More News, Rumors and Opinions Saturday PM 10-12-2024

KTFA:

Clare:  Minister of Industry launches 135 investment opportunities

10/12/2024  Baghdad - WAA - Hassan Al-Fawaz,

Minister of Industry and Minerals, Khaled Batal Al-Najm, announced today, Saturday, 135 partnership opportunities with the private sector.

Al-Najm said in a speech during the Baghdad International Forum for Industry and Mining, held by the Ministry of Industry and Minerals in its third session, attended by the correspondent of the Iraqi News Agency (INA): "Industry in Iraq is making confident strides to achieve the goals of the government program and implement the ministry's plan, one of the most important axes of which is achieving a real partnership between the public and private sectors and presenting various investment opportunities."

He pointed out that "the ministry held two previous investment conferences, which resulted in many partnership contracts," noting that "this forum, held under the patronage of Prime Minister Mohammed Shia al-Sudani, announces the launch of 135 partnership opportunities with the private sector."

He explained that "the ministry has begun taking tangible steps to conduct a geological survey of the country using the best technologies and by specialized international companies."   LINK

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Clare:  The problem of fluctuation in the US dollar exchange rate 

10/12/2024  Samir Al-Nusairi

Once again, the fluctuation in the US dollar exchange rate has returned to the forefront, and this time it is due to speculators and traders of crises and wars, exploiting the war currently being waged by the Zionist entity against our Arab people in Palestine and Lebanon and the confusing security situation resulting from that.

The current level is above 1,500 dinars on the black market, and the continuation of this problem from time to time can be attributed to several reasons, including before 2023 the lack of control over the organization of trade financing and the lack of a clear trade policy, the entanglement of policies and the lack of an annual import program for the private sector in terms of quantities and amounts, but imports are open and without controls on external transfers.

In addition to "the lack of control over illegal imports and unofficial border crossings, as well as the presence of about 1,200 exchange offices spread across all governorates that are not licensed by the Central Bank and deal in cash dollars and about 12,000 outlets for disbursing pensioners' salaries and social care that deal with its trading at the exchange rate on the black market."
 
 And that "most traders who obtain the US dollar at the official price from the Central Bank, but they sell their goods in the local market at the black market price, as well as the lack of global correspondent banks previously dealing with our banks and accounts were not opened for them in the currencies of countries with which we have extensive trade exchange such as China, India, Turkey and the Emirates."

Also, "the failure of traders and some Banks comply with international banking standards that guarantee that the dollar reaches the final beneficiary, so dollar transfers are manipulated and reach countries that are sanctioned by the US or are internationally besieged. Therefore, the efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform in order to control the stability of the exchange rate.

“Among these strategies are organizing foreign trade financing, building new international understandings with global banks, and opening accounts for our banks in correspondent banks, as more than 30 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks. We expect that during the next two months the number of Iraqi banks that have accounts in correspondent banks will increase due to the efforts made by the Central Bank to provide aid and assistance to them and coordinate with the targeted correspondent banks.

“Opening dealings with local currencies such as the Chinese yuan, the European euro, the Emirati dirham, the Turkish lira, and the Indian rupee in foreign transfers with the aim of reducing the demand for the US dollar, in addition to taking measures in cooperation between the Central Bank and the government to expand the comprehensive digital transformation from the cash economy to the digital economy and stimulate the use of electronic payment tools.

This strategy aims to “put pressure on speculators dealing in cash dollars in the black market and limit their activities that harm the national economy, which was discussed in last week’s meeting of the Prime Minister in the presence of the Minister of Finance, the Governor of the Central Bank, advisors, and directors of government banks.”
 
It should be noted here that "the availability of foreign exchange reserves for the Central Bank exceeding 100 billion dollars and a gold reserve exceeding 143 tons confirms that the Iraqi dinar will recover and is strong, as the local currency in circulation is covered by the foreign exchange reserve, in addition to the other executive measures to support and stimulate the local product and control the monetary market and the commercial market, which will control the exchange rate, as I expect, in the near future   LINK

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

Frank26  Articles...makes it very clear what they're doing - adding value by lifting the 3 zeros.  It's right there.  It's from the Prime Minister.  It's from Alaq the governor of the CBI word for word.  Anybody that tell you it's a scam, educate them because this is not Bigfoot.  This is not a UFO.  This is not Lock Ness.  This is a reality...happening right before our eyes. 

Mnt Goat  Article:  “THE CENTRAL BANK CONTINUES THE ACTUAL IMPLEMENTATION OF BANKING REFORM PLANS”  ...the CBI has completed the first phase of the banking reform process... First of all, we can confirm by this article that there is a plan and they are working towards it, and that is their road map...

Russia Freezes Billions in EU Assets (Western assets in Russia)

Geo Flux:  10-12-2024

The ongoing economic conflict between Russia and the EU has led to significant asset freezes and restrictions on both sides.

While the EU has frozen around €260 billion of Russian Central Bank reserves, Russia has retaliated by imposing limitations on Western investors and businesses operating within its borders.

