Seeds of Wisdom RV and Economic Updates Wednesday Evening 3-05-25

Good Evening Dinar Recaps,

EXCLUSIVE: GOP LAWMAKERS UNVEIL BILL TO ‘END THE FED’

Republican Utah Sen. Mike Lee and Kentucky Rep. Thomas Massie will reintroduce legislation Wednesday afternoon to abolish the Federal Reserve.

The bill, titled the Federal Reserve Board Abolition Act, would dissolve the Board of Governors of the Federal Reserve System and each Federal Reserve bank with a one-year timeframe. The bill would also repeal the 1913-era legislation that created the central bank to oversee U.S. monetary policy, according to the bill text shared exclusively with the Daily Caller News Foundation.

The congressional Republicans’ reintroduction of legislation to abolish the central bank comes after President Donald Trump has floated exerting more authority over the Federal Reserve and its monetary policy decisions.

The president signed an executive order Feb. 18 to expand his authority over so-called independent agencies but notably exempted the Fed and its authority to set monetary policy and interest rates without presidential oversight.

“[P]revious administrations have allowed so-called ‘independent regulatory agencies’ to operate with minimal Presidential supervision,” Trump wrote in the executive order.

Lee and Massie have consistently advocated for ending the independence of the Federal Reserve, citing their belief that the central bank has mismanaged monetary policy and contributed to inflation. Elon Musk has notably backed their efforts.

Trump repeatedly clashed with Federal Reserve chair Jerome Powell during his first administration. The president criticized Powell for failing to “beat” inflation after the central bank chose not to cut interest rates on Jan. 29.

“The Federal Reserve has not only failed to achieve its mandate, it has become an economic manipulator, directly contributing to the financial instability many Americans face today,” Lee told the DCNF. “We need to protect our economic future, end the monetization of federal debt that fuels unchecked federal spending, and put American money on solid ground. We need to End the Fed.”

“Americans have suffered under crippling inflation, and the Federal Reserve is to blame,” Massie told the DCNF. “During COVID, the Federal Reserve created trillions of dollars out of thin air and loaned it to the Treasury Department to enable unprecedented deficit spending. By monetizing the debt, the Federal Reserve devalued the dollar and enabled free money policies that caused high inflation.”

“Monetizing debt is a closely coordinated effort between the Federal Reserve, Treasury Department, Congress, Big Banks and Wall Street,” Massie continued. “Through this process, retirees see their savings evaporate due to the actions of a central bank pursuing inflationary policies that benefit the wealthy and connected. If we really want to reduce inflation, the most effective policy is to end the Federal Reserve.”

Lee and Massie previously introduced the legislation during the 118th Congress in June 2024, but neither bill advanced in the House or Senate.

@ Newshounds News™

Source:  The Daily Caller

Download:  Link

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BITCOIN TO BE TREATED DIFFERENTLY FROM ALTCOINS IN US CRYPTO RESERVE, SAYS HOWARD LUTNICK: REPORT

▪️A model for the US crypto reserve is set to be revealed at the inaugural White House Crypto Summit on Friday, according to The Pavlovic Today.

▪️The President is interested in a bitcoin strategic reserve, while other tokens will be treated positively but differently, Commerce Secretary Howard Lutnick told the outlet.

More details about the potential US crypto reserve are set to come out of the White House's inaugural Crypto Summit on Friday, according to independent political news outlet The Pavlovic Today.

"The President definitely thinks that there's a bitcoin strategic reserve," Commerce Secretary Howard Lutnick reportedly told the outlet. "Now there will be the question of, how do we handle the other cryptocurrencies? And I think the model is going to be announced on Friday when we do that."

Lutnick suggested to The Pavlovic Today that bitcoin would receive a "unique status" under Trump's plans.

"A bitcoin strategic reserve is something the President's interested in. He spoke about it all during the campaign trail, and I think you're going to see it executed on Friday,” Lutnick said. "So bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently — positively, but differently," he added.

The White House Crypto Summit will be chaired by Trump's Crypto Czar David Sacks and Presidential Working Group on Crypto Executive Director Bo Hines.

Some of the Attendees:
Strategy co-founder Michael Saylor, Coinbase CEO Brian Armstrong, Kraken co-CEO Arjun Sethi and Chainlink co-founder Sergey Nazarov are expected to be among the crypto industry leaders in attendance.

President Trump announced on Sunday that, following his January executive order, he had directed a working group to "move forward" on a U.S. Crypto Strategic Reserve, including BTC, ETH, XRP, SOL and ADA — with those assets initially rising 10%, 15%, 25%, 30% and 70% from last week's lows, respectively.

Bitcoin subsequently dropped over 10%, and ether plunged more than 15% after Trump's announcement of new tariffs on imports from Canada, Mexico and China fueled risk-off sentiment — erasing the crypto reserve news gains on Monday.

Despite the recent announcements, questions remain over how any such reserve would be funded and how likely it is to be enacted — with Federal Reserve and Treasury Department options both likely to require new legislation to be passed by Congress.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 3-05-25

Good Afternoon Dinar Recaps,

CUSTODY AND TRANSFERS OF NON-MICA-COMPLIANT STABLECOINS NOT RESTRICTED — ESMA

The European Securities and Markets Authority confirmed that MiCA rules do not explicitly ban non-compliant stablecoin custody and transfers.

The European Securities and Markets Authority (ESMA) has added new comments on the status of stablecoins that do not comply with the Markets in Crypto-Assets Regulation (MiCA), adding to the ongoing uncertainty around their classification and use.

On March 3, Binance announced plans to delist nine non-MiCA-compliant stablecoins, including Tether’s UDSt, for users in the European Economic Area (EEA).

Despite removing the affected tokens for trading, Binance said it will support deposits and withdrawals of non-MiCA-compliant stablecoins after the delisting on March 31.

According to ESMA, a key regulatory body overseeing MiCA compliance in Europe, providing custody and transfer services for non-compliant stablecoins does not violate the new European cryptocurrency laws.

Custody and transfer of non-MiCA-compliant tokens “not explicitly prohibited”

“Under MiCA, custody and transfer services do not in themselves constitute an ‘offering to the public’ or ‘seeking admission to trading’ of non-compliant asset-reference tokens or e-money tokens,” a spokesperson for the ESMA told Cointelegraph on March 4.

“These services are therefore not explicitly prohibited under Titles III and IV of MiCA,” the representative added.

Although the ESMA acknowledged that deposits and withdrawals of non-MiCA-compliant stablecoins are not prohibited, it stressed that European crypto asset services providers (CASPs) should “prioritize restricting services that facilitate the acquisition” of such assets, citing its guidance issued on Jan. 17, 2025.

Another area of confusion over MiCA?

Referring to its January guidance, the ESMA reiterated that CASPs are allowed to maintain “sell-only” services — or withdrawals — until March 31 to allow investors to exit their positions.

“Therefore, it is important that all CASPs carefully assess whether any of their services amount to an offer to the public under MiCA,” the agency told Cointelegraph.

ESMA’s confirmation that MiCA does not explicitly restrict USDt custody and transfers — while also advising CASPs to halt withdrawals after March 31 — adds to ongoing confusion over MiCA compliance.

Juan Ignacio Ibañez, a member of the Technical Committee of the MiCA Crypto Alliance, has previously highlighted that MiCA-triggered USDt delistings have been subject to many debates.

The confusion over MiCA implications for non-MiCA-compliant stablecoins is not the only area of debate regarding Europe’s new crypto regulations.

Many industry observers have previously pointed to compliance questions arising from MiCA not addressing crucial industry sectors, such as tokenized real-world assets, cryptocurrency staking and others.

“ESMA and National Competent Authorities are closely monitoring market developments continuously to ensure an orderly transition to the MiCA regime,” a spokesperson for ESMA said.

@ Newshounds News™

Source:  CoinTelegraph

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RIPPLE-BACKED NON-PROFT LAUNCHES TO EDUCATE AMERICANS ON CRYPTO

The National Cryptocurrency Association, a new non-profit organization dedicated to enhancing Americans’ understanding of cryptocurrencies, officially launched today.

The NCA has a mission of promoting crypto literacy and safe adoption nationwide in the United States.

