Seeds of Wisdom RV and Economic Updates Thursday Morning 5-22-25

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US LAWMAKER REINTRODUCES BILL AMID PUSHBACK ON TRUMP'S CRYPTO TIES

The US president's intention to host a dinner for people who purchased millions of dollars worth of his memecoin has contributed to slowing or halting crypto bills in Congress.

A Democratic representative in the US Congress will support a blockchain bill at a time when many left-leaning lawmakers are blocking crypto-related pieces of legislation due to concerns with President Donald Trump’s potential conflicts of interest.

In a May 21 notice, Minnesota Representative Tom Emmer said he had reintroduced the Blockchain Regulatory Certainty Act, a bill that “solidifies that digital asset developers and service providers that do not custody consumer funds are not money transmitters.” Emmer, a Republican, said Democratic Representative Ritchie Torres would co-lead the bill, making it a bipartisan effort in Congress.

“The Blockchain Regulatory Certainty Act reflects a thoughtful, bipartisan effort to get digital asset policy right,” said Torres. “While similar language was voted down in markup last Congress, we took that feedback seriously and returned with a smarter, sharper framework that protects innovation without compromising oversight.”

Representatives of advocacy organizations, including the Crypto Council for Innovation, Solana Policy Institute, Digital Chamber, Coin Center, DeFi Education Fund, and Blockchain Association, said they would support the proposed blockchain regulatory bill.

It was unclear whether Emmer and Torres had a majority of votes in the House of Representatives for the legislation to pass.

Torres has supported many bills and policies favorable to the crypto industry since assuming office in 2021. Together with Emmer, he has led the Congressional Crypto Caucus to advance crypto-friendly policies in the House since March.

A Bipartisan Blockchain Bill Amid Memecoin Concerns?

Other Democratic House members, including Representative Maxine Waters, have suggested they intend to block any legislation related to crypto and blockchain until Republicans address Trump’s connections to the industry, such as his family’s stake in World Liberty Financial and his TRUMP memecoin.

The president is planning to host a dinner with up to 220 people holding the most significant amounts of his memecoin on May 22.

@ Newshounds News™
Source:  Cointelegraph

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MICHIGAN LAWMAKERS PROPOSE FOUR NEW CRYPTO-RELATED BILLS

The new Michigan bills would permit Bitcoin pension investments, bar state CBDC support, and offer tax breaks for crypto mining at oil sites.

▪️ Michigan lawmakers introduced four crypto-related bills, including HB 4510, which would permit public retirement funds to invest in Bitcoin via regulated exchange-traded products.

▪️ HB 4511 seeks to block state support for U.S. central bank digital currencies, banning any licensing, taxation, or official advocacy of CBDCs by state agencies.

▪️ Two companion bills, HB 4512 and HB 4513, promote Bitcoin mining at abandoned oil wells, offering tax breaks to companies that restore environmental sites in exchange for mining rights.

Four new crypto-related bills were introduced in the Michigan House late Wednesday, joining a growing trend of state-level efforts to define the role of digital assets in public policy.

Rep. Bill Schuette’s (R-MI) House Bill 4510 seeks to allow Michigan’s state treasurer to invest retirement funds in crypto, provided they averaged a market cap of at least $250 billion over the previous year and are held through exchange-traded products.

That threshold effectively narrows eligibility to Bitcoin, which soared past $111,000 on Wednesday and set a new all-time high amid renewed institutional interest.

Assets must be held through exchange-traded products issued by registered investment firms, ensuring regulatory oversight, according to HB 4510.

The next measure, House Bill 4511, introduced by Rep. Bryan Posthumus (R-MI), takes aim at the federal government’s push for central bank digital currencies.

The bill proposes a state-level ban on any licensing, taxation, or restriction of digital asset holdings, and outright prohibits state agencies from advocating for a U.S. CBDC.

“An agency or department of this state shall not advocate for or support... the testing, adoption, or implementation of a [CBDC],” the bill reads.

Meanwhile, Rep. Mike McFall (D-MI) introduced two companion bills, HB 4512 and HB 4513, focused on Bitcoin mining and tax reform.

One establishes a “Bitcoin Program,” allowing private firms to plug abandoned oil or gas wells in exchange for temporary rights to mine Bitcoin using residual fuel sources.

The other offers income and corporate tax deductions for revenue earned through such mining efforts, linking crypto directly to environmental remediation.

If passed, the program would be administered by the state’s Supervisor of Wells, who would maintain a public registry of eligible well sites, solicit annual bids, and ensure that participating miners carry financial responsibility for site restoration.

Michigan’s legislative push comes as several U.S. states race to either welcome or restrict crypto adoption.

Just hours earlier, the Texas House passed a bill to create a state-managed Bitcoin reserve, sending it to Governor Greg Abbott’s desk.

The bill would allow the state comptroller to invest in any digital asset with a market cap above $500 billion, currently only Bitcoin.

New Hampshire Governor Kelly Ayotte signed a similar bill into law earlier this month, making her state the first in the country to formally authorize crypto and precious metal investments for public funds.

@ Newshounds News™
Source:  Decrypt

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XRP NEWS: RIPPLE LAWSUIT IS NOT CLOSED, FORMER SEC LAWYER HINTS ‘BIGGER ISSUE’

▪️ Legal experts clarify Ripple-SEC lawsuit is not over; Judge Torres denied motions due to procedural errors.

▪️ False online claims spark confusion; attorneys warn XRP community to avoid premature conclusions about the case status.

There’s been a lot of chatter online lately about the status of the long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). While some legal experts following the case closely believe it might take a few more months before a final verdict is reached, misleading claims and rumours continue to spread on social media.

Recently, a user named Altcoin Bale posted on X, claiming that the case was already closed, banks were quietly buying XRP, and retail investors would soon be priced out. But this statement didn’t sit well with pro-XRP attorney Bill Morgan, who has been actively tracking the lawsuit.

Bill quickly responded, saying, “FFS the case is not closed, or did you miss the news last week about an unsuccessful motion for an indicative ruling and an Appeal and Cross-appeal in abeyance but not over.”

Another user replied to Bill, saying that the case had hit a procedural snag because both Ripple and the SEC submitted a dismissal request using the wrong form. According to them, this technical error led the judge to reject it.

However, former SEC lawyer Marc Fagel stepped in, clarifying that the situation was far more serious than just a simple paperwork issue. “That is not an accurate description at all. It’s a far bigger issue than that,” he commented.

Bill Morgan, expressing his frustration, remarked, “The XRP community don’t want to listen. They want to hear ‘case closed, XRP to the moon.’”

So What Actually Happened?

For the unversed, here’s what actually happened: Judge Analisa Torres denied both parties’ motions for an indicative ruling. In simple terms, the judge stated that if the court’s jurisdiction were restored, she would deny the motion as it was filed under the wrong procedural rule.

This means Ripple and the SEC will likely have to refile the motion correctly, and possibly plead their case once again.

While XRP supporters are eagerly awaiting good news, it’s clear from the legal experts’ comments that the lawsuit is still ongoing — and there are a few more legal hurdles to clear before any final outcome.

@ Newshounds News™
Source:  Coinpedia

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BRICS: US HITS INDIA WHERE IT HURTS THEM THE MOST: REMITTANCE TAX

US President Donald Trump is looking to hit BRICS member India where it hurts them the most — the remittance tax. The new tax proposal by House Republicans could impact a significant number of Non-Resident Indians (NRIs), as the bill aims to levy a 5% tax on remittances sent to India from the US.

