Seeds of Wisdom RV and Economic Updates Friday Afternoon 9-13-24

Good Afternoon Dinar Recaps,

Legal Experts React as SEC Regrets Confusion Over Its Crypto Asset Security Claim

The U.S. SEC expresses regret for any confusion it may have created through the use of its invented term, “crypto asset securities.”

In an interesting development, Coinbase’s Chief Legal Officer (CLO) Paul Grewal called the public’s attention to the SEC’s recent efforts to backtrack on its claim that crypto assets themselves constitute securities.

SEC Regrets Confusion Over Its Crypto Asset Security Definition
Per Grewal, the SEC made this move in footnote six of the amended complaint in the Binance lawsuit.

Notably, the SEC said it regrets any confusion it may have invited by repeatedly using the term “crypto asset securities.”

According to the SEC, the term does not imply that the crypto assets are inherently securities themselves. Instead, it uses the term as a shorthand for the expectations, set of contracts, and understanding surrounding the sale and distribution of the token.

Interestingly, the SEC vowed never to use the term in the proposed amended complaint (PAC) to avoid further confusion.

SEC Backtracks
Last year, the SEC labeled ten crypto assets, including Solana (SOL) and Cardano (ADA), as securities in its lawsuit against Binance. A year later, the regulator requested that it wished to amend its complaint, eliminating the need for the court to issue a verdict characterizing the tokens as securities.

The SEC officially filed the amended motion yesterday, expressing regrets for the confusion its use of the term crypto asset securities has created in the lawsuit.

Notably, Binance is required to file a response to the SEC’s motion for amendment by October 11, 2024. The world’s largest exchange is expected to either consent or oppose the SEC’s request.

Legal Experts React
Expectedly, top legal experts reacted to the SEC’s backtracking and admission of its wrong usage of crypto asset securities.

Grewal, who called the public’s attention to the development, criticized the SEC, questioning how Ethereum (ETH) transactions were no longer classified as securities while the ten tokens at issue in the Binance lawsuit remain under scrutiny. He asserted that the SEC might reveal this sudden change only when it takes legal action against an entity.

The Coinbase CLO added that the SEC has a long history of treating tokens as securities, questioning why the regulator chose to mislead the court with its recent filing. Interestingly, Grewal mentioned Ripple’s CLO Stuart Alderoty in the X thread, humorously stating that the SEC’s admission of wrongdoing would leave him perplexed.

Reacting, Alderoty noted that the SEC admitted two things in the Binance lawsuit. First, the agency acknowledged that crypto asset security is a made-up term. Second, it requires a bundle of contracts, understandings, and expectations to prove that a crypto asset security is an investment contract.

He added that it is about time the SEC admitted that the agency has become a twisted “pretzel of contradictions.”  

Furthermore, prominent legal expert James Murphy (a.k.a. MetaLawMan) expressed outrage about the SEC’s recent admission.

The pro-XRP lawyer criticized the SEC’s “make it up as you go along enforcement strategy,” suggesting that the approach has harmed U.S. investors, damaged the country’s reputation for innovation, and harmed American companies.

@ Newshounds News™

Source:  The Crypto Basic

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SEC Surprisingly Details Exemptions From SAB 121, Further Muddying the Waters

Paul Munter, Chief Accountant at the SEC, revealed in a speech earlier this week that the SEC has granted exemptions to rules relating to the custodying of crypto assets that have been widely reviled in the industry.  

Earlier this week, the SEC’s Chief Accountant revealed in a public speech that the agency had granted exceptions to SAB 121, the controversial accounting rule that’s been heavily criticized in the industry for making it impractical for financial institutions to custody crypto assets.

Issued in March 2022, SAB 121 requires that a bank custodying crypto put the assets on their balance sheet and create a corresponding liability equal to the worth of the crypto, which is unusual as other custodied assets are typically listed off the balance sheet.

The result of this rule means that financial institutions must hold an enormous amount of capital just to custody crypto assets, making it prohibitively costly to do so.

In a speech at a conference on Monday, however, SEC Chief Accountant Paul Munter disclosed that certain companies had been granted exemptions from SAB 121, and did not need to create a liability on their balance sheets when custodying digital assets.

Munter mentioned that several entities had received this exemption — including a bank and various brokerage houses and blockchains — without specifying who they were.

In Munter’s speech, he described the different ways that the three types of entities could receive an exemption.

In the case of a bank, the pathway involved working with a state regulator first to ensure that crypto assets being custodied would return to the customer in the event of a bankruptcy, and that activity with customers would only comprise institutional custody with sufficient controls in place to manage risk. 

For a brokerage, an exemption could apply if the broker is not in possession of the cryptographic key and works directly with the customer — essentially, not custodying any crypto itself. 

Finally for a blockchain, Munter highlighted how a distributed ledger tracking holdings and transfers of digital assets, without custodying any crypto, could exempt it from SAB 121.

Political Backlash
Senator Cynthia Lummis (R-WY), a longtime supporter of the crypto industry, strongly criticized the moves in a statement to Unchained.

“The SEC is clearly trying to sidestep Congress and the Congressional Review Act by having one-on-one meetings to determine whether or not it will enforce SAB 121 on a case-by-case basis,” Lummis wrote.

Lummis has been trying to overturn SAB 121 reversed for some time, asking the Government Accounting Office (GAO)  in early 2023 to determine whether the SEC did more than provide guidance and actually created a rule. 

The GAO subsequently released a report at the end of October 2023 agreeing with her, and Lummis then argued that the SEC had violated the Congressional Review Act (CRA) because it did not follow the correct process for establishing a rule (the CRA requires federal agencies to submit rules to the House and Senate before they take effect). 

Lummis subsequently worked with Rep. Mike Flood (R-NE) and Rep. Wiley Nickel (D-NC) on a resolution to overturn SAB 121 on the grounds that it violated the CRA.

The resolution passed, but was then ultimately vetoed by President Biden on the grounds that overturning SAB 121 would jeopardize the well-being of consumers and investors.

On Wednesday, Lummis further noted that Munter’s speech “seems entirely political, as the SEC staff should be transparent with issuers, investors and Congress by revising or rescinding SAB 121 directly, not making policy through speeches. I am incredibly concerned with the approach the SEC is taking and will continue to ensure it is not unfairly targeting the digital asset industry.”

Industry Reaction

Aaron Jacob, CEO of TaxBit, a company that  provides tax and accounting compliance solutions for digital assets, mockingly described the SEC as using a “ready, fire, aim” approach to accounting guidance for crypto custody. He pointed out the confusion initially caused by the release of SAB 121, and then the additional  confusion created by Munter’s speech. 

“[SAB 121] is not very extensive guidance,” Jacob said. “It’s only about a page-and-a-half long, clearly targeted towards folks like Coinbase and…publicly-traded companies that are ‘safeguarding customer assets,’” said Jacob.

Jacob said he was shocked when he realized that Munter had revealed exceptions to SAB 121 in his speech.  “A lot of people are scratching their heads saying, ‘Well, what was the point of this to begin with? Some banks argue with the SEC behind closed doors, and apparently get a free pass [from SAB 121].’” In Jacob’s view, the SEC’s exceptions were a way for the agency to acknowledge that it had overstepped.

In a post on X on Friday, Alex Thorn, head of research at Galaxy, agreed that the exceptions seemed to be a way for the SEC to backtrack without totally abandoning SAB 121.

“If I’m being honest, it looks like the SEC never thought banks would want to play in crypto, intended this rule to apply only to crypto-native companies (perhaps punitively), and has now crafted a way to let traditional banks off the hook in a way that saves face by not reversing their posture of the last 2 years,” Thorn wrote:

Industry trade associations also expressed concerns with Munter’s speech.

 “Unfortunately, SEC staff have reaffirmed their stance on SAB 121, but have now outlined certain scenarios they consider outside of its scope – with the announcement coming in a speech at a conference,” said Patrick Kirby, Policy Counsel for the Crypto Council for Innovation. “SAB 121 limits consumers’ options to safely custody their digital assets and upends decades of bank custody practices.”

Taylor Barr, Senior Policy Associate from the Digital Chamber, agreed. “The SEC’s cherry-picking of a few scenarios where firms fall outside the scope of SAB 121 doesn’t change the fact that SAB 121 is fundamentally flawed and untenable,” Barr said. “These exceptions only highlight how arbitrary and inconsistent the rule is,” said Barr.

One source from a bank who wished to remain anonymous because of ongoing discussions with regulators, agreed it is accurate to note there are scaling hurdles because of SAB 121, in that it has been difficult to grow and expand the business of digital asset custody due to the accounting requirements of SAB 121.  

For his part, Jacobs suggested the SEC just needs to be clear about its stance on requirements for crypto custody. “I think they should, whether it’s repeal or amend [SAB 121], do something to make it more clear… and people will applaud those efforts,” Jacobs said.

@ Newshounds News™

Source:  Unchained Crypto

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England High Court Rules Tether USDT Stablecoin is Property

In what is certainly an important development for the digital asset sector, England’s High Court of Justice has ruled that Tether’s USDT stablecoin is property. Indeed, the asset has officially fallen under the distinction as the UK continues to establish key property rights for these tokens.

Just a day earlier, a UK bill was introduced to establish all cryptocurrency as property. This would provide key legal protection for holders within the country. Now, England is following suit, with the key designation being given to the largest stablecoin by market cap.

England Rules USDT is Property in Key Decision

The ongoing push for regulatory clarity regarding cryptocurrencies has been a vital effort. The growing industry has too long suffered from a lack of standards that has only obfuscated the potential impact of the technology. With the prominence of these assets growing, that has begun to change in 2024.

Now, legislation is coming to the forefront, greatly shifting how these assets are perceived. Specifically, England’s High Court has ruled that Tether’s USDT stablecoin is to be considered property. Moreover, this comes after the UK introduced legislation clarifying crypto as personal property.

In a new filing, Deputy High Court Judge Richard Farnhill said “USDT attracts property rights under English law.” Moreover, he added that “it can be the subject of tracing and can constitute trust property in the same way as other property.

This ruling reinforces the introduced legislation that would classify cryptocurrencies as property. That bill was read for the first time in Parliament on Wednesday. However, they note it is not a thing ‘in possession,’ as money would be considered, or a thing ‘in action’ like shares.

Yet, that doesn’t change the fact that it is property, nonetheless. Such a judgment should be vital for the industry’s continued growth. Proving the necessity to observe crypto as its own entity. It isn’t an existing object, it is the evolution of finance as we know it.

@ Newshounds News™

Source:  Watcher Guru

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EU Regulator: Stablecoin Standards Will Become Official Before Year-End

The European Banking Authority has provided an update on the journal publication of stablecoin standards. The EU regulator said Wednesday that 15 technical standards, including those for stablecoin issuers, will become official before the end of 2024. The technical standards will be published under the European Union’s Markets in Crypto Assets (MiCA) Act.

