Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-4-24
Good Afternoon Dinar Recaps,
US CFTC Issues Order for Uniswap (UNI)
▪️CFTC issued an order for Uniswap, demanding a $175,000 fine.
▪️Uniswap allegedly violated the Commodity Exchange Act.
▪️UNI Coin price fluctuated due to regulatory uncertainties.
SEC, known for its aggressive lawsuits regarding cryptocurrencies, is not the only regulatory body in America. CFTC also takes action by detecting violations in the futures market. Just now, the institution issued an order for Uniswap, demanding a $175,000 fine and cessation of the violation.
Uniswap (UNI) and CFTC
Uniswap, one of the largest DeFi platforms, is currently supported by Uniswap Labs. According to the CFTC, the DeFi platform allows leveraged trading without permission, violating regulations.
Therefore, it must pay a $175,000 fine and cease violating the Commodity Exchange Act (CEA).
CFTC Enforcement Director Ian McGinley said:
“Today’s action once again shows that the Enforcement Division will vigorously enforce the CEA as digital asset platforms and DeFi ecosystems evolve. DeFi platforms must ensure their services comply with the law.”
The UNI Coin price fell below $6.2 and then returned to $6.45. Uncertainty about compliance and whether US citizens will be restricted from accessing the protocol may increase volatility in the coming hours.
@ Newshounds News™
Source: Coin-Turk
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BRICS NEWS: BLOCKCHAIN PAYMENT SYSTEM SET FOR OCTOBER ANNOUNCEMENT—POTENTIAL XRP INTEGRATION HIGHLIGHTED
▪️ BRICS Pay platform to launch at the 2024 BRICS Summit aims to reduce reliance on the U.S. dollar in global finance.
▪️The platform could challenge Western financial systems like SWIFT.
The BRICS economic alliance is gearing up for its 2024 Annual Summit, where the much-anticipated BRICS Pay platform, a payment system based on blockchain, is expected to take center stage. The platform was unveiled earlier this year. It is likely to threaten the current financial order and promote the group’s de-dollarization policy.
BRICS Pay is a new payment system using blockchain technology. It is intended to help the BRICS countries minimize their reliance on the US dollar in international trade.
Additionally, the platform will intend to enable efficient interactions among member countries and may provide a solution to the US-dominated SWIFT payment system.
Russia Pushes for Cryptocurrency and Blockchain Solutions
The system’s development also coincides with the increasing tension between Russia and the West, especially regarding sanctions and financial measures.
Consequently, Russia has paid more attention to cryptocurrencies and blockchain technology. The BRICS Pay platform is integral to this approach as it can facilitate the use of local currencies and strengthen the economic relations between the BRICS countries and their partners.
The BRICS Pay is in line with the bloc’s objective of decreasing the use of the US dollar in international trade and finance. The data from the Atlantic Council’s Dollar Dominance Monitor shows that the dollar’s global reserve status declined to 58 % in 2024 from 72% in 2002. This decline underlines the continuing process of de-dollarisation, which BRICS Pay predicts will strengthen.
Yury Ushakov, an assistant to the Russian president, told the state media how important the BRICS Pay project is for the future. The platform will use digital and blockchain technologies to establish a reliable and effective payment system to facilitate the bloc’s economic agenda.
The platform’s potential extends beyond the BRICS countries, as other Global South nations could use it as a reference to reduce their dependence on the US dollar and strengthen their national currencies.
This means that BRICS Pay can also provide much-needed competition to the SWIFT system and also promote the economic cohesion of the developing world.
Platform Extends Influence Beyond BRICS Nations
The planned launch of BRICS Pay at the 2024 Summit has major strategic implications.
It is a milestone toward the financial emancipation of the BRICS and other emerging economies from the current global order. As a blockchain solution for transactions, BRICS Pay can challenge Western financial organizations and enhance the role of BRICS countries in the world.
Furthermore, the platform’s development correlates with Russia’s current interest in cryptocurrencies and digital currencies. Russia recently revealed plans to create two crypto exchanges, and stablecoins pegged to the Chinese yuan and other BRICS currencies.
Notably, Turkish President Recep Tayyip Erdogan will be attending the BRICS summit in Kazan, Russia, from October 22 to October 24. Turkey’s interest in BRICS aligns with its broader foreign policy strategy, which aims to balance relations between the East and West.
@ Newshounds News™
Source: Crypto News Flash
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SPREADING USD-PEGGED STABLECOINS—TRUMP-BACKED DEFI PROJECT REVEALS ‘TRANSFORMATIVE’ PLANS
Over the past few weeks, there’s been a buzz of intrigue and speculation around World Liberty Financial, a decentralized finance (defi) project led by Eric Trump and Donald Trump Jr. After facing some rumors and critiques, the project’s X account finally released fresh details about its mission, aiming to clear the air.
World Liberty Financial Defends Mission and Security After Facing Scrutiny
World Liberty Financial (WLF), a decentralized finance (defi) project associated with Eric Trump and Donald Trump Jr., recently released new information about its plans.
The project, shrouded in speculation, was called a “digital real estate” venture by Eric Trump during an interview, the son of former President and 2024 Republican candidate Donald Trump.
In its latest announcement, WLF emphasized its partnership with several prominent security firms, including Zokyo, Fuzzland, and Peckshield, to ensure the safety of its platform.
While WLF claims to differentiate itself from other projects by collaborating with the decentralized finance (defi) protocol Aave, rather than forking it, details about the project’s specifics still remain scarce.
The project’s messaging focuses on advancing the mass adoption of stablecoins pegged to the U.S. dollar.
The team behind WLF asserts that their project is critical to maintaining the U.S. dollar’s global dominance, particularly as rival countries seek alternatives to the currency.
“By spreading U.S.-pegged stablecoins around the world, we ensure that the U.S. dollar’s dominance continues, securing America’s financial leadership and influence on the global stage,” the WLF X account stated.
However, despite these ambitions, skepticism persists. There’s been a number of people who believe the project may fall prey to hackers and some think WLF is just going to launch its own WLF crypto coin. Bitcoin proponent Nic Carter asked on X if there was something that the crypto community could collectively do to “stop the launch of world liberty coin.”
Carter added, “I think it genuinely damages Trump’s electoral prospects, especially if it gets hacked (it’ll be the juiciest defi target ever and it’s forked from a protocol that itself was hacked). However, the WLF project’s organizers wholeheartedly believe that WLF’s impact will soon be clear.
“To those who are skeptical or listening to the noise: our plan will speak for itself,” WLF’s thread concluded. “The brightest minds in crypto are backing us, and what’s coming will make all doubters think twice.”
What do you think about the Trump-associated defi project WLF? Share your thoughts and opinions about this subject in the comments section below.
@ Newshounds News™
Source: Bitcpin News
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Source: Currency Facts
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