Seeds of Wisdom RV and Economic Updates Tuesday Evening 10-01-24
Good Evening Dinar Recaps,
CRYPTO LAWS ARE COMING NO MATTER WHO WINS ELECTION: REP. TOM EMMER
Republican Majority Whip Tom Emmer laid out his top crypto legislative priorities for Decrypt, and explained why he thinks they’re likely coming sooner than many expect
The third-highest-ranking House Republican ascribes much credit for this rosy outlook to recent changes in tune on both sides of the aisle in Congress.
This spring, a substantial number of Democrats, including Senate Majority Leader Chuck Schumer, joined Republicans to vote to overturn an anti-crypto banking rule.
Days later, 71 Democrats including Nancy Pelosi voted to pass FIT21, a key crypto market structure bill.
Just last week, Emmer’s most senior adversary on the House Financial Services Committee, Maxine Waters (D-CA), told Punchbowl News that “crypto is inevitable.” Waters, for context, was a steadfast opponent of bills like FIT21 just months ago.
“That’s a momentous statement by Maxine,” Emmer said.
Why have so many Democrats changed their tune on crypto this year? Emmer thinks it comes down to electoral politics, and realizing that younger voters may be casting a ballot with crypto in mind.
“They saw that there’s this voting bloc, age 18 to 40, and [for] maybe one out of five of them… this is the issue they’re going to be voting on,” the congressman said.
While Emmer is now confident that crypto legislation is more or less inevitable, he maintains that Republican “trifecta” control of the House, the Senate, and the White House in 2025 would likely bring those laws into effect more swiftly than a Democratic-controlled government might.
If the Majority Whip was operating in such a dream scenario, he said he would prioritize three specific types of crypto-related bills for passage into law: a market structure framework like FIT21, his bill outlawing the creation of an American central bank digital currency (CBDC), and a bill to facilitate the creation of dollar-backed stablecoins anywhere in the world, so long as they meet certain criteria enforced by the U.S. Treasury Department.
Emmer thinks these laws, if enacted, would go a long way toward creating solid footing for American crypto firms and projects currently worried about regulatory uncertainty. The congressman balked, though, at the notion of going much further than such legislation.
“I have Republican colleagues in the Senate who [think] we’ve got to create a new regulatory department just to deal with crypto,” he said. “Be careful what you wish for. You do not want that.”
@ Newshounds News™
Source: Decrypt
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CENTRAL BANK OF TANZANIA TO HOARD 20% OF TOTAL GOLD EXPORTS
The Central Bank of Tanzania will purchase 20% of all the gold directed for exports as the country prepares to diversify its reserves. The movement is seen as a reaction to the current acceleration of gold prices, with Tanzania aiming to amass at least 6 tones of gold this financial year.
Mining Regulator in Tanzania Enacts Directive to Retain 20% of the Gold Exports in the Country
Tanzania is set to increase its gold reserves as part of a move made by regulators to secure part of the gold produced in the country.
A newly enacted law states that mining and trading firms will have to sell 20% of all the gold directed for exports to the Central Bank of Tanzania, which will seek to diversify and complement its reserves with this move.
The measure can be seen as a natural expansion of an already announced policy of buying gold from local miners using the national currency, the shilling.
In 2023, Governor of the Bank of Tanzania Emmanuel Tutuba revealed that the bank had already purchased over 400 kilograms of gold, but sold it to increase its position in foreign currency.
The law, which will be in effect on October 1, indicates all the gold collected must be sent to two refineries: Eye of Africa Ltd and Mwanza Precious Metals Refinery Ltd.
“All payments will be done according to the Bank of Tanzania arrangements,” the Tanzania Mining Commission stressed, without giving more details on the rates and prices miners will be paid.
The goal is to purchase 6 tons of gold by this financial year.
Tanzania has been struggling with a lack of U.S. dollars and established restrictions on forex dealers to “foster macroeconomic stability and safeguard the stability of the financial system.”
More recently, tourism authorities convened that all tourism fees must be paid in the local currency, incentivizing foreign tourists to exchange their dollars for shillings to support the country’s economy.
@ Newshounds News™
Source: Bitcoin News
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Will ADA Price Reach $0.5 As Cardano Midnight Testnet Goes Live?
The long awaited testnet for Cardano privacy protocol Midnight Network is finally out, potentially setting ADA price for new rally
▪️Cardano Midnight testnet has gone live after months of development
▪️The testnet is only available to developers for now
▪️ADA price, down in downtrend may benefit in the long term
Cardano has entered the spotlight again with the Midnight Protocol testnet, a trend that may bode well for ADA price. Per the latest update, the Midnight protocol announced that its long-awaited testnet is now live for developers.
The Cardano Midnight Testnet – Key Note To Developers
Cardano first introduced the Midnight Protocol as its privacy solution in 2023. Since then, the team has invested time in developing it in readiness for full rollout. As announced, the testnet will test out important features that can guarantee a stable Sandbox environment for the protocol.
With Midnight, developers will have the opportunity to build functional applications. While many alternative protocols exists that can offer this capability, with Midnight, user’s sensitive data are protected. The goals of the testnet are limited and it aims to create a simulation of a full mainnet launch.
To achieve this testnet function, the Cardano protocol said it “has expanded its capabilities and hardened the network’s codebase to reduce the need for regularly scheduled chain resets when upgrading.”
For developers who plans to participate in the testnet can help build applications in the sandbox environment. Beside this, they can help discover data protection capabilities, and influence the network. Ultimately, the overall enhancement will bolster Cardano as a protocol and ADA price in the long run.
How Will ADA Price Benefit?
When Midnight completes its testnet and finally goes live on mainnet, it is bound to enhance the appeal of ADA. Increasing demand from users may have a corresponding positive impact on ADA price.
As of writing, the price of the coin has nosedived and changing hands for $0.3543, down by 6.73% in 24 hours. This price fall is an not unexpected as the broader market has slipped into the bear zone lately. The fall has now derailed the positive streak of ADA price over the past week when the coin entered the top 10.
In reality, Cardano has entered the spotlight in no small way with the launch of Chang hard fork upgrade on the mainnet. While investors have not started pricing in the latest update as reflected in ADA price, the future appears bright for the coin.
Once this current price slump fades off, ADA price may retest the $0.5 mark. If the coin achieves this feat, it might chart a path for more rally ahead.
@ Newshounds News™
Source: CoinGape
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🌍 Christine Lagarde and Jon Stewart | Youtube
@ 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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