Good Evening Dinar Recaps,

TRUMP’S TEAM PICKS PAUL ATKINS FOR SEC CHAIR: REPORT

In the ongoing developments surrounding the rapidly evolving cryptocurrency landscape, Donald Trump’s team has reportedly consider a new Securities and Exchange Commission (SEC) chair to replace the current chair, Gary Gensler. According to the latest report, the Trump’s team has consider pro-crypto former commissioner Paul Atkins for the SEC chair position.

Trump’s Team Consider Paul Atkins to Replace Gary Gensler
Atkins is known for his crypto expertise and innovative stance in supporting this rapidly evolving landscape. Following his election as SEC chair, there is a strong possibility that he could actively back and promote U.S. crypto regulation while encouraging rapid growth in the sector.

Recently, Eleanor Terrett, a journalist at Fox Bussiness, noted on X (formerly Twitter),

“Atkins is someone who is not only crypto-savvy but possesses a deep understanding of the inner workings of the agency as both a former commissioner and staffer under two prior SEC Chairs — Richard C.”

Terrett further added that Atkins is seen as being capable of establishing a pro-innovation agenda while returning the agency to the so-called “gold standard” many in the Republican Party feel was lost under outgoing chair Gary Gensler.

Current Market Outlook
Following this much-awaited update, the overall cryptocurrency market began turning green.

As of press time, top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have registered gains of over 2.75%, 7.5%, and 6%, respectively, in the past 24 hours. Meanwhile, other major cryptocurrencies are experiencing similar upside momentum.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

TETHER DOESN’T LIKE MICAR SO DITCHES EURO STABLECOIN

Tether, the issuer of the world’s largest stablecoin, doesn’t like Europe’s MiCA regulations. Other stablecoin issuers are also not keen on the requirement to put a substantial proportion of reserves into bank accounts, as required by MiCAR. But they nonetheless comply. Tether isn’t willing to do so, and today it confirmed it is shutting down EURT, its Euro stablecoin. Users have a year to redeem the coin.

EURT has a market capitalization of €26 million compared to Tether’s USD stablecoin at $132 billion. To date Tether has operated offshore so it’s likely just not worth the work involved to become MiCAR compliant.

MiCAR requires 30% of reserves to be held in bank accounts, with 60% for larger stablecoins. Tether views this as risky compared to investing in Treasuries. Bank deposits also pay less than government bonds.

“Until a more risk-averse framework is in place — one that fosters innovation and offers the stability and protection our users deserve — we have chosen to prioritize other initiatives,” Tether said in a statement.

Tether is known for keeping most of its stablecoin reserves in high risk assets in the past. The company is also accident prone. Over time the quality has improved significantly, but over 15% of its reserves would be considered moderate to high risk.

Instead of becoming MiCAR compliant itself, Tether’s investment arm (with assets separate from the stablecoin) has invested in Quantoz, a company that plans to issue MiCAR compliant US dollar and euro stablecoins. Quantoz will also use Tether’s Hadron tokenization infrastructure.

What about USDT in Europe?
MiCAR came into force for stablecoins at the end of June, but much of the regulations only apply from year end, at which time enforcement actions become a possibility.

The regulations don’t just apply to Euro stablecoins, but other currencies as well. There are caps of €200 million in daily transactions for non euro coins. Given Tether’s USDT sometimes transacts around $100 billion in a day, one might think it would breach these limits.

However, the limits relate to everyday retail transactions. It excludes crypto transactions and all investment transactions and only applies where both the payer and the recipient are within the EU. We previously published a deeper dive into the limits.

Meanwhile, Paxos, the regulated stablecoin issuer has acquired a MiCAR compliant firm, Membrane Finance.

 Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

WHY ISO 20022 IS ABOUT TO REVOLUTIONIZE FEDWIRE PAYMENTS FOREVER  |  Youtube

@ 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 Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps

Good Evening Dinar Recaps,

TRUMP’S TEAM PICKS PAUL ATKINS FOR SEC CHAIR: REPORT

In the ongoing developments surrounding the rapidly evolving cryptocurrency landscape, Donald Trump’s team has reportedly consider a new Securities and Exchange Commission (SEC) chair to replace the current chair, Gary Gensler. According to the latest report, the Trump’s team has consider pro-crypto former commissioner Paul Atkins for the SEC chair position.

Trump’s Team Consider Paul Atkins to Replace Gary Gensler
Atkins is known for his crypto expertise and innovative stance in supporting this rapidly evolving landscape. Following his election as SEC chair, there is a strong possibility that he could actively back and promote U.S. crypto regulation while encouraging rapid growth in the sector.

Recently, Eleanor Terrett, a journalist at Fox Bussiness, noted on X (formerly Twitter),

“Atkins is someone who is not only crypto-savvy but possesses a deep understanding of the inner workings of the agency as both a former commissioner and staffer under two prior SEC Chairs — Richard C.”

Terrett further added that Atkins is seen as being capable of establishing a pro-innovation agenda while returning the agency to the so-called “gold standard” many in the Republican Party feel was lost under outgoing chair Gary Gensler.

Current Market Outlook
Following this much-awaited update, the overall cryptocurrency market began turning green.

As of press time, top assets including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have registered gains of over 2.75%, 7.5%, and 6%, respectively, in the past 24 hours. Meanwhile, other major cryptocurrencies are experiencing similar upside momentum.

@ Newshounds News™

Source:  CoinPedia

~~~~~~~~~

TETHER DOESN’T LIKE MICAR SO DITCHES EURO STABLECOIN

Tether, the issuer of the world’s largest stablecoin, doesn’t like Europe’s MiCA regulations. Other stablecoin issuers are also not keen on the requirement to put a substantial proportion of reserves into bank accounts, as required by MiCAR. But they nonetheless comply. Tether isn’t willing to do so, and today it confirmed it is shutting down EURT, its Euro stablecoin. Users have a year to redeem the coin.

EURT has a market capitalization of €26 million compared to Tether’s USD stablecoin at $132 billion. To date Tether has operated offshore so it’s likely just not worth the work involved to become MiCAR compliant.

MiCAR requires 30% of reserves to be held in bank accounts, with 60% for larger stablecoins. Tether views this as risky compared to investing in Treasuries. Bank deposits also pay less than government bonds.

“Until a more risk-averse framework is in place — one that fosters innovation and offers the stability and protection our users deserve — we have chosen to prioritize other initiatives,” Tether said in a statement.

Tether is known for keeping most of its stablecoin reserves in high risk assets in the past. The company is also accident prone. Over time the quality has improved significantly, but over 15% of its reserves would be considered moderate to high risk.

Instead of becoming MiCAR compliant itself, Tether’s investment arm (with assets separate from the stablecoin) has invested in Quantoz, a company that plans to issue MiCAR compliant US dollar and euro stablecoins. Quantoz will also use Tether’s Hadron tokenization infrastructure.

What about USDT in Europe?
MiCAR came into force for stablecoins at the end of June, but much of the regulations only apply from year end, at which time enforcement actions become a possibility.

The regulations don’t just apply to Euro stablecoins, but other currencies as well. There are caps of €200 million in daily transactions for non euro coins. Given Tether’s USDT sometimes transacts around $100 billion in a day, one might think it would breach these limits.

However, the limits relate to everyday retail transactions. It excludes crypto transactions and all investment transactions and only applies where both the payer and the recipient are within the EU. We previously published a deeper dive into the limits.

Meanwhile, Paxos, the regulated stablecoin issuer has acquired a MiCAR compliant firm, Membrane Finance.

 Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

WHY ISO 20022 IS ABOUT TO REVOLUTIONIZE FEDWIRE PAYMENTS FOREVER  |  Youtube

@ 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 Seeds of Wisdom Team™ Newsletter

Thank you Dinar Recaps