Backed by a $50 million grant from Ripple XRP, a leading blockchain company, the NCA aims to demystify cryptocurrencies and serve as a comprehensive resource for individuals interested in using, holding, or learning more about digital assets.

“Crypto going mainstream is no longer a question of ‘if’ but ‘when’,” said Stuart Alderoty, President of the NCA. “Millions are already benefiting from crypto, making it quicker and easier to shop online, send money anywhere in the world, create apps, art, and games, or build financial futures. We’re giving a voice to users from all walks of life and serving as a guide for how to use crypto responsibly.”

The NCA website offers guidance and questionnaires for those interested in entering or investing in cryptocurrency. It features stories of everyday cryptocurrency holders and provides conversational advice for beginners.

Crypto poll findings

To assess current crypto engagement, the NCA partnered with Harris Poll to survey 10,000 U.S. cryptocurrency holders. The findings revealed that 81% are interested in learning more about the future of crypto.

Additionally, one in five American adults already use cryptocurrencies, with 76% of users reporting positive impacts on their lives, including increased financial independence and opportunities for personal growth.

The survey also highlighted diverse applications of cryptocurrencies among users:

▪39% use it for shopping
▪32% have bought, sold, or used NFTs
▪31% send crypto to family

“The opportunity for crypto — especially in the US — is now stronger than ever,” said Brad Garlinghouse, CEO of Ripple, emphasizing the timeliness of the NCA’s mission.

The NCA plans to provide educational resources, including easy-to-understand explainers and real stories from everyday people using crypto, to bridge the knowledge gap and promote responsible usage.

@ Newshounds News™

Source:  CryptoNews

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Tariffs to Cause Ripple Effects in the Gold Market

Tariffs to Cause Ripple Effects in the Gold Market

Arcadia Economics:  3-4-2025

Financial analyst Jim Willie is sounding the alarm, claiming the recent implementation of Trump’s tariffs at midnight is a watershed moment with potentially massive implications for the gold market and the global economy.

In a recent appearance on Arcadia Economics, Willie expressed a level of excitement rarely seen, suggesting these tariffs are triggering a cascade of events more significant than anything he’s witnessed since launching his influential newsletter back in 2003.

Willie’s optimism, while perhaps counterintuitive given the potential for economic disruption, stems from his belief that these tariffs are a catalyst for exposing underlying vulnerabilities and ultimately reshaping the financial landscape.

He argues that the tariffs will act as a chokehold on global trade, disrupting supply chains and potentially triggering inflationary pressures.

“This isn’t just about trade,” Willie explains. “It’s about unraveling decades of unsustainable economic practices. The tariffs are a pressure point, forcing nations to re-evaluate their reliance on the dollar and explore alternative trading mechanisms.”

According to Willie, the disruption caused by the tariffs will expose the fragility of the current financial system, pushing investors towards safe-haven assets like gold.

He anticipates a significant surge in demand for gold as governments and individuals alike seek to protect their wealth from currency devaluation and economic instability.

“Gold is the ultimate insurance policy,” Willie argues. “As the global economy teeters, people will flock to it. The tariffs are essentially throwing gasoline on the fire, accelerating the inevitable shift towards a gold-backed system.”

While many economists and analysts express concern over the potential negative consequences of trade wars, Willie views them as a necessary evil. He believes they are forcing nations to confront long-ignored imbalances and pave the way for a more equitable and sustainable global financial order.

Whether Willie’s predictions prove accurate remains to be seen. However, his perspective offers a compelling counterpoint to the prevailing narrative surrounding the Trump tariffs, suggesting they could be the catalyst for a significant shift in the gold market and the global economy. Investors and economic observers alike will be closely watching the developments in the coming months to see if Willie’s bullish predictions for gold come to fruition.

https://youtu.be/S-JI0qSKVUc

Seeds of Wisdom RV and Economic Updates Wednesday Morning 3-05-25

Good Morning Dinar Recaps,

US SENATE VOTES TO OVERTURN CONTROVERSIAL CRYPTO TAX REPORTING RULE

The resolution now awaits a parallel version to advance in the House which must pass a floor vote before heading to Trump’s desk.

On Wednesday, the U.S. Senate passed a resolution to overturn an Internal Revenue Service rule requiring brokers to report gross proceeds from digital asset sales, delivering a significant victory for President Donald Trump’s administration and crypto industry advocates.

The measure, introduced under the Congressional Review Act, passed in a 70-27 vote, with Republicans largely united against the rule and many Democrats crossing the aisle in support.

It’s “absolutely mind-blowing” how many Democrats were willing to overturn a rule issued in the Biden Administration, Kristin Smith, CEO of the Blockchain Association, a Washington-based crypto lobbying group, told Decrypt.

The resolution now awaits a parallel version to advance in the House which must pass a floor vote before heading to Trump’s desk for final approval.

The IRS rule, finalized in December 2024 during the final weeks of the Biden administration, significantly expanded the definition of a “broker” to include decentralized finance protocols.

Industry critics argued the measure would impose impossible compliance burdens on permissionless financial systems, force DeFi protocols to register as traditional financial brokers, and require all U.S. DeFi users to tie their on-chain addresses to their identities.

"Today marks the first of many historic milestones in the regulation of digital assets in the United States in this next chapter—as we move towards the enactment of the first standalone crypto legislation," a spokesperson for the DeFi Education Fund, another D.C.-based crypto lobbying group told Decrypt.

"The DeFi Education Fund applauds the bipartisan supermajority of Senators who recognized the need to push back against regulatory overreach to protect Americans’ freedom to choose how they transact and American innovation."

The Trump administration formally backed the repeal effort on Tuesday, with David Sacks, Trump’s crypto policy chief, saying the White House “strongly supports” the resolution.

“This rule, issued as a midnight regulation in the final days of the previous administration, would stifle American innovation and raise privacy concerns over the sharing of taxpayers’ personal information, while imposing an unprecedented compliance burden on American DeFi companies,” Sacks said in a statement.

@ Newshounds News™

Source:  Decrypt

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SEC REPORTEDLY OFFERING $50K INCENTIVE FOR ELIGIBLE STAFF TO RESIGN

The SEC is among other US agencies that have been offering staff financial incentives to quit under Trump’s cost-cutting DOGE initiative.

The United States Securities and Exchange Commission is reportedly offering eligible employees financial incentives to resign or retire from the agency amid an ongoing wave of staffing changes from the regulator.

The US securities regulator is reportedly offering staff $50,000 to resign or retire by April 4, according to a March 4 Bloomberg report citing an email it reviewed.

The email, which described the offer as a “voluntary separation incentive” or “voluntary early retirement program,” was reportedly sent on Feb. 28 by SEC chief operating officer Ken Johnson to all employees.

The deadline to apply for the incentive is March 21, and eligible employees must have been on the agency’s payroll before Jan. 24. They must also voluntarily leave through resignation, transfer to another agency, or retire. They can not return to the SEC within five years. If they do so, they must pay back the incentive in full, the memo states.

The moves come as the Trump administration seeks to slash federal government staff under the Department of Government Efficiency (DOGE), led by Elon Musk.

The department has removed more than 100,000 of the federal government’s 2.3 million workers through a combination of layoffs and buyouts, reported Reuters.

Cointelegraph reached out to the SEC for comment but did not receive an immediate reply.

In early February, it was reported that the SEC was starting to scale back its 50-staff crypto enforcement unit. At the same time, SEC Commissioner Hester Peirce outlined the agency’s new approach to regulating the crypto markets, including evaluating the security status of crypto assets.

The US labor market is in the spotlight this week with key reports on nonfarm employment data, initial jobless claims data and the February Jobs Report due. These reports are considered important economic indicators, as the shift in the number of positions is strongly associated with the overall health of the economy.

Meanwhile, the SEC has dismissed legal action against a number of prominent crypto companies in recent weeks, including Coinbase, Consensys, Robinhood, Gemini, Uniswap and most recently, Kraken.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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“Tidbits From TNT” Wednesday Morning 3-5-2025

TNT:

Tishwash:  Central Bank: 20 Iraqi banks practice direct transfer operations in 8 foreign currencies

The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that there are 20 Iraqi banks practicing direct transfer operations in 8 foreign currencies.

