Seeds of Wisdom RV and Economic Updates Saturday Morning 9-21-24
Good morning Dinar Recaps,
BREAKING NEWS: BILLION-DOLLAR BANK BNY SET TO CUSTODY BITCOIN (BTC) AS THE FIRST BANK IN U.S. HISTORY
▪️BNY Mellon becomes the first bank with the SEC exemption from crypto accounting rules.
▪️SEC’s variance for BNY Mellon could open doors for more banks in crypto.
BNY Mellon has emerged as a pioneer in the cryptocurrency custody industry, becoming the first bank to be excluded from the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). This significant development was announced during a public hearing in Wyoming’s Select Committee on Blockchain, Financial Technology, and Digital Innovation Technology.
SEC’s Landmark Exception: BNY Mellon Navigates SAB 121 with Ease
The SEC granted BNY Mellon a “variance” from the SAB 121 accounting requirements. This exception allows BNY Mellon to provide institutional crypto custody services, including Bitcoin, as part of its core business activities. Chris Land, general counsel for U.S. Senator Cynthia Lummis (R-WY), testified:
“[BNY] is looking to get more involved in the crypto custody business. They had some problems with Staff Accounting Bulletin (SAB) 121, and the SEC has apparently given them some kind of variance from SAB 121 to move forward.”
This decision marks a watershed moment for the bank and the whole crypto industry, indicating a shift in regulatory views toward traditional financial institutions that engage in digital asset custody.
SAB 121, which has been the subject of discussion in the financial sector, requires banks that hold cryptocurrencies on behalf of clients to register these assets as liabilities on their balance sheets.
Many in the crypto sector regard this rule as cumbersome, as it adds significant financial risk to any institution that engages in crypto custody.
SEC’s Exemption Sparks New Opportunities for Traditional Banks in Crypto
BNY Mellon’s exemption from this legislation might be a game changer, opening the door for other traditional banks to enter the cryptocurrency industry.
This exemption not only represents a watershed moment for BNY Mellon, but it could also dramatically increase institutional participation in the crypto business, lowering entrance barriers for banks that have been cautious owing to regulatory concerns.
The decision may serve as a stimulus for greater acceptance of crypto services by large financial institutions, indicating a mature market in which digital assets are increasingly regarded as viable investment possibilities.
This is not BNY Mellon’s first foray into the crypto and blockchain industry. Last year, in a Swift-led project revealed by CNF, BNY Mellon and Deutsche Bank worked together on the interoperability of electronic Bills of Lading (eBL) on blockchain.
This program sought to improve commercial efficiency by incorporating blockchain technology into traditional financial systems.
Such agreements demonstrate BNY Mellon’s continuous commitment to using blockchain technology to improve financial processes, cementing the company’s position as a pioneer in integrating crypto and blockchain solutions into traditional banking.
While BNY Mellon is making progress in crypto custody, other industry titans are also strengthening their standing in the crypto area. For example, as we previously highlighted, MicroStrategy’s Bitcoin holdings currently total 252,220 BTC after a new 7,420 BTC purchase, confirming its position as a leader in institutional BTC investment.
@ Newshounds News™
Source: Crypto News Flash
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BRICS NEWS: After Oil, BRICS Accounts for 72% of the World’s Rare-Earth Metals
After the BRICS expansion in 2024, the alliance officially accounts for 42% of the global oil and gas reserves. If that wasn’t enough, BRICS now accounts for the majority of the rare-earth metals reserve totaling to 72%. This gives the alliance an added advantage in global trade in the oil and rare-earth metals sectors.
BRICS countries complement each other for the extraction of critical minerals and production. The cooperation could lead to mutual trade within BRICS members and ensure the continuity of the supply. The alliance can also decide on the stability of the prices and be ahead in decision-making.
Latest reports indicate that the alliance will discuss oil and rare-earth metals trade in the next BRICS summit. The geological trade deals could be rewritten giving the bloc an undue advantage in settling cross-border transactions. “Prospects for cooperation between the BRICS countries in the field of studying, developing and rational use of mineral resources,” is on the cards, read a report.
“One of the possible areas of cooperation in this sphere is to expand the mutual trade in mineral commodities and metals for the purpose of ensuring continuity of supplies and stability of prices,” said Evgeny Petrov, the Head of the Russian Federal Subsoil Resources Management Agency Rosnedra.
He added, “The simple analysis shows that accession of new members to BRICS will provide for 72% of world resources of rare-earth metals.”
Also, if BRICS uses local currencies for rare minerals trade, the US will dollar will begin to face deficits. The BRICS bloc is adding all commodities under its sleeves and could turn the alliance’s fortunes in the coming years.
@ Newshounds News™
Source: Watcher Guru
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THIS IS A CALL NOT A VIDEO - Silver Jim 57 The Constitution 9 20 24 | Youtube
Jim educates us on our history and the CONtracts that have been hidden from us to show how we got to where we are since the days of Lincoln and the Civil War. A must to listen to.
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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RAFIDAIN BANK IS LEADING THE CHARGE INTO THE FUTURE! #Iraq #Banking | Youtube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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