Seeds of Wisdom RV and Economic Updates Thursday Morning 2-6-25

Good Morning Dinar Recaps,

CFTC’S PHAM SEEKS ‘COMMON-SENSE’ REGULATION OF PREDICTION MARKETS IN NEW ROUNDTABLE

▪️The CFTC will hold a public forum to discuss prediction markets, though it did not name any specific marketplace in its announcement.

▪️CFTC Acting Chair Pham said past years of anti-innovation policies have restricted “common-sense” regulations of prediction markets.

The Commodity Futures Trading Commission announced Wednesday that it will hold a public roundtable to examine prediction markets, where its acting chair Caroline D. Pham expressed the need for more clarity in regulating such platforms.

“Unfortunately, the undue delay and anti-innovation policies of the past several years have severely restricted the CFTC’s ability to pivot to common-sense regulation of prediction markets,” said CFTC Acting Chairman Caroline D. Pham.

Pham said prediction markets are an “important new frontier” that can bring truth to the information age by utilizing the power of markets.

“The current Commission interpretations regarding event contracts are a sinkhole of legal uncertainty and an inappropriate constraint on the new administration,” Pham said.

Last year, the commission requested a district court to review a previous ruling in Kalshi’s favor in an attempt to block U.S. election bets on the prediction market. The two have been in a legal dispute since 2023 over the offerings of event contracts linked to congressional matters.

Earlier this week, it was reported that the CFTC was questioning prediction market Kalshi and Singapore-based crypto exchange Crypto.com over whether their derivatives-based Super Bowl sports events contracts were compliant.

“CFTC must break with its past hostility to innovation and take a forward-looking approach to the possibilities of the future,” Pham stated.

The roundtable

The public roundtable is a necessary first step in establishing a comprehensive regulatory framework for prediction markets, Pham said, as the new framework aims to promote the platforms while protecting users from deceptive market practices.

The forum will tackle several key roadblocks in establishing the framework, including past CFTC decisions, court orders and enforcement actions, and interpretations of event contracts on prediction markets in general.

“Participants will include a wide variety of experts and stakeholders representing numerous and diverse interests in these issues,” the statement said.

However, the release did not mention names of prediction markets that would be discussed at the public roundtable.

The roundtable is scheduled to be held at the CFTC headquarters in Washington, D.C., with further details on the event yet to be announced.

@ Newshounds News™

Source:  The Block

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RIPPLE EXPANDS US WORKFORCE BY 75% AFTER ELECTIONS: IS THE SEC LAWSUIT ENDING SOON?

Ripple’s CLO, Stuart Alderoty, recently shared his thoughts on the new U.S. administration’s approach to cryptocurrency.  In an interview with CNBC, Alderoty expressed his satisfaction with the changes brought about by the new administration.

He explained that the previous administration had essentially waged a “war” on crypto, pushing the industry out of the U.S. in favor of restrictive policies. However, since the inauguration, Alderoty praised the new administration for embracing cryptocurrency and clearing obstacles that had been stifling innovation.

Ripple’s Onshore Hiring Surge Amid SEC Case

Alderoty revealed that Ripple, which has been based in the U.S. for over 12 years, is benefiting from these shifts. He said that following the election, 75% of Ripple’s hiring efforts, which were previously offshore, are now being brought back onshore in the U.S. 

The company is eager to build and expand its operations domestically, with the belief that the U.S. can once again become the global leader in cryptocurrency technology.

These changes come amid the ongoing SEC case, which has been dragging on for four years. The updates have left many wondering if the case might be coming to an end soon.

Ripple’s Response to U.S. Crypto Reform

When discussing U.S. crypto reform, Alderoty outlined three major forces shaping the landscape: President Trump’s executive order, changes in federal regulation, and legislative action from Congress. 

He stressed the importance of the executive order, which reaffirms the U.S.’s goal of becoming the “crypto capital of the world.” The order has sparked a series of positive regulatory developments, including the appointment of David Sachs as the “crypto czar,” who is leading a task force to review and update crypto regulations.

Additionally, Alderoty praised the actions of the SEC’s acting chair, Mark Uyeda, who recently acknowledged the regulatory confusion of the past few years. Alderoty is optimistic that these changes will make it easier for banks to engage with crypto, further positioning the U.S. as a favorable environment for crypto innovation.

@ Newshounds News™
Source:  Coinpedia

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RIPPLE’S RLUSD TOKEN SECURES MAJOR LISTINGS

The Ripple USD (RLUSD) stablecoin has secured several new listings, according to a Wednesday announcement.  

The much-hyped stablecoin is now available for trading on Revolut and Zero Hash. These recent additions are likely to result in substantially broader RLUSD adoption.

London-based fintech firm Revolut boasts more than 50 million customers across the globe. Last September, it was reported that the company planned to launch its own stablecoin. In November, it also obtained the approval to expand its services across the EU after securing a banking license in the UK.

Zero Hash is a prominent cryptocurrency infrastructure platform. With the addition of RLUSD, the platform now supports five stablecoins across various chains.

RLUSD is, of course, available on both Ethereum and the XRP Ledger, and the stablecoin is expected to add more platforms in the future.  The Zero Hash integration is significant for the RLUSD since it means that Ripple's stablecoin is now part of the stablecoin engine that is powering various fintech firms in the realm of payments (remittances, payouts, AI agents) and trading.

Zero Hash CEO Edward Woodford says that the listing of Ripple's RLUSD token shows that the company is committed to offering its customers the most "innovative and regulated" stablecoin products.  

As reported by U.Today, the Ripple stablecoin recently surpassed $100 million in market capitalization.  

The token was also recently listed on Bitstamp, one of the oldest cryptocurrency exchanges.  

According to CoinGecko, the market cap of RLUSD currently stands at $108 million.

@ Newshounds News™
Source:  U Today

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“Tidbits From TNT” Thursday Morning 2-6-2025

TNT:

Tishwash:  Al-Sudani, Russian envoy discuss bilateral cooperation and stability

Iraq’s Prime Minister Mohammed Shia Al-Sudani met Wednesday with Mikhail Bogdanov, Russian President Vladimir Putin’s special representative to the Middle East and North Africa, to discuss bilateral relations and ways to enhance cooperation across multiple sectors, according to a statement from Al-Sudani’s media office.

The discussions also addressed regional and international developments, focusing on “efforts aimed at strengthening stability in the region.” The prime minister reaffirmed Iraq’s commitment to “fostering stronger ties between Iraq and Russia.”

