Seeds of Wisdom RV and Economic Updates Wednesday Morning 12-11-24

Good Morning Dinar Recaps,

BRICS NEWS: EXPERT SAYS NATIONS WILL EVENTUALLY DITCH US RESERVES FOR BITCOIN

With the ongoing tension between the BRICS alliance and the United States, one expert has theorized that most nations will eventually end up ditching US dollar reserves for Bitcoin. Indeed, economist Jeremy Siegel recently noted that the leading crypto has emerged as a threat to the greenback’s global standing.

Senior economist at WisdomTree, Siegel, discussed the curiosity of Trump’s continued embrace of Bitcoin. Specifically, he noted that the asset class is far more dangerous to the US dollar’s dominance than gold or any BRICS currency, according to a Benzinga report.

Expert Says Bitcoin, Not BRICS, Is Greatest Threat to US Dollar

Since 2022, when Russia invaded Ukraine, the BRICS bloc has been on a mission. Specifically, the collective has sought ways to ditch the US dollar in international trade.

Moreover, it has moved to lessen the global reliance on the Western currency. These decisions appeared made out of necessity. With the West sanctioning Russia, forcing it to rely on allies in the global south.

Yet, those de-dollarization plans have been confronted by President-elect Donald Trump. Moreover, with 100% tariffs planned under the returning president, things have certainly gotten interesting. For one economist, the incoming commander-in-chief’s position appears inconsistent, to say the least.

Indeed, amid the BRICS scuffle, finance expert Jeremy Siegel has said nations will likely eventually ditch the US dollar reserves for Bitcoin. What makes that interesting is that Trump has recently paraded BTC’s all-time increase above the $100,000 mark.

“I found it curious that Trump threatened 100% tariffs for the BRICS nation wanting to implement a new reserve currency, while also championing the rise of Bitcoin’s price surpassing $100,000 and attributing it to his pro-crypto world view,” Siegel said.

“Bitcoin is viewed by many as an alternative global currency similar to what the BRICS are looking to achieve,” he added. “Bitcoin is far more of a threat to replace the dollar in world reserves than anything created by the emerging market economies.”

The asset’s recent surge supports Siegel’s position. Bitcoin has been skyrocketing in value and is projected to reach $200,000 next year. Trump’s pro-BTC position could fuel global accumulation. Therefore, driving even more countries away from the dollar.

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Source: Watcher Guru

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HONG KONG LOOKS TO SPEED UP CRYPTO REGULATION AMID RISING SECTOR DEMANDS

Hong Kong is exploring ways to expedite updates to its crypto regulations in response to the fast-growing global sector.

The fast growth of the crypto sector is pushing Hong Kong to reconsider its regulations, with talks focused on speeding up changes to meet growing industry needs. A proposal raised in the Legislative Council on Dec. 11 highlights the pressure on the government to keep up with the global rise in crypto investments.

In a written response, Acting Secretary for Financial Services and the Treasury, Joseph Chan, admitted that while the virtual assets sector offers financial innovation opportunities, it also presents new “complexities to the financial system.” 

He emphasized Hong Kong’s commitment to keep up with international standards, noting that the city “has key influence in the regulation and development of VA.”

However, Chan didn’t go into detail on how or when Hong Kong plans to adjust its crypto regulations to stay competitive.

Moreover, some lawmakers have even raised concerns about the need for a more comprehensive approach. There is speculation that Hong Kong could establish a dedicated department or commissioner to oversee crypto policies, following international trends.

One way or the other, the question of whether cryptocurrencies like Bitcoin should be included in Hong Kong’s fiscal reserves still seems to be open. In the meantime, Chan pointed out that crypto-assets are not currently a target asset for Hong Kong’s Exchange Fund.

“It cannot be ruled out that there may be investments involving crypto-assets during the investment operations of the external managers at different points of time, but the relevant proportion is minimal,” Chan said.

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Source: Crypto News 

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BINANCE AND CIRCLE ANNOUNCE STRATEGIC PARTNERSHIP TO ADVANCE GLOBAL CRYPTO ADOPTION

Key partnership between Binance and Circle seeks to accelerate the adoption of USDC and digital assets worldwide.

Binance and Circle Join Forces for Global Crypto Adoption

A new strategic partnership between Binance and Circle Internet Group was launched at the Abu Dhabi Finance Week. The cooperation will increase the use of USD Coin (USDC) and promote the growth of the global digital assets and financial services ecosystem.

This partnership combines a reliable and compliant digital currency with the biggest platform for using digital assets globally, thanks to USDC’s expansion and widespread use.

Through the collaboration, Binance will expand the availability of USDC throughout their whole range of goods and services, guaranteeing that over 240 million Binance users worldwide can easily access and utilize USDC for applications related to trading, saving, and payments. Binance will also use USDC as a key dollar stablecoin for their corporate treasury.

Richard Teng, CEO of Binance shared his thoughts about the partnership.

“Through our strategic partnership, our users will have more opportunities to use USDC on our platform, including more USDC trading pairs, special promotions on USDC across trading, and other products on Binance.

We will also work closely with Circle to drive innovation and utility for stablecoins globally. Working together as a team, we believe we can materially push forward the possibilities for the internet financial system.”

Jeremy Allaire, Chairman and CEO of Circle echoed Teng’s thoughts on the partnership.

“With Binance rapidly becoming the world’s leading financial super app, this is a tremendous opportunity for USDC as it becomes ubiquitous on the Binance platform. I’m thrilled to be working with the Binance leadership team as they continue to build the largest digital asset company in the world.”

This partnership aims to consolidate the role of USDC in digital payments, promising broader adoption and innovation in the crypto space.

@ Newshounds News™

Source:  Bitcoin News

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Crypto Ledger, Nathan, and Seeds of Wisdom Team, Salty Toes and R Jax, discuss Crypto, Gold, and the direction of the future financial system.

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 12-10-24

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RIPPLE (XRP) RECEIVES FINAL APPROVAL FROM NYDFS FOR RLUSD
Ripple Labs (XRP) has officially received final approval from the New York State Department of Finance (NYDFS) for its stablecoin RLUSD. 

Ripple’s CEO Brad Garlinghouse made the announcement in a post to X Tuesday afternoon, revealing the latest achievement.

“This just in…” the announcement reads, “we have final approval from @NYDFS for $RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from @Ripple first.” The news means that we may see the arrival of RLUSD as soon as this month.

Following its years-long legal battle with the SEC, Ripple has flourished in the final months of 2024. The company’s native cryptocurrency is now the fifth largest in the world by market cap. Ripple Labs’ decision to launch a stablecoin was also met with optimistic ears earlier this year.

The coin has been ready for some time and could see its door to New York City, one of the finance capitals of the world, open up soon.

Over the past month, Ripple Labs has seen plenty of success, especially with its native cryptocurrency XRP. The asset is up over 200% in the last 30 days. The XRP Ledger has also seen significant success, especially on the world stage. 

Last month, the software company made waves in BRICS countries India and Russia. The Russian government has taken a significant step in digital asset regulation, passing a bill recognizing XRP and other cryptocurrencies. The bill also established a clear taxation framework for crypto.

