Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-15-24
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Russia All Out For Crypto Regulation, US Dollar Dominance Under Threat?
In order to combat strain in international trade, Russia has plans to complete crypto regulation and to properly combat USD dominance
▪️Russia is pushing forth in its crypto regulation and adoption agenda
▪️The country aims to finalize its crypto regulation push by November
▪️The aim is to use these assets for international trade settlement
Russia is making big plans for crypto regulation in the region by November. Notably, the process has already commenced but will be finalized in the next few months.
According to Anatoly Aksakov, the Chairman of the State Duma Financial Market Committee, Russia’s Central Bank and the Ministry of Finance will prepare the necessary by-laws from now until the scheduled time.
Russia Rolls Out Crypto Regulation Gradually
At the beginning of this month, the law that permits the use of crypto payments in foreign trade settlements and exchange trading within the framework of an experimental legal regime came into force. However, it needed full regulation, including bylaws, to establish rules for cross-border crypto payments.
Russia’s financial authorities will see that all these processes are finalized by November.
In addition to preparing the crypto regulation and bylaws, the Central Bank and the Ministry of Finance will consider the circle of individuals and organizations that will take part in the first stage of the process. The participants will include credit institutions and banks.
According to Aksakov, these entities would help to “feel out” the mechanism of this market. They will also help the authorities to better understand how to regulate it. As time progresses, the number of participants for the process will be expanded.
The Threat to US Dollar
Despite the crypto regulation moves, Russia is keen on not getting the assets into the wrong hands. The country acknowledged the versatility of the asset class and how it could also be misused.
Also, Russia has no plans to fully replace its fiat currency Ruble with cryptocurrencies. The Chairman of the State Duma Financial Market Committee stated that it would only be used for foreign trading activities and not for payment within Russia.
This move is in sync with the primary goal of the BRICS Group, a bloc of countries with some of the world’s leading economies. Member countries of this group are focused on challenging the dominance of USD. It is worth noting that Russia is one of the founding members of this bloc.
For the longest time, the BRICS Group has been trying to develop an alternative to the USD for cross-border settlements. They have onsidered the use of digital assets and some other asset classes for some time now. Last month, Russia hinted at building a Chinese yuan-pegged BRICS stablecoin to further push the de-dollarization efforts.
@ Newshounds News™
Source: CoinGape
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SEC CRYPTO ENFORCEMENT ACTIONS SURGED 3,000% TO $4.7 BILLION IN 2024: REPORT
Despite fewer cases, the SEC’s enforcement strategy shifted to larger fines, with average penalties jumping to $426 million per action.
The U.S. Securities and Exchange Commission (SEC) has ramped up its enforcement actions against the cryptocurrency sector in 2024, imposing nearly $4.7 billion in fines.
This figure represents a 3,018% increase from the $150.3 million in fines issued in 2023.
Record Breaking Settlement
According to a report from Social Capital Markets, 2024’s figures are largely attributed to the SEC’s $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, in June making it the largest enforcement action to date by the agency.
This legal action addressed serious issues, including misleading investors and offering unregistered securities, following the collapse of TerraUSD (UST) and its associated ecosystem.
The total fines for 2024, which stand at $4.68 billion, include various penalties such as forfeiture, disgorgement, civil penalties, settlement, and prejudgment interest.
Although the regulator’s crackdown dropped from 30 in 2023 to 11 in 2024, average fines soared to about $426 million, up from $14.71 million in 2022.
“This trend indicates a strategic shift by the SEC toward fewer but larger fines, with a focus on making high-impact enforcement actions that set precedents for the entire industry,” the report notes.
Other notable fines in 2024 include penalties against firms like GTV Media Group and fraudsters John and Tina Barksdale, each exceeding $100 million.
Crypto Fines Amounted to $7.42 Billion Since 2013
Since 2013, the SEC has issued over $7.42 billion in fines against the cryptocurrency industry. Of this total, 63% has been in 2024 alone.
In 2019, the $1.24 billion fine imposed on Telegram Group Inc. and TON Issuer Inc. for unregistered token sales led to a notable 2,000% increase in the average fine compared to previous years.
Ripple Labs received a $125 million fine for selling XRP as an unregistered security, causing the average fine for that year to rise to $35.2 million. However, the SEC is yet to agree as it can dispute this one.
The enforcement actions in 2024 also emphasize accountability for both companies and their executives, with “firm + Individual” penalties totaling $5.08 billion across 63 actions.