The bill was first introduced last Monday, where international transfers from non-citizens to BRICS country India will face a 5% tax. The bill, if passed, will affect workers who send money back to their families in India. The 5% tax will be used to help fund tax breaks and also tighten border security measures.

5% Remittance Tax Could Soon Hit BRICS Member India

Trump has publicly called the legislation “great” and “one big beautiful bill”, and is also ensuring that Republicans pass the legislation. The 5% tax on remittances to BRICS country India will potentially fund billions to the US Treasury.

The latest report highlights that Indian workers send close to $83 billion a year in remittances back to their families in India.

Therefore, a 5% tax could add close to $4.15 billion to the US Treasury if the new bill is passed. Currently, BRICS member India is the world’s top recipient of remittances.

If $100,000 is sent back home, then the IRS gets $5,000 through the remittance tax. Until 2025, remittance was never taxed in the US, making it a first-of-its-kind policy.

Legislation Timeline and Enforcement

The House Republicans aim to pass the bill on Memorial Day, May 26, 2025. Lawmakers hope to get the law signed and roll into action by July 4, Independence Day.

Every financial institution and money transfer service will be tasked to collect the 5% remittance tax for money going to BRICS member India.

The rule will have no limit, and every transfer, including both big and small, will be subject to taxes.

@ Newshounds News™
Source:  Watcher Guru

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SHARK TANK’S KEVIN O’LEARY SLAMS SENATOR WARREN OVER GENIUS ACT: “UN-AMERICAN AND DANGEROUS”

▪️Kevin O’Leary blasts Elizabeth Warren for politicizing the GENIUS Act, calling her stance “un-American.”
▪️Warren opposes the bill over Trump-linked stablecoin ties and potential corruption loopholes.
▪️Despite the clash, the bipartisan GENIUS Act advances in the Senate, aiming to regulate stablecoins in the U.S.

Shark Tank investor and Canadian businessman Kevin O’Leary is firing back at Senator Elizabeth Warren over her opposition to the GENIUS Act – a bipartisan bill designed to regulate stablecoins in the United States.

O’Leary didn’t hold back, calling Warren’s stance “dangerous” and “un-American,” accusing her of blocking financial innovation by turning the bill into a political weapon against Donald Trump.

O’Leary: Warren Is Politicizing a Vital Crypto Bill

As crypto regulation becomes a bigger part of U.S. policy, O’Leary argues that Warren is distracting from the GENIUS Act’s core purpose. He says the bill is about modernizing the American financial system through properly regulated stablecoins – not about Trump or meme coins.

In a post on X, O’Leary stressed that the bill has nothing to do with Trump and warned that dragging politics into the conversation could hurt the country’s ability to lead in global finance.

According to him, the GENIUS Act is a step toward strengthening the U.S. dollar’s role in digital payments around the world. He believes Warren’s opposition risks slowing innovation and letting countries like China pull ahead in the race for financial dominance.

“This is about establishing the U.S. dollar as the default currency for global price discovery,”
O’Leary said, dismissing Warren’s claims as “completely deranged.”

Warren’s Opposition to the GENIUS Act

Senator Warren opposes the bill, citing its ties to a $2 billion MGX-Binance deal involving USD1, which is a Trump-linked stablecoin.

She cautions that exemptions for senior officials, including the president, could give birth to corruption, claiming the bill risks “greenlighting the grift.”

Warren argues that the bill could allow Trump to regulate his own financial product, undermining transparency and public trust.

GENIUS Act Moves Forward with Bipartisan Support

Despite Warren’s strong pushback, the GENIUS Act recently passed a key Senate hurdle. Several Democrats who were initially skeptical have now supported a revised version of the bill.

The bipartisan support signals growing momentum for establishing clear regulations for stablecoins – something many in the industry believe is essential for the future of digital finance in the U.S.

You can best believe that the debate is not over.

@ Newshounds News™
Source:  Coinpedia

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SINGAPORE DOLLAR STABLECOIN XSGD DEBUTS ON XRP LEDGER IN RIPPLE-POWERED PAYMENTS PUSH

StraitsX has launched its MAS-regulated stablecoin XSGD on the XRP Ledger to enable faster, low-cost cross-border payments, as part of a broader multi-chain expansion strategy.

The move marks the first phase of a larger partnership with Ripple aimed at building institutional-grade digital infrastructure focused on tokenisation and real-time financial services.

StraitsX Brings Regulated XSGD to XRP Ledger

Payment infrastructure firm StraitsX has added its Singapore dollar-pegged stablecoin, XSGD, to the XRP Ledger (XRPL) in an attempt to extend its regulated token into a faster, low-cost cross-border payment system.

The expansion was announced Monday and is part of the company’s multi-chain strategy to meet growing demand from fintechs, financial platforms, and digital asset developers seeking programmable, real-time transaction tools across borders, according to the press release.

StraitsX framed this as the “first phase” of a wider collaboration with Ripple focused on tokenisation. While details remain vague, the rationale is to build a regulated, institutional-grade digital infrastructure that goes beyond payments.

A Glimpse Into the Future of Finance

The availability of XSGD on the XRP Ledger is more than a deployment. It’s a marker of where financial infrastructure is heading. As digital money becomes embedded in the global economy, regulated stablecoins like XSGD will serve as the foundation for borderless, real-time, and compliant-ready financial services.

Singapore’s Web3 Hub is Expanding

XSGD was issued by StraitsX in 2020, fully backed 1:1 by reserves held with DBS Bank and Standard Chartered. The company is licensed by the Monetary Authority of Singapore (MAS) as a Major Payment Institution, placing XSGD among the few stablecoins with both regulatory oversight and multi-chain deployment.

XSGD has over 8 billion on-chain transactions already, and a circulating supply above 13.6 million tokens. The stablecoin is live on Ethereum, Polygon, Hedera, Zilliqa, Arbitrum, and Avalanche.

@ Newshounds News™
Source:  Crypto News

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Peirce Pushes Back: SEC’s Approach ‘Must Be Corrected’

Unlike Gensler, Peirce recognized the potential of crypto early on, going as far as proposing a safe harbor approach to regulating decentralized assets back in early 2020.

She refined her proposal in 2021 and discussed it once again on Monday. A safe harbor framework would involve acknowledging that some crypto assets may start out as securities but may no longer be classified as such over a period of time.

For instance, tokens issued prior to a network launch for the purpose of funding development of the said network would initially be deemed securities but wouldn’t be subject to securities laws during a pre-determined grace period.

Once the platform is fully functional and its maintenance becomes sufficiently decentralized—and assuming this happens prior to the expiration of the grace period—the network’s token ceases to be a security and can trade freely in secondary markets.

But Peirce’s ideas were stymied by Gensler’s regulation-by-enforcement method, which decimated the industry and turned the SEC into crypto’s primary adversary. And on Monday, she stood in defiance of the former chairman, who once quipped, “Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities,” at the 2022 installment of SEC Speaks.

With the newly appointed Chairman Paul Atkins in her corner, Peirce recounted the story of Samuel Whittemore, a hero of the eighteenth-century American Revolution, before tying it to her own revolutionary perspective: unlike Gensler, she believes most crypto assets are not securities.

“The most popular topic of discussion by far in written input and industry meetings has been security status,” Peirce explained. “My short answer to the question, ‘Are crypto assets securities,’ is that most currently existing crypto assets in the market are not.”