In addition, the Reserve Bank of India (RBI) also announced a collaboration with Ripple Labs for the virtual Rupee initiative.

Ripple RLUSD To Pump XRP Price?

The arrival of RLUSD is also expected to further pump XRP Price. Currently, XRP is trading at $2.255, up 7% in the last hour alone. With Christmas around the corner, the market is also getting into the festive spirit, with investors hoping that the realm would favor their XRP investments more seriously.

Predictions have been raised for the asset over the remainder of the year, with projections touching near $3, contains the assets surge. Should the Ripple stablecoin RLUSD launch in the next week, expect Ripple to see further growth.

Garlinghouse has yet to provide an estimated launch date for the stablecoin. However, the NYDFS’ approval is a great sign.

https://watcher.guru/news/ripple-xrp-receives-final-approval-from-nydfs-for-rlusd

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Source:  Watcher Guru

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EU’S MICA CRYPTO RULES: WILL THE DECEMBER DEADLINE DISRUPT STABLECOINS?

Several EU countries are struggling to implement MiCA regulations on time, potentially disrupting the crypto market.

The December deadline for crypto service providers and stablecoin issuers is causing concerns, with industry groups calling for a delay.

MiCA's regulations on stablecoins, especially the volume limits, aim to protect the Euro's dominance and could impact the broader crypto market.

The European Union’s new cryptocurrency regulations, known as MiCA (Markets in Crypto-Assets), are set to take effect by the end of the year.

These rules aim to create a unified framework for crypto operations across Europe. However, many countries are behind in updating their local laws, raising concerns about disruptions—especially for stablecoins.

Nations Falling Behind

Countries like Belgium, Italy, Poland, Portugal, Luxembourg, and Romania haven’t yet adjusted their laws to align with MiCA. This delay puts crypto businesses in these regions at risk of missing the December deadline, which could slow down the rollout of the EU-wide regulations.

In Poland, the proposed legislation is stuck in committee. Portugal is debating how to divide responsibilities between regulators. Belgium is waiting on political decisions, while Ireland’s Central Bank has started processing applications but warns the process will take time. Similarly, Malta, Italy, Cyprus, and Lithuania face delays, with Malta needing to update its crypto laws to meet MiCA’s requirements.

A Unified Vision for Crypto Regulation

MiCA’s goal is to create consistent rules for crypto service providers, such as exchanges, custodians, and wallet operators, across the EU. To continue operating, businesses must secure licenses from their national regulators. However, many regulators are struggling to process these applications in time, creating uncertainty as the deadline approaches.

The implementation is split into two phases.

The first phase began in June and required stablecoin issuers to obtain authorization. The second phase, with a December deadline, focuses on licensing crypto service providers like exchanges and wallet providers.

Industry Calls for More Time

Crypto industry groups are asking for an extension to the December deadline, arguing that the short time frame between the finalization of technical standards in October and the compliance deadline isn’t enough. They propose a six-month extension to help regulators manage the flood of applications and prevent disruptions to crypto businesses.

The European Securities and Markets Authority (ESMA) is set to meet on December 11 to review the situation. While updated guidance may be provided, no official delay has been confirmed. If the deadline remains, some firms may need to pause operations in the EU.

For individual users, the immediate impact is expected to be minimal, but these adjustments are part of the growing pains in the evolving crypto space.

A Big Threat to Stablecoins?

Under MiCA, stablecoins face strict rules designed to limit their volume and prevent them from competing with the Euro. Since many stablecoins are pegged to the USD, these regulations could significantly impact their use in Europe. Starting in December, stablecoin issuers will need e-money licenses from at least one EU country.

While larger players like Circle are already meeting these requirements, smaller issuers may struggle. These changes could set a precedent for stricter rules on other tokens seen as not sufficiently decentralized, signaling more oversight for the crypto industry in the future.

What happens in December might not just affect Europe but could redefine the rules for crypto everywhere.

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Source: Coinpedia 

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 12-10-24

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USDT IS NOW APPROVED AS ACCEPTED VIRTUAL ASSET IN ABU DHABI

Tether has announced that Abu Dhabi’s Financial Services Regulatory Authority has approved the company’s U.S. dollar-pegged stablecoin as an accepted virtual asset.

According to the announcement on Dec. 10, Tether is now available to authorized individuals and entities regulated within the Abu Dhabi Global Market. FSRA is a market regulator in Abu Dhabi under the Abu Dhabi Global Market. The FSRA is a market regulato r under the ADGM, which operates as a financial-free zone in the United Arab Emirates.

USDT’s approval is part of FSRA’s mandate to regulate virtual asset service providers in the country. VASPs are required to comply with anti-money laundering and combating the financing of terrorism regulations.

In its announcement, Tether stated that the approval enables FSRA-licensed individuals and entities to offer USDT-powered services in the region. The agency pre-approves such services. With this acceptance, users within the ADGM can use USDT on Ethereum, Solana, and Avalanche.

Paolo Ardoino, chief executive officer of Tether, commented:

“This milestone underscores Tether’s commitment to fostering global financial inclusion and innovation. By bringing USD₮ to the forefront of ADGM’s regulated virtual asset framework, we are not only validating the importance of stablecoins as critical tools for modern finance but also opening new doors for collaboration and growth across the Middle East.”

USDT is the world’s largest U.S. dollar-pegged stablecoin, with a market cap of over $138 billion. Its adoption across the payments market and crypto space has allowed it to dominate other stablecoins, contributing to Tether’s record-breaking revenue figures.

Tether also revealed in a report on Dec. 9 that on-chain wallets with USDT exceeded 109 million at the start of the fourth quarter of 2024. Meanwhile, total wallets that have ever received USDT has surpassed 400 million.

Elsewhere, the Middle East and North Africa region has increasingly become a key market.

In May this year, Tether announced its expansion in the UAE via a partnership with web3-focused platform RAK Digital Assets Oasis. The collaboration aimed at promoting adoption of  Bitcoin and stablecoins in technology in UAE’s sixth-largest city Ras Al Khaimah.

In August, Tether revealed plans for a dirham-pegged stablecoin.

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Source:  Crypto News

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MICROSOFT SHAREHOLDERS REJECT PROPOSAL TO ADD BITCOIN TO RESERVES

Shareholders opposed the motion, pointing to bitcoin’s volatility as a key concern.  Microsoft’s history with the world’s largest cryptocurrency has been cautious.

Microsoft shareholders voted to reject a resolution to add Bitcoin to the company’s balance sheet during its annual meeting on Tuesday.

The resolution was proposed by the National Center for Public Policy Research (NCPPR), a pro-free-market think tank based in Washington, D.C. The NCPPR framed the initiative as a corporate responsibility to diversify profits and enhance shareholder value.

As part of the proposal, a pre-recorded video was presented during the meeting. The video opened with the statement, “Microsoft can’t afford to miss the next technology wave, and bitcoin is that wave." The decision to reject the proposal aligns with the board’s recommendation, which emphasized Microsoft’s existing strategy of evaluating a wide range of investable assets, including bitcoin, within it  broader investment framework.