The new rules will cover standards for authorization, stress testing, and methods to estimate the number and value of transactions for stablecoin issuers. The MiCa rules were passed last year.

The commission is reportedly looking over the standards. needing to decide whether to adopt the texts as is or to request changes. Once the commission has signed off, the rules will need to be looked at by the European Parliament and European Council before implementation.

Following the EU Parliament and EU Council’s observations, the rules have to go through translation and formal adoption before being published.

Circle was the first global stablecoin issuer to comply with MiCA. Circle’s Electronic Money Institution license enables both USDC and EURC to be issued in the EU in compliance with MiCA’s regulatory obligations for stablecoins or e-money tokens. It also gives Circle a top position in grabbing market share among the 27-nation trading bloc’s 450 million people

@ Newshounds News™

Source:  Watcher Guru

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Bruce’s Big Call Dinar Intel Thursday Night 9-12-24

Bruce’s Big Call Dinar Intel Thursday Night 9-12-24  

Transcribed By WiserNow Emailed To Recaps

Welcome everybody to the big call tonight. It is Thursday, September the 12th  and you’re listening to the big call. Thanks everybody for tuning in once again, and I hope we have some good information, and I think I have some up to date. I mean, talking about the last 15 minutes, getting something that is fresh to us. So that was a pleasant surprise.

Okay, all right, did we get a time hack? Bob, I don't remember if we did 10:15, okay, great. I think we can get this done in 15 minutes. You guys. I won't go on and on but I do have some important information for us.

So first of all, let's address a couple of things that Jeannie brought out in her prayer request tonight.  One was R and R – I believe the other was Social Security increases  - that type of thing –

 All right, so on the social security increase, what I'm getting from our contact, who knows a guy is in social in the Social Security office in the center of the central part of the country. He said that this increase that we're looking for should happen, I'm going to say the third and fourth week - Third and fourth Wednesday of the month, it should happen and include, and be included in the amount of Social Security you receive.

If it doesn’t show up there It should show up by the end of this month, so, if you have already had Soc Sec the first Wednesday  - or the second Wednesday, which was the 11th - So that would have been the fourth and then the 11th, you should still get that increase as a separate payment showing up in that account, in your bank account that receives Social Security by direct deposit.

You should get that if this information holds out before the end of the month this month. So that was encouraging to have that.

And regarding R&R, what we're hearing is that the restitution and retribution allowance, that's a different way of saying reclamation, retribution allowance, r, and r is going to show up for those of us who are exchanging  currency and redeeming zim, that will show up in our quantum account, and it is there already,

And we'll have in that in that account. And then we can go, when we go for our exchanges and Zim redemption, we can move, once we've done that and we have a pile, as Bob likes to say, a pile of money that is going into our quantum account - we can move a portion of that into our primary or secondary Wells account, and have that lined up for us.

And don’t be shy of moving money, I mean, some people are moving tens of millions or 100 million or whatever, and some of us are going to move a billion into each of our LLC accounts, which I have four. So that's my plan. You do what you guys feel – and remember - You can go back for 30 to 60 days for your projects, and it should -  whatever you move -  but just be smart and don't move everything in.

But just move a portion of it in when you're ready to Okay, and that's the only reason you will have a quantum card. Quantum we call it quantum access card. It sounds weird to say QAC so quantum card is  a card that's the size of a credit card three times as thick, and it's only used to move funds from your quantum account into a bank account, like a Wells or Chase or, oh gosh, there's so many different banks.

You should have about three banks that you're able to tie into your quantum account - three banks. That's what I've understood. That may or may not change - But in terms of moving funds into your Wells account first and then, whether you want to move to your Chase or your Bank of America account, or your Citi account, or your other banks - That's up to you, all right,

So that I wanted to get that out of the way. The other thing is that I got Social Security. When does the retribution come out for other people that are not exchanging Zim? Thank you, Sue. That's good.

 It should occur by the end of this month - I don't, I don't know that it'll come out sooner. We've already gone past the first 10 days, in this month - it's already the third, almost the 13th. It's the 12th. So any deadline that we thought we had to get R and R in for everybody has passed. And I think now we're looking at possibly the next 10 days of the month, but it could very well be by the end of this month. Okay, that's good question. Sue. Thank you for helping me on that.

The other thing is debt forgiveness. Debt Forgiveness, or debt jubilee, is to occur starting this month, and we thought it would  occur and it didn’t - in August, but it should occur in this one. And again, I -- this is my personal opinion, and I think this is a good one when it comes to RNR and debt forgiveness, those except for a few situations, will occur after the RV has occurred, and we have toll free numbers, and we’re setting appointments for our exchanges –

 I believe that’s going to end up being the case -  we'll see. So look for more on that information to hit in the last couple of weeks of this month, of September.

Let's go on beyond that. What we're hearing today is very positive for our bondholders. We and realize that those of us in tier four, that's 4A and  4B are supposed to be on a quote, unquote shotgun start with tier three our bondholder friends.

Now those guys put up their bonds for the most part  - we still have some people with sheet bonds  that have not taken them in – If you have them - bring them with you to your redemption center appointment - but you also let them know when you make your appointment that you have so many sheet bonds - and the type that you have. I've got XYZ number of railroad bonds - I've got some German bonds - I've got whatever you have that you have like that - Let them know when you're on the phone with the redemption center, what you're bringing in, apart and above your currency and your zim  which is essentially a bond.

 They know that - We know that - we're not talking about zim – I’m talking about “sheet bonds”, okay? And I hope you have the provenance  to go with them so they can knock those out for you -  and let them know so they can give a longer period of time for your exchange.  Becaiuse it will take a little while

It’s one thing to do currency  on a Delarue machine -  and do zim but It's another thing entirely to hypothecate these zim bonds - I don't mean bonds  sorry -  but “sheet bonds” okay, important that you let them know you and let them and let them know approximately how many, if you've got a banker's box full of sheet bonds, let them know if you've got two or three or 10, let them know that.

Okay, just let them know, because they will be able to navigate and negotiate those during your appointment. Okay, that's it. Now, what else - when it comes to what the bondholders have been able to do, they can see the funds from various of their bonds in their account. They can see it.

They can’t get access to it until tomorrow, we've had some people with bonds that have gone in for appointments today to navigate and to get the quantum card up and running for them with one bank or another bank, and maybe a third bank they have appointments with tomorrow to do the same thing with their quantum account card and get all everything put in.

You remember, we talked about biometric fingerprint, we talked about new username, brand new password, five digit PIN code, which would be brand new to them and their email - those five things, and there may be one or two other things that they need to do – but that would get them access.

 And my understanding is for certain people that we know are to gain access once they do that tomorrow – gain access to their funds have access to them ,which is great news because I believe it says something about  when “we” in tier  4B and 4A are to be notified. It should. Tomorrow's Friday the 13th. I think it could be our lucky day. And I mean that in the sense that another piece of Intel, I think I told you this in the intro.

The other piece of Intel received today,  and it’s not much, but I think this says everything, according to this very good source, we should receive everything going out after markets close tomorrow, which is 4pm Eastern, daylight time when the markets close, meaning the stock markets when they close tomorrow, everything should be released for us.

That would be our emails that the toll free number included, and that way we can begin to set of appointments and hopefully exchange starting Saturday. I know redemption center staff told us they would be going in today, Friday, Saturday, Sunday, all four days in a row, and they are doing that so that they can be there - Okay, tomorrow, quite possibly, they're there to receive our calls once we call in the 800 number, and we get the information given to us that we enter on the AI system, and then we get switched to the redemption center that is closest to our zip code that we put in - then we should speak to a live human being – not a computer -  we get a live person to talk to them and finish setting our appointment there, and it shouldn't take more than two minutes to set our appointments - That's what they're counting on.

 It's not it's not a time to ask 20 questions. Just get the very basic information you need, and they'll probably end up being able to send you a confirming email letter with the address of the location or whatever. I don't know.

I don't know what they're going to do, but I know that you're going to have a way to know what your appointment is, where it is, fact that you're going to get there no more than 10 minutes before your appointment, time –

If you’re running late and you can't make it -  you’re  Sol until the next time you reschedule.

Don't think you can run late to this. If you're somebody who is consistently late for anything, make sure you get there early for this. 10 minutes early. That's when you want to arrive to the redemption center, not to banks. This is to redemption center.

Now to be fair - some redemption centers are attached to banks. They're usually a separate building or separate entrance, or whatever it could be attached to a bank.

Okay, so don't be turned off by that. Let there be people there to verify your currency and count itvon the Delarue machine -There'll be, you know, US Marshals there in case you are to try to pull something over their eyes, and they're going to not want any of that to happen – no shenanigans, and you could be removed from the premises, if that was to be the case –

All right, so here's what I’m saying - it looks very good for tomorrow or Saturday.  Obviously, I'm hoping, just like you guys, it is tomorrow and we get notifications after four tomorrow afternoon when the markets close. So be looking for your emails tomorrow after four. Let's see what happens, and we should have a very exciting and wonderful weekend.

Maybe we get pushed off to early next week - , but I have not heard that that is absolutely going to be our way. I would think  if these could come out - after the march closed at four, we could be setting appointments tomorrow, and then we could get started on exchanges on maybe on Saturday.

And don't think just because the bank is open till one or two on a Saturday, that influences the hours of the redemption center. It doesn't.

Redemption centers could be open as early as eight in the morning or earlier and go really late. They could go all the way to 11 or 12 o'clock at night. They could go to midnight. It’s going to depend on the Demographics of the area where you live or where you're applying to.

Don't be surprised if you could set an appointment as late as 10 o'clock at night. You know, I say, I think they want to get this in. They want this Zim  in yesterday, - they want it in there, because it hydrates the banks,  it really does -  it gets the banks and US hydrate with funds.

So I think it's, it's a great situation we find ourselves in. I was hoping for my last piece of Intel came in 15 minutes to start with the big call. That's amazing. So thank you Jesus for that.

All right, that's everything I want to say tonight, All right, so I wanted to tell you that, and let's go ahead and thank everybody. Sue. Thank you. Thank you Bob. Excellent call for both of you tonight, I think.

And Thank you big call universe for listening these 13 years. Thank you staff team to so many listeners around the globe. So it's a wonderful benefit that I'm just thrilled that we were able to get that done and that you guys made that available to us.

 We got to see if we get our numbers tomorrow, after markets close at four Eastern tomorrow.