The meeting follows earlier talks in Baghdad between Iraqi Speaker of Parliament Mahmoud Al-Mashhadani and a Russian delegation led by Bogdanov,

Statement from PM Al-Sudani’s media office:

Prime Minister Mohammed S. Al-Sudani met today, Wednesday, the Special Envoy of the President of the Russian Federation to the Middle East and North Africa, Mr. Mikhail Bogdanov. The meeting focused on bilateral relations between Iraq and Russia and explored ways to enhance cooperation across various fields.

The discussions also covered regional and international developments and efforts aimed at strengthening stability in the region. Prime Minister Al-Sudani expressed his initial approval to participate in the upcoming Arab-Russian Summit to be hosted by the Russian Federation, recognizing its importance in advancing mutual interests.

The Prime Minister reiterated the government’s commitment to fostering stronger ties between Iraq and Russia and expanding avenues of cooperation in multiple sectors. He also emphasized the need to enhance collaboration on the Development Road project and Russian initiatives concerning transit routes to ensure shared benefits and the growth of common interests.

For his part, Mr. Bogdanov conveyed the greetings of Russian President Vladimir Putin to Prime Minister Al-Sudani and reaffirmed his government’s keenness to activate bilateral memoranda of understanding. He also confirmed Russia’s readiness for the upcoming tenth meeting of the Iraqi-Russian Joint Committee, which will oversee the implementation of agreements and memoranda of understanding between the two nations.

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Tishwash:  Participants to Al-Sabah: Baghdad International Fair is a golden opportunity for economic cooperation

Participants in the Baghdad International Fair considered it a “golden opportunity” that could be a supportive starting point for the sustainable development process that the country is witnessing.

The 48th edition of the exhibition this year is witnessing a wide turnout from citizens, investors and businessmen, due to the quality of companies and products displayed locally and internationally.

Industrial investments

The official of the Ministry of Industry wing, Mohammed Qasim, told Al-Sabah: “Iraq is heading towards localizing its national industry, as well as bringing in global industries through investment within the country,” noting that “this matter requires the creation of an ideal work environment that is in harmony with the requirements of industrial investment and actually contributes to turning the wheel of industrial production.”

Industrial cities

Qasim stressed that “industrial cities are considered a trend that can contribute to localizing industry in Iraq, as these cities will provide all the requirements of the Iraqi and foreign industrialist, especially since the path of development has recalculated the calculations of many companies that can transfer their industries to Iraq and launch from it to various markets of the world.”

He pointed out that "the exhibition is an important opportunity to communicate with Arab and foreign participants who came with a real desire to be present in local markets, especially since Iraq has become the focus of attention of major international companies."

Golden opportunity

Baghdad Chamber of Commerce Advisor Wahbi Al-Khafaf told Al-Sabah: “The Chamber views the exhibition as a golden opportunity that can be used to serve the Iraqi economy, which needs combined local and international efforts to move its wheel.”

Available opportunities

Al-Khafaf pointed out that “the companies present at the exhibition have a great desire to work inside Iraq, which is considered a “promising market” that can benefit those who work inside it and invest in the available opportunities in all production and service sectors.”

 He also pointed out that “the companies that have come with new goods know that the Iraqi market is large and can accommodate regional and international presence, and some are thinking of localizing their industry within the country.”

More space

As for the representative of the Iraqi Iron Company, he explained to “Al-Sabah”, “The exhibition gave the company a larger space to communicate with the companies participating in the exhibition, especially construction and reconstruction companies and contracting companies that implement major projects that require huge quantities of iron to create concrete blocks.”

He stressed that "the national product is manufactured according to international specifications and competes with the best of its global counterparts." 

Local companies

He pointed out that “the exhibition represents an important opportunity, as it saved us a lot of effort and time in reaching this number of local and international companies.”

He pointed out that “the citizen provided an opportunity to communicate with citizens who learned about the nature of the company’s products, selling prices, and product efficiency, as the exhibition is a free opportunity for dissemination.”

Renew participation

A representative of the Pakistani company GFC, which specializes in electrical appliances, confirmed to Al-Sabah that the exhibition is important.

He pointed out that “the Iraqi citizen’s interest in the pavilion created a desire to renew participation in all exhibitions organized inside Iraq, especially since the Iraqi market is vast, and we can be present in all cities.”

Second package

In turn, the representative of the Ministry of Construction and Housing, Aram Majeed, told Al-Sabah, “The presence of the ministry’s team inside the Baghdad International Fair comes to reflect the ministry’s achievements during the past year, the projects that have been implemented and those under implementation, and the projects of the second package that will be launched soon, and includes a number of important projects, including the bridge that connects the Kadhimiya area with the Al-Krayat area.”

Economic cooperation

As for the financial affairs specialist, Athir Abdul Baqi, he said about the exhibition: “The banking sector is an important axis for any economic cooperation between Iraq and the countries of the world, and through our movement inside the exhibition, we noticed the presence of international companies inside the banks’ pavilions and inquired about the nature of the products offered, and how the money movement is going.”

Development plans

He pointed out to “Al-Sabah” that “most delegations stop at the issue or the joint of the development plans for the performance of the banking system, and where it stands among the services provided regionally and internationally, as companies look forward to entering into various businesses within Iraq and studying the reality of the financial sector and the services provided by the banking system.”

(1250) companies of various specializations representing 22 Arab and foreign countries are participating in the 48th session of the Baghdad International Fair.

Economic growth

Economic expert Aqil Al-Hamad told Al-Sabah: “Trade fairs generally represent a facade that indicates the extent of the country’s economic and urban growth.”

He added, "The Baghdad Exhibition is important for international companies, especially since the volume of turnout is large from foreign investors, and it has become a real proof of Iraq's economic importance."

Industrial reality

He explained that “exhibitions work to create solid partnerships between the private sector and foreign companies, and this in itself is an important factor that can improve the nature of the industrial and development reality, in addition to its role in providing many job opportunities and meeting the market’s needs for solid local products. In order to achieve the maximum possible degree of benefit, government agencies must hold more meetings with Iraqi economic organizations to learn about the nature of the exhibitions that should be held.”

Meanwhile, the Ministry of Trade stated that “its formations participated in the 48th session of the Baghdad International Fair, with special pavilions within the framework of enhancing economic cooperation and cultural exchange.

She explained in a statement received by “Al-Sabah” that “the companies’ participation came to highlight their activities and announce and promote their investment projects, which reflect the government’s commitment to enhancing sustainable development and supporting innovation in various fields.”

