Seeds of Wisdom RV and Economics Updates Thursday Afternoon 7-11-24
Good Afternoon Dinar Recaps,
BIOMETRIC PASSPORTS BY GOOGLE
"Google Wallet is rolling out support for American biometric passports. Users scan their passport with Google Wallet to add it as an ID pass, and can then perform identity verification by connecting their phone to an NFC scanner or scanning a QR code generated by the ID pass. They are still recommended to carry a physical copy of their passport, however."
"Google Wallet also added support for 29 more banks to its payment feature in June, and is up to 170 added this year alone, indicating the focus remains on payments, for now. Mobile driver’s licenses from several states are already available in Google Wallet.”
"In Europe, where member states are working towards launching interoperable digital wallets for all citizens, they will store national ID cards that function as travel IDs within the EU."
LIKE IT OR NOT THIS SEEMS TO BE THE DIRECTION THAT TECHNOLOGY IS TAKING US. ALL THE MORE REASON FOR LEGISLATION THAT PROTECTS THE PRIVACY AND SECURITY OF INDIVIDUALS.
@ Newshounds News™
Read more: Biometric Update
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DONALD TRUMP IS SCHEDULED TO SPEAK AT THE ANNUAL BITCOIN CONFERENCE IN NASHVILLE IN JULY
"President Donald Trump has been officially announced as a speaker at Bitcoin 2024, the world’s largest Bitcoin conference, taking place in Nashville, Tennessee, July 25-27. This announcement marks a significant milestone for the event, which has earned a reputation for historic news and major industry announcements."
"With two U.S. Presidential candidates, Robert F. Kennedy Jr. and Donald Trump, both slated to speak, Bitcoin 2024 is poised to be a pivotal event, potentially shaping the future of Bitcoin and cryptocurrency policy in the U.S."
"In May, Trump said he would ensure that the future of Bitcoin and crypto will be made in the USA, while also promising to protect the right to self-custody to the nation's 50 million crypto holders, if elected president."
WE'RE SEEING A DISTINCT DIVIDING LINE POLITICALLY IN THE STANCE OF REPUBLICAN VERSES DEMOCRAT IN REGARDS TO BITCOIN AND THE FUTURE OF CRYPTO LEGISLATION
@ Newshounds News™
Read more: Bitcoin Magazine
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BRAD GARLINGHOUSE COMMENTS REGARDING THE LAWSUIT AGAINST RIPPLE
"As many have noticed - and some have already pointed out - there have been numerous misleading and some factually inaccurate headlines describing the decision made by a California judge yesterday in the class action lawsuit about XRP. (I’m happy to see some correcting them - I wish I could tag / link them all here)
To be absolutely clear, this is a big win – all class action claims in the suit were DISMISSED, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision). The CA ruling dismissed all allegations that Ripple had somehow violated federal securities law by selling XRP.
As for the single state law claim that will now be scheduled for trial: the sole plaintiff didn’t buy XRP directly from Ripple and can’t say if he even heard the statement before he traded and only owned a couple hundred XRP. This was a clear example of the trolls that unsuccessfully tried to take advantage of the US legal system and distort statements to seek 100’s of millions in class action settlements."
@ Newshounds News™
Read more: BGarlinghouse
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UNISWAP LABS PRESSES SEC TO DROP RULES REGARDING DECENTRALIZED EXCHANGES
"Since at least April 2023, the SEC has proposed expanding the definition of what qualifies as an exchange in the Exchange Act of 1934 — explicitly arguing that it should include crypto market participants in DeFi. Uniswap has been among those arguing against it. In a July 9 letter, Uniswap added further arguments following a comment letter it sent last month, calling for the SEC to drop its proposed amendments. "
"Its new argument is that with the Chevon decision — made during the Loper Bright Enterprises v. Raimondo Supreme Court case on June 28 — courts are no longer required to defer to federal agencies to interpret ambiguous laws. Uniswap said this means the SEC will be merely wasting “limited resources” trying to get the definition of “exchange” amended, which had already been “likely to draw, and unlikely to survive, a judicial challenge” even before the Chevron decision. "
"“For all of these reasons, the Commission should not adopt the proposed amendments,” said Uniswap. “The Commission drafted the proposed amendments against a legal backdrop that no longer exists.”
@ Newshounds News™
Read more: Coin Telegraph
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Fideum FI
Integration of traditional finance and the digital asset ecosystem
Introduction
Fideum is a fintech company focused on accelerating the digital transformation of financial institutions, banks, and small—to medium-sized enterprises (SMEs) through its eponymous blockchain infrastructure. With the strategic backing of Mastercard Europe and a recent win at the Mastercard Lighthouse program, Fideum aims to position itself as a reliable partner for entities seeking to delve into and capitalize on digital assets.
Founded in 2018, the project initially made waves with its non-custodial mobile wallets, amassing a user base of over 80,000.
In response to the 2022 bear market, Fideum pivoted towards serving institutional clients, developing white-label solutions that cater to high-net-worth individuals and larger entities. This shift, leveraging existing infrastructure, led to profitability by 2023 and cemented Fideum’s position as a fintech innovator, continually adapting to market needs and regulatory landscapes.
This report delves into Fideum’s market, technology, tokenomics, team, partnerships, audits, roadmap, and the risks and opportunities it faces.
