Seeds of Wisdom RV and Economic Updates Monday Afternoon 4-14-25

Good Afternoon Dinar Recaps,

SEC AND BINANCE FILE JOINT MOTION FOR ANOTHER 60-DAY PAUSE IN LEGAL DISPUTE

▪️The SEC and Binance have asked the judge overseeing their legal dispute to pause the case for 60 days as “productive discussions” continue.

▪️The pause would extend the current 60-day stay, which was approved in February.

▪️If approved, the parties will submit a joint status report at the end of the 60 days, in mid-June.

The Securities and Exchange Commission and Binance, the world's largest crypto exchange, have asked the judge overseeing their legal dispute to continue keeping the case on hold as lawyers on both sides hold "productive discussions."

According to a joint court filing submitted Friday, the SEC requested the pause be extended "...In light of these continued discussions and the time required for the staff to seek authorization from the [SEC] as necessary to approve any resolution or changes to the scope of this litigation." Binance's lawyers agreed that "...continuing the stay is appropriate and in the interest of judicial economy."

Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia granted the parties' original request to stay the case in February, following a similar joint motion. The approval of another 60-day pause would mean the next joint status report would land in mid-June.

Though some of the SEC's claims against Binance were partially dismissed by Judge Jackson last June, the majority of the claims were upheld, though it remains unclear how the changing leadership of the SEC will affect the case. Friday's filing references "discussions concerning how the efforts of the crypto task force may impact the SEC’s claims."

The SEC's crypto task force is headed by Republican Commissioner Hester Pierce and has been holding roundtables with industry figures in a move towards more transparent regulation of the crypto industry. 

"We invite builders, enthusiasts, and skeptics to engage with us to figure out what the final rules should be and what interim steps might help to foster innovation in the meantime," Pierce said in February, shortly after the task force's creation.

@ Newshounds News™
Source:  The Block

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BRICS GIVES HUGE UPDATE: NON-MEMBERS CAN SETTLE TRADE IN NEW PAYMENT SYSTEM

Russian Foreign Minister Sergey Lavrov announced that Brazil, which chairs the next summit in July, has proposed to create a new payment system where non-BRICS members can settle trade and cross-border transactions without incorporating the US dollar for settlements.

If non-member countries begin settling trade with the new payment system launched by BRICS, the US dollar could enter the path of decline. The US dollar could lose out on the global supply and demand mechanism making other currencies lead the charge.

BRICS Provides Major Update: Non-Members Will Be Allowed to Trade in the New Payment System

Lavrov confirmed that the upcoming initiative by BRICS is to allow non-members to settle trade in the new payment system. “There are a number of other initiatives currently under consideration within the BRICS format.

One of them being a proposal by Brazil to create an alternative payment platform, with work underway on this track. I am confident that countries, even those outside BRICS, will have access to such mechanisms when they are created.”

He added that the new BRICS payment system will be independent and not rely on the Western financial mechanism. The platform will not depend on SWIFT, the US dollar, or the euro and pound, but will be an independent system. 

“There is an opportunity to form payment platforms independent of external influence. One example being the financial messaging system of the Bank of Russia. It is convenient, and it does not depend on any SWIFT network,” the minister noted.

It is not known when the new BRICS payment system will make its debut in the global financial markets. No further details about the new system have been revealed by the alliance. However, they will discuss the developments further in the upcoming 17th summit in July. The summit is scheduled to be held in Rio De Janeiro on July 7 and 8, 2025.

@ Newshounds News™
Source:  Watcher Guru

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