She pointed out that “the exhibition is an ideal platform for communication between companies and investors, and reflects Iraq’s ability to host major international events that enhance its economic position in the region, as it included a wide range of local and international companies displaying their latest products and services,” indicating that “the pavilions of the ministry’s formations witnessed a great turnout from visitors, and a comprehensive presentation was given on the projects and programs implemented by the ministry’s companies in various sectors.”

The Ministry also invited visitors, whether officials, business owners or citizens, to visit its companies’ pavilions and learn about future projects and initiatives aimed at strengthening the national economy. link

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Tishwash:  Sami meets with Ernst & Young to restructure banks: Strategy includes electronic payment

Finance Minister Taif Sami said on Wednesday, February 5, 2025, that the strategic plan to restructure banks includes introducing “modern technologies” such as electronic payment.

Meeting to follow up on the restructuring procedures of Rafidain and Rashid Banks and insurance companies 

According to a statement seen by "Ultra Iraq", Finance Minister Taif Sami held "an expanded meeting with the head of the Insurance Bureau, directors of government banks and insurance companies, and the international auditing and oversight company (Ernst & Young) to follow up on the measures taken to implement the restructuring of insurance companies and government banks, most notably Rafidain and Rashid Banks."

Sami pointed out that "the restructuring represents a fundamental step to enhance financial stability and improve the efficiency of government banks in accordance with international standards," stressing "the importance of developing banking systems, enhancing internal control, and implementing specialized training programs for banking cadres to ensure the provision of advanced financial services."

The Minister explained that "the strategic plan will include introducing modern banking technologies, such as electronic payment, enhancing transparency, improving capital management and completing the comprehensive banking system, in addition to cooperating with international financial institutions and benefiting from global expertise, in addition to setting specific time frames for implementing modernization operations, which will raise the efficiency of government banks and support the national economy." link

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Mot: The insight - ole ""Mot"" Brings Ya - is Simply AMAZING!! – LOL

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MilitiaMan & Crew Iraq Dinar News-Commitment Judicial Decisions-Central Bank of Iraq-French Ambassador-Paris Club

MilitiaMan & Crew Iraq Dinar News-Commitment Judicial Decisions-Central Bank of Iraq-French Ambassador-Paris Club

2-5-2025

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=u5WHzyLUMJ8

Iraq Economic News and Points to Ponder Wednesday Evening 2-5-25

Finance Launches Bonds Worth Two Trillion Dinars To Boost Investment And Provide Savings

Money and business  Economy News – Baghdad  The Ministry of Finance announced today, Wednesday, the launch of national bonds (first issue) for public subscription, with a total value of two trillion Iraqi dinars, for the period from February 10 to March 10, 2025.

The ministry said in a statement that the issuance of these bonds comes "as part of its plan to enhance local investment and provide savings tools for citizens and investors."

According to the statement, the bonds are divided into two categories: The first bond is worth 500,000 dinars with an annual interest of 6%, and is due after two years, with interest paid every six months. The second bond is worth 1,000,000 dinars with an annual interest of 7.5%, and is due after four years, with interest paid every six months.

The statement indicated that the bonds are tradable on the Iraqi Stock Exchange, which provides a distinct investment opportunity for citizens and companies looking for stable financial instruments.

The bond offering comes based on Article 77 of the Federal General Budget Law No. (13) for the years 2023, 2024, and 2025, with the aim of supporting the national economy and enhancing confidence in the Iraqi financial system, according to the Finance Ministry statement. https://economy-news.net/content.php?id=52539

Parliamentary Finance Committee Discusses With US Delegation The File Of Contracts Of Foreign Oil Companies Operating In Kurdistan

Energy  Economy News – Baghdad  On Wednesday, the Finance Committee of the House of Representatives discussed with an American delegation the file of contracts of foreign oil companies operating in the Kurdistan Region of Iraq.

The media office of the head of the committee said in a statement, seen by "Al-Eqtisad News", that "the head of the Finance Committee, Atwan Al-Atwani, received a delegation from the US Embassy headed by Julie Jones, the economic advisor to the embassy, ​​and Chris Torres, advisor to the Iraqi Council of Representatives file in the political department."

The statement added that "the meeting discussed the details of amending Article 12 of the Federal General Budget Law related to oil production and export, in addition to the financial challenges facing the country and preparations for preparing and approving the 2025 budget schedules."

He continued, "The meeting discussed the file of contracts of foreign oil companies operating in the region, and some details related to oil production and export, within the framework of amending the general budget law that the Council of Representatives recently voted on, as a first step to resolve the oil disputes between Baghdad and Erbil and in line with the Iraqi constitution."

Al-Atwani stressed, according to the statement, "the necessity for the region to commit to paying its financial dues to the central government in exchange for receiving its entitlements, including employee salaries and project financing, to end financial disputes," renewing the Finance Committee's keenness to "end all disputes and stop oil smuggling; due to its negative impact on the country's financial stability."

The statement explained that "the meeting witnessed a discussion of the timing of approving the budget schedules for the year 2025; with the aim of launching projects according to the specified timetable, with an emphasis on increasing non-oil revenues, reducing spending on non-essential projects, investing in service and educational projects, and supporting the private sector." https://economy-news.net/content.php?id=52551

IEA: Iraq Has 600,000 Barrels Of Oil Surplus Per Day

Energy   Economy News – Baghdad  The International Energy Agency revealed, on Wednesday, that Iraq has surplus capacity estimated at 600,000 barrels per day.

The agency stated, in a report reviewed by "Al-Eqtisad News", that "the total spare capacity of OPEC amounts to about 5.3 million barrels per day, including 3.1 million barrels per day in the Kingdom of Saudi Arabia, 1.1 million barrels per day in the United Arab Emirates, 600 thousand barrels per day in Iraq, and 400 thousand barrels per day in Kuwait."

The report added, "This total surplus is equivalent to about 5.1% of global oil demand, which the International Energy Agency expects to average about 104 million barrels per day in 2025."

A few days ago, OPEC+, which includes OPEC, Russia and their allies, made production cuts, reducing output by about 6 million barrels per day in a series of steps since 2022 to support the market. OPEC has reserves of oil called idle production that can be used in times of war or natural disasters.
https://economy-news.net/content.php?id=52533

Oil Prices Stabilize During Early Wednesday Trading

Economy | 05/02/2025   Mawazine News – Baghdad    Oil prices steadied in early trade on Wednesday after volatile trading in the previous session as investors shrugged off the impact of Chinese tariffs on U.S. energy imports, although President Donald Trump's renewed push to crack down on Iranian crude exports provided some support.