The recent arrival of new derivatives trading solutions, including options on the black rock ETF are only likely to strengthen that narrative as is the burgeoning liquidity on those and other venues around the world alongside the relatively newer role of bitcoin as a capital markets activity catalyst as evinced in recent convertible bond issuance by a number of the digital asset industries larger players.

Microsoft’s history with bitcoin has been cautious. The company briefly accepted the cryptocurrency as a payment method in 2014 but suspended the option in 2016, citing low usage and regulatory uncertainties. Today's result aligns with the views of Microsoft co-founder Bill Gates, who has been a vocal critic of cryptocurrencies.

Bitcoin experienced a 3% pullback over the past 24 hours, adding to broader uncertainty in the cryptocurrency market. The global cryptocurrency market cap declined by almost 5% in the same period, now standing at $3.73 trillion, according to CoinGecko data.

Despite Microsoft’s stance, discussions around bitcoin adoption at the corporate level are becoming increasingly common. Cryptocurrency derivatives trader Gordon Grant noted the significance of these debates.

"The fact that we are having conversations about whether one of the world's largest entities could or should maintain a position in bitcoin on its balance sheets as a financial principal says far more about the arrival of bitcoin as a tier one asset, than the actual outcome of the decision," Grant told The Block.

Grant also highlighted the growing interest in bitcoin as a capital markets catalyst, pointing to recent convertible bond issuances by MicroStrategy as evidence of bitcoin’s evolving role in financial markets.

"Utilization of bitcoin as a financial diversifier, as a conveyance for the transfer of monetary value, and as a vector for what MicroStrategy's Michael Saylor has called global digital capital, continues to gain currency," Grant said.

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Source:  The Block

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 12-10-24

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ARGENTINA ALLOWS U.S. CRYPTO ETFS TO ENTER THE LOCAL MARKET

Argentina’s financial regulator allowed foreign crypto-related products from the United States to enter the local market, which will unlock the inflow from overseas.

The board directors of Argentina‘s securities regulator, Comisión Nacional de Valores (CNV), announced that the U.S. exchange-traded fund (ETF), including crypto-related ETFs, are now available in the country.

Under CEDEAR’s program, which is regulated by RG No. 1030, Bitcoin spot ETF and Ethereum spot ETF will be released and ready to trade. This product was prohibited under Law No. 27440 for 6 years.

“it is a pleasure to announce these first approvals, which constitute new investment options provided for in this very innovative law,”  CNV’s president Roberto E. Silva, on official statement.

Although details on which Bitcoin ETF issuer would be allowed to enter the country are not provided, the commission is opening the door for digital asset investment through the capital market.

In the same document, CNV also announced that gold ETFs are allowed to enter the capital market with the GLD ticker, as well as the S&P 500 index. Chinese stock market indexes with FXI ticker were also introduced.

The regulators hope that these innovations of law could boost passive management indices, commodities, and digital assets, which are listed abroad and not publicly offered around the territory.

Argentina’s public Bitcoin mining

Argentina, one of the countries in Latin America that allow Bitcoin for transactions, publicly showcases Bitcoin mining, which is powered by the Central Bank of Argentina (BCRA).

This Bitcoin mining installation symbolises support from the government and embraces the future of digital money through cryptocurrency. This was the first central bank to showcase Bitcoin mining.

An aggressive move is part of Argentina’s President Javier Milei’s vision to fight against hyperinflation, which skyrocketed to almost 300% in April 2024, and to drive the digital economy in the country. Since then, according to Trading Economics, the inflation rate has gradually decreased to under 200% in less than a year.

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Source:  Crypto News

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UAE’S CENTRAL BANK APPROVES FIRST AED-BACKED STABLECOIN

The first AED-backed stablecoin has received approval from the UAE’s central bank. This marks a key change in the country’s digital currency system. The UAE central bank’s move strengthens cryptocurrency regulations and sets new rules for digital currency and stablecoin approval.

This step makes crypto transactions safer and more stable.  This stablecoin approval shows the UAE’s push toward digital currency growth.

How UAE’s First AED-Backed Stablecoin Addresses Cryptocurrency Challenges

AE Coin Launch and Implementation

AE Coin got the first license to create a UAE Dirham-linked stablecoin under new payment rules. One AE Coin equals one dirham, making it a stable payment option. Ramez Rafeek, General Manager of AED’s stablecoin, says:

“AE Coin harnesses the speed and efficiency of blockchain technology, offering instant, secure, and cost-effective transactions. It simplifies transfers, making them faster and more seamless. In a rapidly evolving digital world, AE Coin sets a new standard for trust, security, and innovation in digital currency.”

Market Growth and Transaction Patterns

UAE’s stablecoin market grew to US$9.8 billion in early 2024, up 55% from 2023. Stablecoins lead with 51% of crypto activity, more than Bitcoin and Ether combined. This growth shows trust in cryptocurrency regulations and digital money systems.

Retail and Institutional Adoption

Small transfers make up 93% of all transactions, but big institutions move most of the money. Business and institutional trades account for 74% of all value moved. The AED-backed stablecoin will likely boost these numbers by offering a safe, regulated platform.

Future Developments and Market Impact

More stablecoins are coming to UAE. Tether plans to launch its AED-backed coin in early 2025 with Green Arcon Investments Ltd and Phoenix Group PLC. This makes UAE a stronger digital currency center. The UAE central bank’s rules ensure these new tools are safe and stable.

Integration with Financial Services

The new stablecoin will change online shopping, money transfers, and decentralized finance. It gives companies and people modern banking tools while keeping traditional currency stability through cryptocurrency regulations.

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Source:  Watcher Guru

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DO YOU NEED A TRUST TO EXCHANGE CURRENCY  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Evening 12-09-24

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CRYPTO INDUSTRY FRUSTRATED OVER POSSIBILITY OF SEC COMMISSIONER CAROLINE CRENSHAW’S RENOMINATION

Coinbase COO Emilie Choi called Caroline Crenshaw, one of two SEC commissioners to oppose Bitcoin ETFs, 'anti-crypto.'

On Dec 11, the U.S. Senate Banking Committee will decide whether to renominate Caroline Crenshaw, a Democrat Securities and Exchange Commission (SEC) commissioner. Crenshaw has always been a staunch critic of cryptocurrencies and the crypto community is not happy with the prospect of her re-election.

Crenshaw is ‘anti-crypto,’ says Coinbase COO

Crenshaw, who was sworn into her role in August 2020, was one of two SEC commissioners who opposed the approval of spot Bitcoin exchange-traded funds (ETFs) in January. In her letter dissenting from the SEC’s decision, which Crenshaw called “unsound and ahistorical,” she wrote:

“I fear that today we are setting ourselves up for tomorrow’s failure, and it will be the investors that we have a duty to protect who will ultimately pay the price.”

SEC commissioner, Jaime Lizárraga, the only other SEC commissioner who voted against Bitcoin ETFs, did not add his name to her letter.