Al-Alaq said, according to the official agency, that "the recent quarterly meetings with the US Federal Reserve and the Treasury Department, which were held in Dubai, were very positive, as the steps taken by the Central Bank to improve the foreign transfer system and convert operations to international practices in a safe, transparent and highly organized manner were praised."

Al-Alaq pointed out that "this transformation is the first of its kind in Iraq, which witnessed transitional stages from (the window) to (the platform) and then to correspondent banks."

He continued, "Today, there are 20 Iraqi banks practicing direct transfer operations with international correspondents in eight foreign currencies, within the new system."

Al-Alaq explained that "the other banks that are still outside this framework are now working to qualify them according to specific standards, in cooperation with an international consulting company, to apply the necessary standards that qualify them to join foreign transfer operations."
He stressed that "there are no new sanctions or changes, but on the contrary, there is praise and appreciation from international bodies, especially with regard to the mechanism of selling cash dollars.

" Al-Alaq stressed the "need to focus on these successes to show a positive image of the transformations in the Iraqi banking sector, which will be positively reflected in the dealings of international financial institutions with Iraqi banks."  link

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Tishwash:  Government Advisor: Electronic Payment Enhances Dinar Stability, Shrinks Parallel Market

 The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the public’s increasing conviction in using electronic payment cards for travel purposes or paying dues to small companies has achieved great success in reducing the size of the parallel market for the US dollar, which has contributed to its gradual decline.

Saleh explained in a statement to {Euphrates News} agency, that "the modern monetary policies that were recently implemented have proven their effectiveness in achieving financial and economic stability, as annual inflation rates have decreased to levels not exceeding 3%, which reflects the strength and stability of the Iraqi dinar against foreign currencies.

The financial advisor pointed out that the new monetary policy tools adopted by the Iraqi government, in cooperation with the Central Bank, have directly contributed to directing cash liquidity towards official channels, which has enhanced public confidence in the dinar and led to a reduction in informal transactions in the dollar.

Saleh stressed the importance of continuing efforts to enhance the use of electronic means in financial transactions, given its pivotal role in supporting the national economy and combating illegal practices associated with the parallel currency market.

He stressed that these achievements come within the framework of a comprehensive strategy aimed at achieving sustainable financial stability and enhancing the confidence of citizens and investors in the future of the Iraqi economy, calling on all segments of society to engage more in the use of electronic payment tools in the interest of the national economy. link

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

Tishwash:  Nineveh, Kirkuk and Tikrit are deprived of the dollar.. It's time, Baghdad, the airport is ready

Exchange representative spoke to 964

 Mosul (Nineveh) 964

Nineveh does not receive its share of the dollar despite the city’s stability for 9 years, and the restrictions affect many travelers from Nineveh, especially patients and students who need remittances to or from the city. Talk of the dollar problem has returned to the forefront in conjunction with the imminent opening of Mosul Airport.

Abdullah Khalil, a representative of Nineveh exchange companies, says that they have complied with the Central Bank’s requests to merge every 10 companies to form a new Category A company, but the red tape is still hindering the entry of these companies into the dollar auction. In the past, Nineveh included 90 companies, each of which received $1.2 million per month. Today, only two companies have met the merger criteria, in addition to 7 companies ready to merge, compared to 100 companies receiving dollars in Baghdad. According to Khalil, the return of the dollar to Mosul will serve all neighboring governorates deprived of the dollar, such as Salah al-Din and Kirkuk, in addition to Kurdistan. Economists in Baghdad have previously called for the necessity of resuming the injection of dollars into the western governorates, which would relieve pressure on the capital and the south.

In the event that The dollar has been pumped into Nineveh, and each company's share will be about 2 million dollars per month, which will contribute to stimulating economic activity and improving the situation of affected companies

Abdullah Khalil - Representative of exchange companies in Nineveh:

Since 2014, exchange companies have stopped working by decision of the Central Bank.

In 2021, 47 companies were opened by the Central Bank.

When we reviewed the receipt of Nineveh Governorate’s share of the dollar, the Central Bank stipulated that every 10 companies merge into one company to be classified as A and to be able to enter the Central Bank’s dollar selling window.

Indeed, we have merged 10 companies two and a half years ago, but we suffer from red tape, which is disrupting our work.

Nineveh does not have a Class A company, which has the right to receive dollars from the Central Bank and sell them to travelers.

We also do not have external outlets through international companies such as Western Union.

We asked the Central Bank to exempt Nineveh from this matter, knowing that Baghdad has 100 category A companies.

Opening companies in Nineveh will serve nearby cities such as Kirkuk, Salah al-Din, Erbil, and Dohuk, which do not have Class A companies and do not receive dollars from the bank.

For 11 years, Nineveh has not received its share of the dollar, and I hope that through you our voice will be heard and that there will be an exception decision from the Central Bank, especially since Mosul is about to open the airport, and it is expected that tourism and trade will increase.

Previously, we had 90 companies, each of which was receiving $1.2 million per month.

Today we have two companies ready to take over, and there are 7 companies ready to merge.

There are 20 companies banned by the Central Bank from trading in dollars, and their dealings are limited to Iraqi dinars only.

We pay fees and taxes to the bank, just like the rest of the governorates that receive dollars and have external transfers.

Each company's share will be $2 million per month if the Central Bank pumps dollars into Nineveh.

There are patients traveling outside Iraq who need remittances from Nineveh, but they cannot receive them or vice versa.

Issam Zenkana - Economic Researcher:

After 9 years of liberating Nineveh, restrictions on exchange companies are supposed to be lifted and they and citizens are supposed to be allowed to trade in dollars.

These restrictions negatively affected the commercial movement in the city, especially among merchants.

There is supposed to be a government banking operation based on academic financial steps built on the foundations of a free economy.  link

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Mot: .. Making Progress I Is!!!

Mot:  A housewife poses with a week's worth of groceries in 1947.

A housewife poses with a week's worth of groceries in 1947.

She spent $12.50 a week to buy all her groceries except milk.

On this she managed to feed herself, her husband, her four-year-old twins and the family cat.

Iraq Economic News and Points to Ponder Tuesday Evening 3-4-25

Iraq Sets July 2025 Deadline To End Cash Payments, Digitize Payroll

Prime Minister Mohammed Shia Al-Sudani   Electronic Payment Systems  --  2024-11-04 Shafaq News/ Prime Minister Mohammed Shia Al-Sudani directed, on Monday, that salaries for private sector employees be processed through bank accounts, similar to the system for government employees, as part of a push to phase out cash payments across government institutions by July next year.

According to a statement issued by Al-Sudani’s media office, “In line with the government’s financial and economic reform plan, which is one of its top priorities, Al-Sudani has directed the implementation of several steps to enhance and develop electronic payment systems and services:

Work towards the domiciliation of salaries for private sector employees, similar to the public sector, by tasking the Ministry of Labor and Social Affairs and the Central Bank of Iraq to collaborate with select private sector institutions to establish an appropriate mechanism for this purpose.”

“All ministries and government institutions shall transition from cash payments to electronic payment for payment collections and related transactions. Each ministry or government institution must submit a comprehensive plan for this transition by December 31, 2024, with full implementation to commence by July 1, 2025,” as per the statement.

https://shafaq.com/en/Economy/Iraq-sets-July-2025-deadline-to-end-cash-payments-digitize-payroll

Iraq Pushes For Full Electronic Payment Transition By 2025

Published: 4th November, 2024  In alignment with Iraq’s ongoing financial and economic reform agenda, Prime Minister Mohammed S. Al-Sudani has directed the government to implement key initiatives aimed at advancing and modernising electronic payment systems and services across the country.

This move comes as part of broader efforts to streamline economic processes, reduce reliance on cash, and foster greater financial inclusion.

A significant step in this reform involves the domiciliation of salaries for private sector employees, a model already in practice within the public sector. To achieve this, the Prime Minister has mandated the Ministry of Labor and Social Affairs and the Central Bank of Iraq to engage with selected private sector institutions to devise a mechanism that will facilitate this transition. The aim is to enhance the financial stability of private sector workers and integrate them more effectively into the formal financial system.

