Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 10-16-24
Good Afternoon Dinar Recaps,
US CONGRESSMAN BYRON DONALDS PROPOSES CRYPTO REGULATORY SANDBOX
U.S. Rep. Byron Donalds champions regulatory flexibility for cryptocurrency, endorsing a sandbox approach to foster industry growth.
▪️Byron Donalds proposes a regulatory sandbox for crypto, aiming to transform it into a $500B U.S. industry.
▪️Donald Trump's campaign raises $7.5M in crypto donations, signaling a pro-crypto stance for the 2024 election.
▪️U.S. Rep Donalds criticizes Dems' crypto regulation approach as politically motivated amid electoral battles.
In a recent conversation with KMSmithDC, U.S. Congressman Byron Donalds stressed the importance of developing a regulatory sandbox for the crypto industry. Donalds described the industry as a “toddler” that is still young but has a possibility of growing.
He pointed out that the cryptocurrency market has the potential to become a half a trillion dollar industry in the US if there are favorable regulations put in place.
Byron Donalds Advocates for Regulatory Flexibility
Byron Donalds emphasized that the use of a more flexible approach to the regulation of the rapidly developing crypto industry is crucial. He noted that the present model adopted by most regulatory bodies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), is too rigid.
According to US Congressman Donalds, a more adaptive system, like a regulatory sandbox, would allow industry participants to set guidelines as they innovate.
”What the industry really needs is a regulatory sandbox”, Donalds said. “You guys make the rules because the industry is going to change so fast over the next five years.” He pointed out that the current regulatory authorities are “not very innovative enough” to match the advancement of technology hence the need for a shift in the system.
Donald Trump Campaign’s Support for Crypto
US Congressman Donalds, an avid supporter of Donald Trump’s 2024 presidential campaign, also discussed how the Trump campaign has adopted cryptocurrency. Moreover, the PAC supporting Trump has allegedly collected $7.5 million in cryptocurrency contributions during July-September 2024.
These donations in BTC, ETH, XRP, and USD stablecoins reveal that Trump has changed his view about digital currencies. Additionally, the prediction market platform, Polymarket, has given a 59.5% chance of Donald Trump to win the U.S election while 40.3% chance of Kamala Harris.
This is quite a change from Trump’s previous stance on cryptocurrencies during his tenure as president. The fundraising success, garnered from more than 15 US states and Puerto Rico, places Trump as the candidate favorable to cryptocurrencies as the November 2024 elections approach.
In the conversation, Byron Donalds accused the Democratic leadership of not taking the regulation of cryptocurrencies seriously. He also dismissed recent remarks by Democratic politicians, including VP Kamala Harris and Senator Sherrod Brown, on digital assets regulation.
Donalds said that, although some Democrats have lately discussed the need for frameworks, such statements are political. “Vice President Harris is saying it now because there are some issues in her polling,” he said. He also pointed out that the criticism coming from Sherrod Brown could have to do with him being in a tight race in Ohio.
Trump’s Plan to Overhaul Regulatory Agencies
According to the US Congressman Donalds, a potential Trump administration would aim at “cleaning house” in major regulatory bodies such as the US SEC and CFTC. In these talkings, there has been a rumour that Robinhood CLO, Dan Gallagher, may become the new US SEC Chair under the leadership of Donald Trump.
He believes that regulators should focus solely on their assigned missions rather than expanding their roles. “It’s about making sure that regulators simply do the job of carrying out the mission that the agency was given,” Byron Donalds stated.
He reiterated his belief that current regulatory bodies are falling behind in adapting to the fast-paced developments in the crypto industry. According to Donalds, if Trump wins the presidency, the administration will aim to ensure that these agencies better align with the needs of a rapidly evolving digital economy.
@ Newshounds News™
Source: CoinGape
~~~~~~~~~
SIAM COMMERCIAL BANK LAUNCHES THAILAND’S FIRST STABLECOIN CROSS-BORDER PAYMENT SYSTEM
Siam Commercial Bank has introduced Thailand’s first stablecoin-powered cross-border payment system.
Partnering with SCB 10X and Lightnet, the bank will use stablecoins—digital assets pegged to gold or the U.S. dollar—to facilitate faster, more efficient international transactions, according to a company release.
This solution is built on a public blockchain network, with Fireblocks providing top-tier custody technology to ensure asset security. The new payment system enables 24/7 cross-border transactions, reducing the need for banks to maintain pre-funded accounts with foreign partners, which improves capital efficiency and lowers operational costs.
By eliminating layers of clearance and currency conversion, the service offers customers a faster, cost-effective way to send and receive funds internationally, per Nikkei. Users can transact using local currencies, further simplifying the process.
Thailand’s regulatory sandbox
In August, Thai financial regulators launched a Digital Asset Regulatory Sandbox to encourage crypto adoption in the country. The initiative, backed by a public hearing in May, allowed participants to test crypto services under flexible regulations to help develop Thailand’s digital asset market.
This SCB stablecoin project successfully graduated from the Bank of Thailand’s regulatory sandbox in October 2024, according to the release, and is now fully commercialized. It sets a new standard for the use of blockchain technology in the financial sector and strengthens SCB’s position as a leader in digital banking.
@ Newshounds News™
Source: Crypto News
~~~~~~~~~
AUDIO REPLAY BOB LOCK: OCT 16, 2024 | Youtube
Bob Lock discusses his new book, "Managing sudden wealth through smart team building" as well as what the future might bring with a new financial system and ways to protect yourself with a possible stock market crash and/or bank failure.
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
Newshound's Podcast Link
Newshound's News Telegram Room Link
Q & A Classroom Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
Subscribe to Newsletter
Thank you Dinar Recaps