Seeds of Wisdom RV and Economic Updates Monday Morning 9-9-24
Good Morning Dinar Recaps,
Ripple Targets FCA Approval, Eyes London IPO by 2025
▪️Ripple’s FCA approval may come by December 2024, setting the stage for a potential London IPO in 2025.
▪️Ripple is expanding XRP Ledger with features like NFTs, smart contracts, DEX, and AMM to strengthen its ecosystem
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Ripple’s protracted battle with regulatory hurdles took another crucial turn when Judge Torres granted Ripple’s motion for a stay on the monetary penalty. This judgment is regarded as a critical development, potentially benefiting Ripple’s efforts to obtain permission from the UK Financial Conduct Authority (FCA).
Ripple Overcomes Regulatory Hurdles, UK License and London IPO in Sight
Previously, there was suspicion that the uncertainty surrounding the penalty Ripple could face from the SEC was delaying the licensing process for its UK crypto license. Now that the stay is in place and financial expectations are apparent, Ripple is on track to get permission by December 2024.
This certification is especially significant for Ripple’s overall plan, as it may pave the way for an initial public offering (IPO) in London as early as 2025. Ripple’s decision to pursue an IPO outside of the United States is consistent with its prolonged avoidance of the American market, owing principally to regulatory uncertainty.
Due to the SEC’s hostile attitude toward the company and the larger cryptocurrency industry, Ripple has been wary of launching an IPO in the United States, as CNF previously reported.
This friction has been a primary driver of Ripple’s expansion into other countries, particularly the United Kingdom, where regulatory regimes appear more receptive.
Ripple’s CEO, Brad Garlinghouse, reiterated these comments during Korea Blockchain Week, where he emphasized the problems of the US regulatory framework. He stated that one of the most important pieces of advice he gives to cryptocurrency entrepreneurs is to avoid establishing their operations in the United States.
Garlinghouse’s statements underline a growing industry worry about the absence of clear and supporting legislation in the United States, which has served as a bottleneck for many organizations looking to develop blockchain.
Meanwhile, Ripple is not solely concerned with handling regulatory difficulties. According to our prior report, the firm is also working to improve the technological capabilities of the XRP Ledger.
Non-fungible tokens (NFTs), decentralized exchanges (DEX), smart contracts, and automated market makers (AMMs) are some of the most recent additions. These changes aim to improve the XRPL’s functionality and increase its use cases, hence strengthening Ripple’s position in the cryptocurrency sector.
Ripple is preparing for a good year ahead, with FCA approval appearing on the horizon and promising technological breakthroughs. If all goes as planned, 2025 might be a watershed moment for Ripple, especially with the potential of a London IPO on the way.
@ Newshounds News™
Source: Crypto News Flash
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CFTC LOSES ROUND ONE: KALSHI CLEARED TO OFFER US ELECTION BETS
A federal judge this week sided with the prediction market Kalshi’s motion for summary judgment in its legal battle with the U.S. Commodity Futures Trading Commission (CFTC). This decision opens the door for U.S. citizens to place bets on the upcoming November election.
However, the ruling isn’t the final word just yet, as the CFTC can still appeal. Following the judge’s order, the commodities regulator immediately filed an emergency request for a two-week stay.
Kalshi’s Legal Victory Could Change U.S. Election Betting Landscape, CFTC Files Emergency Motion
In a legal twist last year, Kalshi, a financial exchange and prediction market, took the Commodity Futures Trading Commission (CFTC) to court. Kalshi, established in 2018 by Tarek Mansour and Luana Lopes Lara, allows users to trade on real-world event outcomes.
The lawsuit, filed in November 2023, challenged the CFTC’s decision to block the company from offering specific event contracts, particularly those related to betting on the U.S. election, on its federally regulated platform.
On Sept. 6, 2024, Judge Jia Cobb delivered a decision in favor of Kalshi, rejecting the CFTC’s cross-motion for summary judgment. Bloomberg Law reported that Kalshi’s CEO, Tarek Mansour, called the ruling a milestone.
“Election markets are now legal in the United States for the first time in 100 years,” Mansour remarked. On the firm’s website, it states:
Election markets are coming to Kalshi. We did it! Stay tuned for more info, and God bless America!
Paradigm’s vice president of government affairs, Alexander Grieve, shared on X that he was delighted his firm supported the amicus. “Proud Paradigm contributed an amicus in this case, as (if it wasn’t clear already) the outcome of November’s election will have profound impact on the direction of crypto in this country,” Grieve said. “American companies need the ability to hedge political risk,” the Paradigm executive added.
Attorney Jake Chervinsky praised the ruling. “Huge win for Kalshi against the CFTC,” Chervinsky wrote. “I want to see the opinion before I start dancing on the grave of the administrative state, but this is even more evidence that the best way to deal with regulatory overreach is to file more lawsuits.” Although Kalshi secured a victory, the commodities regulator still has the option to appeal and take the fight back to court.