Markets move Brent crude futures were down 18 cents, or 0.24 percent, at $76.02 a barrel by 0210 GMT. US West Texas Intermediate crude lost 9 cents, or 0.12 percent, to $72.61, according to Reuters data.

WTI at one point fell 3 percent on Monday, its lowest since Dec. 31, after China announced tariffs on US imports of oil, liquefied natural gas and coal in retaliation for US tariffs on Chinese exports.

But prices rebounded after Trump reimposed his first-term “maximum pressure” campaign on Iran to curb its nuclear program, which has reduced Iranian crude exports to zero.

Analysts at Goldman Sachs said in a note on Tuesday that the impact of China’s retaliatory tariffs on energy prices would be limited “given that global supply and demand for these commodities will not be impacted by the Chinese tariffs.”

They added that both countries would be able to find alternative markets. Prices were also pressured by rising crude and fuel inventories in the United States, the world’s biggest oil consumer.

The American Petroleum Institute showed crude inventories rose by 5.03 million barrels in the week to Feb. 1. Ending January 31. It reported that gasoline stocks increased by 5.43 million barrels, and distillate stocks decreased by 6.98 million barrels. The official US government oil inventory data is scheduled to be issued on Wednesday evening.   https://www.mawazin.net/Details.aspx?jimare=259375

BP Intends To Invest In The Oil Sector In Iraq

Economy |  05/02/2025   Mawazine News – Baghdad  Reuters quoted a senior Iraqi oil official as saying that oil giant BP is expected to spend up to $25 billion over the life of a project to redevelop four oil fields in Kirkuk at a time when Baghdad is seeking to regain foreign investment.

If the deal is signed, a move the official expects to happen in the coming weeks, it would mark a major achievement for Iraq after years of production constrained by war. Iraq is OPEC’s second-largest oil producer after Saudi Arabia, with an average output of more than 4 million barrels per day.

BP will invest $20 billion to $25 billion under a profit-sharing agreement that will last for more than 25 years, the official said.

BP declined to comment on the Reuters report, but pointed to a statement last month saying BP and the Iraqi government had made significant progress toward reaching an agreement to support the operator of several Kirkuk oilfields in an integrated redevelopment project.

The potential BP deal would be the second major deal between Iraq and an international oil company in two years, following a deal in Basra with Total Energies, which was valued at around $27 billion.

BP’s deal would focus on rehabilitating facilities at four oilfields and developing natural gas to support Iraq’s domestic energy needs. The official said technical and economic negotiations were ongoing.

The deal is well underway, and final contracts could be signed in the first half of February, possibly by the end of this week.

The official said the deal would allow BP to increase crude oil production capacity from the four Kirkuk fields by 150,000 barrels per day, bringing total capacity to at least 450,000 barrels per day in two to three years. Current production is 300,000 barrels per day, according to three officials from the state-run National Oil Company. A profit-sharing model is under discussion that would allow BP to recover costs and start making a profit once production increases from current levels, the oil official said.

 BP has a 50 percent stake in a joint venture that operates the giant Rumaila oil field in the south of the country, where it has been operating for a century.   https://www.mawazin.net/Details.aspx?jimare=259381

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

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

Good Evening Dinar Recaps,

FDIC RELEASES DOCUMENTS RELATED TO CRYPTO DEBANKING

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

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

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

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

FDIC acting chairman Travis Hill commented:

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

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

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

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

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

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

@ Newshounds News™

Source:  CryptoNews

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

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HOW TRUMP'S TRADE WAR IS AFFECTING BITCOIN AND GOLD

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Decrypt

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🥇🥇GOLD TELEGRAPH BREAKING NEWS🥇🥇

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

Read: X . Com

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

People are definitely sweating.

Read: X . Com

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VERY STRANGE THINGS HAPPENING AT THE BANK OF ENGLAND.

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

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

Read:  X . Com

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BILLIONAIRE PIERRE LASSONDE MESSAGE:

