Seeds of Wisdom RV and Economics Updates Thursday Evening 8-8-24
Good evening Dinar Recaps,
Economist Jim Rickards Highlights Gold's Opportunity During Market Meltdowns
"Gold is being profiled as a relevant investment option in economic uncertainty and market instability times. Jim Rickards, a U.S. economist and best-selling author of books like “Currency Wars” and an opinion contributor to several newspapers and publications including The New York Times and The Washington Post, has referred to the investment opportunity that gold presents during acute market setbacks."
"In social media, Rickards reinforced its solid opinion of gold as a hedge against market instability, predicting the price movement of the precious metal during these events."
Rickards says, "In a stock market meltdown, gold goes down due to selling by weak hands who need cash for margin calls. The strong hands take a beat, wait for a bottom. Then they jump in with both feet because they know it’s way up from there."
"Rickards has been analyzing gold’s position in today’s economy, stating that the metal might be used in case of a global currency meltdown to re-establish the gold standard, with many countries, including the U.S., purchasing gold to support the value of their currency."
"Nonetheless, while some markets rebounded after Monday’s meltdown, gold continued to trade down, losing the $2,400 mark. Even after slipping down, gold prices are still almost 15% up during 2024, reaching historic high levels just some days ago."
"According to the World Gold Council, demand is expected to maintain the next year supported by central bank gold purchases for portfolio diversification and protection purposes."
@ Newshounds News™
Source: Bitcoin
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BREAKING: Victory for Ripple as XRP Is Not a Security in the US; $125M Fine for the Truth
Ripple’s decisive victory over the SEC has officially ruled XRP a non-security.
Judge Torres reduced the SEC’s demanded fine from $2 billion to $125 million.
Ripple has exciting news following its recent victory over the US Securities and Exchange Commission (SEC). XRP has been officially classified as a non-security, a designation that was highly disputed during Ripple’s litigation against the Commission.
Court Significantly Reduces SEC Penalties for Ripple’s Institutional XRP Sales
In addition, as Ripple CEO Brad Garlinghouse noted in his most recent tweet, the court has reduced the SEC’s penalties for institutional XRP sales that violate federal securities laws.
"The SEC asked for $2B, and the Court reduced their demand by ~94% recognizing that they had overplayed their hand. We respect the Court’s decision and have clarity to continue growing our company.
This is a victory for Ripple, the industry and the rule of law. The SEC’s headwinds against the whole of the XRP community are gone."
Judge Torres of the Southern District of New York levied the penalties after concluding that Ripple’s 1,278 institutional sales transactions breached securities regulations.
Previously, Judge Torres decided in July 2023 that Ripple violated federal securities laws by selling XRP directly to institutional clients. However, automated sales of XRP to retail clients through exchanges did not violate securities regulations.
Recently, the SEC failed to appeal a portion of the order that excused Ripple from securities law violations in programmatic sales.
Furthermore, Judge Torres has forbidden Ripple from future violations of federal securities laws, signaling that any violations will necessitate the issue of a court order. Ripple must file a registration statement if it intends to sell securities in the future.
Interestingly, Ripple’s convincing triumph has generated a surge in demand for XRP. At the time of writing, XRP was up 17.88% over the last 24 hours to $0.6055. Its daily trade volume has risen more than 200% to $5.05 billion. The price of XRP has quickly risen to pass crucial levels, $0.50 and $0.60.
@ Newshounds News™
Source: Crypto News Flash
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Solana ETF Approved by Brazilian SEC
Following its approval by the Brazilian regulator, the ETF is in a pre-operational phase, awaiting approval by Brazilian stock exchange B3.
Brazil's Securities and Exchange Commission (CVM) has approved a spot Solana exchange-traded fund (ETF).
According to local business publication exame, the ETF, created by Brazilian asset manager QR Asset and operated by fund administrator Vortx, is in a pre-operational phase, pending approval by Brazilian stock exchange B3.
The ETF will reference the CME CF Solana Dollar Reference Rate, created by CF Benchmarks and the Chicago Mercantile Exchange (CME).
Speaking to exame, QR Asset manager and chief investment officer Theodoro Fleury described the firm as a "global pioneer in this segment, consolidating Brazil's position as a leading market for regulated investments in crypto assets."
Solana ETFs around the world
With the CVM's approval, Brazil has outpaced the U.S. in the race to bring a spot Solana ETF to market. Following the surprise approval of multiple U.S. spot Ethereum ETFs, firms including VanEck and 21Shares have filed S-1 registration forms with the U.S. Securities and Exchange Commission (SEC) in the hope of securing approval.
In May, British bank Standard Chartered predicted in a research note that Solana and XRP ETFs are on the horizon, "albeit this is likely a 2025 story not a 2024 one."
Last month, VanEck's head of digital assets predicted that approval of a U.S. Solana ETF hinges on the outcome of the U.S. presidential election, dubbing the lack of a regulated futures market for Solana a "Psyop" by SEC chair Gary Gensler.
However, asset manager BlackRock has sat out the race, taking a skeptical position and predicting that "it will be a while before we see anything else" beyond Bitcoin and Ethereum ETFs.
Meanwhile, to the north, investment fund manager 3iQ has filed for a Solana ETF in Canada, aiming to be the first to market in North America. Interestingly, 3iQ has said from the outset that the fund would stake the SOL it buys to back shares. “The Solana Fund offers easy exposure to SOL without technical complexity,” the company wrote at the time. “As part of our investment strategy, the Solana Fund will stake SOL to earn rewards.”
@ Newshounds News™
Source: Decrypt
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BRICS: Russia Officially Legalizes Bitcoin and Crypto Mining
"In another important sign of BRICS development in digital currencies, Russia has officially legalized Bitcoin and crypto mining in the country. Indeed, Moscow’s president, Vladimir Putin signed a law Thursday that legalizes the cryptocurrency process to specified persons."
The legislation will only allow “legal entities and individual entrepreneurs included in a register,” to mine crypto, Russian state media reports. However, it also legalizes mining for any individuals who “do not exceed the energy consumption limits,” proposed by the government.
"The past several months have seen BRICS embrace digital assets in a massive way. The group is reportedly considering the creation of a native currency using blockchain technology. It could be set to use these digital assets as a way to move further from the US dollar. Recent legal actions taken by one of its leading nations certainly support that assertion."
"As BRICS develops its digital currency infrastructure, Russia has officially legalized Bitcoin and crypto mining. The law will reportedly allow cryptocurrencies to be traded on native blockchain platforms. Moreover, it will go into effect in just ten days."
"This isn’t the first pro-crypto law Russia has passed this year. In late July, the country moved to allow crypto payments in international trade. The decision was made to combat Western sanctions."
@ Newshounds News™
Source: Watcher Guru
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