She went on to discuss many nuanced legal points, stressing the importance of economic realities and explaining that “the line demarcating transactions covered by the securities laws from those that are not, is still hazy.” She pledged that the SEC will continue its new journey of providing regulatory clarity, instead of wielding the stick of regulation by enforcement.

But by far, the most consequential of her statements was her take on the security status of crypto assets.

The commissioner then ended her speech with a final reference to Whittemore:

“Two hundred and fifty years after Samuel Whittemore made his stand behind the stone wall, I stand here today grateful for the freedom for which he fought,” Peirce said. “I hope that all of us can look up from the minutiae of the securities laws for a moment to celebrate a quarter of a millennium’s fight for freedom.”

@ Newshounds News™
Source:  Bitcoin News

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U.S. LEADS THE WORLD IN BITCOIN OWNERSHIP, NEW REPORT SHOWS

The U.S. leads global Bitcoin ownership and mining, with strong political backing and growing adoption across diverse demographics.

A new report from River reveals that the United States dominates Bitcoin ownership globally, holding about 40% of all available Bitcoin. With 14.3% of its population owning Bitcoin, the U.S. outpaces Europe, Oceania, and Asia combined.

Corporate America also leads in Bitcoin holdings. Thirty-two U.S. public companies, with a combined market cap of $1.26 trillion, hold Bitcoin as a treasury asset. These firms account for 94.8% of all Bitcoin owned by publicly traded companies worldwide. Major holders include:

• Strategy with 569,000 BTC

• U.S. mining companies with 96,000 BTC

• Others with 68,000 BTC

Totaling 733,000 BTC in the U.S., compared to 40,000 BTC held elsewhere.

The U.S. has also emerged as the global leader in Bitcoin mining since China’s ban on Bitcoin mining in 2021. It is now responsible for 38% of all new Bitcoin mined since then.

The U.S. attracts miners due to:

• Stable regulatory environment

• Access to deep and liquid capital markets

• Abundant energy resources

These advantages have helped the U.S. increase its share of the global Bitcoin mining hashrate by over 500% since 2020, solidifying its position as the center of the industry.

Bitcoin is also emerging as America’s preferred reserve asset, overtaking gold.
Over 49.6 million Americans are in favor of holding Bitcoin, compared to 36.7 million who still prefer gold.

The U.S. government’s Bitcoin advantage is now greater than that of gold, where the U.S. accounts for only 29.9% of the world’s central bank gold reserves.

“Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic bitcoin reserve,”
said the White House on March 7, 2025.

Political support for Bitcoin is surging in the U.S.
Currently:

• 59% of U.S. Senators

• 66% of House Representatives

Openly support pro-Bitcoin policies, signaling a significant shift in political sentiment and greater acceptance of digital assets as a key part of America’s economic future.

The study also reveals:

• Bitcoin ownership is highest among American males aged 31–35 and 41–45

• Ownership rates within these groups range from 3% to 41%

• Politically, individuals identifying as “very liberal” or “neutral” are more likely to own Bitcoin

• However, conservatives still make up a significant portion of holders

@ Newshounds News™
🔗 Source:   Bitcoin Magazine

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JP MORGAN TO ENABLE CLIENTS TO BUY CRYPTO WITHOUT PROVIDING CUSTODY SERVICES

JPMorgan Chase customers will soon be able to purchase cryptocurrencies through the bank, though the institution won’t hold the digital assets itself, according to an announcement from CEO Jamie Dimon. The move represents a significant shift for the banking giant, whose chief executive has previously been openly skeptical about cryptocurrencies.

“We are going to allow you to buy it,” Dimon said at the bank’s annual investor day on Monday. “We’re not going to custody it. We’re going to put it in statements for clients,” according to CNBC.

The announcement marks an evolution in Dimon’s stance, who famously described Bitcoin as “a hyped up fraud, a pet rock” in 2023. Despite his personal reservations, Dimon acknowledged client demand, stating:

“I don’t think you should smoke, but I defend your right to smoke. I defend your right to buy bitcoin.”

Financial institutions increasingly embracing crypto

JP Morgan’s decision follows similar moves by competitors in the financial sector.
Goldman Sachs has already ventured into cryptocurrency offerings, while Morgan Stanley recently announced plans to provide crypto services, with its subsidiary E-TRADE also exploring cryptocurrency offerings.

The brokerage sector has shown interest as well, with Schwab backing institutional crypto trading venue EDX Markets and planning to offer crypto to investors pending regulatory changes. Meanwhile, Robinhood continues to generate significant profits from cryptocurrency trading.

JP Morgan’s decision not to provide custody services raises questions about who will safeguard clients’ digital assets. Until recently, U.S. banks were unable to provide crypto custody due to SAB 121 restrictions.

Despite being a world leader in blockchain development, JP Morgan’s choice to sidestep custody is notable given that other banks such as BNY and Standard Chartered view it as an opportunity.

Custody: Who Will Hold the Keys?

The bank will likely select a custody partner. It will need to choose between:

• Established crypto startups like Coinbase, Anchorage Digital, Paxos, BitGo, or Ripple Custody

• Institutional-founded startups such as Zodia Custody and Komainu (though these lack a strong U.S. footprint)

• Major banks such as BNY

The risk of providing custody is highlighted by the recent losses by Coinbase customers following data theft by customer support operatives that was subsequently used for social engineering.

While crypto startups bring specialized experience, traditional financial institutions like BNY offer substantially larger security budgets. However, competitive dynamics complicate matters, as BNY remains a direct JP Morgan competitor.

@ Newshounds News™
🔗  Source:   Ledger Insights

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BRICS: THE BIGGEST REASON INDIA MAY EVENTUALLY LEAVE THE ALLIANCE

It has been a rather complicated few months for the leading collective of the Global South. Amid ongoing tensions for the BRICS bloc and its members, one key reason is emerging that could lead India to eventually leave the economic alliance entirely.

The country has seen no shortage of reasons to potentially see increased tensions with the group. Its conflict with China has been well documented, although it has been resolved to this point. However, in its place is a new issue that is beginning to fracture its relationship with the group.

BRICS Facing Issue that Could Eventually See India Quit the Collective

The start of the year saw US President Donald Trump once again return to the White House. That has brought with it increased geopolitical tensions, as his protectionist economic policy has threatened several global relationships.

Moreover, it is worse for the BRICS bloc, as he entered the Oval Office and threatened 150% tariffs on the economic alliance.

The reason for his confrontational relationship with the bloc remains its de-dollarization efforts. For the last several years, the bloc has sought to lessen its reliance on the greenback in a major way. Even considering the creation of its own trade currency, the plan flies in the face of Trump’s efforts to ensure the dollar's status.

In that pursuit, the BRICS bloc may have found the one way that India could eventually leave the alliance.

@ Newshounds News™
🔗  Source:  Watcher Guru

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SENATE STABLECOIN BILL PASSES KEY VOTE AS GENIUS ACT REGAINS MOMENTUM

The GENIUS Act passed a cloture vote Monday evening less than two weeks after failing one. It will now head to a full floor vote.

Against all odds, the Senate’s stablecoin bill has regained political momentum, passing a key procedural vote Monday evening that has set the legislation on track for passage within days.