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

Watch: X . Com

@ Newshounds News™

Source:  Cold Telegraph

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

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

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

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

New SEC Task Force To Foster Collaboration In Crypto Regulation

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

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

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

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

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

Public Engagement In Shaping Digital Asset Regulation

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

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

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

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

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

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

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

@ Newshounds News™

Source: Bitcoinist

Read more:  Bitcoinist

~~~~~~~~~

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Some “Iraq News” Posted by Clare at KTFA 2-5-2025

KTFA:

Clare:  Prime Minister Approves New Date for Iraq Investment Forum

2/3/2025  Baghdad – 

Prime Minister Mohammed Shia Al-Sudani has approved a new date for the Iraq Investment Forum, scheduled to take place from April 12-13, 2025.
 
According to a letter from the Prime Minister's office, received by The Iraq News Agency-INA , "The Prime Minister's approval has been granted to hold the Iraq Investment Forum on April 12-13, 2025, for the necessary arrangements in light of the Prime Minister's approval."  LINK

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Clare: Iraq is heading to implement the first historical transfer operation through the international (TIR) system

2/5/2025  Baghdad-

The International Road Transport Union (IRU) announced during its visit last week that Iraq is heading towards implementing the first historic transport operation through the international road transport system (TIR).

The union stated in a statement, followed by the Iraqi News Agency (INA), that "a delegation from the International Road Transport Union (IRU) visited Iraq last week to lay the foundation for the first cross-border transport movement in the country within the international road transport system (TIR).

It explained that "Iraq is close to achieving a historic achievement in cross-border trade, as the first transport operation under the umbrella of the international road transport system is expected to take place soon, as this event represents a turning point for the country and a major step towards full integration into the recognized international system for customs transit."

It added that "during the past week, the International Road Transport Union (IRU) held key discussions with stakeholders in the public and private sectors, reinforcing Iraq's commitment to modernizing the trade sector and adopting international best practices."

It pointed out that "a specialized workshop was organized during the visit, focusing on the importance of international agreements of the United Nations, such as the TIR Convention and the European Convention on the International Carriage of Dangerous Goods by Road. Experts highlighted the vital role of these agreements in simplifying cross-border trade, enhancing trade security, and reducing road accidents. Discussions also addressed the importance of professional excellence in the land transport sector and developing strong regulatory frameworks to support it."

The statement continued that "cooperation between the public and private sectors was one of the main themes of the meetings, as its essential role in achieving these goals was emphasized," noting that "effective coordination between government authorities and the private sector is a crucial factor in ensuring the smooth implementation of the TIR Convention and the European Convention on the International Carriage of Dangerous Goods by Road, which enhances Iraq's position in regional and global trade."

It concluded that "as Iraq prepares for this achievement, it stands on the threshold of a new era in the field of transport and international trade, as it adopts global best practices to enhance efficiency, security, and economic growth."  LINK

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Clare: Confirming Shafaq News news.. Al-Sudani calls on the State Administration Coalition to hold a meeting in Baghdad

2/5/2025

Prime Minister Mohammed Shia al-Sudani called on Wednesday for members of the State Administration Coalition to hold a meeting at the government palace next Saturday, February 8, 2025.

A statement issued by Al-Sudani's office explained that the latter's call for holding the meeting aims to "discuss the general situation in the country and examine a number of files at the national level."

The State Administration Coalition called for an emergency meeting next Saturday at the government palace in the capital, Baghdad, to discuss a group of "important" issues.

An informed source told Shafaq News Agency that the most important of these issues is the recent escalation against the Federal Court after it issued the federal order to stop the implementation of the three controversial laws.

The Iraqi political arena has witnessed rapid development since yesterday, Tuesday, after the Federal Court issued a judicial order to stop the implementation of the general amnesty laws, amend the Personal Status Law, and return the properties to their owners in Kirkuk.

This decision prompted the Sunni forces to escalate their stance against the court, as official work was suspended in three Sunni provinces in protest against the decision, amid hints of other escalatory steps such as withdrawing from parliament and the government, and organizing protest demonstrations, the beginnings of which began in the city of Mosul today.

In contrast, the Coordination Framework announced its support for the court’s procedures, stressing its constitutional right to monitor the laws.

It is noteworthy that this decision came after a number of representatives filed an appeal regarding the parliament’s collective voting on the laws, while observers are awaiting a final decision from the court in the coming weeks.

Earlier today, the Iraqi Supreme Judicial Council issued a fatwa that it is not permissible to suspend the implementation of laws enacted by the House of Representatives before they are published in the Official Gazette, while it considered that the law amending the Personal Status Law and returning properties to their owners requires delaying the issuance of any decision related to them. It stressed that the courts in the country are obligated to implement the general amnesty law.

The "State Administration" coalition includes the Shiite parties (the Coordination Framework), the Sunni blocs (the Progress and Sovereignty Alliance), and the Kurdish parties (the Kurdistan Democratic Party, the Patriotic Union of Kurdistan), and since its formation it has aimed to support a consensus government to ensure the stability of the political process and implement agreements between the political blocs.  LINK

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Clare:  The Ministry of Commerce directed to expedite the completion of financial statements for budgets of previous years.

2/5/2025  Baghdad /

 Minister of Trade Athir Dawood Al-Ghariri directed, today, Wednesday, the financial and budget departments to complete the financial data for the budgets of previous years and send them to the Financial Supervision Bureau for the purpose of approval and submission of comments, no later than the tenth of next May.

The ministry said in a statement that "Al-Ghariri stressed during an expanded meeting held in the presence of the general administrations of the grain trading and manufacturing companies, the administrations of the relevant departments, and a number of assistants to the general managers, the need to assume responsibility for preserving public money.

He pointed out that the approval of these budgets is an achievement that contributes to the return of entitlements as revenues to the general budget, in addition to limiting the companies' shares of their profits and the ministry's revenues.

The minister confirmed that the ministry has achieved a remarkable achievement by obtaining second place among government agencies in the file of combating corruption and integrity with a rate of 99.35%, which was not achieved in previous years, pointing to the adoption of the principle of reward and punishment in evaluating performance and not being lenient with the lazy who do not adhere to performance and implementation plans.   LINK

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Clare:  Trump Restores Tough Line on Iran—Includes Watch on Iraqi Banks, Gulf States Transshipment of Prohibited Goods

NSPM-2 directs the Secretary of State to “take immediate steps” to ensure Iran does not use Iraqi banks to evade sanctions or Gulf ports to transship prohibited goods.

WASHINGTON DC, United States (Kurdistan24) On Tuesday, U.S. President Donald Trump revived the tough line toward Iran that he pursued during his first term in office.This was laid out most clearly in two documents released by the White House: “National Security Presidential Memorandum/NSPM-2” and “Fact Sheet: President Donald J. Trump Restores Maximum Pressure on Iran.”NSPM-2 is addressed to 17 senior officials at 16 U.S. government agencies, including the State Department.

It contains four directions to the Secretary of State. One aims to prevent Iran from using the facilities of regional states to circumvent the renewed U.S. sanctions.