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Technical difficulties with  Bruce's Recorded Call Transcription -  Please clink on the link below and listen to all or partial recording - Bruce's intel segment begins at approximately the 1:02:02 time frame  - thank you

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Economist’s “News and Views” Friday 9-13-2024

Jamie Dimon Issues URGENT Warning

Atlantis Report:  9-12-2024

Jamie Dimon the CEO of Chase Bank Just Gave A Serious Warning. As some search for their chase bank login, they should hear this warning about interest rates.

 His recent pronouncements about the U.S. economy have sent ripples through financial markets and sparked concerns about a potential economic downturn.

As the head of one of the world's largest and most influential banks, Dimon's words carry significant weight and have caught the attention of policymakers, investors, and the general public.

This news has caused a stir in the financial world. Today, Dimon's warning changes everything. The stock market has been experiencing volatility as stocks fluctuate in response to recent financial news and developments in the business news sector.

In today's stock market news, major institutions such as Chase Bank and Bank of America are in the spotlight. US news headlines highlight concerns raised in finance news about a potential crisis.

Recently, Jamie Dimon Issues An URGENT Warning about the current economic environment, and the Chase Bank CEO sends warning of a possible bank run if conditions worsen.

Analysts fear that a bank collapse could occur, with some pointing to signs of a Chase Bank crash and a looming Bank of America crisis.

 The banking system crisis has left investors on edge, with discussions of whether multiple banks collapse could destabilize the economy.

https://www.youtube.com/watch?v=D7VG7DdUCLQ

"Start PREPARING Yourself..." | Ray Dalio

Freeinvesting:  9-12-2024

https://www.youtube.com/watch?v=iUCYIj1dg6o

SITUATION CRITICAL...You THINK Its Bad Now? WELL, YOU HAVEN'T SEEN ANYTHING YET!

Greg Mannarino:  9-13-2024

https://www.youtube.com/watch?v=v9tlPoMJaJc

Seeds of Wisdom RV and Economic Updates Friday Morning 9-13-24

Good Morning Dinar Recaps,

New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC

The bill would establish a 20-person committee of independent stakeholders tasked with advising both the SEC and CFTC.

A new bill introduced to Congress aims to bridge the regulatory divide between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) concerning cryptocurrency.

On Sept. 10, Republican Congressman John Rose, a member of the House Financial Services Committee, proposed the BRIDGE Digital Assets Act, which seeks to establish a Joint Asset Advisory Committee on digital assets.

The committee would comprise 20 representatives of the private web3 sector, including digital asset issuers, academics researching digital assets, individuals registered with the Commissions engaged in digital asset-related activities, and digital asset users.

Committee members would be tasked with advising the commissions on crypto regulation, identifying opportunities for distributed ledger technologies to improve operational efficiency in financial markets, and “further the regulatory harmonization of digital asset policy between the commissions.”

Speaking to Eleanor Terrett of Fox Business, Rose criticized the regulatory status quo regarding digital assets, which has recently been defined by the SEC’s controversial campaign of regulation by enforcement.

“The current heavy-handed, regulation-by-enforcement approach isn't working and is instead encouraging investment in this key innovation overseas,” Congressman Rose said. “The joint advisory committee on digital assets will provide a framework for the government and private sector partners to cooperate on a path toward success for the regulatory landscape of digital assets and private sector participants."

Should the bill pass, the committee must be established within 90 days of its enactment. The advisory committee would meet twice annually, with the first meeting to be held within 180 days of the bill passing.

The committee would deliver findings and recommendations to both agencies, which must then issue public statements detailing their responses.

Regulatory harmonization
The committee is intended to facilitate collaboration between the two agencies, which have struggled with disagreement over their respective jurisdiction and regulatory apparatus regarding crypto.

The CFTC has consistently asserted that many digital assets should be classified as commodities and fall under its jurisdiction, while the SEC has argued that the vast majority of digital assets qualify as securities.

This regulatory divide has created uncertainty for projects and investors, and resulted in clashes between the two regulators.

Rose’s bill aims to address these issues by ensuring that the SEC and CFTC must work together to establish regulatory guidelines for the web3 sector.

SEC and CFTC clashes
The SEC and CFTC have been at odds over how to regulate the digital asset sector in recent years, with both agencies sparring over jurisdiction.

In June 2018, William Hinman, head of the SEC’s Division of Corporate Finance, declared that both Bitcoin and Ethereum were sufficiently decentralized not to comprise considered securities. 

In February 2020, CFTC Chairman Heath Tarbert echoed the same sentiment, stating that both Bitcoin and Ether should be treated as commodities under the Commodity Exchange Act.

However, tensions ignited after Gary Gensler took the helm of the SEC in 2021, with Gensler asserting that the majority of crypto assets are securities. Notably, the SEC filed lawsuits against major centralized exchanges Coinbase and Binance in 2023, arguing that many crypto tokens and services constitute unregistered securities offerings.

Ethereum emerged as an issue of contention for the two regulators in 2023, with the CFTC regulating digital asset futures products as commodity assets while the SEC launched a secret investigation into whether ETH is a security in March of that year.

In March 2024, Behnam warned the SEC’s apparent position that Ether is a security threatened to place CFTC-regulated exchanges that list Ether as futures contracts in "non-compliance of SEC rules” despite them simultaneously adhering to CFTC guidelines. In July, Behnam said at least 70% of digital assets are commodities and should be regulated by the CFTC.

U.S. courts have recently pushed back against the SEC as well, with Judge Analisa Torres ruling that digital assets do not inherently comprise security investment contracts — even when distributing through primary sales that are securities offerings — while presiding over the SEC’s lawsuit against Ripple. The verdict has since been cited as precedent in subsequent court rulings.

@ Newshounds News™

Source:   The Defiant   

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US sanctions Cambodian senator involved in crypto-related human trafficking scams

The U.S. Department of the Treasury’s Office of Foreign Assets Control has sanctioned Cambodian businessman Ly Yong Phat for his role in operating cyber-scam centers that exploited trafficked workers to run crypto scams.

In a Sept. 12 press release, Phat, who is also a Cambodian senator, along with his conglomerate L.Y.P. Group and associated entities, was involved in serious human rights abuses related to forcing trafficked workers to participate in online scam operations.

These scams usually centered around convincing targets to invest in false cryptocurrency schemes or bogus foreign exchange trades, often leading to significant losses.

@ Newshounds News™

Read more:  Crypto News   

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XRP Dominates Korean Markets With 112% Volume Surge

According to CoinMarketCap data, XRP, the seventh largest cryptocurrency by market cap, is witnessing a 115% surge in trading volumes. 

In the last 24 hours, XRP's trading volume on the crypto market, which refers to the total number of XRP exchanged between buyers and sellers, came in at $1.83 billion.

XRP has likewise catapulted to the top of the trading charts in South Korea, showcasing the cryptocurrency’s growing appeal in the region. 

According to the latest CoinMarketCap data, XRP is currently one of the most traded cryptocurrencies on major South Korean exchanges, surpassing even the likes of Bitcoin and Ethereum.

For instance, on Upbit, the largest cryptocurrency exchange in South Korea in terms of trading volume and customer base, XRP was the most traded asset in the last 24 hours.

Likely explanation
South Korean traders are known for their active participation and quick response to market trends, hence XRP's dominance on the market might not be far-fetched.

Crypto asset manager Grayscale Investments announced the launch of the Grayscale XRP Trust, which helped boost the price of the seventh-largest digital asset by about 10% in yesterday's trading session.

XRP rose to highs of $0.588 before slightly retreating, although the gains were still sustained at press time. XRP is higher in the last 24 hours by 4.53% to $0.563, with a market value of $31.77 billion, according to CoinMarketCap data.

Grayscale trust aims to allow investors to gain exposure to XRP and will be available to eligible individual and institutional accredited investors.

@ Newshounds News™

Source:   U Today  

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News, Rumors and Opinions Friday AM 9-13-2024

Note: All intel should be considered as "Rumors" until we receive official announcements ...and “Rates and Dates” could change anytime until we get to the banks/redemption centers.

RV Excerpts from the Restored Republic via a GCR: Update as of Fri. 13 Sept. 2024

Compiled Fri. 13 Sept. 2024 12:01 am EST by Judy Byington

The Storm is here: Let’s take back our country.”  …NESARA/GESARA on Telegram Thurs. 12 Sept. 2024

Thurs. 12 Sept. 2024 nine powerhouse economies were standing on the precipice of insolvency. The interconnected nature of the global economy means that the insolvency of these key nations could trigger a cascade of failures worldwide. Financial institutions, trade networks, and even social stability are at risk. The potential collapse of these economies threatens to disrupt supply chains, increase unemployment, and lead to widespread social unrest.

Note: Just because there is a “Big Name” attached to intel- does not mean that is really the real person- There is a lot of “fake” information everywhere…..Use discernment and consider everything a rumor until we are actually at the banks.

Thurs. 12 Sept. 2024 The Truth Behind the RV/GCR …Carolyn Bessette-Kennedy on Telegram

Think about it: nine powerhouse economies standing on the precipice of insolvency. The mere thought is enough to send a shiver down one’s spine. This isn’t just a financial hiccup; it’s a seismic event that will shake the very foundations of our global economic order. From Wall Street to the Tokyo Stock Exchange, from London’s City to Australia’s ASX, the shockwaves of this impending insolvency crisis are poised to wreak havoc.

The interconnected nature of the global economy means that the insolvency of these key nations could trigger a cascade of failures worldwide. Financial institutions, trade networks, and even social stability are at risk. The potential collapse of these economies threatens to disrupt supply chains, increase unemployment, and lead to widespread social unrest. This scenario underscores the urgent need for a coordinated global response.

Now, let’s talk about the RV/GCR. This is not just a financial event; it’s a paradigm shift. The revaluation of global currencies aims to correct the imbalances that have plagued the world economy for decades. This reset could potentially bring about a more equitable distribution of wealth and resources, but it also comes with risks and uncertainties. As we stand on the brink of this economic revolution, it’s crucial to stay informed and prepared for the changes ahead.

So, when I say that the RV/GCR is upon us and the fallout is going to be monumental, you better believe it!

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Global Currency Reset: (Rumors /Opinions)

Judy Note: While yesterday a couple of valid sources announced that the EBS and ten days of darkness was set to begin on Sun. 20 Oct, it appeared the RV rollout started after the debate last Tues. 10 Sept. People in Zurich, Brazil and Asia have reported being paid and were liquid. Tier4b (us, the Internet Group) should be in appointments very soon.

Some were saying that those in Tier4b have to register with certain websites in order to be contacted about exchange appointment notification. This was not true. It is my understanding that the Powers That Be have collected email addresses of those who have bought foreign currencies and Zim from valid dealers and will use those addresses to contact you. In addition, the information will be posted on various websites plus in my updates. I’m sure the information will suddenly appear all over the Web.