Furthermore, in a bid to modernise public sector financial operations, Prime Minister Al-Sudani has instructed all ministries and government institutions to transition from cash-based payment methods to electronic payment systems for all transactions, including payment collections.

To ensure a smooth implementation, each ministry and institution is required to present a comprehensive transition plan by December 31, 2024. The full shift to electronic payments is expected to commence by July 1, 2025.

These initiatives mark a substantial effort to modernise Iraq’s financial infrastructure, reflecting the government’s commitment to economic growth, transparency, and technological advancement.

The Prime Minister’s Media Office continues to emphasise that these measures are pivotal for economic stability and will contribute to more efficient government operations and improved public services.

Source: Prime Minister Office https://www.iina.news/iraq-pushes-for-full-electronic-payment-transition-by-2025/

Government Advisor: Electronic Payment Enhances Dinar Stability, Shrinks Parallel Market

2025/03/04 Read: 1,275 times  {Economic: Al Furat News} The financial advisor to the Prime Minister, Mazhar Muhammad Salih, confirmed that the public’s increasing conviction in using electronic payment cards for travel purposes or paying dues to small companies has achieved great success in reducing the size of the parallel market for the US dollar, which has contributed to its gradual decline.

Saleh explained in a statement to {Euphrates News} agency, that "the modern monetary policies that were recently implemented have proven their effectiveness in achieving financial and economic stability, as annual inflation rates have decreased to levels not exceeding 3%, which reflects the strength and stability of the Iraqi dinar against foreign currencies.

The financial advisor pointed out that the new monetary policy tools adopted by the Iraqi government, in cooperation with the Central Bank, have directly contributed to directing cash liquidity towards official channels, which has enhanced public confidence in the dinar and led to a reduction in informal transactions in the dollar.

Saleh stressed the importance of continuing efforts to enhance the use of electronic means in financial transactions, given its pivotal role in supporting the national economy and combating illegal practices associated with the parallel currency market.

He stressed that these achievements come within the framework of a comprehensive strategy aimed at achieving sustainable financial stability and enhancing the confidence of citizens and investors in the future of the Iraqi economy, calling on all segments of society to engage more in the use of electronic payment tools in the interest of the national economy.   LINK

Al-Alaq: 20 Iraqi Banks Practice Direct Transfer Operations

Banks   Economy News – Baghdad  The Governor of the Central Bank, Ali Al-Alaq, confirmed today, Tuesday, that there are 20 Iraqi banks that practice direct transfer operations in 8 foreign currencies.

Al-Alaq said, in an interview with the Iraqi News Agency, followed by "Al-Eqtisad News", that "the recent quarterly meetings with the US Federal Reserve and the Treasury Department held in Dubai were very positive, as the steps taken by the Central Bank to improve the foreign transfer system and convert operations to international practices in a safe, transparent and highly organized manner were praised.

" Al-Alaq pointed out that "this transformation is the first of its kind in Iraq, which witnessed transitional stages from (the window) to (the platform) and then to correspondent banks."

He continued, "Today, there are 20 Iraqi banks practicing direct transfer operations with international correspondents in eight foreign currencies, within the new system."

Al-Alaq explained that "other banks that are still outside this framework are now working to qualify them according to specific standards, in cooperation with an international consulting company, to apply the necessary standards that qualify them to join foreign transfer operations."

He stressed that "there are no new sanctions or changes, but on the contrary, there is praise and appreciation from international bodies, especially with regard to the mechanism for selling cash dollars."

Al-Alaq stressed the "necessity of focusing on these successes to show a positive image of the transformations in the Iraqi banking sector, which will be positively reflected in the dealings of international financial institutions with Iraqi banks."  https://economy-news.net/content.php?id=53121

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

Seeds of Wisdom RV and Economic Updates Tuesday Evening 3-04-25

Good Evening Dinar Recaps,

BRICS: US TO FORGE TRADE DEAL AS NEW NATION FEARS TARIFF THREAT

Amid the ongoing tensions with the BRICS group, the US is set to forge a new trade deal as a new nation comes forward with concerns over the growing threat of tariffs.

Indeed, since his return to the White House, US President Donald Trump has embraced increased import taxes as an aggressive policy to balance out trade.

The efforts have drawn both criticism and concern from the global market. Specifically, a host of nations have expressed worry that the action could lead to a trade war.

Now, that fear may be leading geopolitical alignment to take place on a global scale.

US to Forge New Trade Agreement as BRICS, Canada, and Mexico Face Tariffs

The BRICS economic alliance and the United States are engaged in a notable faceoff. The latter promised to issue 150% tariffs on the collective, citing its de-dollarization as the reason. In response, the bloc’s 2025 chairmanship holder, Brazil, has continued to lean into the necessity of ditching the greenback in global trade.

Both sides have only encouraged continued concerns regarding geopolitical tensions. Moreover, amid the BRICS confrontation, the US has forged a new trade deal as another nation expresses concern over impending Trump tariff threats. The US President reissued those import taxes on Canada and Mexico after pausing the effort last month.

According to a new report, the United States and the UK are set to iron out the details of a new trade agreement. Specifically, a visit from Prime Minister Keir Starmer has seen both sides commit to the new deal. Its purpose looks to be balancing trade and thus avoiding tariffs on the European nation.

After the meeting, Trump expressed his hopes for a “great trade agreement” with the UK. “We’re going to have a great trade agreement, one way or another,” Starmer said. “We’re going to end up with a very good trade agreement for both countries, and we are working on that as we speak.”

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

SEC AGREES TO DROP LAWSUIT AGAINST CUMBERLAND DRW, SAYS FIRM

The SEC sued Cumberland DRW in October, claiming it operated as an unregistered securities dealer in handling more than $2 billion in crypto assets.

The US Securities and Exchange Commission will dismiss its case against the Chicago-based Cumberland DRW, the crypto trading firm says.

“Today we signed a joint filing to be made with the Securities and Exchange Commission (SEC) dismissing its case against Cumberland DRW,” Cumberland wrote in a March 4 X post.

Cumberland said the filing was agreed in principle between Cumberland DRW and SEC staff on Feb. 20 and is currently awaiting the agency’s approval.

It’s the latest crypto-related lawsuit the SEC has agreed to drop. It has previously dropped cases against crypto exchanges Coinbase and Kraken, along with crypto firm Consensys.

The regulator has also recently announced it had dropped its investigation into non-fungible token (NFT) companies Yuga Labs and OpenSea, and crypto exchanges Gemini and Uniswap Labs.

“We look forward to continuing our dialogue with the SEC to help shape a future where technological advancements and regulatory clarity go hand in hand,” Cumberland added.

The SEC sued Cumberland DRW on Oct. 10, alleging a single charge of operating as an unregistered securities dealer for more than $2 billion in crypto assets.

The regulator claimed Cumberland acted as an unregistered dealer since March 2018 by buying and selling crypto it deemed to be securities.

The SEC also claimed that five of the tokens that Cumberland handled were securities, including  POL. SOL, ATOM. ALGO, and FIL.

The agency was seeking permanent injunctive relief, disgorgement of ill-gotten gains, prejudgment interest and civil penalties.

Cumberland argued it had registered as a dealer-broker in 2019 and was hit with the suit despite engaging in “five years of good-faith discussions” with the SEC, adding it was just “the latest target” of SEC’s “enforcement-first approach to stifling innovation.”

Crypto exchange Coinbase recently filed a request under the Freedom of Information Act (FOIA) to the SEC seeking to discover how much the SEC spent on enforcement action against crypto firms.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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Iraq Economic News and Points to Ponder Tuesday Afternoon 3-4-25

OPEC Decides To Increase Iraq's Share Of Oil Production Until The End Of This Year

Tuesday 04 March 2025 | Economic Number of readings: 200 Baghdad / NINA / The OPEC+ alliance countries agreed today, Tuesday, to increase Iraq's share of oil production to reach four million and 110 thousand barrels per day by the end of this year.

The group of eight member countries of the OPEC+ alliance, namely Iraq, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, called for a review of global market conditions and future expectations.

The alliance countries agreed to renew their commitment to the return of the voluntary reduced quantities of crude oil production, which were previously announced in April and November 2023, by the beginning of next month.