That direction has two parts. One part is to maintain a watchful eye on Iraq’s banking system, which Iran has used in the past to evade sanctions. The second part is to prevent Gulf countries from acting as transshipment routes for Iran’s import of prohibited goods.

Thus, NSPM-2 directs the Secretary of State to “take immediate steps in coordination with the Secretary of the Treasury and other relevant agencies to ensure that the Iraqi financial system is not utilized by Iran for sanctions evasion or circumvention and that Gulf countries are not used as sanctions evasion transshipment points.”

Iran as Major State Sponsor of Terrorism

The view of Iran, as expressed in NSPM-2, is the reverse of that held by the Biden administration, when it took office in January 2021. It believed then that U.S. pressure on Iran, which had been Trump’s policy, was a major source of regional instability. So, it adopted an accommodating position toward Tehran.

But that policy failed. There was no reduction in tensions, rather they increased, particularly after Hamas’s brutal Oct. 7, 2023, cross-border assault into Israel.

Eventually the Biden administration came around to the view that Iran was, indeed, an aggressive power. It posed a threat to the region and had to be contained, as President Joe Biden told Congress in his March 2024 State of the Union speech.  LINK

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

Good Afternoon Dinar Recaps,

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

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

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

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

FDIC to Change Crypto Regulations for Banks

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

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

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

@ Newshounds News™

Source:  CoinGape

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

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

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

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

One Step Closer?

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

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

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

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

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

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

RLUSD’s Advancement

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

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

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

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

@ Newshounds News™

Source:  CryptoPotato

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SEC SUED BY WATCHDOG GROUP OVER WITHHELD CRYPTO REPORT

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

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

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

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

SEC’s ‘silent treatment’

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

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

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

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

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

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

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

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

Good Morning Dinar Recaps,

REPUBLICAN LAWMAKERS LAUNCH BICAMERAL WORKING GROUP TO BRING CLARITY TO CRYPTO

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

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

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

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

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

Lawmakers plan to build on the Financial

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Crypto News

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

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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“Tidbits From TNT” Wednesday Morning 2-5-2025

TNT:

Tishwash:  Finance announces the launch of national bonds (first issue) for public subscription

The Ministry of Finance, represented by the Public Debt Department, announced the launch of national bonds (first issue) for public subscription, with a total value of (2) trillion Iraqi dinars, for the period from February 10 to March 10, 2025, as part of its plan to enhance local investment and provide savings tools for citizens and investors.

The ministry's statement stated that the bonds are distributed into two categories: ️The first bond is worth 500,000 dinars with an annual interest of 6%, and is due after two years, with interest paid every six months.

The second bond is worth 1,000,000 dinars with an annual interest of 7.5%, and is due after four years, with interest paid every six months. It explained

The bonds are characterized by their tradability on the Iraq Stock Exchange, which provides a distinct investment opportunity for citizens and companies looking for stable financial instruments.

She explained that the bond offering comes based on Article 77 first of the Federal General Budget Law No. (13) for the years 2023, 2024, and 2025, with the aim of supporting the national economy and enhancing confidence in the Iraqi financial system.  link

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Tishwash:  Governor of the Central Bank of Iraq receives the French Ambassador accompanied by a delegation from the French business sector

The Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, received the French Ambassador to Iraq, Mr. Patrick Dorrell, and a French delegation, which included a number of French banks and companies in various sectors, in the presence of officials from the Central Bank of Iraq and the Director General of TBI Bank. 

His Excellency the Governor reviewed the investment opportunities in all sectors, especially after the security stability witnessed by Iraq.

He explained the priorities, plans and initiatives that the Central Bank is working on to achieve general stability in prices by controlling the inflation rate, and supporting economic growth through its financing initiatives to achieve economic diversification.

He pointed to the role of the Central Bank in expanding financial inclusion, moving to electronic payment, digitizing the economy, integrating into the global economy and its financial system, and the great success in moving foreign transfer operations to the latest international practices and standards.

His Excellency explained the laws that facilitate the movement of investors' funds into and out of Iraq, stressing the endeavor to overcome the difficulties facing investment companies wishing to work in Iraq, within the area of ​​specialization. 

For his part, His Excellency the French Ambassador stressed that French companies have an important and great opportunity to invest in Iraq and deal directly with the private sector, especially with the existence of laws that support investors and commercial projects.

The French delegation also participated in the dialogue and raised the most important questions that contribute to understanding investment opportunities, while His Excellency took the initiative to answer the delegation’s inquiries as well as the officials present at this meeting. 

Central Bank of Iraq 
February 4, 2024
Media Office  link

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Tishwash: Joint statement by the Sudanese Office and the Central Bank on the modernization of the banking sector

Joint statement from the Office of the Prime Minister and the Central Bank of Iraq,

 Banking reforms constitute an important pillar of the economic reform adopted in the government program. In order to complete the important steps that the government has started in this framework since it began its work, and in order to achieve a package of development targets that require banking development, the government, in cooperation with the Central Bank of Iraq, has embarked on a comprehensive initiative that includes a comprehensive strategic banking reform process that constitutes a turning point in the history of economic development in Iraq, and is consistent with the extent of commitment to raising the level of banking standards, enhancing financial flexibility, and supporting the competitiveness of the financial system.

These comprehensive reforms aim to keep pace with developments in the countries of the region and the world, and contribute to opening partnerships and prospects for communication with the outside world on a broad scale in modern banking and financial transactions, as the Central Bank works to implement and develop regulatory and supervisory frameworks with international partners, which contributes to achieving sustainable growth and development of the banking sector, just as the government works to support the reforms and efforts of the Central Bank of Iraq in developing the state of the banking sector.

These reform efforts focused on the following main areas:

1- Strengthening ownership structures and governance frameworks, by enhancing transparency and accountability, through measures including the creation of diverse ownership structures, and ensuring independent oversight by boards of directors over operations and committees.

2- Raising the level and standards of service, by increasing access to basic financial services for all members of the Iraqi people, through enhancing efficiency, increasing the supply of products, and modernizing the infrastructure of the banking sector.

3- Harmonization and conformity with international standards, by imposing adherence to recognized frameworks and practices in the areas of combating money laundering and combating the financing of terrorism, as well as commitment to financial transparency in order to ensure smooth banking services and support businesses and citizens’ needs.