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Thurs. 12 Sept. 2024 Bruce Opinion:

The Social Security increases should happen the 3rd and 4th Wednesday of this month and if not, by the end of this month.  

For those of us exchanging, the R &R is going to show up in our QFS account and is there already.

We can move some of that into our primary or secondary account. Don’t be shy about moving funds. Whatever you move should last you for 90 days.

That’s the only reason for the QFS Card. It’s the size of a credit card but three times as thick and it’s ONLY used to move funds into your other bank accounts and up to three banks.  

For those not exchanging Zim – the R&R should be by the end of this month.  

The Debt Jubilee is to occur starting this month.

The Bond Holders and those in Tiers 3, 4 A & B is supposed to be a shotgun start.

If you have Sheet Bonds take them with you to your exchange and let them know you have them and what they are?  Not ZIM – Sheet Bonds – because you will need a little longer time.  

Bond Holders can see the funds in their accounts but they cannot get access till tomorrow Fri. 13 Sept. We have people who’ve gone in today and they had to get the QFS cards up and running and then tomorrow they’ll have all the other things they need with these accounts set up for them.

According to this good source we should receive everything including the emails after markets close tomorrow at 4pm Fri. 13 Sept.

We can set our appointment and exchanges for Saturday 14 Sept.

The Redemption Center staff said they’d be working four days in a row. 

It will be good speaking to a LIVE human being and it will be quick to set those appointments and maybe your email for a confirmation of the appointment.

Don’t go to your appointment more than ten minutes before – so try not to get their late – just ten minutes early to the RC.

Some Redemption Centers are attached to banks.

People will be at the Redemption Center to verify your currency and count it. US marshals will also be there for security.  

I’m saying that it looks very good for tomorrow Fri. 13 Sept. or Saturday 14 Sept.

Read full post here:  https://dinarchronicles.com/2024/09/13/restored-republic-via-a-gcr-update-as-of-september-13-2024/

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Sandy Ingram  It is widely believed Iraq will need to increase the value of its currency in order to fully take advantage of the international transportation hub [Development Road Project] it is building.

Mnt Goat   I am going to give you a summary...of the other issues that are...on the table. They are on the near horizon and my CBI contact has also told me these are issues that also must be resolved:  Passing the Oil and Gas Law referendum, as required by their new 2005  Constitution.; Needed changes to The Investment Law No (13) of 2006 to meet the WTO requirements prior to full accession.; Institute the Pillars of Financial Reform in the Banking, Insurance and the Iraqi Stock Market. This goes hand in hand with the electronic banking effort...Iraq is going forward with the Project to Delete the Zeros and actually in the process of doing it not just talking about it again...we must stay grounded as this RV is coming to a closure and there is not much longer to wait.

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Why Is The Big Money Buying Gold? | Lobo Tiggre

Liberty and Finance:  9-12-2024

Lobo Tiggre, founder of the Independent Speculator, discusses the current economic landscape and its impact on gold prices. He highlights how significant central bank purchases and investments by wealthy individuals are driving the recent surge in gold, despite a lack of immediate economic triggers.

 Tiggre explains that the delayed effects of the Federal Reserve’s rate hikes could lead to a major pivot toward aggressive monetary easing, which he believes will further boost gold prices.

 He notes that gold mining stocks are lagging behind gold itself due to market skepticism but remains optimistic about their potential.

Overall, Tiggre is bullish on gold, suggesting that the current economic conditions and anticipated shifts could lead to significant gains in both gold and mining stocks.

INTERVIEW TIMELINE:

 0:00 Intro

1:30 Recession

6:36 Fed rate cut

12:48 Mining stocks

16:55 Silver update

 20:05 Uranium

26:23 Independent Speculator

https://www.youtube.com/watch?v=hEl4X-DTEy0

“Tidbits From TNT” Friday Morning 9-13-2024

TNT:

Tishwash:  Washington accuses Iraqi militias of targeting US diplomatic facility in Baghdad

The United States accused   Iraqi "militias" allied with Iran of targeting a US diplomatic facility in the capital, Baghdad, and vowed to respond. It called on  the Iraqi government to do its part to protect diplomatic facilities. Camp Victory, which houses US soldiers, west of Baghdad, was subjected to a rocket attack on Tuesday night, in an operation that came days after Iraq announced that there was no official and fixed agreement on a date for ending the international coalition’s mission and withdrawing US forces from the country.

On Friday, the US Embassy in Baghdad said in a statement that "last Tuesday, the Diplomatic Support Complex in Baghdad, a US diplomatic facility, was attacked, but fortunately no casualties were reported," stressing that "evidence suggests that the attack was launched by Iranian-allied militias operating freely in Iraq.”

The statement indicated that "the Government of Iraq has repeatedly expressed its commitment to protecting diplomatic missions, as well as US military personnel who are in the country at its invitation," renewing its call on the Iraqi government to "protect our diplomatic and coalition partner personnel and their facilities.” It added, "We reserve the right to defend ourselves and protect our personnel anywhere in the world."

The attack came hours before Iranian President Massoud Pezeshkian was due to visit Iraq, and occurred despite Iraqi forces taking tight security measures in the capital. No Iraqi faction has claimed responsibility for the attack, and the Iraqi Hezbollah Brigades, allied with Iran, called on the government to uncover the perpetrators. “Targeting Baghdad airport at this time is carried out by suspicious hands, and its aim is to disrupt the Iranian president’s visit to Baghdad, and we call on the security services to uncover those involved,” said Hezbollah Brigades military spokesman Jaafar al-Husseini.

For its part, the Al-Fatah Alliance, an Iraqi political alliance with parliamentary and government representation that includes a number of armed factions, considered the attack "an attempt to confuse the cards and direct blame at the resistance factions." Ali Al-Fatlawi, a member of the alliance, said on Thursday that “the factions will not be afraid to declare any action they take. The attack aims to embarrass Prime Minister Mohammed Shia Al-Sudani and create a gap between the resistance factions and the government." He stressed that "the operation, in all its details, confirms that the resistance factions have nothing to do with it, neither directly nor indirectly."

In February, bilateral talks between Baghdad and Washington resumed regarding the withdrawal of international coalition forces from Iraq, with the adoption of a "deliberate and gradual reduction", leading to the end of the mission of the international coalition forces to combat ISIS, according to official Iraqi statements. However, the Security and Defense Committee in the Iraqi parliament expected that the recent attack would push the US side to a new military response against some Iraqi factions, especially since the Americans exploit any opportunity and circumstance to target those factions.   link

 **********

Tishwash:  Parliamentary Finance Committee confirms that it will soon resume its investigation into changes made to the General Budget Law tables

The Parliamentary Finance Committee confirmed that it will soon resume its investigation into changes to the general budget law tables that were officially approved by the Council of Representatives, and objected to by the Prime Minister's Office.

Committee member, MP Moeen Al-Kazemi, said in a statement to the National Iraqi News Agency ( NINA ), that "the parliamentary investigation committee assigned by the Finance Committee will resume its work soon, to determine the reasons for the change in the general budget tables officially signed by the Speaker of Parliament and sent to the Council of Ministers."

He added, "The government is working with its tables approved by the Council of Representatives, and there is no financial damage to the public treasury," indicating, "The work on the general budget ceiling of 226 trillion dinars has been suspended, and the government is proceeding with implementing its tables that were approved by the Council of Representatives." He explained

"The Parliamentary Finance Committee is following up on the reasons for the difference between the government version of the general budget tables and the paper and electronic version of the Council of Representatives."  link

************

Tishwash:  Unprecedented renaissance.. Iraq's economy recovers and its debts fall to "lowest levels"

The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, stimulating markets and creating competition between them, in addition to economic growth and reducing foreign debt to its lowest levels.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The government has worked to establish a solid food security system based on the successful integration of agricultural and financial policies,” indicating that “government support for grain producers has been a safety valve in encouraging agricultural production of grain crops, which in turn has encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country’s need for grains, and is considered one of the gateways to self-reliant food security,” according to the official agency.

He explained that "these measures were accompanied by providing the food basket with types and quantities that affect the lives of 40 million citizens, in addition to the move to revive the markets, which is a type of competitive commercial investment."

He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Trade, as it announced its new policy last March, that it will continue to refer its sites and markets to investment in accordance with the requirements of Investment Law No. 13 of 2006, as amended, in order to achieve economic balance and support the Iraqi consumer."

He added that "the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability," stressing that "this issue is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation."

He added, "The supervisory and regulatory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, as companies compete to offer the best prices, and ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."

He added, "Competitive central markets that operate on the basis of investment by the private sector are characterised by the following:

1- Diversification of products, by providing a wide range of products and services from different brands.

2- Creating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price promotions and discounts to encourage customers to buy.

3- Providing logistical services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.

He added, "Companies displaying their products in competitive central markets will practice 'innovation' by offering new or innovative solutions to their products or how they are presented, to remain attractive in a new climate of competition in organised markets."

He noted that "competitive central markets will rely on strong distribution systems to provide access to them, enabling consumers to easily access the products offered by central markets."

He added, "Competitive investment-based central markets will enable companies with solid brands to benefit from the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and ways of life by improving their products using the best technologies to increase their market share."

As for indicators of stability and economic growth, Saleh stated that “growth in the non-oil GDP has reached 6 percent, in light of the very moderate price growth rate, and according to the latest figures, it has only exceeded 3.7 percent annually, which means that the country is witnessing high price stability and development.”

He pointed out that "Iraq's external debts have fallen to their lowest level in the last forty years, not exceeding $10 billion, and the government is following a precise program to settle the external debt, which constitutes less than 9 percent of the country's total foreign exchange reserves, which are close to $108 billion, and are the highest foreign reserves in the country's monetary and financial history."

For his part, researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that “the Iraqi economy during the past three years has witnessed a number of correct trends, including: 

1- Supporting the private sector with Law No. 18 of 2023 (Workers’ Retirement), which will guarantee retirement rights for all workers in Iraq.

2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen, as well as determining the liquidity position and having a financial reading of the market.

3- Work seriously to complete the designs and requirements for starting the (Development Road) project, which is considered the basis for opening the transportation economy to Iraq, and which is a complementary project to the Faw Port. 

4- Establishing the (Service Effort) Committee, which provided tangible services in the capital, Baghdad, after long years of neglect, which would stimulate the labor and construction market in the capital and reduce transportation costs and time.

5- Heading towards residential complexes (adjacent to cities) and renegotiating with the Korean Hano Company.

He pointed out that, "Despite these measures, the Iraqi economy still needs many steps, including: 

1- Effective monetary policies (lending - attracting deposits - financing investment) that would create a cash cycle from surplus to deficit.

