Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 12-03-24
Good Afternoon Dinar Recaps,
COINBASE WILL DROP LAW FIRMS WHO HIRE ANTI-CRYPTO FORMER SEC STAFF — CEO
Coinbase CEO Brian Armstrong said the exchange stopped working with law firm Milbank after it hired former SEC official Gurbir Grewal.
Coinbase CEO Brian Armstrong said the cryptocurrency exchange will not work with law firms that hire individuals involved in what he described as anti-crypto actions during their tenure in government.
On Dec. 3, Armstrong said in an X post that Coinbase will avoid law firms that hire people who tried to “unlawfully kill” an industry without clarifying the rules. He urged the crypto community not to support individuals who had worked against the sector.
Armstrong claimed senior partners at law firms are often unaware of the crypto industry’s position on this issue. He encouraged community members to make their law firms aware that hiring anti-crypto officials could result in losing business.
Coinbase drops Milbank after law firm hires Gurbir Grewal
Armstrong said that Coinbase ended its relationship with Milbank after the law firm hired Gurbir Grewal, the former enforcement director at the United States Securities and Exchange Commission.
On Oct. 2, the SEC announced that Grewal would resign from his position at the agency. The securities regulator said that Grewal had recommended over 100 enforcement actions to address “widespread noncompliance” in the digital asset industry.
On Oct. 15, Milbank said it had onboarded the former SEC official to its litigation and arbitration group. Milbank chairman Scott Edelman praised Grewal’s “record of success” as a federal prosecutor and the SEC’s enforcement head.
Because of this, Armstrong said Coinbase decided to stop working with Milbank. He said:
“If you were senior there, you cannot say you were just following orders. They had the option to leave the SEC and many good people did. It was not a normal SEC tenure.”
Following Donald Trump’s victory in the 2024 US presidential election, members of the crypto community have expressed optimism about a more favorable regulatory environment in the US. This has contributed to bullish momentum in the market, with Bitcoin reaching an all-time high of $99,645 on Nov. 22.
@ Newshounds News™ Source: CoinTelegraph
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BRICS NEWS: BRICS COUNTRIES REACT TO TRUMP’S 100% TARIFF THREATS
President-elect Donald Trump threatened BRICS countries with 100% tariff rates if they decide to ditch the US dollar for trade.
Trump made it clear that de-dollarization or launching a new currency and payment system to bypass the US dollar will be met with a 100% tariff on goods entering the US markets. If the tariff is imposed, BRICS countries will find it hard as their imports and export sectors will be hit.
On the heels of the recent 100% tariff threats by Trump, BRICS countries have reacted to the development. While some members doubt the tariff can be put in place, others remain cautious to not irk the President-elect. The balancing act of diplomacy now comes into the picture and how they navigate the next four years will decide the success of the de-dollarization agenda.
100% Tariffs on Goods Entering the US: BRICS
BRICS member Russia said that Trump’s threats will backfire as the alliance is committed to uprooting the US dollar’s dominance. “More and more countries are switching to the use of national currencies in their trade and foreign economic activities,” said Kremlin spokesman Dmitry Peskov to Reuters.
The spokesperson said that BRICS countries will band together stronger if Trump adds further economic pressure on the alliance. “If the US uses force, as they say, economic force, to compel countries to use the dollar it will further strengthen the trend of switching to national currencies,” said Peskov.
On the other hand, BRICS member India also remains skeptical of Trump’s 100% tariff threats. The think tank GTRI said that imposing tariffs will inadvertently make consumer goods more expensive for US customers. While the export and import sectors will take heat, eventually the sellers will place the tax on the consumer’s shoulders.
@ Newshounds News™ Source: Watcher Guru
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WANT TO STAY AHEAD IN CRYPTO? WATCH THIS NOW | Youtube
The UK Introduces Regulations!
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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