Seeds of Wisdom RV and Economics Updates Monday Afternoon 7-8-24
Good Afternoon Dinar Recaps,
PRESIDENT TRUMP POSITIONING HIMSELF TO BE A STRONG PROPONENT OF BITCOIN AND TOKENIZED ASSETS
In a Forbes article several lawmakers are described as offering pro-crypto advice to President Trump.
“We want all the remaining Bitcoin to be made in the USA!”
"In a Truth Social post last month, Republican presidential candidate Donald Trump expressed strong support for bitcoin. In the same post, he recognized the geopolitical significance of the world’s largest cryptocurrency, warning that any policy that seeks to hamper bitcoin “only helps China and Russia.” Trump’s statement not only positioned him as the first pro-bitcoin nominee of a major political party—it also put a spotlight on discussions about classifying bitcoin as a strategic reserve asset. "
"Former presidential candidate Vivek Ramaswamy, for example, has been advising President Trump on bitcoin and digital assets since January. Ramaswamy staked a unique position in the final weeks of his campaign by proposing that the dollar be backed by a basket of commodities that, in time, could include bitcoin."
"Ramaswamy’s plan echoed a similar proposal from Independent presidential candidate Robert F. Kennedy, Jr., in which a small percentage of US Treasury bills 'would be backed by hard currency, by gold, silver, platinum, or bitcoin."
© Newshounds News™
Read more: Forbes
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AN EXCELLENT INTERVIEW ON "Unchained" WITH SENATOR LUMMIS ON WHY CRYPTO HAS BI-PARTISAN SUPPORT
"Show highlights:"
1. Why the SAB 121 approval was bipartisan
2. Whether President Biden will veto the resolution
3. How it’s a “mystery” to Sen. Lummis why the SEC had a change of heart about Ether ETFs
4. How the SEC’s approach to regulating the industry “is not the American way”
5. Whether there is a bipartisan majority in favor of crypto in Congress
6. How bitcoin has come a long way in terms of adoption
7. Sen. Lummis’ thoughts on how to regulate the stablecoin industry and avoid a Terra Luna situation
8. The differences between the Lummis-Gillibrand bill and FIT21
9. How Sen. Lummis feels about the denial of a master account for Custodia Bank
10. Whether there’s a move against Bitcoin mining companies in the US, given the recent ban of an operation in Wyoming
11. What Sen. Lummis would advise for the industry to accomplish its goals
© Newshounds News™
Read more: Unchained Crypto
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1 VES TO USD
VENEZUELAN BOLIVAR showing a slight strengthening against the US Dollar
Read more: Forbes
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MAJOR DIFFERENCES BETWEEN BASEL CRYPTO RULES AND THE SEC ON BANKS BALANCE SHEETS
The House will seek to overturn the veto possibly later this week with a 2/3rds vote.
"At the end of May President Biden vetoed a bipartisan resolution in the House and Senate that aimed to cancel SEC accounting rule SAB 121, which prevents banks from providing digital asset custody. This week’s House schedule indicates another vote is on the cards.
If lawmakers successfully cancel SAB 121, then the SEC could not provide guidance on crypto custody in the future."
"SAB 121 requires listed firms to show digital assets held in custody as both an asset and liability on their balance sheet, contrary to accounting convention. It particularly impacts banks, because laws require them to set aside risk capital based on their balance sheet. This makes it prohibitively expensive for banks to provide crypto custody and is the reason none provide crypto custody for the Bitcoin ETFs. The SEC did not consult bank regulators before publishing SAB 121.
Firstly, there was the Basel rules for bank treatment of crypto. When the Basel Committee published final rules in late 2022, they did not require crypto held in custody to be shown on the balance sheet. This appeared to be a green light. However, in late March 2022 the SEC had published SAB 121 which meant that international banks could provide custody, but not U.S. ones. The SEC chose not to amend SAB 121 even though it conflicted with the Basel proposals."
Newshounds News will report back on any updates regarding this legislation.
© Newshounds News™
Read more: Ledger Insights
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TAIWAN BUILDS CBDC PROTOTYPE PLATFORM, PLANS HEARINGS FOR NEXT YEAR
"The Block has confirmed that Taiwan’s central bank governor will present a CBDC research report in parliament on Wednesday."
"The central bank started to research a potential central bank digital currency in 2019."
"Taiwan has built a prototype platform for a potential central bank digital currency (CBDC). It plans to hold multiple hearings and forums next year as its central bank continues to study and develop a CBDC."
Taiwan’s Central Bank Governor, Chin-Long Yang, said in a research report on Sunday that building a digital currency isn’t an international competition and that the central bank has yet to set a fixed timeline for CBDC issuance, according to a report from the semi-official Central News Agency.
"The report said the central bank had developed a CBDC prototype platform with a two-tier issuance structure. Initially, the CBDC would be non-interest bearing, and CBDC wallets may come in both anonymous and registered types, according to the report."
"On the retail front, the central bank said that the prototype platform has increased its processing speed to 20,000 transactions per second. The central bank also plans to develop the CBDC at the wholesale level, which could be used as a clearing asset for asset tokenization."
"The central bank stated that cryptocurrency and stablecoins are not part of the CBDC research, as those assets are separate from the digital currency system. The crypto industry remains largely unregulated in Taiwan, with the financial regulator requiring crypto service providers to comply with anti-money laundering laws."
@ Newshounds News™
Source: The Block
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Do US Consumers Underestimate the Potential Of Digital Wallets?
In the United States, digital wallets can be anywhere a smartphone is. In other words, everywhere. Many U.S. consumers are embracing digital wallets, particularly for online shopping. In fact, data shows consumers are 23% more likely to use them for online shopping than in-store purchases. Beyond shopping, PYMNTS Intelligence finds that digital wallets are popular for peer-to-peer payments.
Yet, despite a reputation for tech-savviness, most U.S. consumers are unfamiliar with all these tools could offer. For example, just 8.7% of consumers have used one to store nontransactional credentials. Even fewer have used one of the credentials they have stored.
@ Newshounds News™
Read more: PYMNTS
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