2- Building the private sector through an accelerated pace using models (private sector budget - loan budget) that will activate the infrastructure of the private sector (cities or industrial or agricultural or tourist areas - roads to serve investment - investment electricity) with an available and known loan budget with reasonable conditions.

3- Protecting the local product through (the state purchasing the local product - closing borders and unofficial outlets - industrial and agricultural dollars).

4- Effective international negotiation on files such as (producing 25 thousand megawatts of electricity on credit with Siemens - establishing the international company for the port of Faw - increasing Iraq’s share of oil production and export).

5- Establishing a sovereign investment fund (domestic) in dollars after negotiating with the American side, to which part of the oil revenues in dollars will go and which will be invested in safe local investments such as (real estate - oil and gas investments) and others.

6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to those entitled to it - launching funding for well-studied housing initiatives).

 In turn, researcher and academic Haitham Al-Khazaali explained that “the political stability that resulted from the government’s balanced policy, avoiding crisis management and focusing on achieving economic progress is what affected the stability of the security situation and then achieved economic stability.”

He added, "The economy is linked to security and reliance on political stability  link

Mot:  but it was just a Light Touch Too!!!! 

Mot:  . the latest edition is out 

Seeds of Wisdom RV and Economic Updates Thursday Evening 9-12-24

Good Evening Dinar Recaps,

IOTA NEWS: DON’T MISS OUT – IOTA’S EUROPEAN BLOCKCHAIN PCP SUCCESS SIGNALS BULLISH Q4

▪️IOTA completed the final phase of the European Blockchain PCP as one of the three finalists, setting the network up for a defining fourth quarter of 2024.

▪️The network has been pushing to make a mark in DeFi, where TVL hit $5 million this month, with a prospective integration with Uniswap’s DeFi network a potentiaal gamechanger.

It’s been a great year for IOTA. In the recent months, it has completed its final phase of the European Blockchain Pre-Commercial Procurement pilot while its DeFi TVL hit a new record this month, setting it up for a bullish fourth quarter of the year.

As we reported, IOTA was one of three companies selected from an initial pool of over 30 applicants to showcase its blockchain capabilities in the European Union. The European Blockchain PCP project was funded by the European Commission, with the other two finalists being Chromaway and Billon, a relational blockchain and asset tokenisation platform respectively.

IOTA deployed three products under the trial; the first targeted intellectual property rights management, giving ownership to content creators through smart contracts. The other two focused on digital product passports, catering to the electronics and plastics industries respectively.

The European Commission intends to integrate the successful applications from the PCP into the European Blockchain Services Infrastructure, a public sector blockchain infrastructure for the EU that the Commission launched six years ago. This level of exposure will certainly bear dividends for IOTA—the EU has over 400 million people, with three of its members among the ten largest economies globally.

DeFi, RWA Tokenisation, Uniswap—A Great Quarter for IOTA Ahead
Beyond the European Commission trial, the IOTA ecosystem continues to grow internally. As we reported, the total value locked (TVL) on the IOTA EVM hit $5 million earlier this month, and it now stands at $5.41 million, according to data from DeFiLlama.

Lending protocol Deepr Finance leads the pack with $2.3 million in TVL, which has shot up 16% in the past week. MagicSea, a native decentralised exchange, is second with $1.24 million. This is still way below its record high of $5.71 million in February this year, proving that the IOTA DeFi ecosystem still has levels to go.

This explosion in IOTA DeFi could come from an integration into Uniswap’s ecosystem. As we reported, senior figures of the IOTA team have expressed interest in joining this ecosystem, which they believe could help to build “a more inclusive and efficient DeFi ecosystem.” The Uniswap ecosystem currently serves uses on Avalanche, Polygon, Arbitrum, Binance Smart Chain and Base among a few other chains.

Meanwhile, IOTA trades at $0.1258, dipping 2% in the past day, although it has gained nearly 5% on the weekly chart. Its market cap stands at $430 million.

@ Newshounds News™

Source:  Crypto News Flash

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TRUMP PLANS TO LAUNCH HIS SONS' CRYPTO BUSINESS ON MONDAY, 50 DAYS BEFORE ELECTION DAY

WASHINGTON (AP) — Former President Donald Trump plans to deliver remarks next Monday about cryptocurrency and the launch of the company World Liberty Financial, a crypto platform controlled by the Republican nominee's sons Donald Jr. and Eric.

His speech will come 50 days before Election Day, an extraordinary use of dwindling campaign time to promote a personal business. The Republican former president has long mixed his political and business interests and marketed sneakers, photo books and Trump-branded Bibles during his 2024 campaign.

“We're embracing the future with crypto and leaving the slow and outdated big banks behind,” Trump said in a video posted Thursday to X, the social media site that will also host his address on the subject at 8 p.m. EDT on Monday from his Mar-a-Lago home.

As part of his presidential campaign, Trump has pledged to turn the United States into the “crypto capital of the planet,” raising red flags that he could use the federal government to help support a business tied to his family.

Cryptocurrencies are forms of digital money that can be traded over the internet without relying on the global banking system. The trading often depends on online marketplaces that charge fees for transactions, so that the cryptocurrencies can be exchanged for U.S. dollars and other currencies.

Trump opposed crypto during his presidency, but he has since warmed to the sector. He has suggested the government create a strategic reserve of Bitcoin and has vowed to block the creation of a Federal Reserve-administered Central Bank Digital Currency, a digital form of central bank money that would be available to the public.

@ Newshounds News™

Source:  Finance Yahoo

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RIPPLE STANDS APART BY FOCUSING ON ENTERPRISE, NOT RETAIL XRP HOLDERS, EXPERT EXPLAINS

▪️  Jake Claver, CEO of Syndicately, highlighted Ripple’s strategy of targeting large-scale payment solutions for enterprises and governments, and not retail use.
▪️  Despite its focus on institutional finance, Ripple’s XRP Ledger has faced challenges in gaining traction in the decentralized finance (DeFi) sector.

Jake Claver, CEO of investment firm Syndicately, recently shared insights about Ripple’s business strategy, distinguishing it from other blockchain projects. He said that Ripple primarily focuses on large-scale payment solutions rather than retail adoption, like many blockchain projects.

Claver highlighted Ripple’s enterprise-driven approach in a post on X social media platform. He stated that “Ripple’s business model targets large-scale payment solutions for enterprises and governments.” For context, Ripple has long been recognized for its efforts to streamline cross-border payments, per the CNF report.

Hence, Claver’s statement underscores that the value proposition of XRP’s parent firm centers on providing solutions for financial institutions, central banks, and corporations. While retail investors can still hold XRP and use the XRP Ledger, Claver noted that Ripple’s “primary aim is to facilitate institutional-grade transactions and cross-border settlements with speed and efficiency.”

What Makes Ripple Different From Other Blockchains?
This positions Ripple apart from other blockchain ecosystems that rely heavily on individual retail adoption. Claver elaborated, “Ripple isn’t reliant on individual retail adoption like some other blockchain projects.” Instead, the company builds financial infrastructure supporting governments and large corporations. This approach places Ripple in a unique position within the blockchain space.

However, Ripple’s focus on enterprise solutions does not necessarily align with the broader decentralized finance (DeFi) and retail market. The XRP Ledger, once a promising project for decentralized finance, has struggled to gain traction in sectors such as DeFi and meme coins, as reported by Crypto News Flash.

Furthermore, Artur Kirjakulov, founder and CEO of XPMarket, highlighted the underwhelming performance of the XRP Ledger ecosystem. He noted that its market capitalization recently fell to a new low of just $80 million. According to Kirjakulov, this decline reflects the departure of developers and capital from the ecosystem.

RLUSD Launch & Legal Battles
Meanwhile, Ripple continues to make strides in institutional finance. Earlier this year, Ripple announced its RLUSD stablecoin, which entered beta testing in early August. According to Ripple’s Chief Technology Officer David Schwartz, the RLUSD stablecoin will “only ever be available” to institutional clients instead of retail participants, reported CNF.

Currently, the team is minting RLUSD on the XRP Ledger and Ethereum mainnet. Moreover, the blockchain firm aims to revolutionize blockchain payments via the launch of its stablecoin later this year.

Ripple also made headlines with its legal victory last year when a court’s summary judgment favored the company. Following that win, it was predicted that U.S.-based financial institutions would likely embrace XRP to conduct cross-border transactions.

However, court documents revealed that the firm may have shifted from using XRP to USDT for its On-Demand Liquidity (ODL) solution earlier this year. Nonetheless, the latest relief with XRP attaining legal clarity and a 94% reduction from the SEC’s $2 billion penalty has been a plus point for the firm.

@ Newshounds News™

Source:  Crypto  News Flash

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HEDERA NEWS: HIP-850 EMPOWERS NFT USERS WITH DYNAMIC FUNCTIONALITY FOR WEB3 USE CASES

• 
  ▪️The Hedera team has introduced HIP-850, which will be implemented on the mainnet as part of the upcoming v0.53 upgrades.
  
  ▪️The upgrade allows supply keys to update NFT metadata as long as the token remains in the treasury account for more dynamic NFT data management.
  
  Hedera has announced HIP-500, the latest upgrade that allows users to enjoy more dynamic management of NFT data, the latest development in one of the world’s most innovative blockchain networks.
  
  HIP-500 will grant supply keys the ability to update NFT metadata which are held in a treasury account. In Hedera, supply keys are the keys that can change the total supply of a token by minting and burning the token. A treasury account, on the other hand, receives teh initial supply of any token and any additonally-minted tokens.
  
  In an accompanying blog post, the Hedera team revealed that, essentially, HIP-500 gives the supply keys the ability to execute TokenUpdateNftsTransaction, which “updates the metadata property of non-fungible tokens (NFTs) on the Hedera network.”
  
  The new proposal intends to enable more controlled and dynamic management of NFT data without compromising the token’s trust or integrity.

This proposal offers a solution for stakeholders seeking to evolve NFT functionality while maintaining the core principles of immutability once the NFT has been distributed.

HIP-850 Empowers NFT Users on Hedera
When minting an NFT on Hedera, a user can specify MetadataKey and/or an AdminKey. The two allow the user to alter the metadata after mining the token and at the NFT collection level. Additionally, the MetadataKey can also alter metadata at the NFT serial number level.

However, these keys can pose a challenge when the end owner of the NFT requires a guarantee that the token’s metadata can’t be altered post-distribution. HIP-500 introduces a SupplyKey that can alter metadata at a more advanced level, empowering the users.

The team notes:

By enabling the Supply Key to modify NFT metadata within the treasury account, this HIP provides a solution to these limitations. This approach introduces flexibility while maintaining data integrity post-distribution; it ensures that once an NFT leaves the treasury account, its metadata is immutable, preserving the integrity of the asset once it is distributed to the end-user.