According to the agreement, Iraq's share for next April will increase by 12 thousand barrels, so that production will be 4.012 million barrels per day, and in May it will increase by 12 thousand barrels as well, so that production will be 4.024 million barrels per day, and in December it will reach 4.110 million barrels per day.

Iraq's share will rise in September and until December 2026 to more than 4.220 million barrels per day.

It is noteworthy that the OPEC+ alliance is implementing an official cut of two million barrels per day, which are scheduled to be extended until the end of next year 2026.

In April 2023, the OPEC+ alliance announced a voluntary cut of 1.65 million barrels per day, which is scheduled to continue until the end of next year, while the alliance announced another cut of 2.2 million barrels per day in November 2023, which will continue until the end of this March. / End https://ninanews.com/Website/News/Details?key=1189940

Oil Prices Fall To Lowest Level In 12 Weeks

Tuesday 04 March 2025 07:54 | Economic  Number of readings: 252  Baghdad / NINA / Oil prices fell by more than 2 percent at the settlement at the end of Monday's trading.  Brent crude futures fell $1.19, or 1.6 percent, to settle at $71.62 per barrel. "

West Texas Intermediate crude futures also fell about $1.39, or about two percent, to reach $68.37 at the settlement."  This is the lowest level for the two benchmark crudes since December 9. "

Earlier, the OPEC+ alliance reported a gradual and flexible return to voluntary production adjustments of 2.2 million barrels per day, starting from April 1, 2025. / End https://ninanews.com/Website/News/Details?key=1189869

The Finance Committee Expects The Budget Tables To Reach Parliament In The Middle Of This Month

Buratha News Agency1392025-03-04  The Finance Committee of the House of Representatives expected, on Tuesday, that the budget schedules will reach the parliament by the middle of this month, stressing the importance of completing job promotions after the parliament approves the schedules related to them.

The head of the Finance Committee, Atwan Al-Atwani, explained that stopping deletions and innovations in state institutions came based on the budget provisions, which included stopping appointments and confiscating job grades from institutions and transferring them to the Ministry of Finance, without using them in deletions and innovations.

He pointed out that this procedure caused a problem in which institutions were unable to benefit from these degrees to appoint graduates or fill vacant positions.

Al-Atwani added: “We are waiting for the budget tables to reach Parliament, as the budget does not allow for appointments, whether on a daily wage, contract basis, or on a permanent basis. However, contracted employees receive their salaries from the government through ministries and institutions, and therefore their confirmation is not considered a new appointment, but rather their inclusion in the job description.”

He pointed out that the Finance Committee is currently communicating with the Ministry of Finance and is awaiting a letter from the State Council to clarify this concept, stressing that there is a clear difference between appointment and permanent employment, calling for the permanent employment of contracted employees within the job description in accordance with the legal frameworks.

As for promotions, Al-Atwani stressed the need to proceed with them after the House of Representatives approves the relevant schedules, expecting the government to send the budget schedules by the middle of this month or before the end of it, which will contribute to addressing these important files.   https://burathanews.com/arabic/economic/457129

The Dollar Rises Again Against The Dinar In Baghdad

Stock Exchange   Economy News – Baghdad  The US dollar exchange rate rose this morning, Tuesday, in Baghdad markets.

The dollar price witnessed a rise in the Al-Kifah and Al-Harithiya stock exchanges, recording 149,250 dinars for every 100 dollars, while yesterday morning, Monday, it recorded 147,700 dinars for every 100 dollars.

The selling prices in the exchange shops in the local markets in Baghdad recorded an increase, as the selling price reached 150,250 Iraqi dinars for 100 dollars, and the purchase price reached 148,250 dinars for 100 dollars.  https://economy-news.net/content.php?id=53124

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

Seeds of Wisdom RV and Economic Updates Tuesday Morning 3-04-25

Good Morning Dinar Recaps,

SEC: MEME COINS ARE NOT SECURITIES. MUSK: THEY’RE LIKE A CASINO

Last week, four different views of meme coins were put forward. On Thursday the US Securities and Exchange Commission (SEC) provided staff guidance that meme coins would not be considered securities. SEC Commissioner Caroline Crenshaw dissented.

The following day, Joe Rogan posted an interview with Elon Musk. Rogan thinks meme coin pump and dumps should be regulated, but Musk think’s meme coins are okay provided people treat them as a bit of fun and don’t risk too much.

Unsurprisingly, the Rogan – Musk excerpt is more entertaining.

“The whole meme coin thing is bananas,” observed Rogan. “It is so bananas that people dump real money into these coins and then you could just pump them up and sell them.”

“It’s like a casino or something,” Elon Musk responded, comparing it to “the greater fools theory and musical chairs. Whoever’s the last to sit down loses.”

To which Rogan replied, “And somehow or other it’s still legal”.

“If you expect to win at a casino, you’re being a fool,” answered Musk. “At the risk of saying something bold and outrageous, don’t bet the farm on a meme coin.”

Rogan spoke about pump and dumps, where people often hope they are the one who will dump, but they end up on the losing end. He repeated, “It’s just weird that it’s legal still”.

Musk responded that people lose money at casinos. Rogan’s view is that pump and dumps make meme coins different and observed that you could run “a real pyramid scheme”.

With that context, let’s turn to the SEC’s new guidance on meme coins. By saying most meme coins are not securities, the SEC also conveniently sidesteps a potentially awkward position regarding the $TRUMP meme coin.

The SEC’s position on meme coins

Following the change in administration, the SEC has swiftly dropped many of its outstanding cases and investigations into major crypto firms, where the allegations revolved around classifying most cryptocurrencies as securities (rather than outright fraud). But meme coins are amongst the first pieces of guidance provided.

Here’s the core paragraph on meme coins:

“Meme coins typically are purchased for entertainment, social interaction, and cultural purposes, and their value is driven primarily by market demand and speculation. In this regard, meme coins are akin to collectibles.”

“Meme coins also typically have limited or no use or functionality. Given the speculative nature of meme coins, they tend to experience significant market price volatility, and often are accompanied by statements regarding their risks and lack of utility, other than for entertainment or other non-functional purposes”

The key legal aspect is whether a meme coin is sold as part of an “investment contract”, the so-called Howey test.

The SEC continued,

“The offer and sale of meme coins does not involve an investment in an enterprise nor is it undertaken with a reasonable expectation of profits to be derived from the entrepreneurial or managerial efforts of others.”

It says that the price movement is the function of speculation and “collective sentiment” rather than any efforts of a third party. Again it compares them to collectibles.

That’s not to say there’s a free pass for fraudulent behavior, because the SEC highlights that it’s possible for others, most likely the Department of Justice, to pursue bad actors.

But for now, it certainly seems like it’s a situation of buyer beware.

Commissioner Crenshaw dissents

Democrat Commissioner Crenshaw disagrees. Her concern is that the new meme coin definition put forward by the SEC doesn’t have a foundation in law.

She wrote,

“The lack of a useful definition alone makes the value of this guidance questionable, except perhaps as a roadmap for crypto enterprises looking to evade oversight by labeling themselves as a meme coin.”

Commissioner Crenshaw believes that other crypto issuers will downplay the role of managerial efforts in order to fit into the meme coin classification and escape oversight.

She asserts that most meme coins rely on managerial efforts, whether it’s structuring offerings to limit supply or via buybacks or burning. The Commissioner highlighted the prevalence of manipulation through pump-and-dumps and rug pulls. And she noted that getting a listing on an exchange involves managerial effort.

Apart from meme coins, the Commissioner also has reservations about Crypto 2.0. While she recognizes the intent to provide more guidance on what is or is not a security, she’s concerned that the withdrawal from many cases before providing that guidance raises many questions. These include,

“How can we pursue fraudulent conduct in this space while casting doubt on our regulatory jurisdiction? Are we eroding our ability to police fraudulent Ponzi schemes? Are we poised to give special treatment to crypto assets over traditional assets, or even other emerging assets?”

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

JUST IN: Trump Nominated For Nobel Peace Prize

President Donald Trump has been nominated for the Nobel Peace Prize, with Rep. Darrell Issa (R-CA) making the announcement on X Monday morning. “Today I will nominate @realDonaldTrump for the Nobel Peace Prize. No one deserves it more,” Issa wrote in a post that quickly gained traction online.