According to James Seyffart, a Bloomberg ETF analyst, Crenshaw was even “more vehemently anti-crypto” than SEC chair Gary Gensler, who has been called “evil” himself. In fact, she served as more than “just an ally to Gensler,” Seyffart wrote in an X post earlier this week.

In a Dec. 7 X post, Coinbase president and COO Emilie Choi wrote:

“Caroline Crenshaw is anti-crypto. She even embarrassingly opposed Bitcoin ETFs. The SEC has to change.”

Given Crenshaw’s widely-known opinions against crypto, the community is frustrated with the upcoming vote on Wednesday.

Alexander Grieve, vice president of government affairs at crypto investment firm Paradigm, called it “one last “gift” for crypto” that Democrat Senate Banking Chair Sherrod Brown is “trying to ram through” before he gives up his chair.

If the Senate vote passes, Crenshaw will hold on to her position in the SEC till 2029. However, if she’s not confirmed by the Senate, president-elect Donald Trump will be free to nominate someone as replacement.

Austin Campbell, CEO of digital payments firm WSPN, wrote in an X post:

“I will remind all Democrats that Caroline Crenshaw voted that the SEC should disobey a Federal judge, break the law, and instead reject BTC ETFs after being ordered to approve them by a court.”

Trump’s SEC chair pick has received the crypto community’s approval

Earlier this week, Trump appointed Paul Atkins, a former SEC commissioner known for being pro-crypto, to be the next SEC chief. The crypto industry welcomed the news with open arms.

Atkins, who served as a Republican SEC commissioner from 2002 to 2008, is expected to take a much more lenient approach to regulating crypto than Gensler. Atkins is known for his advocacy of free-market principles and investor protection and his focus on clarifying complex financial markets.

Atkins’ nomination. is “sorely needed and cannot come a day too soon,” Coinbase chief legal officer Paul Grewal said in an X post.

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Source:  Crypto Slate

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BRICS NEWS: BRICS & US MAY BE SET TO RACE FOR BITCOIN SUPREMACY IN 2025

With the asset class gaining significant attention over the course of the year, both BRICS and the US could be set to race for Bitcoin supremacy in 2025. Indeed, the economic alliance has discussed its interest in integrating the leading asset. Moreover, with the return of Donald Trump to the White House, the United States is looking to emerge as a global leader.

In a recent interview, Eric Trump reiterated these hopes. He explained the path that the US has toward becoming a cryptocurrency superpower. 

Yet, the incoming presidential administration is certainly not alone in those aspirations. His position regarding BTC has mirrored those that Russian President Vladimir Putin has shared in recent weeks.

BRICS & US Face Off in Bitcoin Race: Who Will Become Global Leader?

Bitcoin is certainly having its moment this year. The token is leading an emerging asset class, as it reached a six-figure price for the first time in history last month. Moreover, it became the first crypto-based ETF in the United States, opening the door to increased institutional investment and interest.

Amid its rise, all eyes are on exposure. Businesses are looking into the acquisition of crypto, but so too are countries. With no established global leader, both BRICS and the US could be set to engage in a race for Bitcoin supremacy in 2025.

Speaking to CNBC, Eric Trump noted that “sensible” regulation may be the only thing standing between the United States and a position as a cryptocurrency superpower. Moreover, he noted President-elect Donald Trump has all intentions to “make America the crypto capital of the world.”

Well, they are certainly not the only thing. With Russia loosening its ban on cryptocurrency earlier this year, BRICS may be looking to increase adoption. Specifically, they have sought to use the asset class in trade and have noted belief in its potential.

As the country has just voted to classify crypto as property, Putin has discussed the leading asset. When talking about foreign exchange reserves, the president questioned their necessity if they could be confiscated for political purposes. Specifically, Putin seemed to be alluding to Western sanctions that froze $300 billion in Russian reserves.

But that isn’t the same with Bitcoin. “Who can prohibit it? No one,” he said about the token. That seems to indicate that both BRICS and the US are set to explore the asset class in greater measures this year. That could have them on a collision course for status, with Bitcoin only gaining in the process.

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Source:  Watcher Guru

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 12-09-24

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IRAN MOVES TO REGULATE CRYPTO INSTEAD OF IMPOSING LIMITS: REPORT

Iran’s finance minister said the country’s government plans to regulate cryptocurrencies instead of limiting their usage.

The Iranian government is looking to embrace crypto assets by adding more regulations instead of outright restrictions, its Minister of Economic Affairs and Finance Abdolnaser Hemmati said.

According to a report from Iran’s state-run news agency Nour News, Hemmati said during a national event on Saturday that the government aims to eliminate the negative impacts of cryptocurrency on the economy, and leverage its positive effects. The minister added that digital money falls under the jurisdiction of the Iranian central bank.

Hemmati said he hopes to see cryptocurrencies used to boost youth employment in Iran, help counter U.S. sanctions and align the country’s activities with the global economy.

On the same day as Hemmati’s speech, the Central Bank of Iran published a new document that summarized its arrangement for upcoming policies on cryptocurrencies, Nour News reported. The upcoming policies aim to support crypto traders to comply with local tax and anti-money laundering laws, according to the report.

Iranian investors currently hold an estimated $30 billion to $50 billion worth of crypto assets, the report said, citing economist Mohammad Sadegh Alhosseini. This is roughly equivalent to a third of the entire gold market in the country, according to the expert.

The announcement from the Iranian government comes as U.S. President-elect Donald Trump builds anticipation for a positive regulatory environment for cryptocurrencies.

Since his reelection last month, Trump has appointed several pro-crypto candidates to spearhead various efforts during his upcoming term, recently naming long-time crypto supporter Paul Atkins to head the Securities and Exchange Commission.

@ Newshounds News™

Source:  The Block

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CZECH REPUBLIC IS NOW CRYPTO-FRIENDLY! HERE’S WHAT CHANGED

The Czech Republic has introduced new crypto-friendly laws, making it easier for crypto businesses to operate in the country.

These laws include easier access to bank accounts for crypto businesses and a three-year tax exemption on crypto investments.

These reforms aim to attract more crypto businesses to the Czech Republic and prevent them from moving to other countries.

The Czech Republic has made the news headlines with bold new crypto regulations aimed at transforming the sector. These changes address long-standing challenges for crypto businesses and could make the country a hotspot for digital asset innovation.

Crypto Firms Finally Get a Break

Crypto businesses in the Czech Republic have long struggled to open bank accounts due to skepticism from financial institutions. Banks, wary of crypto’s volatility, often denied these businesses basic banking services, making operations incredibly challenging.

That’s about to change. The new reforms will make it easier for crypto companies to access banking services, removing a major barrier to growth. This shift could pave the way for smoother operations and attract more businesses to the Czech market.

A Tax Break to Boost Investments

But wait, there’s more. A three-year tax exemption for crypto investments has also been introduced. This means that profits from crypto will be treated just like profits from stocks. So, crypto businesses can breathe a little easier, knowing they’re now on the same playing field as more traditional investments. It’s a big win, and it’s meant to make the Czech market way more attractive to investors—both local and international.