Technical specifications:
Fideum’s technical stack is designed to provide security and scalability. The platform has a microservice architecture that ensures flexibility and modularity, allowing for various services to be incorporated seamlessly.
—Backend technologies: The core backend is developed using Java OpenJDK 17, with Spring Boot and Hibernate to streamline development and manage database interactions.
—Frontend technologies: The web and mobile user interfaces are built using React and Expo, with Firebase providing real-time database and authentication services. TypeScript enhances code quality and maintainability.
—Blockchain infrastructure: The platform supports ERC20, BEP20, and TRC20 standards, ensuring compatibility with major blockchain networks such as Ethereum, BNB Chain, and Tron.
—Smart contracts: The use of smart contracts automates transactions and agreements, reducing the need for intermediaries and enhancing efficiency.
—On-chain monitoring solutions: Fideum provides real-time insights into blockchain transactions and activities, allowing for proactive monitoring of suspicious activities.
—Database management: PostgreSQL is used for data storage and management.
—Additional technologies: Kafka is used for real-time data processing, and Minio provides scalable storage for unstructured data.
@ Newshounds News™
Read the full Report Here: Crypto Slate
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European stablecoin market declines under newly imposed MiCA rules.
Stablecoins trading momentum have slowed amid a broader crypto market downturn.
The market capitalization of European stablecoins declined in June due to the implementation of the Markets in Crypto-Assets (MiCA) regulation, according to CCData’s latest stablecoin report.
The market cap of Euro-based stablecoins fell by 2.51%, hitting a seven-month low of $307 million, the lowest since November 2023. During this period, Tether’s EURT stablecoin’s market cap dropped by 26%, mainly due to delistings from major exchanges like Bitstamp.
CCData noted that MiCA’s implementation spurred interest in stablecoins that comply with local laws. MiCA, the EU’s comprehensive crypto regulation package, was recently enacted. It allows firms licensed by one member state to operate throughout the EU.
However, stablecoin issuers like Tether have criticized the rules for their stringent requirements, such as limits on trading volumes for certain stablecoins.
Despite these challenges, several issuers and their stablecoins, including Circle’s USDC and EURC, Societe Generale’s EURCV, Monerium’s EURe, Membrane’s EUROe, and Quantoz’s EURD, are recognized under the law.
Stablecoins volume fall
In June, the global stablecoin market cap rose by 0.53% to $161 billion, marking a nine-month growth streak and the highest stablecoin market cap since April 2022.
CCData said:
“Stablecoin market dominance is currently at 6.83%, rising from 6.22% in May. The increase in the stablecoin dominance highlights the negative price action of digital assets, with Bitcoin and Ethereum retracing the gains made following the surprise approval of spot Ethereum ETFs in the US.”
Despite the growth, stablecoin trading momentum has slowed amid a downturn in the digital asset market.
Stablecoin trading volume on centralized exchanges fell by 18% to a seven-month low of $907 billion in June. Similarly, on-chain transfer volume decreased for the second consecutive month by 7.5% to $1.8 trillion, the lowest since February 2024. This decline aligns with ongoing bearish market sentiments.
The report also highlighted that USDC had the highest on-chain transfer volume in June, surpassing USDT and DAI.
CCData stated:
“Among the top five stablecoins on Ethereum, USDC leads with $786 billion in on-chain transfer volume, representing 43.6% of the market share. USDT and DAI follow with transfer volumes of $616 billion and $334 billion, accounting for 34.2% and 18.5% of the volumes.”
@ Newshounds News™
Read more: Crypto Slate
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CENTRAL BANK OF IRAQ (CBI) INTERESTED IN FURTHERING THEIR POSITION ON E-REGULATION
"Ali Mohsen Al-Alaq, Governor of the Central Bank of Iraq (CBI), chaired a meeting on the regulation of e-commerce in Iraq, with participation from relevant authorities.
The meeting discussed controls and consumer protection measures, focusing on registration procedures and obtaining licenses for e-commerce activities.
The committee defined service providers and established a licensing process through an electronic platform to be developed by the Ministry of Commerce. Committee members emphasized the importance of licensing regulations to safeguard all parties involved in e-commerce."
@ Newshounds News™
Read more: Iraq Business News
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FTC MAKES A STATEMENT ON CRYPTO AS ASSETS ENTER NEW PHASE
"The chairperson of the U.S. Commodity Futures Trading Commission (CFTC) Rostin Behnam is warning that the crypto industry is likely to face more headwinds from regulators over the coming months.
Speaking at the 2024 Milken Institute Global Conference, the CFTC chair says that the crypto industry will “probably see in the next six to 18 months or six to 24 months another cycle of enforcement actions” amid “asset appreciation and [renewed] interest by retail investors.”
"Without a regulatory framework, without that transparency, without those tools that we typically use as regulators, you are going to continue to see this fraud and manipulation.
And putting aside the legitimacy and where this technology may go and what role it might play in our economy and commerce, the internet, digital assets generally… we just have to think about things from a regulatory and consumer protection standpoint. And I think that needs to be our guiding light in terms of driving this conversation, filling these regulatory gaps and creating this framework that’s ultimately going to protect American investors.”
IF CRYPTOS ARE CLASSIFIED AS COMMODITIES INSTEAD OF SECURITIES, THEY WOULD FALL UNDER THE AUTHORITY OF THE CFTC INSTEAD OF THE SEC
@ Newshounds News™
Read more: Daily Hodl
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