Goldilocks "OCC, Real Time Payment Systen and more" Friday 3-10-2023
Goldilocks and Seeds of Wisdom
Thank you RJ
RJ: Good morning Dinar Recaps,
Goldilocks posted comments with 2 links:
OCC Calls for International Cooperation on Crypto Rules - Banking Exchange
"The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises all national banks and federal savings associations as well as federal branches and agencies of foreign banks. The OCC is an independent bureau of the U.S. Department of the Treasury and is led by the Comptroller of the Currency."
Goldilocks: Here we have the OCC Calling for International Cooperation on Crypto Rules.
Acting Comptroller Michael Hsu has just endorsed Basel Committee proposals.
These International Standards on crypto exposures are currently being presented to regulators around the world to collaborate at an International level in overseeing crypto-assets.
This call for International partnership comes just 11 days before the International Payment System is activated on March 20th.
© Goldilocks
https://m.bankingexchange.com/compliance/item/9592-occ-calls-for-international-cooperation-on-crypto-rules
https://www.occ.treas.gov/about/who-we-are/organizations/index-organization.html#:~:text=The%20Office%20of%20the%20Comptroller,the%20Comptroller%20of%20the%20Currency.
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RJ: Goldilocks posted this article from Watcher Guru
Source: Review Magazine
Jerome Powell Says He’s Been Watching the Crypto Space and the Turmoil
Speaking today, Fed Chair Jerome Powell (https://watcher.guru/news/jerome-powell-says-hes-been-watching-the-crypto-space-and-the-turmoil) says the US will have real-time payments “very soon.”
Moreover, Powell spoke on the potential integration of a CBDC that won’t arrive for “years,” whereas the implementation of real-time payments for all banks is realistically close.
At the Federal Reserve’s Semi-Annual Monetary Policy Report meeting, Powell discussed topics from a potential US debt default (https://watcher.guru/news/federal-reserve-chair-warns-against-assumption-it-can-protect-the-economy-in-a-debt-default) to stablecoins. Subsequently, he answered questions on the instant payments between bank accounts. Assuring us it is just on the horizon.
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RJ: Goldilocks posted comments and a link:
"Wall Street Regulator to Unveil New Cybersecurity, Customer Data Rules"
Broker-dealer rules are going into effect. The expectation is to adopt internal policies, alerting the commission to incidents, and publicly disclosing them.
These SEC regulations are already in play, but they are becoming inclusive of the digital economy.
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RJ: Goldilocks posted this article:
Bank Stocks Got Wacked: Between a Rock and a Hard Place as Banks Run Out Free Money | Wolf Street
RJ: Followed by this commentary with link:
Four Biggest U.S. Banks Lose $52 Billion in Market Value
Liquidity is going away rapidly at this point, and this is just the beginning. Four major Banks lost a lot of liquidity yesterday.
Many people are not taking into account that the digital world will utilize less dollars going forward and have a profound effect on the demand and use of it.
The transition may not be as smooth as people hope for going forward, but it is a path well prepared for to meet the demands of the new digital economy.
The US Dollar will be transitioned into USN notes, and then demands for circulation of these new notes will be shared with the new digital-asset currencies.
The lowering of the demand on a World Reserve Currency will make the transition feel like riding a young bull for the first time who has something to prove to his rider simply trying to hang on.
© Goldilocks
https://www.wsj.com/livecoverage/stock-market-news-today-03-09-2023/card/four-biggest-u-s-banks-lose-47-billion-in-market-value-8fmAmiqs4PDb1F60OSFg
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RJ: Goldilocks posted a follow-up note on the OCC:
The OCC has given the green light for the activation of the International Payment System on March20, 2023.
This is the beginning stages of the new digital asset-based economy, and the process will complete itself on June 30th.
In other words, this is the "starting point" of the revaluation of all things including the currencies.
It will not be done in one single day, but several sectors of the market have to be revaluated. The currencies are one of them, but it is the digital currencies that will lead the way.
© Goldilocks
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