Why Act Now? The Clock’s Ticking

Deputy Speaker Jan Skopeček explained the need for swift action, emphasizing that the government had to act now to retain crypto businesses. Without these changes, many companies could relocate to countries with more favorable crypto laws, leading to economic losses.

The urgency also ties to the European Union’s upcoming Markets in Crypto Assets (MiCA) regulation. While MiCA aims to harmonize crypto rules across the EU, its rollout has caused uncertainty. Many companies are still awaiting approvals or navigating compliance challenges, and some have already left Europe or modified their operations to align with the evolving rules.

The Road Ahead Is Not Easy

These reforms show the Czech Republic’s determination to stay ahead in the digital revolution. By easing banking access and offering tax incentives, the country is positioning itself as a more attractive hub for crypto firms.

However, challenges remain.  While the reforms are promising, businesses may still encounter unexpected hurdles as the new policies are implemented. The coming months will reveal whether the Czech Republic can truly establish itself as a crypto-friendly destination.

@ Newshounds News™

Source:  Coinpedia

 ~~~~~~~~~

FINANCIAL REVOLUTION 2024: WHAT YOU NEED TO KNOW!  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Morning 12-09-24

Good Morning Dinar Recaps,

RIPPLE CEO ON 60 MINUTES: GARLINGHOUSE OPENS UP ON $150 MILLION SEC FIGHT, CRYPTO WAR AND MORE

Ripple CEO Brad Garlinghouse appeared in an interview on 60 Minutes, airing on December 8, 2024, where he discussed the company’s ongoing legal fight with the U.S. Securities and Exchange Commission (SEC).

Garlinghouse criticized the SEC’s approach, stating that it was a key reason why Ripple and two other companies formed the industry super PAC, FairShake, to fight back against what he described as a “war on crypto.” He suggested that FairShake might not have existed if the SEC had a different chairman than Gary Gensler.

When an SEC spokesperson said that the amount spent by the crypto industry on legal defense is minimal compared to the losses investors have faced due to frauds and market failures, Garlinghouse revealed Ripple’s financial contributions, revealing that the company has spent over $150 million fighting the SEC’s stance on XRP.

He said that Ripple argues XRP should not be treated like a stock and be subject to the same registration and disclosure requirements. Garlinghouse stressed that Ripple is not seeking to be deregulated but instead asking for clear regulations from Congress to address the unique nature of digital assets.

“I went to Harvard Business School. I think I’m reasonably intelligent about something like, “What is a security?” So never once had I considered the possibility– that, “Okay, maybe XRP’s a security. We haven’t been asking to be deregulated. We’ve been asking to be regulated. So we have been saying, “Hey, look, just give us clear rules of the road,” he said.

XRP Price Reacts:

XRP, Ripple’s cryptocurrency, is currently experiencing a surge, approaching the $2.60 mark. At the time of writing, it was trading at $2.55, a 4.5% increase. Investors are optimistic about the future of the crypto industry, especially under a potential Trump presidency, as Ripple’s blockchain-based payment system continues to gain attention.

Previously, XRP’s price saw a boost following speculation about a possible meeting between Garlinghouse and President-elect Trump, as well as news about SEC Chairman Gary Gensler’s resignation.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

HONG KONG TO INTRODUCE STABLECOIN FRAMEWORK

Hong Kong is establishing a bill that outlines a detailed framework for stablecoin issuers and marketers.

Under the proposed framework, stablecoin issuers and marketers must secure licenses from the Hong Kong Monetary Authority (HKMA). 

The rule applies to all stablecoins, including those pegged to the Hong Kong dollar, while issuers are required to maintain reserve assets in local banks. Foreign custody might also be allowed by HKMA under specific conditions.

New compliance measures will be implemented, such as a minimum paid-up capital requirement of HK$25 million, as well as proof of robust financial health, sufficient liquidity, and risk management frameworks. Misrepresentation or false promotion of stablecoins is explicitly prohibited.

HKMA has also further expanded its authority to oversee, investigate, and enforce compliance.

The Stablecoins Bill will be introduced into the Legislative Council for a first reading on December 18.

“The legislative proposal is essential for Hong Kong in fulfilling our obligations as a member of the Financial Stability Board,” Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, said in a statement.

“This risk-based proposal aims to promote a robust regulatory environment, which is in line with Hong Kong’s approach to virtual-asset development.”

Hong Kong's bill positions it as an early mover alongside the EU and Japan. In July, Circle, the issuer of the USD Coin (USDC) and Euro Coin (EURC) stablecoins became the first global stablecoin issuer to achieve compliance with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.

In June, the Japanese parliament enacted a law recognizing stablecoins as a form of digital currency. According to the legislation, stablecoins must be tied to the yen and ensure holders can redeem each token at its full face value.

Hong Kong has made significant strides in an attempt to establish itself as a crypto-friendly regional hub. Just last month, Hong Kong proposed waiving crypto tax for wealthy individuals in an attempt to strengthen its position as a leading regional crypto hub.

In a 20-page proposal, the Hong Kong government said the tax exemption would apply to private equity funds, hedge funds, and the investment vehicles of wealthy individuals on cryptocurrency gains, private credit investments, and other asset classes.

@ Newshounds News™

Source:  BlockHead

~~~~~~~~~

Mason afternoon chat  |  Youtube

Enlightenment/Spiritual growth ~ Mason explains how the government instilled racial divisions and how the UNIVERSE can bring different ethnic groups together to live in harmony.

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 12-08-24

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BRICS NEWS:  THE US DOLLAR’S CLOUT IS DECREASING GLOBALLY, SAYS BRICS

BRICS member Russia has commented on the recent 100% tariff threats issued by President-elect Donald Trump for cutting ties with the US dollar. Russian President Vladimir Putin spoke about the threats by poking fun at the American economy and its dwindling power. The clout that the US carried a few decades ago is no longer in existence as developing countries have come far ahead in steering their economy to prosperity.

While their economy is becoming prosperous, BRICS is focusing on boosting their local currency and not the US dollar. The bloc is determined to use local currencies first and keep the US dollar in the backseat of the global economy.

.

BRICS: The U.S. Dollar’s Global Influence Is Decreasing

BRICS leader and Russian President Putin explained that after Trump’s presidency, American leaders have done a great deal to undermine the US dollar. The sanctions and weaponization of the USD led to emerging economies ganging up against the White House. “The US dollar’s clout is decreasing globally,” said Putin.

He also said that America’s share in the global economy is shrinking while BRICS is rising. “Given that the US share in the global economy is shrinking, the dollar’s influence on global economic processes is also falling. And as this happens, new tools come to the fore,” he said.

“It’s been four years since the [US] President-elect was in the White House. During this time, the economy has undergone many changes, both globally and in America.

His successors, his political opponents, have done a great deal to undermine the fundamental role of the dollar as a global reserve currency,” Putin summed it up. It now needs to be seen how BRICS will counter Trump’s threat of reducing dependency on the US dollar.