The decision to nominate Trump follows a tense meeting last week in which he reportedly asked Zelenskyy to leave the Oval Office after a fiery exchange over U.S. military aid.

Trump later stated that Zelenskyy had “disrespected” the United States and suggested that Ukraine was using America’s involvement as leverage rather than genuinely seeking peace.

Trump’s nomination for the Nobel Peace Prize will likely serve as a symbolic nod to his non-interventionist stance, particularly as his campaign for a second term continues to emphasize an “America First” approach.

A spokesperson for Issa also highlighted Trump’s endeavors to foster peace in the Middle East. “Congressman Issa recently led a Congressional delegation to four Middle East nations—he observed first-hand and from several heads of state that the spirit of peace and moving away from conflict is real and multilateral,” said Jonathan Wilcox, Issa’s deputy chief of staff and communications director, in remarks to The Hill.

Wilcox added, “From the time of his election and after being sworn in, President Trump has inspired and promoted the cause of peace—and in a way we have not heard in many years.

His advocacy is an aspiration of a world without war, and we are seeing this come into focus in several regions of the world today – not just one.”

Rep. Issa isn’t the only one who feels this way. Secretary of State Marco Rubio robustly supported President Trump’s strategy for brokering a peace agreement between Ukraine and Russia during a Sunday interview.

Rubio, speaking on ABC News’s “This Week,” suggested that if Trump were a Democrat, his efforts would likely receive widespread acclaim.

Amid a heated discussion with host George Stephanopoulos, Rubio said, “Shouldn’t we all be happy that we have a president who’s trying to stop wars and prevent them instead of start them?”

“I just don’t get it. I really don’t, other than the fact that it’s Donald J. Trump,” Rubio said. “If this was a Democrat that was doing this, everyone would be saying, ‘Well, he’s on his way to the Nobel Peace Prize.’ This is absurd.”

“We are trying to end a war,” Rubio explained. “You cannot end a war unless both sides come to the table, starting with the Russians. And that, that is the point the president has made. And we have to do whatever we can to try to bring them to the table to see if it’s even possible.”

Trump has been nominated for the Nobel Peace Prize multiple times. In 2018, Norwegian Parliament member Christian Tybring-Gjedde nominated Trump for his role in facilitating peace talks between North and South Korea.

Two years later, in 2020, Tybring-Gjedde again put Trump’s name forward, this time citing his efforts in brokering the Abraham Accords, which normalized diplomatic relations between Israel and the United Arab Emirates.

In 2021, Laura Huhtasaari, a member of Finland’s Parliament, also nominated Trump, recognizing his efforts to end prolonged conflicts and promote dialogue. Most recently, in 2024, U.S. Congresswoman Claudia Tenney nominated Trump for his role in expanding the Abraham Accords, which facilitated diplomatic agreements between Israel, Bahrain, Morocco, Sudan, and the United Arab Emirates.

The most recent U.S. president to win the Nobel Peace Prize was Barack Obama in 2009.

@ Newshounds News™

Source:  Trending Politics News

~~~~~~~~~

COINBASE DEMANDS SEC REVEAL US TAXPAYER COST OF GARY GENSLER’S AGGRESSIVE CRYPTO ENFORCEMENT

Coinbase questions SEC's spending on crypto oversight as it seeks transparency through FOIA.

Coinbase is requesting a record of how much the Securities and Exchange Commission spent on enforcement actions under former Chair Gary Gensler.

Chief Legal Officer Paul Grewal shared that the company submitted a Freedom of Information Act request seeking data on employee hours, contractor expenses, and other line items tied to what he described as the SEC’s “war on crypto.”

His statements pointed to investigations of Coinbase, Gemini, and other companies, along with the broader impact on Americans’ jobs and technological competitiveness.

Grewal stated,

“We know the previous @SECgov’s regulation-by-enforcement approach cost Americans innovation, global leadership, and jobs, but how much did it cost in taxpayer dollars?”

The FOIA filing asks for documents detailing the number of enforcement actions launched against digital asset entities, the associated costs of those efforts, and the staffing resources allocated to them.

Coinbase also wants information on the unit previously called the “Crypto Assets and Cyber Unit,” requesting clarity on that group’s budget, staff headcount, and total compensation. 

According to Grewal, the intention is to reveal how taxpayer funds were used to support what he characterizes as aggressive oversight without formal rulemaking.

The SEC’s strategy under Gensler frequently relied on enforcement actions instead of newly drafted regulations, prompting pushback from several crypto firms. Coinbase’s request comes after the agency dropped its lawsuit against the exchange in late February, citing a broader pivot in its regulatory approach.

Grewal further noted that the company would continue pursuing greater transparency, suggesting that any forthcoming documents could expose the extent to which enforcement-based tactics shaped policy decisions.

Grewal emphasized Coinbase’s commitment to this issue, stating:

“We’ll never stop fighting for government transparency on behalf of our customers and this industry. It may take time to get the full picture, but I think we’ve shown that we will do what it takes for as long as it takes.”

Gemini’s Winklevoss twins have also criticized the SEC’s approach, pointing to legal fees when that agency dropped its investigation into their platform. Coinbase’s filing signals a broader demand for accountability following similar calls from other industry participants.

The 17-point FOIA request may provide unprecedented visibility into the SEC’s internal allocation of resources toward crypto enforcement during a contentious period for the industry.

The SEC’s recent shift includes dismissing some cases against crypto firms and declaring memecoins are not securities while forming a new task force to establish more explicit guidance. Coinbase’s FOIA submission indicates that clarity alone may not resolve existing grievances if the costs incurred remain obscured.

Grewal emphasized that the exchange is prepared to wait through the entire FOIA process to secure the data it believes could help the public understand how government resources were allocated when the SEC targeted digital asset businesses.

@ Newshounds News™

Source:  CryptoSlate

~~~~~~~~~

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“Tidbits From TNT” Tuesday Morning 3-4-2025

TNT:

Tishwash:  MP: Washington directly supervises the financial system in Iraq

Representative Mukhtar al-Moussawi confirmed today, Monday, that the United States directly supervises the financial system in Iraq, and is aware of the entire movement of money.
Al-Moussawi explained to Al-Maalouma that "the United States directly supervises the financial system in Iraq, and is fully aware of the movement of funds and exiting the country, which gives it broad economic influence that affects the financial decisions of the Iraqi government.

Regarding the security official, Al-Moussawi said that "Iraq has recovered in terms of security and has become able to protect its lands from terrorist attacks, thanks to the development of the capabilities of the armed forces and the Popular Mobilization Forces," ruling out "the possibility that Washington will use the ISIS terrorist organization card again, given the expected failure of such attempts in the face of the high security readiness enjoyed by the Iraqi military apparatuses.

" Al-Moussawi criticized "some parties that promote the possibility of the return of the threat of the terrorist organization, and an attempt to repeat the 2014 scenario," stressing that "the security forces and the Popular Mobilization Forces are ready to thwart any terrorist activity that may target the country."

According to observers, the United States is playing its suspicious role in Iraq, whether through economic intervention or waving the security card, which calls for a firm national position to end its guardianship and restore full autonomy   link

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

Tishwash:  Investment opportunities are expanding.. FAO is preparing to transform into the largest industrial city in the Middle East

The Ministry of Industry and Minerals revealed plans on Monday to establish giant industrial projects in the city of Al-Faw, which will make it one of the largest industrial cities in the Middle East, as part of the Strategic Development Road project.  

The Deputy Chairman of the Industrial Cities Authority at the Ministry, Riyadh Jassim Kazim, said in a statement to the official newspaper that "the technical designs for the project will be completed soon, as work is proceeding according to well-studied plans, with the completion of the initial designs and the addition of some modifications to ensure the project is implemented in the best possible way."  

He explained that "the development road will transform Iraq into a pivotal commercial center linking the East and the West through advanced industrial cities extending from Al-Faw to the Turkish border," noting that Al-Faw city will include giant industrial projects including petrochemical plants, power stations, water desalination and liquefied gas facilities, in addition to residential and tourism projects, which will contribute to stimulating trade exchange and creating more than one million job opportunities.  

Kazem also stressed that the project will contribute to reducing the time it takes to transport goods from China to Europe to less than 22 days, which will enhance Iraq's position as a global logistics center.  