HIP-500 isn’t just a technical achievement—it has practical applications. For instance, think about an NFT for an event ticket: initially, the NFTs are minted with minimal details as they haven’t been purchased. However, once an attendee purchases the NFT ticket, they need it to be altered so that their details, such as name and phone number, can be included.

In gaming, an in-game item, such as a gun or sword in an action game, can be minted with basic attributes. However, as the player advances in the game or purchases more attributes, the NFT can be altered to change its metadata with the SupplyKey.

HBAR trades at $0.05084, gaining 3.85% in the past day for a $1.879 billion market cap.

@ Newshounds News™

Source:   Crypto News Flash

  ~~~~~~~~~

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More News, Rumors and Opinions Thursday PM 9-12-2024

MikeCristo8: BRICS and Saudi Arabia are Divorcing from the US Dollar

Wednesday, 11 September 2024

The Fed will raise rates by 25 bps.

The Fed isn’t going to bail any of you people out including Elon Musk.

Oil price gonna collapse.

The U.S. is definitely worried about BRICS.

BRICS (including Saudi Arabia) are divorcing themselves from the dollar right now.

Got commodities?

Unpopular opinion.

Jerome Powell needs the dollar to collapse.

BRICS is working to bring down the dollar.

Blackrock is funding the U.S. Treasury through the exchange stabilization fund.

Stocks only go up.

Why do you think BRICS is turning to gold-backed currency?

You can’t industrialize using an inflationary fiat currency.

Because prices of raw materials always go up.

Gold is the liability that settles your trade imbalance (of raw materials) during industrialization.

This is why the dollar is being rejected.

The dollar is an inflationary currency.

Saudi Arabia is saying the quiet part out loud.

They’ve already made the switch to petroyuan.

Sprinter:  Saudi Arabia has said it is open to using petroyuan to pay for oil instead of petrodollars.

I told you all the Fed and BoJ need to crash the dollar by October 1.

Source(s):
https://x.com/MikeCristo8/status/1833871318598721966
https://x.com/MikeCristo8/status/1833872620678467760
https://x.com/MikeCristo8/status/1833875529650606088
https://x.com/MikeCristo8/status/1833931309045199085
https://x.com/MikeCristo8/status/1833934884689289635
https://x.com/MikeCristo8/status/1833938434488238385
https://x.com/MikeCristo8/status/1833941523383370076
https://x.com/MikeCristo8/status/1833950104287674736
https://x.com/MikeCristo8/status/1833999783553581409
https://x.com/MikeCristo8/status/1834010827550269650
https://x.com/MikeCristo8/status/1834042301318086910

https://dinarchronicles.com/2024/09/11/mikecristo8-brics-and-saudi-arabia-are-divorcing-from-the-us-dollar/

************

Courtesy of Dinar Guru:  https://www.dinarguru.com/

Pimpy  They have to do something about that parallel market.  The reason why it's so successful is because people prefer to get the US dollars if they can.  If businesses and travelers want to get more bang for their buck, they don't have a problem with selling the US dollars for more Iraqi dinars, more than the official exchange rate.  It puts Iraq in a pickle...Do they raise the rate of the Iraqi dinar or do they lower it?

Fnu Lnu  [Response to Guru Pimpy's 9-10-2024 analysis below of Article "The parallel market will be overturned." PIMPY: When they say raise the dollar exchange rate, that's not good for us.  That means the dollar is rising up against the dinar...]  FNU LNU: The solution is so basic and simple it defies this hand wringing. Why is it such a mystery? The way you control the "parallel market" is to raise the damned official rate such that there is no profit margin to be had. I will maintain that this is a red herring and some sort of stall tactic.

6 Days. COUNTDOWN TO A MASSIVE CURRENCY DEVALUATION AND RATE SUPPRESSION CYCLE NIGHTMARE.

Greg Mannarino:  9-12-2024

https://www.youtube.com/watch?v=U0ouenzbC5Y

Gold Repatriation Surges Ahead of U.S. Election; Russia Ramps Up 600%

Daniela Cambone:  9-12-2024

"Not only has the purchasing of gold gone way up, but the repatriation of gold—something like 32 countries have been repatriating their gold out of the United States back to their country.

 Why?” In this powerful interview, Peter Grandich shares his expert analysis on the U.S. economy, the gold markets, and the future of junior mining companies. This discussion is packed with insights that every investor needs to hear.

Watch now to learn more and subscribe for regular updates on the latest in gold and silver investing!

https://www.youtube.com/watch?v=SzPP9SV-tw8

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 9-12-24

Good Evening Dinar Recaps,

UAE’s RAKBANK USES mBRIDGE WHOLESALE CBDC SOLUTION FOR CHINESE PAYMENT

Earlier this week the UAE’s RAKBANK confirmed it made its first cross border payment using the mBridge platform. mBridge is multi-wholesale CBDC payment solution founded by the BIS Innovation Hub and the central banks of Thailand, Hong Kong, China and the UAE, with Saudi Arabia joining in June. In the same month, the central banks launched the minimum viable product (MVP) version of mBridge.

A key advantage is transactions can be sent directly from the sending bank to the recipient bank without the need to rely on correspondent banks as intermediaries. Hence, it aims to make payments faster, cheaper and more transparent.

“The successful transfer of eCNY to our correspondent in China is a game-changer in several respects,” said Vikas Suri, Co-Head of Wholesale Banking Group at RAKBANK. “It’s one of the first UAE-led foreign currency transfers executed in local currencies without involving a third currency to China and without using conventional payment rails.

This is a gamechanger that paves the way for instant blockchain based CBDC exchanges with payment versus payment, fundamentally altering how we approach international payments.”

A typical transaction would start with the bank buying wholesale CBDC dirhams. On the mBridge platform, the wholesale dirhams are exchanged for eCNY, and the eCNY is transferred to the recipient bank. The peer-to-peer nature of the transaction removes the need to hold Nostro balances offshore or to make any additional interbank payments.

The technology for the mBridge platform was developed by the Chinese central bank’s Digital Currency Research Institute, using a bespoke consensus mechanism, but borrowing some elements from Ethereum.

Last year the UAE started working with enterprise blockchain firm R3 for wholesale and retail CBDC. R3 said its Corda-based issuance layer technology was used for the mBridge payment, which would require some integration between Corda and the mBridge platform. We’ve requested details but didn’t receive a response in time for publication.

Chinese banks promote mBridge involvement
Meanwhile, various Chinese banks and Tencent promoted their involvement in mBridge payments in June, following the launch of the minimum viable product (MVP). In July, the Agricultural Bank of China said it successfully handled its first live mBridge transaction for a manufacturer. And last month, ICBC said it received eCNY via mBridge for one of its clients in Liuzhou.

The fact that mBridge transactions are still newsworthy means there’s a slowly, slowly approach as one might expect at the MVP stage.

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

FIRST U.S. XRP TRUST BY GRAYSCALE: WHAT YOU NEED TO KNOW

▪️Grayscale has launched the first U.S. XRP Trust, aiming to provide institutional exposure to XRP’s unique cross-border payment capabilities.

▪️The trust could be converted into an ETF, pending SEC approval, signaling potential mainstream adoption of XRP.

Grayscale Investments has officially launched its first U.S.-based XRP Trust, causing waves in the cryptocurrency market. At the time of writing, XRP is trading around $0.5713, up 7.45% over the last 24 hours.

This price increase has been attributed to Grayscale’s launch of the XRP Trust, which has prompted increased interest in the digital asset. Additionally, XRP’s 24-hour trading volume has increased by more than 70%, hitting $1.424 billion, indicating that the market has reacted positively to this news.

This development was also highlighted by blockchain researcher Collin Brown, who stated that this marks a major step towards a potential ETF.

@ Newshounds News™

Source:   Crypto News Flash  

~~~~~~~~~

STABLECOINS REDEFINE FINANCIAL ACCESS IN EMERGING MARKETS, REPORT FINDS

Stablecoins have evolved from niche crypto tools to mainstream financial asset used to hedge against economic uncertainty.

Stablecoins have transformed financial access in emerging markets, becoming essential tools for millions seeking stability in volatile economies, according to a recent research report.

The report, Stablecoins: The Emerging Market Story, was sponsored by Visa and developed in collaboration with Allium Labs and Castle Island Ventures. It revealed that stablecoins have evolved from niche crypto tools into mainstream financial assets.

According to the report, stablecoin usage has surged across countries like Brazil, India, Indonesia, Nigeria, and Turkey, where traditional banking systems often struggle to meet users’ needs.

Everyday financial tool
The report noted that stablecoins initially served as a tool for traders and exchanges to settle transactions in the crypto world. However, their usage quickly expanded to meet the everyday needs of users in emerging markets.

The study also highlighted that stablecoins, particularly Tether (USDT), became the most trusted digital asset due to their wide network effects and established liquidity

Approximately 47% of people surveyed as part of the study use stablecoins to hold digital dollars as an alternative to unreliable local banking systems, while 43% of respondentonss favor stablecoins for more efficient currency conversi.

The report estimated that stablecoins settled $2.6 trillion in transactions during the first half of 2024, with over 20 million blockchain addresses making stablecoin transactions each month. This rapid growth reflects the increasing appeal of stablecoins for various everyday financial activities, not just for crypto trading.

Safety from economic uncertainty
The report emphasized that stablecoins played a crucial role in advancing financial inclusion across emerging markets, particularly in countries where access to traditional banking remains limited or unreliable.

In regions with high inflation or volatile local currencies, such as Argentina and Venezuela, stablecoins allowed individuals to hold digital dollars, offering a stable alternative to local currencies. This provided users with the ability to preserve the value of their savings without the need for a traditional bank account, which was often inaccessible or untrustworthy.

Stablecoins also helped bridge the financial gap for those who lacked access to USD-based banking systems. In countries like Nigeria, where the banking infrastructure struggled to offer easy access to US dollars, stablecoins enabled people to store value, make payments, and conduct cross-border transactions more efficiently.

This opened up financial opportunities for millions who would otherwise be excluded from stable and secure financial systems, making stablecoins a powerful tool for financial inclusion in the developing world.

Growth expected to continue
While the adoption of stablecoins raised concerns about “crypto-dollarization” in certain countries, the report showed that stablecoins were set to play an even larger role in global finance.

According to the survey, 72% of respondents expected to increase their stablecoin usage in the next year. The growth was driven by the efficiency, speed, and accessibility of stablecoins for cross-border payments, payroll, and remittances, particularly in areas where traditional financial systems lagged.

The report concluded that stablecoins had firmly established themselves as a viable alternative to traditional banking systems, offering emerging market users a secure and stable way to manage their finances. As stablecoin regulation evolved globally, their role in everyday financial transactions was expected to grow.