Less than two weeks ago, the bill, dubbed the GENIUS Act, failed to pass the same procedural cloture vote—which ends debate on a measure and advances it towards full floor consideration. At the time, a perfect storm of political winds conspired to derail support for the bill among pro-crypto Democrats. Chief among them: mounting anger in the Democratic Party over President Donald Trump’s perceived crypto-related conflicts of interest.

But tonight, key Democrats jumped back aboard the measure. Ruben Gallego (D-AZ), Mark Warner (D-VA), Lisa Blunt Rochester (D-PA), Kirsten Gillibrand (D-NY), and Angela Alsobrooks (D-MD)—all of whom voted against cloture on the GENIUS Act earlier this month—supported the measure tonight. Alsobrooks and Gillibrand initially co-sponsored the bill.

Having received more than 60 votes, the bill will now cruise towards a full floor vote, which could happen as soon as tomorrow, one Senate source familiar with the matter told Decrypt. If all goes according to plan, the vote on the bill itself should see the same margin of passage as tonight’s procedural vote.

The bill would then need to pass a vote in the House before heading to President Trump’s desk. If signed into law, the GENIUS Act would establish a framework for legally issuing stablecoins in the United States.

Stablecoins are crypto tokens, generally pegged to the U.S. dollar, that allow holders to enter and exit digital asset trades without accessing fiat currencies directly. They can also be used to easily send payments and remittances across borders. It is anticipated that once stablecoin legislation passes, once-hesitant Wall Street giants will flood the sector, bringing billions of dollars, if not trillions, into crypto.

What gave the GENIUS Act new wings just days after the bill nearly death spiraled? Last week, Senate Democrats ironed out a new draft of the legislation, which they touted as containing major concessions from Republicans on issues like conflicts of interest, national security protections, and Big Tech.

But it's unclear if those measures will have enough teeth to make them enforceable. While the new draft forbids all senior executive branch officials from launching their own stablecoins, for example, it still allows the president and vice president to do so—sidestepping the Trump-related concerns that made ethics a prominent issue for the legislation in the first place.

In a similar vein, new language added to the bill in the eleventh hour would prevent Big Tech corporations from launching stablecoins if said corporations tracked and sold users’ sensitive financial data—unless they got customers’ consent to do so in their terms of service.

Another factor that may have shifted political calculus enough to get the GENIUS Act over the 60-vote hump: increased lobbying pressure from industry leaders, who realized that if the bill didn’t pass, hopes for passing any crypto legislation on Capitol Hill this year might die along with it.

Coinbase, for instance, which boasts a tremendous lobbying presence in Washington, had previously dragged its feet in supporting standalone stablecoin legislation—a move intended to increase the likelihood of Congress passing a single crypto bill covering several industry sectors, but that nonetheless frustrated other digital asset policy players. In recent days, with crypto’s entire legislative agenda on life support, Coinbase notably turned up the heat in a push to get the GENIUS Act over the finish line.

The firm’s CEO, Brian Armstrong, made explicit pleas for the bill to be passed immediately. Stand With Crypto, a pro-industry political watchdog launched by Coinbase, warned it would lower politicians’ grades if they voted against cloture on the GENIUS Act tonight—a move the organization notably did not make after the initial cloture vote on the bill earlier this month.

Over the weekend, an in-app notification sent out by Coinbase, and seen by Decrypt, urged American users to send their senators a letter demanding the GENIUS Act be passed immediately.

Behind such signifiers churns an immense amount of money. Last year Coinbase, along with a handful of other major American crypto companies, raised over $300 million for pro-crypto super PACs that spent heavily on congressional races. The same super PACs have already raised tens of millions of dollars for the 2026 midterms.

@ Newshounds News™
Source:  Decrypt

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BRICS: 5 COUNTRIES PAY 93% OF TRADE IN NATIONAL CURRENCIES

BRICS member Russia is advancing the de-dollarization agenda with every alliance it is a part of, and convincing them to settle trade payments in national currencies. In the latest, Russia confirmed that 93% of cross-border payments within the Eurasian Economic Union (EAEU) alliance have been settled in national currencies, not the US dollar.

After BRICS, every other alliance is teaming up for trade settlements in national currencies. The development will add strain on the US dollar and dampen its prospects as the world’s reserve currency. Emerging economies are reshaping the global financial order on their terms and not following the dictation of Western powers.

BRICS: Eurasian Economic Union EAEU Sidelines US Dollar, Pays 93% Trade in National Currencies

The EAEU alliance comprises five countries: Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. In 2015, the bloc announced that it used 70% of payments in national currencies. 

Now, 10 years down the line in 2025, the trade settlements have increased to 93%. Russia has used the BRICS ideology on the EAEU alliance to push national currencies ahead of the US dollar.

“If in 2015 the share of the ruble and other national currencies was about 70% in settlements with our partners in the EAEU, then by the end of last year we reached a record 93%,” said Russian Deputy Minister of Economic Development Dmitry Volvach.

Now, BRICS, CIS, SCO, GCC, ASEAN, and EAEU are using national currencies and ending reliance on the US dollar.

Volvach explained that no country was forced to indulge in de-dollarization, and the switch to national currencies was in their interest.

“It is impossible to artificially force participants in foreign economic activity to switch to one currency. This is a good foundation for further growth,” he said.
BRICS and EAEU are now at the forefront of de-dollarization, where national currencies take the lead over the US dollar.

@ Newshounds News™
Source:  Watcher Guru

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PAUL ATKINS: 'CRYPTO MARKETS HAVE BEEN LANGUISHING IN SEC LIMBO'

The new SEC chair said the regulator "should not be in the business" of stifling innovation at companies like those involved in digital assets.

In one of his first speeches since becoming chair of the US Securities and Exchange Commission (SEC) in April, Paul Atkins addressed some of the regulatory concerns around the cryptocurrency industry.

In prepared remarks for a May 19 speech, Atkins said it was a “new day” for the crypto industry under the current leadership of the SEC. He suggested that the financial regulator would be more open to “adapt to and accommodate new developments” while still abiding by its statutes.

“The crypto markets have been languishing in SEC limbo for years,” said Atkins, adding:

“While I have directed Commission staff across our policy Divisions to begin drafting rule proposals related to crypto, the staff continue to ‘clear the brush’ through staff-level statements.”

Even before Atkins stepped into the role of SEC chair, the commission’s actions under Donald Trump suggested that it would radically depart from the direction of former chair Gary Gensler.

In 2025, the SEC has dropped several investigations and enforcement actions against crypto companies and issued guidance on memecoins and security tokens.

“As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation,” said Atkins. “The markets innovate, and the SEC should not be in the business of telling them to stand still.”

Looking to Congress for market structure

Atkins’ remarks came as US lawmakers considered draft legislation to establish a regulatory structure for crypto markets. The proposed bill, moving through the House of Representatives, could clarify the roles the SEC and Commodity Futures Trading Commission (CFTC) have in overseeing and regulating digital assets.

Until the legislation passes Congress and is signed into law, the SEC’s rules and guidelines over crypto could face pushback from affected parties.

The SEC chair has given opening remarks and overseen the commission’s roundtable events, discussing regulatory issues surrounding digital assets and blockchain. The next event, scheduled for June 9, will cover decentralized finance.