Right after the verdict, the CFTC swiftly filed an emergency motion requesting a two-week stay. They argued that “without the benefit of the court’s reasoning, the CFTC is unable to make an informed decision whether to appeal, nor is it able to fully brief a motion for stay pending any forthcoming appeal.” The regulator further added:
Time is of the essence in the issuance of a stay. The CFTC expects that Plaintiff Kalshi will immediately list the relevant election contracts and that trading will begin as soon as the contracts list. Plaintiff has already announced on its homepage that ‘Election Markets are Coming to Kalshi!’
The news arrives at a moment when Polymarket, a blockchain-powered prediction platform, has seen a significant increase in volume and open interest, thanks to the upcoming 2024 election.
Meanwhile, U.S. lawmakers, including Democratic Senator Elizabeth Warren from Massachusetts, have been pressing the CFTC to crack down on election prediction markets. “The last thing that voters heading to the polls need are bets waged on the outcome of that election,” the policymaker’s letter argued.
What do you think about Kalshi’s win this week and the chance the CFTC may appeal the decision? Share your thoughts and opinions about this subject in the comments section below.
@ Newshounds News™
Source: Bitcoin News
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IOTA NEWS: INTRODUCING TWO NEW BONDS WITH IOLEND AND RUSTYROBOT – EXCITING OPPORTUNITIES AHEAD
▪️ApeBond has announced a significant partnership with IOLEND and the Rusty Robot Country Club (RRCC) to introduce two new IOTA bonds.
▪️This collaboration aims to enhance the DeFi ecosystem by leveraging IOTA’s infrastructure to provide sustainable growth and financial stability.
Multi-chain bonding protocol ApeBond recently announced big news for the IOTA community with the goal of introducing two new IOTA bonds in partnership with IOLEND as well as the Rusty Robot Country Club.
As said, the ApeBond project focuses on fostering a sustainable future for decentralized finance (DeFi) projects and communities. By leveraging cross-chain capabilities, ApeBond aims to provide long-term stability and growth opportunities within the DeFi ecosystem.
IOLEND has emerged as a key player in the decentralized finance (DeFi) market that offers innovative lending solutions on the IOTA network’s Ethereum Virtual Machine (EVM). what makes IOLEND special is that it uses top cryptocurrencies like ETH, USDT, and IOTA as collateral while standing out from other DeFi platforms.
IOLEND has been built on the RDNT Capital fork with the trusted framework of Aave. Thus, it ensures that users feel secure and confident in the platform’s reliability. Furthermore, this DeFi protocol allows users to deposit and withdraw assets, with interest rates determined by market forces, per the Crypto News Flash report.
One of IOLEND’s key strengths is its highly competitive APRs, which are among the lowest in the market. Users can earn up to 250% APR on ETH loops and 275% APR on USDT loops. These impressive yields are further enhanced by rewards in $IOL, IOLEND’s native governance token.
🔥 Big news for the @iota community! Today we’re thrilled to introduce not one, but TWO new #IOTA Bonds in partnership with @iolendfi and @RustyRobotCC 👇
💵 @iolendfi is a DeFi platform that aggregates top yield opportunities with smart leverage tools & yield-bearing… pic.twitter.com/9vtgcPwmf2
— ApeBond (@ApeBond) September 5, 2024
IOTA and Rusty Robot Country Club
The Rusty Robot Country Club is one of the longest-standing NFT communities currently on the IOTA blockchain that brings together a global team with the common vision of becoming the world’s largest creative brand.
RRCC excels in global creative collaboration across various mediums like music, comics, and books. Their platform, Coda, empowers artists to tokenize intellectual property (IP) through real-world asset (RWA) tokenization.
Moreover, the RCCC NFTs offer access to an ecosystem that includes comics, collectibles, Rusty Apparel, Rusty Robot Records, and $RUST-powered DeFi tools. Furthermore, the RUST token is central to the RRCC ecosystem as all the post-NFT sale activities require holding this token. Impressively, RRCC launched without an ICO, private sale, or investor backing.
The partnership between ApeBond and IOTA EVM marks a major advancement in diversifying treasuries and driving substantial growth. By utilizing IOTA EVM’s robust infrastructure, ApeBond enhances projects’ ability to manage their resources efficiently, promoting financial stability and supporting innovation and expansion. This collaboration will cultivate a vibrant DeFi ecosystem where projects can flourish and achieve growth, reported Crypto News Flash.
@ Newshounds News™
Source: Crypto News Flash
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CARDANO FOUNDER REVEALS GAME-CHANGING PLAN FOR UNMATCHED SCALABILITY
Cardano founder Charles Hoskinson has recently unveiled a blueprint to significantly enhance the scalability of the Cardano blockchain.
In a tweet, Cardano developer Input Output Global (IOG) shared a game-changing statement made by Cardano founder Charles Hoskinson at a recent event that touched on making Cardano the best in class in scalability.