4- Enhancing financial flexibility, by enhancing the financial safety of Iraqi banks and setting strong requirements regarding capital and cash liquidity, to protect customer deposits and protect the economy in the face of local and international challenges.

This initiative comes within the framework of a broader strategy aimed at modernizing the banking sector, which the Central Bank of Iraq is currently developing in partnership with Oliver Wyman, a leading global management consulting firm. The ongoing reforms being implemented with government banks enhance the integration of this strategy, representing a turning point in the future of the Iraqi financial system.

The implementation details of these reforms will be presented later.

From this standpoint, the government and the Central Bank affirm the adoption of a common reform vision, which is to establish a modern, transparent and comprehensive banking system that supports the aspirations of the dynamic economy of the Iraqi state.  link

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Mot: . poor ole ""Earl"" -- the abuse!! – LOL  

Iraq Economic News and Points to Ponder Tuesday Evening 2-4-25

The Amman Dollar In Iraq ... A Suspicious Currency Or Losses Of Storage?

Reports and analyzes     Breaking   2025-02-02 Shafaq News/ The owners of banking and merchants are suffering from anxiety and confusion due to the circulation of the $100 USD category called "the old", which is printed in 2003, known in the local market as (Al-Amani).
 
The dollar is considered the master of difficult currencies in Iraq undisputedly, but the matter differs with the "Omani" papers, as merchants refrain from circulating because they do not contain clear signs.

The Iraqis call the "Omani" in the 100 dollar category 2003 edition and below , in relation to the Jordanian capital, Amman, where it was widely circulated there during the previous regime.

Price 
"Some of the banking offices refrain from buying the old dollar from people," the owner of the "Aws" exchange, Ahmed Sadiq, told Shafaq News, noting that  "some accept it at a price lower than the price traded in the market by two thousand or three thousand dinars."

He adds that  "some banking offices conclude on some dollar category banknotes with a special seal in his office in order to avoid the problems that occur," noting that
 
"some people returned monetary papers from the dollar to the offices on the pretext of forgery, claiming that they bought them from them."

He believes that "placing the seal on the banknote would protect the bankrupt from some weak souls who are trying to deceive the owners of the offices by falsifying the papers that were purchased from them," noting at the same time that "placing the seal on foreign banknotes may cause a problem with their buyers difficult Pay it abroad."
 
Old Counterfeiting
 
The owner of the "Fez" banking, Jawad Malik, told Shafaq News that  "the lack of dealing in the old dollar is the result of the forgery in which it took place in Turkey and Jordan, and the rumor about his entry into Iraq," noting that
 
"many exchange owners have become not dealing with it, and it has become from The past, or they accept it by a price difference of up to 20 thousand dinars or more who can transfer this currency to the central bank.  

He points out that "most of the banking offices were concluded on the 100 dollar category with a seal on the name of the banking,  even if this category was new to reassure the buyer not to falsify it and also so that no one has returned from him the dollar and claims to be forged."

It shows that "many of the banking offices do not deal with the category of dollars or what is spoken to (to you), and sometimes even in the five-dollar category despite the neighborhood countries dealing with them without any problem," stressing that "this falls into the mood of the great merchants who They deal with dollars. "

Useful Security Signs 

The Iraqi merchant Haider al-Hassani told Shafaq News that  "he does not deal with the old dollar at all to avoid the problem of forgery," noting that  "the old has no clear security signs."

He adds, "It does not deal also even with the new dollar," noting that 
"economic security prohibits trading in the market price."
 
All Currencies Are Acceptable
 
"There is no old and new dollar in the concept of the central bank, as all foreign and national currencies in force are acceptable," said financial expert and former general manager of the central bank, Mahmoud Dagher, told Shafaq News. He continued,
 
"The mood of people, merchants and owners of banking offices cannot force them, whatever happens to accept these types of old dollars," stressing that "this matter is personal jurisprudence."
 
There Are No Instructions
 
The Central Bank of Iraq confirms that there are no instructions on the rejection of the old dollar and not dealing with it. An official source in the bank told Shafaq News that
 
"the bank has not issued any instructions on not dealing with the old dollar." He added that  
"all the sayings and words that are about the bank’s refusal to accept the old dollar is a shame."
 
In conclusion, the issue of trading the "old" dollar category in Iraq remains a source of concern for citizens and exchange offices alike, as fears of forgery overlap with market considerations.
 
While the Central Bank of Iraq confirms the acceptance of all the coins, dealing with this category remains mortgages with the mood of the market and the decisions of the merchants.
 
Despite the absence of any official instructions that prevent the trading of the old dollar, safety procedures and reservations from some banking offices indicate the continued state of confusion and doubts about this category, which may reflect an urgent need for an official clarification that enhances the stability of the local market and reassures customers     
  
https://www.shafaq.com/ar/تقارير-وتحليلات/الدولار-العماني-في-العراق-عملة-مشبوهة-م-خسا-ر-طول-الخزن  

Finance Minister Stresses Importance Of Partnership With US In Supporting Financial Stability
  
Economy  Baghdad – WAA    Finance Minister Taif Sami stressed, today, Tuesday, the importance of partnership with the US in supporting financial stability and economic reforms.

A statement by the ministry - received by the Iraqi News Agency (INA) - stated that
 
"Finance Minister Taif Sami received the Chargé d'Affaires of the US Embassy in Baghdad, Daniel Rubinstein, where the two sides discussed ways to enhance financial and economic cooperation between Iraq and the United States."  The statement added that
 
"during the meeting, the minister stressed the importance of partnership with the US side in supporting financial stability and economic reforms," ​​noting,
 
"Iraq's commitment to enhancing an attractive investment environment and developing financial sectors."  The statement continued,
 
"The US Chargé d'Affaires, for his part, stressed his country's keenness to support Iraq in the areas of economic development and enhance cooperation in financial reforms," ​​stressing,
 
"the importance of continuing coordination between financial institutions in the two countries to achieve common interests."      https://www.ina.iq/227329--.html    

Al -Rafidain Bank "Under The American Microscope" Amid Charges Of "Financing Terrorism"
 
Politics / Economy | Baghdad today – Baghdad   The Iraqi politician, Qanbar's uprising, today, Monday (3 February 2025), has sparked widespread controversy after his statement that
 
"the Rafidain Bank has not been subject to a review of its financial accounts nine years ago," which raises questions about transparency and financial oversight on one of the most important banking institutions in Iraq.   https://x.com/eqanbar/status/1886434884232593509?s=48
 
According to a channel, the bank was involved in financing "terrorist groups" through financial tools such as "Ki Card" and unacceptable loans or what it described as "toxic" loans.
 
Qanbar pointed out that there are official bodies that bear the responsibility of this situation, accusing the Ministry of Finance, headed by Taif Sami of involvement or overlooking these practices, which led him to say that the "Ministry of Elon Musk" will take strict measures against the ministry and the bank. Despite the ambiguity of this expression, his statement highlights the confidence crisis in Iraqi financial institutions.
 
 Joe Wilson And The Escalation Of The American Speech Towards Iraq
 
In another context, the tweets of US Republican MP Joe Wilson added to add a more complex political dimension to the financial crisis in Iraq. Wilson stated:
 
"I urge the Ministry of efficiency to investigate Iranian dolls, which publicly stole 2.5 billion dollars from Mesopotamia, while American taxpayers' money goes to the Central Bank of Iraq."

This statement raised speculation about the possibility of an American escalation against Iranian influence in Iraq, and perhaps imposing additional sanctions on the parties involved in illegal financial operations.
 
Observers also link these tweets with increasingly American concerns about the exploitation of the Iraqi financial regime to finance armed groups linked to Iran. 
 
The Central Bank Of Iraq And Its "Failure" In Combating Money Laundering
 
Despite the attempts of the Central Bank of Iraq to reduce money laundering, these efforts have not achieved the required success.
 
The bank launched several measures aimed at controlling the real estate sector as one of the most used sectors in money laundering operations, as a ceiling of 500 million Iraqi dinars imposed on real estate transactions, and later reduced this limit to 100 million.
 
But these measures, according to specialists, did not prevent suspicious money flow through other channels such as exchange companies and fake transfers.
 
There are also accusations of weak control of civil banks that are suspected of using it as a funding interface and the financing of armed groups.
  