@ Newshounds News™

Source:  Crypto Slate

~~~~~~~~~

RIPPLE AND NYU ABU DHABI RENEW BLOCKCHAIN RESEARCH PARTNERSHIP IN UAE

▪️Ripple renews its $1 million partnership with NYU Abu Dhabi to boost blockchain research and innovation in the UAE.

▪️Ripple’s strategic collaborations, including UBRI, help advance blockchain technology and digital finance globally.

Ripple has renewed its strategic partnership with NYU Abu Dhabi through the University Blockchain Research Initiative (UBRI). This renewal demonstrates Ripple’s continuous commitment to fostering blockchain research and innovation in the UAE and the broader Middle East.

Ripple Expands Its Blockchain Research Investment in UAE
The collaboration with NYU Abu Dhabi has increased Ripple’s overall funding for blockchain research and student initiatives at the university to more than $1 million. Reece Merrick, Ripple Managing Director, Middle East, and Africa, stated:

“Ripple and NYU Abu Dhabi share a vision of unlocking the full potential of blockchain research and innovation in the region.”

The cooperation is critical to Ripple’s aim of expanding its footprint in the UAE, developing talent, and encouraging the use of blockchain technology in both the academic and financial sectors.

This expanded engagement is part of Ripple’s overall strategy to compete for a sizable share of the global payment ecosystem. As Ripple Labs seeks to increase the utility of XRP, the company has deliberately focused on key regions with high regulatory certainty and commercial potential.

Recently, as we previously reported, Ripple Labs expressed confidence that the Federal Reserve’s FedNow system might benefit XRP by facilitating speedier cross-border payments via XRP Ledger. This puts Ripple at the vanguard of digital financial innovation, as it competes with other payment alternatives on a worldwide scale.

In addition to increasing its blockchain footprint in the UAE, Ripple is looking into stablecoin potential. Ripple has prioritized the United States for the launch of its USD-backed stablecoin, with ambitions to expand into the Japanese market after regulatory approval is acquired.

Japan’s strong legislative environment makes it an appealing market for stablecoin development, according to Ripple’s CEO. This strategic objective aims to strengthen Ripple’s competitive position and expand the adoption of the XRP Ledger across various markets and financial systems.

Ripple’s research investments extend beyond NYU Abu Dhabi. The UBRI program includes 58 colleges worldwide, and Ripple has invested more than $60 million since the initiative’s start in 2018.

This includes offering financing to prestigious universities such as Morgan State University and the National University of Singapore, highlighting Ripple’s global reach. These collaborations play an important role in advancing academic research, increasing financial awareness, and boosting global acceptance of digital assets.

Furthermore, Ripple’s rising presence in the UAE is consistent with the country’s objectives to become a global center for financial and technical innovation. Collaboration with NYU Abu Dhabi allows Ripple to promote blockchain research while also contributing to the UAE’s goal of cultivating a tech-savvy workforce.

The university’s Ripple Blockchain Collaboratory has been instrumental in the development of fintech and blockchain firms, both of which are critical to the country’s digital economy.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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“Tidbits From TNT” Thursday 9-12-2024

TNT:

Tishwash:  Oil Minister discusses with officials of the American company "Honeywell" enhancing cooperation in the fields of energy and refining sector

Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani discussed with officials of the American company "Honeywell" prospects for enhancing cooperation in the fields of energy and the refining sector.

A statement by the Ministry of Oil stated: "Abdul-Ghani visited, on Wednesday, the headquarters of the American company "Honeywell", and met with officials in the company and was briefed on its activities. It is one of the large specialized companies with extensive work in many fields."

According to the statement, the minister held a meeting with the company during which prospects for enhancing cooperation in the fields of energy and the refining sector were discussed. The

Minister of Oil signed, in the presence of Prime Minister Mohammed Shia al-Sudani, a memorandum of understanding with the company "Honeywell" in May of this year, specifically to develop Iraqi refineries and support the national energy sector.

The meeting was attended, according to the statement, by the Undersecretary of the Ministry for Gas Affairs, Ezzat Saber, the Prime Minister’s Advisor, Falah Al-Amiri, the Director General of the Department of Studies, Planning and Follow-up, Nasir Aziz, the Director General of the Economic Department, Alaa Al-Yasiri, the Director General of the Southern Refineries Company, Hussam Hussein Wali, the Director of the Research Center, Ali Jassim, the Consul of Iraq in Houston, Hawri Muhammad Gharib Al-Talabani, and representatives of the Iraqi Embassy in America and a number of officials in the ministry.   link

****************

Tishwash:  Unprecedented renaissance.. Iraq's economy recovers and its debts fall to "lowest levels"

The country has witnessed an unprecedented economic renaissance, as ambitious government plans have achieved remarkable successes, most notably food security, achieving self-sufficiency in grains, stimulating markets and creating competition between them, in addition to economic growth and reducing foreign debt to its lowest levels.

The financial advisor to the Prime Minister, Mazhar Muhammad Salih, said: “The government has worked to establish a solid food security system based on the successful integration of agricultural and financial policies,” indicating that “government support for grain producers has been a safety valve in encouraging agricultural production of grain crops, which in turn has encouraged farmers to provide nearly 6 million tons of grains during the year 2024, which is the quantity that matches the country’s need for grains, and is considered one of the gateways to self-reliant food security,” according to the official agency.

He explained that "these measures were accompanied by providing the food basket with types and quantities that affect the lives of 40 million citizens, in addition to the move to revive the markets, which is a type of competitive commercial investment."

He pointed out that "the General Company for Central Markets is one of the formations of the Ministry of Trade, as it announced its new policy last March, that it will continue to refer its sites and markets to investment in accordance with the requirements of Investment Law No. 13 of 2006, as amended, in order to achieve economic balance and support the Iraqi consumer."

He added that "the marketing policy of the General Company for Central Markets, through the strategy of partnership between the state and the private sector, has undertaken to activate a pattern of market stability by providing competitive marketing outlets that meet the needs of the poor and low-income classes, through the best consumer products in terms of quality assurance and price stability," stressing that "this issue is consistent with the pivotal role played by the Competition and Anti-Monopoly Council issued under Law 14 of 2010, which aims to protect purchasing rights from monopoly and manipulation."

He added, "The supervisory and regulatory role of the Ministry of Commerce in regulating central markets comes within the framework of what can be called (competitive central consumer markets), which are markets that witness strong competition between companies and sellers to provide consumer products and services, as companies compete to offer the best prices, and ensure product quality and quality services to attract consumers, which leads to improving the overall consumer experience."

He added, "Competitive central markets that operate on the basis of investment by the private sector are characterised by the following:

1- Diversification of products, by providing a wide range of products and services from different brands.

2- Creating a sustainable climate of competitive prices and suppressing monopoly, as sellers will seek to offer price promotions and discounts to encourage customers to buy.

3- Providing logistical services to consumers, which are added services such as delivery services, loyalty programs, or after-sales services that increase the attractiveness of the market.

He added, "Companies displaying their products in competitive central markets will practice 'innovation' by offering new or innovative solutions to their products or how they are presented, to remain attractive in a new climate of competition in organised markets."

He noted that "competitive central markets will rely on strong distribution systems to provide access to them, enabling consumers to easily access the products offered by central markets."

He added, "Competitive investment-based central markets will enable companies with solid brands to benefit from the capacity and role of central markets throughout the country to always offer something distinctive that suits the lifestyle and ways of life by improving their products using the best technologies to increase their market share."

As for indicators of stability and economic growth, Saleh stated that “growth in the non-oil GDP has reached 6 percent, in light of the very moderate price growth rate, and according to the latest figures, it has only exceeded 3.7 percent annually, which means that the country is witnessing high price stability and development.”

He pointed out that "Iraq's external debts have fallen to their lowest level in the last forty years, not exceeding $10 billion, and the government is following a precise program to settle the external debt, which constitutes less than 9 percent of the country's total foreign exchange reserves, which are close to $108 billion, and are the highest foreign reserves in the country's monetary and financial history."

For his part, researcher and specialist in financial and banking affairs, Mustafa Hantoush, confirmed that “the Iraqi economy during the past three years has witnessed a number of correct trends, including: 

1- Supporting the private sector with Law No. 18 of 2023 (Workers’ Retirement), which will guarantee retirement rights for all workers in Iraq.

2- Supporting the culture of electronic payment that would provide high-level financial and banking services to the citizen, as well as determining the liquidity position and having a financial reading of the market.

3- Work seriously to complete the designs and requirements for starting the (Development Road) project, which is considered the basis for opening the transportation economy to Iraq, and which is a complementary project to the Faw Port. 

4- Establishing the (Service Effort) Committee, which provided tangible services in the capital, Baghdad, after long years of neglect, which would stimulate the labor and construction market in the capital and reduce transportation costs and time.

5- Heading towards residential complexes (adjacent to cities) and renegotiating with the Korean Hano Company.

He pointed out that, "Despite these measures, the Iraqi economy still needs many steps, including: 

1- Effective monetary policies (lending - attracting deposits - financing investment) that would create a cash cycle from surplus to deficit.

2- Building the private sector through an accelerated pace using models (private sector budget - loan budget) that will activate the infrastructure of the private sector (cities or industrial or agricultural or tourist areas - roads to serve investment - investment electricity) with an available and known loan budget with reasonable conditions.

3- Protecting the local product through (the state purchasing the local product - closing borders and unofficial outlets - industrial and agricultural dollars).

4- Effective international negotiation on files such as (producing 25 thousand megawatts of electricity on credit with Siemens - establishing the international company for the port of Faw - increasing Iraq’s share of oil production and export).

5- Establishing a sovereign investment fund (domestic) in dollars after negotiating with the American side, to which part of the oil revenues in dollars will go and which will be invested in safe local investments such as (real estate - oil and gas investments) and others.

6- Establishing a real estate policy consisting of (real estate reconciliation with agriculture - supporting economic construction complexes - distributing land to those entitled to it - launching funding for well-studied housing initiatives).

 In turn, researcher and academic Haitham Al-Khazaali explained that “the political stability that resulted from the government’s balanced policy, avoiding crisis management and focusing on achieving economic progress is what affected the stability of the security situation and then achieved economic stability.”

He added, "The economy is linked to security and reliance on political stability   link

************

Tishwash:  Banking Association Advisor: International Payments and Banking Technologies Conference a Platform to Support Digital Transformation in Iraq

Samir Al-Nusairi, advisor to the Iraqi Private Banks Association, confirmed on Thursday that the International Payments and Banking Technologies Conference, which will be held under the patronage of Eng. Mohammed Shia Al-Sudani, Prime Minister, on September 14 and 15, in joint cooperation between the Prime Minister’s Office, the Central Bank, and the Iraqi Private Banks Association, and with the attendance of governors of banks and specialized international companies, will support and accelerate the transition to digital government and the transition from a cash economy to a digital economy.

The conference discusses 13 axes focusing on the role of the government, the Central Bank and the Association of Banks in developing payments within Iraq, using technology to improve financial inclusion, developing information technology, establishing digital banks, using artificial intelligence in banking services, using modern technologies in loans, compliance, risk management, combating money laundering and terrorist financing, and combating banking fraud.

The results of the government role and the efforts made by the Central Bank, banks, electronic payment companies and supporting companies that have been achieved since the issuance of the decisions will also be presented.

The Council of Ministers issued it in 2023 to activate, stimulate and support digital transformation, and the results recorded a qualitative leap in the volume of transactions in electronic payment operations and the use of modern banking technologies.

Al-Nusairi said, in an interview with "Al-Eqtisad News", that "the Central Bank of Iraq and the Association of Banks are working side by side in implementing the government program in the twelfth axis (financial and banking reform) and the direction of the Prime Minister to support electronic payment, and what has been achieved so far confirms the rapid steps and joint cooperation to move to bridge the technical gap between Iraq and the countries of the world in this field. In 2023, the amounts processed through the national switchboard witnessed a significant increase, which reflects the development of the infrastructure and the expansion in the use of electronic payment channels and the impact of the campaign launched by the Prime Minister to activate electronic payment operations in general, and in the government sector in particular."

Ansari added that “these upward trends continued to develop in 2024, as the amounts processed in the national switchboard systems amounted to more than (2) trillion Iraqi dinars in July alone, compared to (800) billion dinars in the same month of 2023, after which it became (1) trillion dinars in January of 2024, and government payments witnessed an additional increase, reaching (912) billion Iraqi dinars last July compared to (287) million dinars in the same month of 2023.”

He pointed out that "payment operations at fuel stations in Baghdad alone increased significantly, recording more than (44) billion dinars in July of this year, compared to (183) million dinars in July of 2023 and (4.5) billion dinars in December 2023."

He stressed: "A significant increase in the number of POS points of sale to reach more than (50) thousand points of sale this year, compared to approximately (11) thousand POS points of sale at the beginning of 2023, and thousands of them are in government institutions after they were zero before the launch of the campaign in June 2023."  link

Mot: . I'll Show um - I Wills!!! 

Mot:.. the ""King"" I yam 

Seeds of Wisdom RV and Economic Updates Thursday Morning 9-12-24

Good Morning Dinar Recaps,

UK Introduces Bill To Recognize Digital Assets As Personal Property

The UK government introduced the Property (Digital Assets etc) Bill to Parliament on September 11, 2024. The legislation aims to classify cryptocurrencies, non-fungible tokens, and digital carbon credits as personal property under English and Welsh law.

Classification of these digital assets as personal property, placing them in a new, third category alongside traditional "things in possession" (such as physical objects) and "things in action" (such as debts or shares).

 This new classification acknowledges the unique nature of digital assets, which don't fit neatly into existing property law categories.

This marks the first time digital assets will be explicitly recognized in British property law. By recognizing digital assets as personal property, the bill would grant them legal protections similar to those afforded to physical assets. This change could significantly impact how digital assets are treated in various legal contexts, from ownership disputes to inheritance cases.

The legislation also aims to provide a framework for judges to navigate complex cases involving digital assets. The press release specifically mentions that this could prove valuable in scenarios like divorce settlements, where the division of digital holdings may be contested.

In a press release, Justice Minister Heidi Alexander stated, "It is essential that the law keeps pace with evolving technologies and this legislation will mean that the sector can maintain its position as a global leader in cryptoassets and bring clarity to complex property cases."

Long Road To Law Still Ahead
The bill is at the initial stage of the legislative process. It has been introduced in Parliament, which is a formality that takes place without debate. At this stage, the bill has no legal force. It is essentially a proposal for a new law.

Next steps
▪️Second reading: A general debate on the bill's principles
▪️Committee stage: Detailed examination and possible amendments
▪️Report stage: Further amendments may be proposed
Third reading: Final chance for debate and amendments
The other House: The bill goes through similar stages in the other chamber
▪️Royal Assent: If passed by both Houses, the bill receives Royal Assent and becomes law

The process can take months or even longer, depending on the complexity of the bill and the level of political consensus. The bill could pass as is, be amended during the process, or fail to become law if it doesn't gain enough support. If passed, the government will determine when different provisions of the Act come into force, which may be done in stages.

Crypto Laws Evolving Globally
According to an article from the World Economic Forum website, cryptocurrency regulation is undergoing significant changes worldwide. The UK is not alone in its efforts to create a legal framework for digital assets.

Many countries and regions, including the US, European Union, Japan, and Brazil, are actively developing or have already implemented regulations in this area. For example, the EU has introduced comprehensive crypto-asset regulation, while Brazil has appointed its central bank as the supervisory body for crypto assets.

The UK's initiative to recognize digital assets as personal property aligns with the global trend towards creating clearer legal frameworks for cryptocurrencies and other digital assets.

However, as highlighted above, the UK bill is only at the initial stage of the legislative process.

It is likely that international trends and experiences from other countries will be taken into account during the discussion and refinement of the bill. This could contribute to the creation of a more harmonized approach to regulating digital assets at a global level.

@ Newshounds News™

Source:  Forbes