"Leios is going to provide a dramatic increase in layer 1 performance. Complemented by rollups – coming to PlutusV3 – and Hydra, these things together will make for best in class for scalability," the IOG tweet citing the Cardano founder reads.
According to the Cardano founder, Ouroboros Leios together with rollups that are coming to Plutus V3 and scaling solution Hydra will result in best-in-class scalability performance.
Ouroboros Leios, a new Ouroboros family variant, is designed to significantly enhance throughput while maintaining at least the same level of security as earlier Ouroboros variants.
Existing variants of the Ouroboros blockchain algorithm have limited throughput capabilities, both in terms of data throughput and CPU processing.
They are restricted not by the resources available to each node (network capacity or CPU performance) but by the distributed algorithm's data and communication needs. Improving this requires a new algorithm design, which is what Ouroboros Leios aims to be.
Cardano milestones and developments On Sunday, Sept. 1, 2024, the Cardano blockchain took the first major, irrevocable step from being one of the most decentralized blockchains to becoming an ecosystem governed solely by its community of ADA holders with the launch of the Chang 1 upgrade.
In the past week, Cardano node v.9.1.1 was released to address an issue where 9.1.0 nodes would replay from the genesis block upon restart during the Conway era. The Lace team has opened up governance to Conway-era hardware wallet users, enhancing access and functionality in Lace v.1.15. Looking ahead, the team is now preparing for the release of Lace v.1.16.
@ Newshounds News™
Source: U Today
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HEDERA NEWS: 7 REASONS HBAR IS POISED TO LEAD THE NEXT WAVE OF BLOCKCHAIN INNOVATION
▪️A popular member of the Hedera community outlines seven reasons HBAR could dominate the Web3 industry in terms of innovation.
▪️According to him, building Layer 1 is incredibly complex, however, Hedera has done the most important things right.
Renowned developer Manu Kabrera has lauded the incredible evolution of the Hedera blockchain (HBAR), tipping it to lead the next wave of blockchain innovation.
In a post dated September 5, Kabrera explained that his position is based on seven key undeniable factors ranging from enviable community support to building an industry standard foundation.
Passionate Community
According to Kabrera, the Hedera community is one of the most educated, loyal, and passionate in Web3.
Admittedly, the developer stated that the various forums could certainly have a pocket of gamblers, flippers, and scammers. However, its community is filled with people who are passionately and genuinely seeking to use technology to address real-world problems.
The likes of HashPack Wallet, Kabila App, SaucerSwap Labs, etc were cited as part of the talented projects and companies within the Hedera ecosystem innovating and leading the way in blockchain use cases.
Speed of the Hedera Network
As captured in his post, Kabrera believes that the speed of this project “is in a league of its own”. Hedera’s transaction achieves finality in around three seconds, positioning it for mass adoption.
Nobody waits today. 3 seconds vs 30 seconds can be the difference between a viable Social DApp or a complete failure. Great user experience requires speed.
Super Low, Fixed Fees
Thirdly, the efficiency of the Hashgraph algorithm, according to the developer, has enabled super low fees at $0.0001 and $0.02 for minting a Non-Fungible Token (NFT). Most importantly, these fees are fixed, which enables businesses to offer predictable pricing.
Best-in-class technology
According to Kabrera, the Hashgraph consensus algorithm is a gift. His reason stems from the fact that the algorithm provides future scalability, decentralization, and high-grade security. Explaining the importance of this, he disclosed that most networks collapse in the long run due to the fact that their gas fees skyrocket unreasonably once they become successful and start handling a lot of transactions.
To him, Hedera provides a solution to this.
Developer Experience
The fifth point has to do with how Hedera’s native services have made it extremely easy for developers through the availability of traditional languages like Java, JavaScript, or Go. This is contrary to the new programming language like Solidity required by other networks to build on a blockchain.
Hedera’s provisions, according to Manu Kabrera, reduce entry-level barriers, costs, and development time.
Governance Model
In terms of governance, the developer believes that the community should have channels to submit proposals and feedback. Also, the reports that the entire economy could be tokenized on a blockchain demand that this responsibility falls on a group of experienced developers. According to Kabrera, Hedera has a governance system of 39 large, trustworthy entities with different backgrounds ranging from technology to logistics. These include Google, IBM, Ubisoft, etc.
All members of the Governing Council have a single vote and a maximum term of 3+3 years on the Council, preventing the concentration of power. This Council meets monthly, and all topics discussed and decisions made are transparently published on the Hedera website.
Foundation of the Hedera Network
In his final point, Kabrera stated that the originality of the Hedera Foundation could propel it to dominate the Web3 ecosystem. However, it would have to work on its clear processes, support for key ecosystem builders, transparency, and accountability.
@ Newshounds News™
Source: Crypto News Flash
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IRAQ TAKES CONTROL—CHAPTER VII ENDS | Youtube
@ Newshounds News™
Source: Currency Facts
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IRAQ'S CENTRAL BANK ENDS ELECTRONIC TRANSFER | Youtube
@ Newshounds News™
Source: Currency Facts
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