He pointed out that the preparation of the project's designs faced some obstacles, such as conflicts on the road's path with agricultural and economic projects, but coordination was made with local governments and those conflicts were removed, which allowed the preparation of the final technical designs for the project.  

He concluded by saying that "the development road will be a fundamental pillar in diversifying the Iraqi economy and reducing dependence on oil, so that Iraq becomes a pivotal part of the international trade map, benefiting from its modern infrastructure and its ability to connect continents." link

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

Tishwash:  Sanctions and mistrust.. How will the Iraqi digital currency be born?

Why don't we develop our systems?

Financial and banking expert Mustafa Hantoush confirmed that talking about launching an Iraqi electronic currency at the present time is premature, in light of a banking system that suffers from structural problems and weak infrastructure.

He explained to “Jarida Platform” that “the culture of electronic payment in Iraq is still immature, and unless the government intervenes and imposes the adoption of electronic payment in government departments, we will not witness any real development in this field.”

Hantoush added that “Iraq does not have an integrated internal transfer system and relies on international systems such as Visa and MasterCard, which makes it a priority to develop the national switchboard, enhance the electronic payment infrastructure, and spread the culture of digital payment among citizens.” He pointed out that “electronic payment, in essence, depends on the presence of funds deposited in banks and their electronic transfer instead of direct cash exchange, which requires a strong infrastructure and broad confidence in the banking system.”

Hantoush stressed that “even major countries such as the United States, Europe and China have not yet been able to develop integrated electronic currencies due to fears of electronic breaches and weak cybersecurity systems,” wondering about the extent to which Iraq, with its current banking system, can achieve this.

He added, "Talk about an Iraqi electronic currency does not match the reality of Iraqi banks, which suffer from sanctions, the absence of their real role in the market, and the presence of a large percentage of money circulating outside the banking system, in addition to the lack of trust in banking institutions."

He concluded by saying, “The Central Bank still relies on old evaluation mechanisms, and the Islamic banking system has not witnessed real development in Iraq, which makes the priority now to build an integrated banking system, enhance confidence in it, and develop its electronic infrastructure before thinking about launching an electronic currency.” link

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

Mot:  . Maybeeeee -- This Week!!! – siigghhhhhhh 

Mot:  Earl has a “Big Mouth” 

MilitiaMan & Crew-Iraq Dinar News-Major Transactions-USD Control-Crypto WDC on 7th-Gold-Oil-IMF-Digital Currency

MilitiaMan & Crew-Iraq Dinar News-Major Transactions-USD Control-Crypto WDC on 7th-Gold-Oil-IMF-Digital Currency

3-3-2025

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=pr9THIca0Vw

Seeds of Wisdom RV and Economic Updates Monday Evening 3-03-25

Good Evening Dinar Recaps,

BRICS: BRAZIL REITERATES NEED TO END US DOLLAR, WILL 150% TARIFFS FOLLOW?

The ongoing tension between the global south and west has been a key matter of geopolitical uncertainty. That may only take a step forward as the BRICS 2025 president, Brazil, has reiterated its need to end the US dollar as 150% tariffs loom large over the nation.

Speaking on the alliance’s operations, Brazil president Luiz Inacio Lula Da Silva noted that the group will not cease its de-dollarization approach. However, that may come with steep consequences. Indeed, US President Donald Trump has warned that there will be import taxes levied on nations that he views are seeking to “destroy” the greenback.

Brazil Re-Commited to Ditching the US Dollar: Will It Face Trump’s 150% Tariffs?

The BRICS economic alliance operates on a rotating chairmanship model. This means that the alliance will be under the guidance of a shifting presidency, with one nation taking the mantle at the start of the year. In 2025, it is Brazil that is taking that position, and it is already standing firm on what it expects of the bloc.

Amid the growing tension between BRICS and the United States, Brazil has reiterated its need to end the US dollar dominance despite 150% tariffs being threatened on such countries. 

Earlier this year, the bloc rejected a BRICS currency plan. However, that hasn’t forced it to change its tone on the group’s relationship with the greenback.

“US President Donald Trump’s threats of tariffs won’t stop the group’s determination to seek alternative platforms for payments between member countries,” Brazil’s President said. Now, whether or not they face those promised Trump tariffs will depend on how the US President views the action.

Last week, Trump said, “‘Any BRICS state that even mentions the destruction of the dollar will be charged a 150% tariff.” The bloc has yet to claim to be seeking the greenback’s destruction. Therefore, will the pursuit of alternative payment methods trigger the tariff?

Moreover, is Brazil’s position opposing a BRICS currency freeing it from those threats? It certainly became the main focus of the geopolitical sector over the next several months

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

SEC DROPS LAWSUIT AGAINST KRAKEN, ENDING ‘POLITICALLY MOTIVATED CAMPAIGN’SEC DROPS LAWSUIT AGAINST KRAKEN, ENDING ‘POLITICALLY MOTIVATED CAMPAIGN’

The dropped lawsuit follows dismissals of other SEC lawsuits and investigations against other cryptocurrency companies like Coinbase and Gemini.

The US Securities and Exchange Commission has agreed to drop its lawsuit against Kraken, the cryptocurrency exchange revealed on March 3. The move ends what the exchange calls a “wasteful, politically motivated campaign” and “clears the path toward a stable, forward-thinking regulatory regime.”

According to Kraken, the lawsuit is being dismissed with prejudice, with no admission of wrongdoing, no penalties paid, and no changes to Kraken’s business. The SEC sued Kraken in November 2023, alleging that the exchange acted as a broker, dealer, exchange and clearing agency without registering with the SEC.

The SEC, under Gary Gensler’s leadership, was prone to a policy of regulation by enforcement, suing or investigating crypto companies, such as Coinbase, Uniswap and non-fungible marketplace OpenSea, for a variety of reasons. This approach was widely criticized in the industry for stifling innovation, targeting legitimate crypto companies instead of going after bad actors and more.

The SEC’s latest actions may reflect the changing environment of the US government regarding crypto. Kraken writes about its case, “This case was never about protecting investors — it and other enforcement actions clouded instead of clarified. It undermined a nascent industry that repeatedly urged clear rules of the road.”

A shifting regulatory climate

Since the change in SEC leadership, the agency has dismissed or is rumored to drop various lawsuits and investigations that began during Gensler’s tenure. On Feb. 27, it dismissed its lawsuit against Coinbase. Previously, it had dropped lawsuits or investigations against Consensys, Uniswap, OpenSea, Gemini and Robinhood.

The moves come as the US is shaping up for increased regulatory clarity surrounding digital assets. On Feb. 7, US lawmakers introduced a stablecoin bill to boost dollar dominance. It is possible that lawmakers may introduce a general crypto regulation bill that is a stronger version of FIT21.

In addition, there are further tailwinds: US President Donald Trump, who has said he wants to make the US the “world capital of crypto,” has announced plans for a crypto strategic reserve consisting of BTC, ETH, XRP, SOL and ADA. The president will be hosting the first White House Crypto Summit on March 7.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

HESTER PEIRCE ANNOUNCES SEC’S NEW CRYPTO TASK FORCE AMID POLICY SHIFT

The U.S. Securities and Exchange Commission has officially released the list of members for its Crypto Task Force, which brings together advisors from key divisions.

This follows a memo published by Commissioner Hester Peirce on March 3 on the official SEC website. According to the memo, the task force consists of staff from Acting Chairman Mark Uyeda’s office, along with representatives from multiple divisions within the agency.

Peirce highlighted the team’s experience and commitment to addressing complex crypto regulatory challenges, stating that the Crypto Task Force is composed of knowledgeable and dedicated staff focused on developing practical regulatory solutions for the industry.

She also emphasized that the team would collaborate with other SEC experts and engage with the public to shape effective crypto regulations.

SEC’s new crypto-focused team

The task force includes Richard Gabbert as Chief of Staff, Michael Selig as Chief Counsel, and Taylor Asher as Chief Policy Advisor. Additional members include Sumeera Younis (Chief of Operations), Landon Zinda (Senior Advisor), and multiple senior advisors such as Donald Battle, Bernard Nolan, and Laura Powell.