~~~~~~~~~

Layer 1 Blockchains: Overcrowded and Overhyped? The Real Story

▪️Layer 1 (L1) blockchains are rapidly emerging but struggle to gain market traction against established platforms.

▪️Developers are divided on L1 versus Layer 2 (L2) solutions, each offering unique benefits for scalability.

▪️L2 solutions may streamline the ecosystem, but L1 innovation remains essential to push blockchain technology forward.

The cryptocurrency industry has witnessed an explosion of Layer 1 (L1) solutions, each offering unique promises of scalability, decentralization, and improved user experience.

Yet, despite the rise in L1 platforms, many of the same challenges persist. With the growing popularity of Layer 2 (L2) solutions that address these scalability concerns, questions arise about the value of constantly launching new L1 blockchains.

BeInCrypto spoke to three key blockchain developers—Jack O’Holleran from Skale Labs, Charles Wayn from Galxe, and Matt Katz from Caldera—to unpack this issue. Their insights highlight the industry’s struggle with scalability, the rise of L2 solutions, and the fierce competition among both new and established L1 platforms.

The Layer 1 Glut: Solving or Exacerbating Problems?
L1 blockchains form the foundation of decentralized networks, powering decentralized apps (dApps) and protocols. Ethereum, Bitcoin, and a handful of other L1 chains dominate the market. Still, new contenders appear regularly, aiming to resolve blockchain’s most persistent challenges.

However, the influx of new L1 blockchains raises a critical question: Do we need more, or are we over-complicating the ecosystem without delivering real improvement?

Jack O’Holleran, co-founder of Skale Labs, believes the L1 market has become overcrowded. He argues that while many L1 projects are emerging, only a few are gaining meaningful traction.

“The Layer 1 market has been crowded from a narrative and new token perspective, but a much smaller quantity of chains are actually executing in terms of market traction,” O’Holleran

O’Holleran pointed to metrics from CoinGecko, noting that the majority of developer and user momentum is consolidating around the top 10 blockchains. Even when a new L1 presents a novel solution, O’Holleran emphasizes that it’s not enough to guarantee success.

“Right now, there is a struggle for new chains to get a foothold in the developer market. They are getting user traction via airdrop mechanisms but are having trouble capturing market share with net new applications,” O’Holleran told BeInCrytpo.

The competition in the L1 space has intensified, with new projects needing to be significantly better than existing ones to make an impact. O’Holleran believes we are at a point where only the strongest L1s will survive.

A Case for New L1 Blockchains

However, not everyone agrees that the market is oversaturated. Charles Wayn, co-founder of Galxe and Gravity, sees the proliferation of new L1 chains as a sign of innovation. His company recently launched its own L1 solution, Gravity, to address scalability challenges within its platform.

“The Layer 1 space has exploded, with many new blockchains entering the market,” Wayn said. According to him, these new L1 blockchains are not just redundant but bring scalability and specialization to the forefront.

“Older blockchains struggle with congestion and high fees, while newer L1s offer better throughput and transaction costs,” Wayn added.

Wayn also noted that some of these emerging L1s are incorporating advanced technologies like Zero-Knowledge Proofs (ZKPs), enhancing privacy and security. His perspective reflects the growing demand for niche or specialized L1 chains that address specific industry needs.

Gravity, for instance, focuses on cross-chain interactions, providing an omnichain infrastructure that general-purpose blockchains like Ethereum may not address as efficiently. For him, the introduction of new L1s keeps the development ecosystem agile and responsive to real-world challenges.

Layer 2 Solutions: The Future of Scalability?
While the debate over the need for new L1 blockchains continues, L2 solutions have become a popular alternative. L2 solutions aim to improve scalability by building on top of existing L1 chains, alleviating the need for entirely new blockchain infrastructures.

Matt Katz, co-founder and CEO of Caldera, advocates for L2 solutions. His company’s “rollup-as-a-service” platform helps developers quickly create L2 chains for Ethereum.

“Ultimately, the distinction between an L1 and an L2 primarily involves implementation details and affects the overall architecture of the blockchain,” Katz told BeInCrypto.

He believes that while L1s provide the foundation, L2 solutions offer developers more flexibility without the overhead of building an entirely new blockchain. Katz also highlighted the interoperability issues that many new L1 blockchains face.

“L1 blockchains, in contrast to L2 solutions, lack native, built-in bridges to Ethereum. This absence exacerbates the issue of liquidity fragmentation, introducing significant friction when bridging assets,” he said.

In contrast, L2 solutions benefit from built-in bridges that align with the security model of the chain, making them more efficient and secure. Despite his support for L2 development, Katz acknowledged that the influx of new L1s can harm the ecosystem. Too many L1s can lead to fragmentation, liquidity issues, and increased competition, which in turn can stifle innovation.

The Path Forward: L1 or L2?
The blockchain industry faces a critical decision: should the focus shift from launching new L1 blockchains to refining existing L2 solutions? Both approaches have their merits, and it’s clear that no single solution will address all scalability concerns.

O’Holleran argues that the market will naturally filter out weaker L1 chains, leaving only those that provide real value. Wayn, on the other hand, believes new L1 blockchains are essential for innovation, while Katz sees L2 solutions as a way to streamline the ecosystem.

Ultimately, the path forward will depend on how developers and users balance the need for innovation with the desire for a more scalable and interoperable blockchain ecosystem. Whether through L1 or L2 solutions, the goal remains the same: to build a blockchain infrastructure that can support the demands of a growing digital economy.

@ Newshounds News™

Source:  BeinCrypto

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