@ Newshounds News™

Source:  Watcher Guru\

~~~~~~~~~

YOU WON'T BELIEVE HOW EASY IT IS TO SPREAD CHRISTMAS JOY!  |  Youtube 

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Seeds of Wisdom RV and Economic Updates Sunday Morning 12-08-24

Good Morning Dinar Recaps, 

COINBASE REVEALS LETTERS WHICH EXPOSES FDIC’S ROLE IN OPERATION CHOKEPOINT 2.0

Coinbase reveals FDIC "pause letters", showing efforts to restrict crypto banking services. Documents support Operation Chokepoint 2.0 claims.

▪️Coinbase obtained FDIC "pause letters" revealing efforts to limit banking access for crypto firms in 2022 through FOIA requests.

▪️FDIC's communications showed deliberate delays and questions aimed at halting crypto-related banking activities, fueling "Operation Chokepoint 2.0."

▪️Crypto industry leaders argue government actions restrict legal crypto businesses' access to banking services.

Coinbase, one of the largest crypto exchanges in the U.S., has made public a series of documents that point to the Federal Deposit Insurance Corporation’s (FDIC) involvement in restricting banking access for crypto companies. 

The letters, obtained through a Freedom of Information Act (FOIA) request, suggest that in 2022, the FDIC instructed banks to halt or limit services to crypto businesses.

The exchange’s legal team asserts that these documents provide evidence of a concerted effort by federal agencies to suppress the crypto industry.

Coinbase Exposes FDIC’s ‘Pause Letters’, Proving Role in Crypto Banking Restrictions
Coinbase recently revealed a set of “pause letters” sent by the FDIC to financial institutions in 2022. These letters requested that banks temporarily halt crypto-related activities until further review of compliance and risk factors.

The documents, uncovered through legal action by the exchange, shed light on the FDIC’s efforts to limit the banking services available to crypto businesses.

The “pause letters” explicitly instructed banks to pause any crypto asset-related activities. This signals a proactive stance by regulators to discourage financial institutions from engaging with cryptocurrency industry.

Paul Grewal, Coinbase CLO commented,

“The letters that show Operation Chokepoint 2.0 wasn’t just some crypto conspiracy theory. FDIC is still hiding behind way overbroad redactions. And they still haven’t  produced more than a fraction of them.”

Last month, Coinbase CLO Paul Grewal revealed that the FDIC has been actively working to restrict banks from offering crypto services.

Operation Chokepoint 2.0 Allegations and Its Impact on Crypto Firms

The documents made public by Coinbase have rekindled the debate around “Operation Chokepoint 2.0,” a term coined by critics to describe alleged government efforts to stifle the crypto industry. According to the exchange legal team, these letters provide concrete evidence of a coordinated strategy by the FDIC to limit crypto firms.

Crypto executives have long complained about the difficulties of securing banking relationships due to regulatory uncertainty. The letters confirm that federal agencies have been using informal measures to suppress the industry.

However, in recent reports, US Rep. French Hill has vowed to investigate Operation Chokepoint 2.0, which he argues targets industries like crypto through politicized debanking. He has called for transparency in financial oversight and stronger protections for businesses facing unfair regulatory practices.

According to reports, Banks were asked to submit detailed analyses, including risk assessments and income projections, before moving forward with offering crypto services. This level of scrutiny and the subsequent delays were a tactic to stop financial institutions from entering relationships with the crypto sector.

Coinbase has vowed to continue pursuing transparency, despite heavy redactions in the documents released by the FDIC. As Coinbase legal chief Paul Grewal stated, further disclosure will provide additional clarity on the extent of the regulatory actions taken against the industry.

Similarly, John Deaton recently called for the incoming US government to hold accountable those responsible for debanking crypto firms.

@ Newshounds News™

Source:  CoinGape

~~~~~~~~~

BRICS NEWS:  SOUTH AFRICA SAYS BRICS HAS NO PLANS TO CREATE NEW CURRENCY AFTER TRUMP ISSUES WARNING AGAINST DEDOLLARIZATION: REPORT

Reports on a new BRICS currency designed to compete against the US dollar are fundamentally false, according to leaders in South Africa.

In a statement, South Africa’s Department of International Relations and Cooperation (DIRCO) says BRICS is not working on a currency that could be used as an alternative to USD, reports Bloomberg.

According to DIRCO, reports have misinterpreted the intentions of the economic bloc about trade settlements between member nations.

“Recent misreporting has led to the incorrect narrative that BRICS is planning to create a new currency. This is not the case. The discussions within BRICS focus on trading among member countries using their own national currencies.”

In May of last year, reports emerged that BRICS was working on a new currency backed by gold and potentially additional precious metals and assets in a push to abandon the US dollar.

Despite those reports, South Africa is now saying that BRICS has no intention of promoting de-dollarization efforts.

“South Africa supports the increased use of national currencies in international trade and financial transactions to mitigate the impact of foreign exchange fluctuations, rather than focusing on dedollarization. The strengthening of correspondent banking networks and the development of infrastructure for settlements in national currencies could further this aim.”

South Africa’s statements come as President-elect Donald Trump issued an ultimatum against BRICS. Trump says on the social media platform Truth Social that he plans to take severe measures if BRICS creates or backs a dollar alternative.

“The idea that the BRICS Countries are trying to move away from the dollar while we stand by and watch is OVER. We require a commitment from these countries that they will neither create a new BRICS currency, nor back any other currency to replace the mighty US dollar or, they will face 100% tariffs, and should expect to say goodbye to selling into the wonderful US economy.

They can go find another ‘sucker!’ There is no chance that the BRICS will replace the US dollar in international trade, and any country that tries should wave goodbye to America.”

As a whole, BRICS nations have expressed varying levels of support for a common currency, with leaders in Russia and Brazil firmly behind the idea. South Africa is the most conservative, expressing the need for a cautious approach while emphasizing the importance of the US dollar.

@ Newshounds News™

Source:  DailyHodl

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IMMEDIATE SUPPORT FOR VICTIMS - LISTEN NOW! AUDIO  |  Youtube

WE ARE ALL VICTIMS OF COMMON LAW CRIMES.  Mason explains and gives us a remedy through Victims Support Services.

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 12-07-24

Good Afternoon Dinar Recaps,

THE QUANTUM FINANCIAL SYSTEM'S NETWORK  —  ISO 20022  COMPLIANT COINS

▪️Ripple XRP

Institutional coins, network of smart contracts, removes 3rd party verification, reduces fraud and illegal activities.

The digital currency, XRP, acts as a bridge currency to other currencies. It does not discriminate between any fiat/cryptocurrency, which makes it easy for any currency to be exchanged for another.  It is scalable.  XRP Provides Global Liquidity, backed by gold, part of the ISO20022 ecosystem.

ISO20022 is a worldwide industry standard that has been brought in to regulate the interchange of electronic data between financial institutions.

Ripple works on an open-source and peer-to-peer decentralized platform that helps in easily transferring various forms of fiat money, be it pound, dollars or rupees, or cryptocurrencies, like Ether or Bitcoin.

