Seeds of Wisdom RV and Economic Updates Saturday Afternoon 4-26-25

Good Afternoon Dinar Recaps,

FEDERAL RESERVE RELAXES STANCE ON BANK CRYPTO ACTIVITIES

The Federal Reserve has withdrawn four crypto-asset related advisories, including ones that required banks to inform the Fed of planned activities in advance or receive a non objection letter. The two other main federal banking regulators, the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) had already cancelled the requirements to get permission.

It follows a letter from Republican members of the U.S. House Financial Services Committee earlier this month requesting the withdrawal of the letters. They characterized the supervisory non objection process as a method to “stonewall financial institutions” and prevent them from engaging with distributed ledger technology (DLT).

The FDIC’s responses to freedom of information requests, combined with the lack of services launched by banks, largely support this assertion.

Oversight will now happen through the normal Fed supervisory process. The Federal Reserve statement says, “the Board will work with the agencies (FDIC, OCC) to consider whether additional guidance to support innovation, including crypto-asset activities, is appropriate.”

“Today’s announcement from the Fed and FDIC is a welcome and important step toward achieving that goal and ensuring consumers can access these products and services through their trusted bank relationships,” said American Bankers Association President and CEO Rob Nichols. “We look forward to working with the Fed and FDIC in this fast-evolving marketplace.”

The withdrawn letters

The first withdrawn letter was issued in 2022 and required Board supervised banking organizations to notify the Federal Reserve prior to engaging in digital asset activities. The 2023 letter, SR 23-8 established a supervisory non objection process for state member banks involved with tokens using distributed ledger technology.

The withdrawal also included two joint 2023 letters issued by the Fed, FDIC and OCC that were more cautionary in nature. In fairness, their timing made sense. The crypto crash that followed the 2022 collapse of the Terra algorithmic stablecoin, resulted in the mass withdrawal of funds at Silvergate Bank, which alarmed the regulators.

Shortly after these letters, Silicon Valley Bank collapsed, which was unrelated to crypto. However, there were assertions that the collapse of Signature Bank around the same time was partly related to crypto, an issue that bank executives disputed.

In addition to the banking regulators, the CFTC and SEC have also adopted different approaches to crypto under the new Trump administration. While the SEC took an extreme stance under the Biden administration, it remains to be seen whether the pendulum swings too far the other way.

For example, the SEC washed its hands of supervising most meme coins. But some critics, including popular podcaster Joe Rogan, have expressed shock that meme coin pump and dump scams remain largely unregulated

@ Newshounds News™
Source:  Ledger Insights

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CARDANO FOUNDER CONFIRMS XRP INTEGRATION, FRUSTRATED BY CHAINLINK DELAYS

Cardano founder Charles Hoskinson used the closing minutes of a wide-ranging “ask-me-anything” session on Wednesday to give the community a granular look at two long-running alliance talks that have often generated more speculation than substance:

▪️a multisided collaboration with Ripple’s XRP ecosystem
▪️an oracle integration with Chainlink.

Hoskinson, responding to a viewer who asked, “Charles, are partnerships of Ripple and Chainlink still being discussed?”, made it clear that progress has been uneven. “Ripple, yes. Chainlink we’re working hard on that,” he said.

XRP Integration Makes Progress

On Ripple, Hoskinson sounded decidedly upbeat, describing a concrete roadmap that reaches from native wallet support to token distribution and a new role for Ripple’s forthcoming RLUSD stablecoin. He confirmed that “we’re going to add XRP support for Lace, so if you’re an XRP user you can hold your XRP in the Lace wallet,” referring to IOG’s flagship light wallet launched last year.

He went further, noting that “XRP is going to be part of the Midnight airdrop,” the privacy-focused sidechain announced by Input Output Global. Even the stablecoin is on the table: “we’re in talks with RLUSD so I mean, uh, that’s as good as it gets,” he said, hinting that Cardano infrastructure might natively support Ripple’s fiat-pegged asset.

Hoskinson attributed the new momentum partly to personal rapport inside Ripple’s technical brain-trust. “David Schwarz just invited me to speak at one of their conferences and we’re on very good terms,” he disclosed.

The founder also revealed that “the Flare [Network] people want to come to Cardano and do oracles with us,” underscoring that the partnership has broadened beyond Ripple and broadens to the entire XRP Ledger ecosystem.

sed that relations remain cordial—“I have [Sergey] Nazarov’s private number… we meet and we’re like ‘Yeah, we need to work together’”—the substance of the collaboration still hangs in limbo.

Chainlink, he explained, “has us on the list for integration” and is migrating to “some new framework that’s kind of like Rosetta with Coinbase to do these integrations.” The result is a moving target: “for some reason it’s just always like three to six months off.”

Hoskinson dismissed any notion that the delay stems from politics or money. “There’s no component of it where there’s an interpersonal issue… there’s no component where there’s an economic issue,” he insisted. Instead, he pointed to Chainlink’s bifurcated codebase—“they have like a legacy way of doing it [and] they’re moving towards a new way”—which makes it “hard to predict… what the integration’s going to take.”

Even staffing up the effort has not forced the process across the finish line. “No matter how many people I throw at it… it just, for some reason, doesn’t get over the line,” he admitted, conceding that Cardano is “kind of in this no man’s land” while it waits for Chainlink’s next-generation tooling to stabilize.

Despite the frustration, Hoskinson reiterated his desire for Chainlink to become a premier oracle on Cardano, though he added that “there’s also Pyth [Network] and then there’s Flare and others” in play. He softened the critique with an anecdote about the two founders’ similarities, quipping that “Sergey and I… have the same fashion style, we have the same beard, we’re the same body mass… there’s no bad blood.”

At press time, ADA traded at $0.72.

@ Newshounds News™
Source:  Bitcoinist

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