Peirce has long been an advocate for clear and fair regulations in the crypto sector. Her latest initiative follows ongoing calls from industry leaders for more regulatory clarity.

This development aligns with a broader trend within the SEC to reevaluate its stance on cryptocurrency oversight. Under the previous administration, the agency intensified enforcement actions against crypto firms, imposing significant penalties.

For instance, in 2024 alone, the agency imposed fines totaling $4.68 billion on crypto businesses, accounting for 68% of its lifetime penalties in this sector.

However, recent months have seen a notable shift. The SEC has closed investigations into several prominent crypto entities, including Gemini, Coinbase, OpenSea, Uniswap Labs, Robinhood Crypto, Consensys, and lately Kraken. This move suggests a more lenient regulatory approach under the current administration.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 3-03-25

Good Afternoon Dinar Recaps,

LAWMAKERS LAUNCH BIPARTISAN CONGRESSIONAL CRYPTO CAUCUS FOLLOWING TRUMP BITCOIN PUSH

The first of its kind group will allow pro-industry lawmakers to vote as a bloc on key legislation.

House Majority Whip Tom Emmer (R-MN) announced the creation of the first ever congressional crypto caucus on Monday, which he says will allow pro-industry lawmakers to vote as a unified bloc on pertinent legislation.

The move comes just a day after President Donald Trump announced he's directed the Presidential Working Group to "move forward" with plans to establish a "crypto strategic reserve"—a federal stockpile of state-owned digital assets—which would include Bitcoin, Ethereum, Solana, Cardano, and XRP.

The caucus appears to be a bipartisan effort, led both by Emmer—a staunch crypto advocate—and Rep. Ritchie Torres (D-NY), one of the industry’s most vocal Democratic allies.

In a post to X on Monday morning, Emmer characterized the caucus as “a nonpartisan group of members ready to mobilize to support and defend open, permissionless, and private innovation in the United States.”

The inclusion of the term “private” in that definition would seem to be an attempt to smother any notion that as the U.S. government gets more involved in crypto, it might seek to develop technologies like a central bank digital currency, or CBDC.

Major foreign bodies like the European Union have pushed ahead in developing digital currencies in recent weeks. President Donald Trump, on the other hand, moved to ban the creation of an American CBDC days after retaking the White House. Republicans have, for years, claimed that CBDCs would pose an existential risk to financial privacy.

Decrypt reached out to Emmer’s office regarding the House crypto caucus’ top priorities and the potential initial size of its membership but did not immediately receive a response.

House caucuses are formally organized groups of lawmakers who meet to pursue shared legislative objectives and tend to vote in blocs on key issues.

Dozens of such groups currently meet on Capitol Hill. They are shaped around identity groups (Congressional Black Caucus); ideological leanings (Congressional Progressive Caucus); foreign policy (Congressional Friends of Denmark Caucus); and, in many cases, industry representation (see: Congressional Cranberry Caucus, Chicken Caucus, and Natural Gas Caucus).

While crypto has notched a slew of high profile political victories in recent weeks—from the dismissal of key lawsuits targeting industry leaders, to Trump’s doubling down on a controversial federal crypto stockpile—the somewhat less flashy announcement of an industry caucus nonetheless brings the sector one step closer to more permanent status as a mainstay special interest group in Washington.

After years of extreme political volatility for crypto that have reaped both the lowest of lows and highest of highs, perhaps becoming a household staple akin to chicken or cranberries isn’t so unappealing.

@ Newshounds News™

Source:  Decrypt

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BRICS REACTS TO TRUMP & ZELENSKY’S WHITE HOUSE HUMILIATION

Trump and Zelensky’s White House interaction has taken the world by storm as the dirty laundry was washed in public. The war of words turned cinema as both leaders indulged in sharp criticism. 

In the aftermath of the show, the minerals deal, which Zelensky visited the US was rejected by Trump. However, the Ukrainian President said that he is open to signing the deal if the US agrees to move forward. BRICS member Brazil has reacted to the Trump-Zelensky fight and came down hard on the US President.

BRICS: Brazil Reacts to Trump-Zelensky’s War of Words

Brazilian President Luiz Lula da Silva, who will chair the upcoming BRICS summit, reacted to Trump and Zelensky’s White House war. He sharply criticized the way Trump treated Zelensky in front of reporters and other dignitaries. Lula da Silva called Trump’s attitude “grotesque and disrespectful,” against Zelensky. Additionally, he added that the US President “humiliated” Zelensky for no reason as he visited the US to discuss the minerals deal.

“I have never seen a scene as grotesque and disrespectful as the one that took place in the Oval Office of the White House. I sincerely believe that part of society thrives on disrespecting others. And it is not possible to speak of democracy if there is no respect for other human beings.

I think Zelensky was hamulated; in Trump’s mind, he probably deserved it. I think the European Union was harmed by the American speech,” said the Brazilian President who will chair the 17th BRICS summit.

Trump’s stance against Ukraine is alienating Europe as the European Union (EU) wants to hold Russia accountable for the war. BRICS member China is making use of the tensions and is extending cordial relations with Europe. Moreover, many European countries are looking to increase business deals with China as negotiating with the US has become increasingly difficult.

@ Newshounds News™

Source:  Watcher Guru

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CONTROVERSIAL IRS CRYPTO REPORTING REGULATION

Lawmakers, including Senator Ted Cruz and Cynthia Lummis, have introduced a resolution to overturn the IRS rule, with a vote expected this week.

▪The US Senate is set to vote on an IRS rule requiring crypto brokers to report detailed transaction data, a move that has sparked controversy in the industry.

▪Critics argue that the tax reporting mandate could stifle DeFi innovation, leading to legal challenges and calls for its repeal.

▪Lawmakers will also review a separate Consumer Financial Protection Bureau (CFPB) regulation that affects digital payment apps.

The US Senate is preparing to vote on a controversial IRS regulation requiring “brokers” to report gross proceeds, cost basis, and gains or losses from digital asset transactions, including cryptocurrency, stablecoins, and non-fungible tokens (NFTs).

The law, formally introduced in December 2024 and enacted in January 2025, has faced strong opposition from the crypto community. Critics argue that the regulation threatens the growth and innovation of the decentralized finance (DeFi) sector, leading to a lawsuit challenging its implementation.

Lawmakers Push for Repeal

While the legal battle continues, Senator Ted Cruz, alongside Senators Cynthia Lummis, Pete Ricketts, and others, has taken legislative action to challenge the rule, according to a CoinDesk report on Monday, citing sources familiar with the matter.

The lawmakers have introduced a joint resolution urging the repeal of the IRS regulation. A source close to the matter revealed that Congress is expected to vote on the resolution this week, a decision that could determine the rule’s future.

The Congress has the power to challenge and potentially overturn unfavourable new laws enacted by government agencies under the Congressional Review Act (CRA).

In addition to the IRS measure, Congress is also set to review what CoinDesk described as an “11th-hour regulation” from the Consumer Financial Protection Bureau (CFPB), which impacts digital payment applications.

Donald Trump Finally Adds Crypto to National Reserve

The previous administration introduced both rules in an attempt to curb innovation within the crypto sector. In 2024, the then-US president signed an executive order directing the government to assess the risks and benefits of cryptocurrencies.

The measures targeted six key areas: consumer protection, financial stability, illicit activity, US competitiveness, financial inclusion, and responsible innovation. However, despite these efforts, the industry remained without clear regulatory guidance during his tenure.

In contrast, the current administration is taking steps to establish a well-defined regulatory framework for cryptocurrencies in the US. 

Last month, President Donald Trump issued an executive order instructing federal agencies to review existing laws and create a clear regulatory structure for digital assets and related services. Agencies such as the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) have been given 30 days, starting January 23, 2025, to carry out this directive.

Beyond regulatory reforms, Trump has pledged to position the US as the “world crypto capital,” aiming to lead in regulation, innovation, and technological advancements within the sector.

On Sunday, Trump officially unveiled the long-anticipated crypto reserve, incorporating major digital assets like XRP, SOL, and ADA. He emphasized that Bitcoin and Ethereum would be the “heart of the reserve,” reaffirming his strong support for the top two cryptocurrencies.

@ Newshounds News™

Source:  CoinSpeaker

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