Its services included being a medium of exchange, international payment settlement and remittance system.
XRP is the digital asset native to the Ripple system. It is touted as being easy to use with almost free, instant transactions. Ripple is built upon distributed open source protocol, a consensus ledger and the aforementioned digital asset known as XRP.

Built for enterprise use, XRP enables real-time global payments anywhere in the world. XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments and has been increasingly adopted by banks and payment networks as settlement infrastructure technology.

▪️Stellar XLM

Digital Currency backed by Silver, part of the ISO20022 ecosystem.
XLM/Stellar Network: the people’s coin, people can create/send/trade all forms of money (fiat and digital), undeveloped nations.  Partnered with VISA and MoneyGram.

Stellar is a cryptocurrency and open source protocol for value exchange founded in early 2014 with a similar structure to that of the competing blockchain solution, XRP. Stellar claims to be platform that connects banks, payments systems, and people.

Stellar aims to achieve this through its completely decentralized consensus platform. It is designed to support any type of currency and has a built in decentralized exchange that can be used to trade any type of currency or asset.

The Stellar ledger records all the balances and transactions belonging to every account on the network. A complete copy of the Stellar ledger is then hosted on each server that runs the open source Stellar software. These servers form the decentralized Stellar network. To verify the network these servers then sync and validate the ledger through process known as consensus.

▪️Quant QNT

Quant is a versatile plug-and-play solution connecting different blockchains and enterprise software without requiring new infrastructure.

Using distributed ledger technology (DLT) and APIs through the Overledger API gateway, it enables seamless communication between blockchains.

Quant also supports multi-ledger tokens (MLTs) backed by fiat funds held in escrow, serving entities like central banks, banks, fintechs, payment systems, and marketplaces.

These MLTs function as stablecoins, vouchers, loyalty points, and eMoney, facilitating fast and transparent cross-border bank payments.

The union of Quant (QNT) and the ISO 20022 standard signifies a groundbreaking alliance within the Quantum Financial System.

Quant, focused on blockchain interoperability, integrates ISO 20022's universal financial messaging standard to enhance connectivity between diverse networks.

By adhering to ISO 20022, Quant aims for standardized, efficient, and secure transactions, propelling faster speeds, reduced costs, and improved transparency.  Moreover, this integration represents a vital step toward leveraging quantum computing in finance.

While promising, challenges like widespread adoption and regulatory alignment must be addressed.
Yet, the amalgamation of Quant QNT with ISO 20022 paints a future where quantum technology and interoperability revolutionize finance.

▪️ XDC/ XinFin Network

Digital Currency backed by Copper, part of the ISO20022 ecosystem.
Fintech coin (VISA/MC), partnered with Flare Network/DeFi (decentralized finance) = bridge between institutional and retail.

XinFin is a Blockchain technology company focused on international trade and finance.
We have developed a highly scalable, secure, permissioned and commercial grade Blockchain architecture.

XinFin blockchain is powered by XDC01 protocol, which is built over the first of its kind Hybrid Blockchain architecture to eliminate the inefficiencies in global trade and financing and to enable institutions provide real time settlement as well as enabling cross border smart contracts.

With an aim to bridge the global infrastructural deficit with their open source marketing platform - TradeFinex, XinFin has created a seamless platform for financiers, suppliers and beneficiaries across industries worldwide.

The primary goal of XinFin is efficiently facilitate capital deployment and minimize pressure on the infrastructural deficit by enabling a peer to peer trade and financing between governments, corporates, communities and suppliers.

They use blockchain and IoT to enable the transaction of community driven digital asset.

▪️Algorand ALGO

Digital Currency backed by precious metal Palladium, part of the ISO20022 ecosystem.

Algorand is an open source, pure proof of stake blockchain protocol.
It requires a negligible amount of computation, and generates a transaction history with low “fork” probability.

This protocol aims to remove technological barriers: decentralization, scalability, and security, that have undermined the acceptance of mainstream blockchain.

Algorand implements a new Byzantine Agreement (BA) protocol to reach consensus among users on the next set of transactions.

To scale the consensus to many users, Algorand uses a novel mechanism based on Verifiable Random Functions. There are two types of smart contracts on the Algorand network: 

Layer 1 on-chain, and Layer 2 off-chain, by moving the most computationally intensive smart contracts off-chain, Algorand frees up space on the network for simple transactions, thus reducing congestion to improve processing speed.

▪️Iota MIOTA

Digital Currency backed by precious metal Iridium, part of the ISO20022 ecosystem.

IOTA is an open source, public distributed ledger that is used for providing secure payments and communications between devices on the “Internet of things.
The IOTA ledger stores transactions in a directed acyclic graph structure, called a Tangle.

The Tangle is used instead of the blockchain structure commonly seen in other cryptocurrencies, such as Bitcoin.

This tangle structure is part of what enables IOTA to keep its transactions free, regardless of the size, In addition the confirmations are almost instant and the systems capability is unlimited.

▪️Hedera HBAR

The integration of Hedera HBAR into the ISO 20022 framework within the Quantum Financial System (QFS) marks a significant stride in the evolution of finance.

Hedera Hashgraph's unique consensus algorithm, combined with the standardized messaging of ISO 20022, promises several advantages.

This integration facilitates: Interoperability, Security, Efficiency, Transparency and Auditability, Global Adoption.

These tokens are mainly utilized to power decentralized applications to protect the network from malicious attacks and for paying network services.

While promising, challenges such as regulatory compliance and market acceptance remain.
Nonetheless, this integration paves the way for a more efficient, transparent, and globally accessible financial landscape.

▪️Cardano ADA

Cardano (ADA) is a third-generation blockchain platform built to address the limitations of earlier blockchain systems like scalability, interoperability, and sustainability.

Developed with a strong emphasis on academic research and peer-reviewed protocols, Cardano is known for its innovative approach to decentralization and energy efficiency through its Ouroboros proof-of-stake (PoS) consensus mechanism.

As one of the few cryptocurrencies aligned with the ISO 20022 messaging standard, Cardano is uniquely positioned to integrate seamlessly into the evolving global financial system.

This makes ADA particularly appealing for use cases like cross-border payments, remittances, and other financial services requiring high levels of interoperability and regulatory compatibility.

@ Newshounds News™

Source:  https://qfs.live/

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END OF CRYPTO CRACKDOWNS? LAWMAKER SAYS 'REGULATION BY ENFORCEMENT IS OVER'

A top lawmaker says the U.S. is shifting from “regulation by enforcement” to clear oversight, with new leadership poised to boost cryptocurrency and AI innovation.

A New Era for Crypto and AI Regulation

U.S. House Financial Services Committee Chairman Patrick McHenry has highlighted progress in crypto regulation, focusing on new leadership roles and the evolving oversight of cryptocurrencies and artificial intelligence (AI). In a post on social media platform X Friday, McHenry praised the creation of a “crypto and AI czar” as a major development.

“The mere fact that the U.S. now has a crypto and AI ‘czar’ reflects the impact of the Financial Services Committee,” he claimed, emphasizing:

The era of regulation by enforcement is over.

