would never be inflation again. That turned out to be 100% incorrect.

Then there was the famous Bitcoin craze in November 2017: families across America spent their Thanksgiving holidays opening up Coinbase accounts and bidding up the price of Bitcoin to its (then) all-time high. Crypto subsequently entered a multi-year bear market...

Anytime I see popular bandwagons, I become nervous. And I’m starting to see some signs of that with gold.

 One glaring signal is that Costco— which sells gold to its customers— sold out its most recent inventory of American Eagle Gold Coins in less than four days. Gold demand is surging among retail investors.

Dealers are reporting crazy volumes. The media is talking about gold daily now, whereas in the past they used to go weeks or months without a mention of gold.

 The Wall Street Journal even ran an article this past weekend entitled “How to buy gold”.

 Big investment bank analysts who, heretofore had ignored gold or been extremely bearish, are suddenly its biggest champions. Even the notorious Goldman Sachs is now projecting nearly $4,000 gold this year.

 And only a handful of analysts are bearish.

Look, we’ve been talking about gold for years... and in particular since 2023 when it became obvious that there were long-term catalysts.

It’s pretty easy to understand: central banks around the world are trading in their US dollars for gold, simply because they don’t have confidence that the dollar will last as the global reserve currency.

 And central banks don’t have a lot of options; there are only so many non-dollar asset classes that can absorb hundreds of billions of dollars worth of capital flows. Gold is one of the most convenient.

I’ve explained before that, because of these capital flow trends and catalysts, we could easily see $5,000 or even $10,000 gold over the coming years.

 But at the same time, the trend line for the gold price has been incredibly steep ever since its low in 2022. And, again, there are now signs that a retail gold mania may be forming.

I’m not saying that gold is too expensive or that it’s time to sell. These short-term market trends are extremely difficult to predict, and I tend to ignore them.

 Instead, I focus on the long-term big picture. And that’s a lot easier to see: the US fiscal situation is in major decline. The government is doing very little about it. And the rest of the world is already diversifying away from the dollar.

All of these trends are good for gold.

 Who knows what investors will do over the next few months? But over the next five years, you can make a very strong case that central banks will continue to buy gold and send the price higher.

 At the same time, I recognize that it’s difficult for some people to buy an asset when it’s at/near its all-time high... especially when it may suffer a short-term correction.

 This is why we’ve been writing about an alternative to gold; because, while gold is near its all-time high, many gold companies are still undervalued relative to gold itself.

 I’m talking about really solid, profitable gold miners trading at less than TWO times forward earnings. It’s ridiculous.

 In a way it’s the opposite of the crypto phenomenon with Microstrategy (MSTR)— the company which primarily owns and holds Bitcoin.

 Microstrategy (technically now called “Strategy”) owns 553,555 Bitcoin worth $52 billion. That’s pretty much their biggest (and nearly only) asset.

 Yet the MSTR’s market cap is $92 billion.

 In other words, the Bitcoin-related company is worth nearly double the amount of Bitcoin it holds. This makes no sense.

 With gold, it’s the opposite. Gold is near its all-time highs... but the gold-related companies are cheap and undervalued.

 Some investors are starting to notice— for example, multiple precious metals companies we have published in our investment research service have risen by 40-60%.

 One has more than doubled in price... yet is still trading at a forward multiple of just 2x.

 So, gold is bizarrely the opposite of the Bitcoin effect with Microstrategy: gold is at a record high, but gold companies are cheap. I’ll say it again— this is not going to last 

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

 https://www.schiffsovereign.com/trends/bizarrely-gold-is-the-opposite-of-the-bitcoin-effect-right-now-152700/?inf_contact_key=d4ae7d46f485af16ae3e89540a8231548dcae2ba3297e07f93219ba341147496