Most fines exceeded $1 billion, making up 46% of the total, largely due to the $4.68 billion penalty against Terraform Labs. Punishments ranging between $1 million and $10 million are also common, accounting for 30%, and often involve smaller firms. There were also judgments falling under $1 million, highlighting ongoing scrutiny of minor projects.
@ Newshounds News™
Source: Crypto Potato
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Kraken Requests Jury Trial in Legal Battle With the SEC Over Alleged Securities Law Violations
The crypto exchange Kraken has officially requested a jury trial in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Last November, the SEC charged Kraken with operating its crypto trading platform as an unregistered securities exchange, broker, dealer and clearing agency.
Earlier this year, Kraken filed in US District Court to dismiss those charges, positing that the SEC’s claims would widen the definition of investment contracts and expand the regulator’s jurisdiction outside of its delegated responsibility.
That request didn’t fly with US District Judge William H. Orrick, who denied the exchange’s request last month, ruling that the SEC “plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws.”
In a new document filed in court on Thursday, Kraken requests a jury trial and responds to the SEC’s complaint, arguing that it operated for more than a decade without any hint from the regulator that it was violating securities laws.
“In fact, in 2021, the Chair of the SEC told Congress that ‘the exchanges trading in these crypto assets do not have a regulatory framework at the SEC,’ and ‘it is only Congress that could really address this lack of a framework.’
Kraken has tried to work with the SEC to make registration feasible. But the industry’s efforts have been stonewalled at every step, as the SEC has instead chosen to pursue a strategy of fighting with its sister regulators for enforcement authority its Chair admitted it did not have.
This has predictably led to a patchwork of inconsistent and irreconcilable court decisions in an area that is plainly in need of a uniform regulatory approach.”
Kraken says the SEC refused to identify which crypto asset transactions it classified as investment contracts until the regulator filed its complaint last year.
“The digital assets themselves cannot be the investment contracts because they carry none of the rights and obligations of a share of stock, a bond, or any other financial asset that Congress has said is subject to SEC regulation. The digital assets themselves are the only things that are traded, brokered, or settled on Kraken.”
The SEC argues that Kraken hawked more than 11 different “crypto asset securities” on its platform and was required by law to register with the regulator.
Those alleged securities include Cardano (ADA), Algorand (ALGO), Cosmos (ATOM) and Solana (SOL), among others.
@ Newshounds News™
Source: DailyHodl
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TRUMP TAKEN TO SAFETY AFTER SECRET SERVICE OPENS FIRE ON MAN WITH POSSIBLE GUN AT HIS PALM BEACH GOLF CLUB
Donald Trump was taken to safety by the Secret Service after agents opened fire on a man who was spotted with what may have been a gun while the former president was on the links, according to law enforcement sources.
Sources said the Secret Service spotted a suspicious individual on the Trump International Golf Course West Palm Beach, and opened fire when agents saw what appeared to be the barrel of a gun.
It’s not clear whether the man was on the course or near it.
An agent opened fire, shooting multiple times.
“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.
The man was later arrested by local police on I-95.
It comes almost exactly two months after Thomas Matthew Crooks shot Trump at a rally in Butler, Pa. on July 13 — wounding him in the ear.
Sen. Lindsey Graham took to X minutes after news of the shooting broke to laud the former president for his fortitude.
“Just spoke with President Trump. He is one of the strongest people I’ve ever known. He’s in good spirits and he is more resolved than ever to save our country.”
“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.
The West Palm Beach course is about five miles inland from Mar-a-Lago, which Trump dubbed the “Winter White House.”
The Secret Service — which came under widespread criticism following the July assassination attempt — wrote on X that it was investigating a "protective incident” involving the former president that occurred shortly before 2 p.m.
The agency said it’s coordinating with the Palm Beach County Sheriff’s office on the investigation.
Initial reports suggested two people were firing at each other. However, sources said investigators now believe the Secret Service agent was the only shooter.
The man’s motives are not yet known. He was arrested by Palm Beach County sheriff’s deputies.
The White House issued a statement soon after the incident: “The President and Vice President have been briefed about the security incident at the Trump International Golf Course, where former President Trump was golfing. They are relieved to know that he is safe. They will be kept regularly updated by their team.”
This is a developing story.
@ Newshounds News™
Source: NY Post
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Muddy Water SEC's Crypto Custody Confusion: Understanding the Exemption | Youtube
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Source: Seeds of Wisdom Team Currency Facts
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Great Breakdown - #Brics from R Jax and Lowtide. #Seeds of Wisdom Team | Youtube
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Source: Seeds of Wisdom Team Currency Facts
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