@ Newshounds News™
Source:  Cointelegraph

~~~~~~~~~

BRICS: TANZANIA OFFICIALLY BANS THE US DOLLAR

Taking a leaf straight from the BRICS playbook, Tanzania announced an official ban on the US dollar in local transactions. The Bank of Tanzania (BoT) has put a blanket ban on all foreign currencies in local transactions, and only the Tanzanian Shilling (TZS) is made legal tender. The ban comes after an influx of foreign currencies circulated the market for local transactions, leaving the TZS behind.

Tanzania is inspired by the BRICS agenda of de-dollarization and is striving to keep the US dollar in the back seat. Individuals, traders, business owners, and large corporations in the country are not allowed to use the US dollar for transactions. The ban includes both receiving and sending foreign currencies, making it a legal offense to initiate the payments. Every individual, bank, and business entity must use the Tanzanian Shillings and not foreign currencies.

“Under these Regulations, pricing and payment for all goods and services within the country must be in Tanzanian Shillings. Therefore, it is an offense to quote, advertise, or indicate prices in foreign currency, to compel, facilitate, or accept payment in foreign currency (US dollar), or to refuse payment made in Tanzanian Shillings,” read the statement mimicking the BRICS ideology.

BRICS: Tanzania & the US Dollar

The ban on the US dollar also includes foreigners who visit the country as tourists, making Tanzanian Shillings mandatory. Only a few authorities are permitted to use foreign currencies, and the regulation makes it clear that they need to specify the transactions. Those include government contributions to regional organizations, embassies, and transactions by international firms.

What BRICS failed to do to the US dollar, Tanzania got accomplished.

Developing countries are inspired by the BRICS agenda of using local currencies and forging ahead in banning the US dollar. The move will prove costly to the American economy if many countries join in on the de-dollarization bandwagon. The popularity of using local currencies for trade is growing and signals a major warning to the American economy.

@ Newshounds News™
Source:  Watcher Guru

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CIRCLE COURTING ACQUISITION BIDS FROM COINBASE AND RIPPLE, ASKS FOR AT LEAST $5 BILLION: FORTUNE

Circle Internet Financial, the issuer of the second-largest stablecoin, is reportedly courting acquisition bids at a valuation of at least $5 billion, according to a report by Fortune.

The alleged sales talks involve Coinbase, Circle’s longtime partner, and Ripple, a recent rival in the stablecoin space. These discussions are happening even as Circle pursues a public listing.

In April, Circle filed a prospectus for an initial public offering, although the valuation remains undisclosed. Shortly after, Ripple offered between $4 billion and $5 billion to acquire Circle. However, Circle rejected the offer, stating the bid was too low.

This isn’t Circle’s first attempt at going public. Back in 2022, during the crypto bear market, the company canceled its SPAC merger that would have valued it at a staggering $9 billion.

Circle joins several other crypto firms like Kraken and BitGo in signaling public listing intentions under the pro-crypto economic climate of President Donald Trump. However, some analysts question whether Trump’s economic agenda may eventually dampen IPO appetite.

Trump has also publicly pushed for stablecoin legislation to be passed by the end of the summer—a development that could directly affect Circle’s strategic decisions.

Circle and Coinbase have maintained a long-standing partnership, dating back to the formation of the CENTRE Consortium, which initially managed the USDC stablecoin. USDC remains the most used stablecoin on Coinbase, and Circle reportedly paid Coinbase around $900 million in distribution costs in 2024.

Coinbase, meanwhile, is expanding aggressively, pursuing deals with Deribit (a derivatives exchange) and IronFish (a privacy platform). It also just became the first pure-play crypto firm to join the S&P 500.

Ripple is also building its stablecoin presence. It recently launched RLUSD on Kraken, integrating it into the platform’s payment infrastructure.

@ Newshounds News™
Source:  The Block

~~~~~~~~~

US DOLLAR DETHRONED: ONLY 60% GLOBAL RESERVES STILL BET ON ITS REIGN

The US dollar has been dethroned from its long-held position as the world’s undisputed reserve currency—a reality now backed by measurable data. Recent findings show that the dollar’s share of global reserves has declined to approximately 60%, down from 67% two decades ago. This gradual but persistent shift signals a transformational change in global finance, as central banks increasingly diversify their holdings away from the greenback. At present, the ongoing de-dollarization trend is considered one of the most consequential changes in the international monetary system in decades.

The Decline of Dollar Dominance in Numbers

The dollar’s share in global reserves has been steadily eroding over the past 20 years, reflecting a global strategy by central banks to reduce reliance on any single currency and to protect themselves from geopolitical risk.

Historical Context of the Dollar’s Weakening

Since the euro’s introduction in 1999, central banks have actively trimmed their dollar holdings. The British pound and Canadian dollar have gained modest ground, while global trade disputes and rising geopolitical tensions have accelerated a move away from U.S. currency dominance.

Economically stressed nations and those seeking greater monetary independence are contemplating a shift from using the U.S. dollar as the primary trade currency. As a result, “de-dollarization” has become a central topic in financial markets.

Paradox of Dollar Strength Amid Declining Reserve Status

Even as reserve status declines, the dollar has remained remarkably resilient. Its strength is driven by:

• Higher U.S. interest rates

• Strong capital inflows

• Safe-haven appeal during global turmoil

As a result, the dollar has climbed to new highs in real terms, reflected in the Federal Reserve Trade Weighted Real Broad Dollar Index.

Market Reactions to Dollar Uncertainty

This year, the U.S. dollar weakened by 8% against a basket of major foreign currencies—fueling debate over its long-term reliability.

“It is hard to put the genie back in the bottle once such concerns are raised.”
— Vishwanath Tirupattur, Morgan Stanley strategist

With this uncertainty, investors are reallocating assets into gold, German bonds, and emerging markets, signaling a desire to diversify away from dollar-denominated investments.

Structural Challenges for Alternative Currencies

Despite this shift, replacing the dollar is no easy feat. Only a few alternatives come close to meeting the requirements of a reserve currency.

“There is really no alternative to the dollar. The Euro is very fragmented, China’s currency doesn’t float freely in markets, and the yen doesn’t have the scale to compete.”
— Brent Coggins, CIO, Triad Wealth Partners

A true reserve currency must be:

• Freely convertible

• Backed by deep and liquid bond markets

• Readily accessible in times of crisis

The U.S. Treasury market continues to provide these essentials, despite the dollar’s recent challenges.

Future Outlook for the Global Reserve System

While a complete abandonment of the dollar seems unlikely in the near term, the trend is clear: the world is moving toward a multipolar currency system.

“We ultimately think this shift is tactical rather than a fundamental reassessment of U.S. assets.”
— Nick Bennenbroek, International Economist, Wells Fargo

Yet, what truly worries White House economists is not short-term volatility—but the potential for a long-term structural reallocation of global savings away from U.S. assets. Such a move would undermine America’s ability to borrow cheaply, long considered an “exorbitant privilege.”

The global financial order is evolving. While no immediate successor to the dollar exists, the momentum of de-dollarization is unmistakable and growing.

@ Newshounds News™
Source:  Watcher Guru

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TRUMP CONGRATULATES REPUBLICANS AFTER ‘BIG BEAUTIFUL BILL’ PASSES HOUSE PANEL

President Donald Trump praised House Republicans after a narrow but pivotal vote late Sunday night advanced what he called the “One Big Beautiful Bill Act,” containing many of his top legislative priorities.

“CONGRATULATIONS REPUBLICANS!!!” the president posted on Truth Social just before 1 a.m. Monday. “MAKE AMERICA GREAT AGAIN!!!”