Transferring Suspicious Funds From Iraq To Iran
 
International reports revealed that some Iraqi banks used a banking system established by the United States after 2003 to transfer huge sums to Iran.
 
These operations were carried out through fake companies and forged bills, which allowed the transfer of billions of dollars outside the legal financial system.
 
In an attempt to stop these operations, the United States imposed restrictions on a number of Iraqi banks, which led to a decrease in the volume of transfers in dollars from Iraq.
 
However, there remains concern that these funds still find their way to illegal parties across alternative paths.

 Iraq Cash Reserves At The US Federal Bank
 
It is worth noting that Iraq's foreign exchange reserves are being held at the American Federal Bank, which puts the Iraqi economy under direct control from Washington.
 
This link enables the United States to impose strict financial restrictions on Iraq if it is suspected of having corruption or financial support for illegal parties.
 
Because of this situation, some Iraqi officials fear that the United States will take more strict measures against the Iraqi banking system, especially if the dollar smuggling and transferring it to Iran and armed groups continues.
 
 A Confidence Crisis That Threatens The Iraqi Economy
 
Iraq faces a complex financial crisis, as issues of financial corruption, money laundering, and terrorist financing with American political pressure overlap.
 
While the central bank tries to take measures to restrict suspicious financial flows, the gaps are still in place, making the required reforms more urgent than ever.
 
Under these circumstances, the most important question remains: Will Iraq be able to regain control of its financial system, or will it face American pressure and strict sanctions in the near future?    
  
https://baghdadtoday.news/267237-مصرف-الرافدين-تحت-المجهر-الأمريكي-وسط-اتهامات-بـتمويل-الإرهاب.html  

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

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

Good Evening Dinar Recaps,

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

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

Clear Regulatory Framework for Digital Assets

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

The Impact of Unclear Regulations

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

Promoting Innovation and Consumer Protection

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

Stablecoins and U.S. Dollar Dominance

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

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

Source:  Coinpedia

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

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

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

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  DailyHodl

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TRUMP SAYS U.S. WILL TAKE OVER GAZA STRIP

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

@ Newshounds News™

Source:  Reuters

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Iraq Economic News and Points to Ponder Tuesday Afternoon 2-4-25

Gold Continues To Rise And Maintains A Historical Level In Iraq

Stock Exchange  Economy News – Baghdad   The prices of "foreign and Iraqi" gold rose in the local markets in the capital, Baghdad, today, Tuesday, (February 4, 2025).

Gold prices in the wholesale markets on Al-Nahr Street in the capital, Baghdad, this morning recorded a selling price for one mithqal of 21 karat Gulf, Turkish and European gold of 595 thousand dinars, and a purchase price of 591 thousand dinars. 

The selling price of one mithqal of 21-karat Iraqi gold reached 565 thousand dinars, and the purchase price was 561 thousand.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 595,000 and 605,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 565,000 and 575,000 dinars.   https://economy-news.net/content.php?id=52498

Joint Statement By The Office Of The Prime Minister And The Central Bank Of Iraq

Economy   | 04/02/2025   Mawazine News – Baghdad    The government, in cooperation with the Central Bank of Iraq, announced today, Tuesday, the launch of a comprehensive initiative for banking reforms, noting that "this step comes as part of the government program aimed at modernizing the banking sector and making it more competitive locally and globally."

According to the joint statement issued by the Prime Minister's Office and the Central Bank, received by "Mawazine News", the new reforms include an integrated strategic process that constitutes a turning point in the history of economic development in Iraq.

These comprehensive reforms aim to keep pace with developments in the countries of the region and the world, and contribute to opening up broader horizons for communication with the outside world in modern banking and financial transactions.

These reform efforts were based on several main areas, according to the statement:

1- Strengthening ownership structures and governance frameworks, by enhancing transparency and accountability, by creating diverse ownership structures and ensuring independent oversight of boards of directors over operations and committees.

2- Raising the level and standards of service, by increasing access to basic financial services for all members of the Iraqi people, by enhancing efficiency, increasing the supply of products, and modernizing the infrastructure of the banking sector.

3- Harmonization and conformity with international standards, by imposing commitment to recognized frameworks and practices in the areas of combating money laundering and combating the financing of terrorism, as well as commitment to financial transparency.

4- Enhancing financial flexibility, by enhancing the financial safety of Iraqi banks and setting strong requirements for capital and cash liquidity, to protect customer deposits and protect the economy in the face of local and international challenges.

The statement noted that "the Central Bank is working to implement and develop regulatory and supervisory frameworks in cooperation with international partners, while the government is working to support the reforms and efforts of the Central Bank to develop the state of the banking sector.

" He added, "This initiative comes within the framework of a broader strategy aimed at modernizing the banking sector, as the Central Bank is currently working to develop it in partnership with Oliver Wyman, a leading global management consulting firm."

The government and the Central Bank confirmed "adopting a common reform vision, which is to establish a modern, transparent and comprehensive banking system that supports the aspirations of the dynamic economy of the Iraqi state.

The executive details of these reforms will be presented at a later time," noting that "this initiative constitutes an important step towards achieving sustainable economic growth and enhancing confidence in the Iraqi financial system, which opens new horizons for cooperation and partnerships at the international level." https://www.mawazin.net/Details.aspx?jimare=259362

Dollar Exchange Rates In Iraq

Economy | 04/02/2025   Mawazine News – Baghdad    Mawazine News publishes today, Tuesday, the exchange rates of the dollar in Iraq against the Iraqi dinar in local markets.

Selling 151,500 Iraqi dinars for 100 dollars.  - Purchase 149,500 dinars for 100 dollars.

https://www.mawazin.net/Details.aspx?jimare=259347

Oil Prices Decline In Global Markets

Economy  | 04/02/2025   Mawazine News – Baghdad  Oil prices fell on Tuesday after U.S. President Donald Trump agreed to suspend heavy tariffs on Mexico and Canada, the United States’ biggest foreign oil suppliers, for a month.

Brent crude futures fell 41 cents, or 0.5 percent, to $75.55 a barrel, while U.S. West Texas Intermediate crude fell 75 cents, or 1 percent, to $72.41. https://www.mawazin.net/Details.aspx?jimare=259339

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/

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

Good Afternoon Dinar Recaps,

JUST IN: SENATOR HAGERTY INTRODUCES GENIUS ACT TO REGULATE STABLECOINS

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

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

Regulatory Framework For Stablecoins

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

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

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

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

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

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

Unleashing Innovation!

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

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

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

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

Trump’s Order Backs Dollar-Backed Stablecoins

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

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

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

@ Newshounds News™

Source:  Coinpedia

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CONGRESS INVESTIGATES BANKING RESTRICTIONS ON CRYPTOCURRENCY COMPANIES

▪️Congress is examining restrictions on cryptocurrency banking access.

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

▪️Investigation results may prompt new regulations for the industry.

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

What is Operation Choke Point 2.0?

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

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

Objectives of the Investigation

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

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

@ Newshounds News™

Source:  Cointurk News

~~~~~~~~~

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