“With folks like David Sacks and Paul Atkins, the future of the digital asset ecosystem in the U.S. is brighter than ever,”the congressman added. “Paul Atkins has the expertise and experience needed to restore faith in the SEC. I’m confident his leadership will lead to clarity for the digital asset ecosystem and ensure U.S. capital markets remain the envy of the world,” the congressman continued.

President-elect Donald Trump recently announced two significant appointments: David Sacks as the White House AI and Cryptocurrency Czar, and Paul Atkins as Chair of the Securities and Exchange Commission (SEC), replacing Chair Gary Gensler. 

Sacks, a venture capitalist and former Paypal executive, is tasked with developing a legal framework to bolster the U.S. crypto industry and ensure global competitiveness in artificial intelligence. 

Atkins, a former SEC commissioner known for his pro-crypto stance, is expected to shift the agency’s approach towards more lenient regulations, potentially easing enforcement actions against digital asset firms. 

These appointments signal the incoming administration’s intent to foster innovation in emerging technologies while reconsidering existing regulatory measures.

McHenry has announced he will retire from Congress at the end of his current term, which concludes in January 2025. As Chairman of the House Financial Services Committee, he has been a leading advocate for clear regulatory frameworks in the digital asset sector.

His comments come amid growing calls for a balanced regulatory approach that fosters innovation while ensuring investor protection. Industry observers have long criticized “regulation by enforcement” for creating uncertainty and stifling growth, making this transition a welcomed change for stakeholders.

The new focus on leadership and structured policies marks a pivotal moment for U.S. cryptocurrency and AI development, with advocates anticipating a more supportive environment for innovation.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

GET READY FOR NESARA GESARA WITH THESE 5 ESSENTIAL QSI TOOLS!  Youtube

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Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom RV and Economic Updates Saturday Morning 12-07-24

Good Morning Dinar Recaps, 

FORMER NY FED PRESIDENT ARGUES BITCOIN COULD UNDERMINE USD, SUGGESTS PRIORITIZING REGULATORY FRAMEWORK

Bitcoin has recently surged past $100,000 following Donald Trump‘s election victory. Amidst broader market sentiments, the crypto community eagerly anticipates that Trump administration will prove to be pro-crypto and will stand behind his promise of a strategic BTC reserve for the United States.

Advocates believe it could serve as a hedge against inflation and a diversification tool in portfolios. However, Bill Dudley, former president of the Federal Reserve Bank of New York, has criticized Bitcoin’s role as money, describing its volatility and lack of income generation as its shortcomings.

As per a latest Bloomberg report, Bill Dudley, former president of the Federal Reserve Bank of New York, has expressed concerns over the idea of incorporating Bitcoin into the U.S. national reserves and argues that it would not benefit most Americans. He emphasized that such a move might not align with the nation’s best interests and could divert focus from more inclusive economic policies.

Can Bitcoin Undermine USD’s Status?

He noted that incorporating Bitcoin into the US national reserves could undermine the dollar’s status as the global reserve currency and primarily benefit specific interest groups rather than the broader American public.

Notably, Bill Dudley stated that Bitcoin is a weak asset, noting reasons such as price volatility, lack of widespread acceptance as payment, and slow and expensive transaction processes that make BTC a weak asset.

He also noted the risk of individuals losing access to their Bitcoin holdings and that, unlike traditional financial assets, Bitcoin does not generate income through interest or dividends. “Bitcoin is not connected to any cash flows like interest or dividends, and its price is driven purely by speculative demand,” he explained.

The former Fed chair also noted that the absence of an exit strategy for a Bitcoin reserve would make it a liability. “The government would end up holding tokens that produce no income, offering no real value to the majority of Americans,” he said.

Suggests To Focus On Comprehensive Regulations-

Notably, Dudley argued that creating a Bitcoin reserve for the U.S. would require the Treasury to increase borrowing, raising debt servicing costs or requiring the Fed to print more money, ultimately fueling inflation.

Instead of focusing on Bitcoin as a reserve asset, Dudley has called for the Trump administration to prioritize creating a robust regulatory framework for the crypto industry.

He stressed the need for clear rules to protect consumers, regulate stablecoins, and prevent the use of cryptocurrencies in criminal activities. “Crypto technology has the potential to improve the financial system,” Dudley noted. “However, without strong guardrails, fraud and abuse will continue to undermine trust and hinder progress.”

Market Optimism Prevails
Nevertheless, there is market optimism amidst expectations of a more crypto-friendly administration. Also, the nomination of digital asset-friendly Paul Atkins to chair the SEC provided the final boost as bitcoin surpassed $100,000 to record highs.

Recently, Trump nominated venture capitalist David Sacks as the White House AI & Crypto Czar, who is expected to push Trump’s crypto and AI pro-innovation plans forward.

@ Newshounds News™

Source: Coinpedia 

~~~~~~~~~

GARY GENSLER QUIETLY SETS AGGRESSIVE CRYPTO CRACKDOWN IN MOTION BEFORE LEAVING, WARNS FORMER SEC OFFICIAL

SEC Chair Gary Gensler is orchestrating a last-minute push to cement aggressive crypto enforcement, with secret promotions signaling a looming regulatory crackdown despite leadership changes.

Former SEC Official Warns of Crypto Crackdown Despite Incoming Pro-Crypto Chair

John Reed Stark, former head of the U.S. Securities and Exchange Commission’s (SEC) Office of Internet Enforcement, has highlighted significant developments within the agency that he believes could impact the cryptocurrency sector.

“SEC Chair Gensler pulls off the first reverse Saturday Night Massacre,” Stark wrote in a post on social media platform X on Wednesday, referencing Chair Gary Gensler’s recent moves.

Stark addressed the SEC’s leadership transition and the calculated steps Chair Gary Gensler is taking to solidify the agency’s enforcement priorities before leaving office. “It looks like former SEC Commissioner Paul Atkins will be the next SEC Chair. A phenomenal choice,” he wrote.

Known for his pro-business approach, Atkins is expected to bring a different focus to the SEC. However, Stark pointed out that Gensler has been laying the groundwork to ensure the agency’s crypto enforcement efforts remain robust. “Meanwhile, current SEC Chair Gary Gensler is quietly working behind the scenes to lead the SEC from the grave,” he noted, adding:

Along these lines, Gensler just promoted three of the best, brightest, experienced and most dedicated crypto-enforcement lawyers in SEC ranks to senior executive positions—running the SEC’s Trial Unit and running the SEC’s Crypto Unit.

Although the promotions have not been formally disclosed, Stark claimed they are already finalized. He noted the secrecy surrounding the moves, stating: “Interestingly, the SEC has not publicly announced these promotions and seems to be keeping them quiet (which is unprecedented). But these well-deserved promotions are a done deal.”

Crypto firms, Stark warned, should prepare for intensified regulatory pressure even after Gensler leaves office on Jan. 20. He predicted:

The Stark reality is that it looks like the crypto-fight is on post-January 20th. So get ready for World War III on day one Chair Atkins, because these three crypto-enforcement lawyers, who are now in charge, are some of the best in the business and will not roll over easily.

@ Newshounds News™

Source:  Bitcoin News

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@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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