The House Budget Committee voted 17-16 in a rare late-night session to move the bill forward. The proposed legislation aims to:

• Extend Trump’s 2017 tax cuts

• Boost immigration enforcement funding

• Cut spending on select social programs

House Republicans had spent the previous week negotiating details, particularly around spending cuts and the bill’s potential impact on the long-term national debt.

Notably, four GOP members who had previously blocked the bill’s advancement — Reps. Ralph Norman (S.C.), Chip Roy (Texas), Andrew Clyde (Ga.), and Josh Brecheen (Okla.) — shifted their stance and voted present, allowing the bill to proceed.

Speaker Mike Johnson (R-La.) said the process is far from over, stating the House will continue refining the measure as it moves to the Rules Committee:

“There’s a lot more work to do, we’ve always acknowledged that towards the end there will be more details to iron out, we have several more to take care of,” Johnson told reporters.

@ Newshounds News™
Source:  The Hill

~~~~~~~~~

DUBAI REGULATOR SETS COMPLIANCE DEADLINE FOR UPDATED CRYPTO RULES

Dubai’s Virtual Assets Regulatory Authority (VARA) has issued Version 2.0 of its activity-based Rulebooks, giving all licensed virtual asset service providers (VASPs) until June 19, 2025, to comply. The updated framework aims to strengthen market integrity, standardize regulatory terms, and enhance risk management across the digital asset ecosystem.

The revised rules, announced on May 19, tighten oversight for key activities including margin trading, token distribution, brokerage, custody, exchange, lending and borrowing, virtual asset management, and transfer and settlement services. VARA has harmonized compliance obligations across these areas, reducing ambiguity and streamlining operational expectations for VASPs.

Among the most notable updates are enhanced supervisory mechanisms and clearer definitions of core concepts such as “client assets,” “qualified custodians,” and “collateral requirements.” VARA also aligned disclosure obligations where service categories overlap, aiming to ease cross-functional compliance.

Margin trading regulations have been specifically tightened. Leverage thresholds have been reduced, and VASPs are now subject to stricter collateralization standards and real-time monitoring obligations. These measures are designed to curb systemic risks associated with overleveraged trading, particularly in volatile markets.

The new Rulebooks also introduce a dedicated section on token distribution. This includes clear licensing prerequisites, investor protection requirements, and robust marketing restrictions—especially for retail-facing offers—intended to align with global regulatory standards.

A VARA spokesperson emphasized that the updates aim to close observed regulatory gaps and create a consistent, secure environment for virtual asset activity in Dubai.

VASPs must comply within the 30-day transition period to avoid penalties. VARA’s supervisory team will be engaging directly with regulated firms to facilitate the transition and ensure readiness by the June 19 deadline.

@ Newshounds News™
Source:  CoinTelegraph

~~~~~~~~~

BRICS: 5 COUNTRIES PAY 93% OF TRADE IN NATIONAL CURRENCIES

BRICS member Russia is advancing the de-dollarization agenda, convincing economic alliances to settle trade payments in national currencies instead of the US dollar. In the latest move, Russia confirmed that 93% of cross-border payments within the Eurasian Economic Union (EAEU) are now settled in national currencies.

This significant shift reflects a growing global trend away from the U.S. dollar as the dominant medium for international trade. After BRICS, several other economic alliances are following suit, putting further pressure on the dollar’s global reserve status. Emerging economies are asserting greater control over the global financial order, independently of Western influence.

BRICS: Eurasian Economic Union (EAEU) Sidelines the US Dollar

The EAEU alliance consists of five countries: Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. In 2015, only 70% of the bloc’s trade was conducted in national currencies. A decade later, that figure has climbed to a record 93%, reflecting a steady transition fueled by BRICS-inspired monetary strategies.

“If in 2015 the share of the ruble and other national currencies was about 70% in settlements with our partners in the EAEU, then by the end of last year we reached a record 93%,”
— Dmitry Volvach, Russian Deputy Minister of Economic Development

Russia has extended the BRICS ideology to the EAEU, pushing national currencies ahead of the US dollar in global trade. Today, BRICS, CIS, SCO, GCC, ASEAN, and EAEU are increasingly transacting in their own currencies, significantly reducing reliance on the dollar.

No Force—Only Incentives to De-Dollarize

Volvach stressed that no nation was coerced into de-dollarization. Instead, the transition was driven by practical benefits and national interests:

“It is impossible to artificially force participants in foreign economic activity to switch to one currency. This is a good foundation for further growth,”
— Dmitry Volvach

BRICS and EAEU now stand at the forefront of de-dollarization, marking a pivotal moment where national currencies gain global relevance over the long-dominant U.S. dollar.

@ Newshounds News™
Source:  Watcher Guru

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US COMPLETELY LOSES PERFECT CREDIT RATING FOR FIRST TIME IN OVER A CENTURY

Moody's Ratings downgraded the U.S. government's credit rating on Friday, citing repeated failures by successive administrations to control the country's growing debt. The agency lowered the rating from its highest grade, Aaa, to Aa1, noting that while the U.S. still benefits from key strengths—such as a dynamic economy and the global dominance of the U.S. dollar—its fiscal outlook has significantly deteriorated.

Why It Matters

The shift means the United States no longer enjoys a fully stable top-tier rating from any major agency for the first time in more than 100 years. Moody's becomes the third and final major credit agency to reduce its assessment of the federal government's creditworthiness. Standard & Poor's made its first-ever downgrade in 2011, and Fitch Ratings followed in 2023.

What to Know

In its announcement, Moody's—led by chief economist Mark Zandi—projected the federal deficit will rise to nearly 9% of GDP by 2035, up from 6.4% in 2024, driven by:

• mounting interest payments,

• rising entitlement costs, and

• sluggish revenue growth.

Moody's also warned that extending President Donald Trump's 2017 tax cuts—now a key priority for the Republican-led Congress—would add $4 trillion to the federal primary deficit over the next decade. Political gridlock remains a major obstacle to fiscal reform, with:

• Republicans opposing tax increases, and

• Democrats resisted spending cuts,
  leaving little room for bipartisan solutions.

What to Know About the Three Major Credit Agencies

The three major credit rating agencies—Moody's Investors Service, S&P Global Ratings, and Fitch Ratings—play a critical role in assessing the creditworthiness of sovereign nations, including the United States. These agencies assign ratings that influence:

• borrowing costs,

• investor confidence, and

• global economic perceptions.

A top-tier credit rating signals low risk, while a downgrade can lead to increased borrowing costs and financial instability.

Historically, the U.S. maintained a perfect credit rating from all three agencies for decades, reflecting the country's economic strength and political stability. That changed in 2011 when S&P downgraded the U.S. from AAA to AA+ following a contentious debt ceiling standoff. Fitch followed in 2023, citing fiscal deterioration and repeated political brinkmanship. Moody's had been the last to maintain a stable AAA rating—until now.

• Moody's, founded in 1909, is the oldest of the three.

• S&P, established in 1860, is known for its market indices and ratings.

• Fitch, founded in 1914, is the smallest but still influential.

Together, these agencies hold immense sway over global finance, and their recent assessments of the U.S. reflect growing alarm over debt levels and political instability.

What People Are Saying

🔹 Democratic strategist Chris Jackson posted on X (formerly Twitter):
"BREAKING: In a stunning move, Moody's has downgraded the U.S. credit rating from Aaa to Aa1—for the first time in history. That's right: the only major credit agency that hadn't downgraded us under Trump just did. Who else enjoying all this 'economic winning' under Trump?"

🔹 Steven Cheung, assistant to President Trump and White House Director of Communications, replied:
"Mark Zandi, the economist for Moody's, is an Obama advisor and Clinton donor who has been a Never Trumper since 2016. Nobody takes his 'analysis' seriously. He has been proven wrong time and time again."

@ Newshounds News™
Source:
Newsweek – Moody’s Downgrades U.S. Credit Rating   

~~~~~~~~~

CHINA SELLS $19B IN U.S. TREASURIES AS TRADE WAR ESCALATES
 Beijing Cuts Holdings Amid Tariff Tensions and U.S. Credit Concerns

China has significantly reduced its holdings of U.S. government debt, shedding $18.9 billion in Treasuries in March, according to newly released data from the U.S. Department of the Treasury. This move aligns with rising tensions in the ongoing U.S.–China trade conflict.

Sharp Drop in Holdings

• China’s Treasury holdings fell to $765.4B in March, down from $784.3B in February.

• This is one of the steepest monthly reductions in recent years.

• China is now the third-largest U.S. debt holder, behind the U.K. and Japan.

This reduction comes amid growing speculation that China may use its U.S. debt holdings as a geopolitical tool—or to reduce risk as bilateral relations deteriorate.

Trade War Fueling Financial Maneuvers

China’s actions follow the U.S.'s aggressive tariff measures, which have escalated into what many now consider a de facto trade embargo, with tariffs exceeding 100% on some imports.

Chinese economist and former central bank adviser Yu Yongding commented:

“China must have a set of countermeasures through repeated scenario planning to safeguard the security of its overseas assets.”

Global Credit Concerns Deepen

China's debt selloff coincides with mounting concerns over the U.S.’s fiscal health:

• Moody’s downgraded U.S. debt from ‘AAA’ to ‘Aa1’, citing unsustainable debt levels.

• Interest payments and debt ratios are now “significantly higher than similarly rated sovereigns,” Moody’s warned.

Interestingly, China increased its U.S. Treasury holdings by $20B in February, despite the early tariff rounds. March’s reversal signals a shift in strategy as tensions spike.

@ Newshounds News™
Source:  Full article on Bitcoin.com

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Wall Street is Completely Ignoring Silver’s Potential

Wall Street is Completely Ignoring Silver’s Potential

Liberty and Finance:  5-17-2025

The recent U.S. debt downgrade has sent ripples of unease throughout the financial world, and expert analyst Don Durrett believes it’s just the tip of the iceberg.

In a recent interview with Liberty and Finance, Durrett dives deep into the precarious future of gold and silver, painting a compelling picture of economic instability and a potential financial reset.

His predictions are bold: gold soaring to $5,000 and silver breaking past $100, driven by a confluence of factors eroding the foundation of the current financial system.

Durrett doesn’t shy away from discussing the forces of economic manipulation at play. He argues that the persistent intervention in markets has created an artificial environment, masking underlying weaknesses and delaying the inevitable reckoning.

 He also delves into the complexities of Triffin’s dilemma, highlighting the inherent contradictions in a system where a national currency also serves as the global reserve currency. This tension, he contends, contributes significantly to global economic imbalances and instability.

The bond market, a cornerstone of the modern financial system, is also under increasing strain, according to Durrett. Rising interest rates and inflationary pressures are jeopardizing its stability, potentially triggering a cascade of negative consequences for investors and the broader economy.

He emphasizes the importance of understanding these vulnerabilities and taking proactive steps to protect one’s wealth.

But amidst the concerns, Durrett offers a pathway to navigate the storm: precious metals, particularly silver. He makes a strong case for a fundamental economic reset, arguing that the current system is unsustainable in its present form.

 He believes that gold and silver, traditionally seen as safe-haven assets, will play a crucial role in this transition, serving as a hedge against inflation and a store of value during periods of economic turmoil.

While gold is often touted as the ultimate safe haven, Durrett highlights silver’s unique potential. He points to its increasing industrial demand, particularly in green technologies like solar panels and electric vehicles.

This growing demand, coupled with a limited supply, could propel silver prices to levels unseen before. He positions silver not just as a store of value, but as a critical component of the future economy, further solidifying its position as a valuable asset.

The interview with Durrett serves as a stark warning about the challenges facing the global financial system.

He encourages investors to educate themselves, understand the forces at play, and consider diversifying their portfolios with precious metals.

While the predictions of $5,000 gold and $100 silver may seem ambitious, Durrett’s analysis provides a compelling rationale for their potential realization, driven by economic manipulation, systemic vulnerabilities, and the growing demand for silver in the new economy.

As the current system teeters, understanding the potential of precious metals, and particularly silver, might be crucial for navigating the uncertain times ahead.

https://youtu.be/AkqBjPtLpJk

Seeds of Wisdom RV and Economic Updates Sunday Morning 5-18-25

Good Morning Dinar Recaps,

THE LATEST STABLECOIN GENIUS ACT DRAFT: ADDRESSING KEY DEMOCRAT OBJECTIONS?

Yesterday, Punchbowl News reported that Senate leader John Thune had filed for a procedural vote (cloture) on the Stablecoin GENIUS Act — the same vote that failed last week. Hence, another vote is likely to be held next week. Democrat Senator Kirsten Gillibrand claimed major progress on the bill, indicating that several Democrats were gearing up to support it.

However, last night, Punchbowl published a memo from Senator Elizabeth Warren highlighting ongoing problem areas.

Ongoing Concerns About Trump Family Interests

Firstly, she objected that there’s nothing in the Bill stopping elected officials and their families from issuing stablecoins. The involvement of President Trump’s sons with crypto firm World Liberty Financial is viewed as controversial by some. That concern was exacerbated when its new stablecoin, USD1, was used in a $2 billion transaction by a firm chaired by the UAE’s national security adviser.

Regarding families, earlier this week, Senator Gillibrand implied that family members are legally permitted to issue stablecoins. However, officials themselves cannot. Since early May, there has been a GENIUS Act clause that states:

“For the avoidance of doubt, existing Office of Government Ethics laws and the ethics rules of the Senate and the House of Representatives prohibit any member of Congress or senior executive branch official from issuing a payment stablecoin during their time in public service.”

BigTech Stablecoin Issuance

Senator Warren’s second objection is that BigTech firms, such as Meta or X, are still allowed to issue stablecoins.

While the latest draft does not have a blanket ban, it includes a significant clause addressing issuance by public non-financial corporations. These firms must be approved by the Stablecoin Certification Review Committee, which will assess:

• Financial stability concerns

• Protection of consumer data

• Avoiding tying stablecoin services to other business activities

However, this only applies to public companies. For example, it would not apply to X, Stripe, or other unlisted unicorns. The Committee will consist of the:

• Secretary of the Treasury

• Federal Reserve Chair or Vice Chair

• Chair of the FDIC

Terrorism and Criminal Activities

Senator Warren is also concerned about the use of stablecoins for terrorist and criminal activities. She wrote:

“New language in the draft bill imposing restrictions on when foreign companies can issue stablecoins in the United States makes no material difference, given that the coins could still be issued offshore and moved through domestic decentralized exchanges accessed by terrorists and criminals.”

Her concern might relate to a change in wording — replacing “any person” with “digital asset service provider” (DASP) in several places. This was likely done to align with the upcoming crypto market infrastructure legislation. However, individuals involved in decentralized exchanges may not be covered under the DASP definition — potentially creating a loophole.

Stablecoins and Financial Stability

Stablecoins offer many potential benefits, but they also carry significant financial stability risks. Senator Warren believes these risks are not sufficiently addressed in the current draft:

“[The bill] would still allow issuers to actually invest their reserves in riskier assets, hold them in offshore accounts, engage in dangerous financial and commercial activities, and prevent regulators from applying strong safeguards — inviting a future crash and costly bailouts.”

Other jurisdictions generally require onshore reserve holdings for stablecoins, whereas the GENIUS Act is different in this respect. Some argue that reserves should only be invested in direct government securities, not in money market funds that add a layer of risk.

There is also growing interest in using tokenized assets for stablecoin reserves. These are often tokenized money market funds, which raises the need for clear tokenization standards, including:

• Secure custody providers

• Transparent audits

• Prohibitions on rehypothecation (lending of underlying assets)

There’s no point in banning stablecoin issuers from lending reserves if the tokenization firm can do so instead.

Political Landscape and Path Forward

Despite these concerns, it’s important to consider the broader political context. Senator Warren has long held strong opposition to cryptocurrencies and stablecoins. Her support for any such legislation remains unlikely.

The key to successful regulation lies in garnering Democratic support from lawmakers like Gillibrand, who understand that regulating existing stablecoins is critical. Without a clear framework, the regulatory vacuum may only increase the risks posed by this growing financial sector.

@ Newshounds News™
🔗Source:  Ledger Insights

~~~~~~~~~

🚫 JUDGE DENIES JOINT BID FROM RIPPLE AND THE SEC TO END XRP LEGAL BATTLE

A U.S. judge has rejected a joint request from Ripple and the SEC that sought to end their long-running legal dispute over XRP, saying their bid failed to meet legal requirements.

⚖️ What happened?
Ripple and the SEC filed a joint motion for an “indicative ruling” to reduce Ripple’s $125 million civil penalty to $50 million, and potentially vacate the penalty altogether.

But District Judge Analisa Torres shut it down, saying the parties failed to address the legal burden required to change or vacate the prior judgment.

🧾 Judge Torres wrote:

"Relief from judgment under Rule 60 is granted ‘only upon a showing of exceptional circumstances’… The parties have made no effort to satisfy that burden here; their request does not even mention the rule."

She concluded:

"If jurisdiction were restored, the court would deny the parties’ motion as procedurally improper."

📜 Background on the case:

• The SEC sued Ripple in late 2020, alleging it sold XRP as an unregistered security.

• In 2023, Judge Torres ruled that Ripple’s open-market XRP sales were NOT securities, but said institutional sales WERE.

🧨 In August 2023, Ripple was hit with a $125 million penalty. Both Ripple and the SEC have appealed the amount.

📉 Post-Gensler Fallout:
Since Donald Trump took office and Gary Gensler exited the SEC, the agency has walked back several crypto enforcement actions. But this case continues to hang in the balance.

📌 Judge Torres' ruling keeps the legal penalties in place — and the battle continues.

@ Newshounds News™
📎 Source:  DailyHodl

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 5-17-25

Good Afternoon Dinar Recaps,

GENIUS ACT VOTE ON MAY 19: WILL THE U.S. FINALLY REGULATE STABLECOINS?

The U.S. Senate is preparing to vote on the GENIUS Act (Guaranteed Electronic USD Issuance and Safeguards Act) on May 19, 2025. The bipartisan bill, co-sponsored by Senator Bill Hagerty (R-TN) and Senator Kirsten Gillibrand (D-NY), aims to establish the first-ever regulatory framework for payment stablecoins in the United States.

Hagerty Eyes Bipartisan Breakthrough

Senator Hagerty remains optimistic despite the bill’s rocky journey. On May 8, the GENIUS Act fell short of the 60-vote threshold required for cloture—only 48 senators voted in favor, while 49 opposed. Concerns from Democrats included:

▪️ Weak anti-money laundering (AML) measures
▪️ Lack of oversight on foreign-issued stablecoins
▪️ Insufficient consumer protection mechanisms

In response, bipartisan negotiations have led to key amendments. FOX Business reporter Eleanor Terrett confirmed on X that the revised version includes:

▪️ Enhanced customer safeguards
▪️ Clearer bankruptcy protection for stablecoin holders
▪️ Ethical restrictions, barring Big Tech firms (like Meta, Google) and individuals like Elon Musk from issuing stablecoins

These additions aim to win support from cautious lawmakers and ensure the bill aligns with investor protection and national security goals.

Stablecoin Market: A $246 Billion Sector Awaits Regulation

The timing is crucial. The global stablecoin market is now worth over $246 billion, with Tether’s USDT ($151B) and Circle’s USDC ($61B) leading the charge. These tokens, pegged 1:1 with fiat currency, are essential for traders, institutions, and fintech innovators.

Use cases are growing fast. Mastercard’s partnership with MoonPay is enabling stablecoin payments for 150 million merchants worldwide—further validating the need for regulation.

Senator Hagerty argues the GENIUS Act would:

▪️ Cement the U.S. dollar’s dominance in the digital economy
▪️ Increase demand for U.S. Treasuries
▪️ Encourage fintech innovation to stay within U.S. borders

Can the GENIUS Act Pass?

To pass, the Senate requires 60 votes. As of May 17, 2025, the chamber makeup is:

▪️ Democrats (including Independents): 51 seats
▪️ Republicans: 49 seats

With no party holding a filibuster-proof majority, the bill’s success hinges on bipartisan cooperation. If 9–11 moderate Democrats or Republicans flip in favor, the GENIUS Act could mark a historic regulatory milestone for crypto.

@ Newshounds News™
Source:  Coinpedia

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BRICS NEWS:  THIS US SECTOR WILL CRASH FIRST IF BRICS ABANDONS THE DOLLAR

The BRICS alliance has turned aggressive in advancing the de-dollarization initiative to bring down the US dollar’s global hegemony. They are forging new trade deals with other developing countries to settle cross-border transactions in their respective local currencies. The long-term goal of the 10-member bloc is to diminish the Western powers and tilt the financial authority towards the East.

The main objective of BRICS is to usher the world into a new financial era where the US, the dollar, and other Western allies have no power in global affairs and the overall markets.

The roadmap is already set, and the developing nations are working towards making it a reality. Whether they will be successful in bringing the US dollar down or not, only time will tell.

However, if BRICS manages to abandon the dollar, one important US sector will be the first to crash. It holds the keys to the American economy and global superiority, and without its support, America might never be a superpower. In this article, we will explain the top sector that will crash first if BRICS ditches the dollar.

Top US Sector To Crash If BRICS Ditches the Dollar

The US banking sector will be the first to come crashing down if BRICS ditches the dollar for cross-border transactions. Leading global banking giants such as JP Morgan, Bank of America, Citigroup, and several others will lose trillions of wealth. These US banks are heavily exposed to the US dollar through foreign exchange and dollar-denominated debt.

If BRICS decides to pull the plug on the dollar, US banks will face a liquidity crunch affecting interest rates and profits. These banks supply the US dollar “forward and backward” into America, and failing to do so will add greater pressure. It would expose the stock market to an extensive decline that has never been seen before.

In conclusion, the first US sector to crash if BRICS sidelines the dollar is the American banking system.

@ Newshounds News™
Source:  Watcher Guru

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