European banks still operating in Russia, including Raiffeisen and UniCredit, have seen substantial profits but face increasing pressure to exit. Some have encountered asset seizures and court orders against their Russian operations.

Meanwhile, other European businesses struggle with restrictions on capital repatriation and forced asset sales at discounted prices. Russia's countermeasures include potential nationalization of Western-owned properties and additional taxes on asset sales.

The EU has responded by banning certain services to Russia and restricting Russian nationals' involvement in EU crypto-asset services. This economic tug-of-war continues to evolve, impacting businesses and financial institutions on both sides.

https://www.youtube.com/watch?v=oGn5T_Al-Fw

How to Buy Gold for $900 per Ounce

How to Buy Gold for $900 per Ounce

Notes From the Field By James Hickman / Simon Black  October 11, 2024

Today’s letter is about how to go back in time.

A lot of us remember 2009 as a pretty tough economy. The whole world was in bad shape. Major banks had failed, panic had set in, governments were spending money hand over fist, and debts were rising fast. It was pretty brutal.

But if there’s anything nostalgic about 2009, it would be that, almost exactly 15 years ago, gold traded below $1,000 an ounce for the last time.  Today, the price of gold is hovering at its all-time high, more than $2,600 per ounce.

We’ve talked a lot about why that is. Central banks have been buying up physical gold, literally by the metric ton, primarily because they are looking to diversify a portion of their reserves outside of the US dollar.

And central banks are sitting on a LOT of US dollar reserves— more than $8 trillion.

It makes sense that they want to diversify. There’s so much more conflict in the world, and US global dominance is waning.

Iran is now flat-out threatening the US government and promising to retaliate if America provides military support to Israel. This would have been unthinkable even five years ago.

But today, adversary nations have seized on the US government’s weakness. And foreign central banks— which, again, hold trillions of US dollar reserves— have noticed.

They’ve also noticed America’s outrageous national debt, and its annual budget deficits; in fact the most recent estimate by the Congressional Budget Office of the Fiscal Year 2024 is an incredible $1.8 trillion.

So obviously these central banks see a clear need to diversify. And gold is one of the best and easiest ways for them to do that.

The gold market is big. It can handle tens of billions of dollars of inflows at a time. Plus gold is universally valued around the world with a 5,000 year history of maintaining its value. No central banker is worried about whether or not they’ll be able to liquidate their gold holdings in the future.

But central banks only buy physical gold, i.e. piles and piles of physical gold bars. They do not buy gold mines... or gold miners.

This is why there is a historic anomaly in front of us: the price of gold has soared to an all-time high. But many gold companies are laughably cheap.

This is pretty strange when you think about it; a gold miner’s revenue is denominated in... gold! And many of these companies are starting to see soaring revenues and record profits. Yet their stock prices are still languishing.

For example, one gold producer we profiled in our premium research is trading at a Price to Earnings (P/E) of just 4x. It has almost no debt. And it produces a ton of Free Cash Flow.

The company has even blown away expectations and managed to produce 100,000 ounces of gold. Yet the stock price has barely budged.

What’s amazing is that the entire company is currently valued at less than the market price of that one year's worth of gold that it mined.

But the kicker is how little it cost this company to produce that gold.

Their “All In Sustaining Cost” (AISC)— everything spent to pull that gold out of the ground, from mining to processing— was less than $1,000 per ounce.

And in our view, buying shares in an efficient, profitable, deeply undervalued mining company with such a low cost structure is almost like going back in time to 2009 and buying up gold at less than $1,000 per ounce... especially given that the company still has millions of ounces of proven gold reserves in the ground which it has yet to extract.

I’ve written many times before— we still see significant upside for gold. Especially if Kamala is elected.

Based on the type of spending she envisions, plus her weak “vibes” and “joy” leadership, I don’t expect the dollar to last as the global reserve currency beyond her first term.

Instead, central banks will continue to turn to gold. And when central banks converted just $80 billion— about 1%— of their US reserves into gold, the price increased to over $2,600 an ounce.

What would happen to the gold price if they converted 5%... or 20% of their US dollar reserves into gold?

Even buying physical gold, right now, at all time highs, would probably work out really well.

But buying a company whose revenue is gold, yet costs a fraction of that price, could work out even better.

Gold is just one of the real assets we talk about in Schiff Sovereign Premium.

We’ve been clear that America’s debt problems can only be solved by lower interest rates and more money printing from the Federal Reserve.

That’s why we don’t believe inflation is behind us, and why we believe so whole-heartedly in the value of real assets— critical resources that cannot be conjured out of thin air by governments and central banks.

This gold producer is just one example of these massively undervalued real asset companies we’ve named in Schiff Sovereign Premium— a highly educational, month-by-month guide that is designed to help you navigate the world from a position of strength, both personally and financially.

You can click here if you want to learn more about both the Plan B strategies and compelling investment research we present.

To your freedom,  James Hickman   Co-Founder, Schiff Sovereign LLC

https://www.schiffsovereign.com/trends/how-to-buy-gold-for-900-per-ounce-151648/

Will BRICS Ditch the Dollar for Gold?

Will BRICS Ditch the Dollar for Gold?

Liberty and Finance: 10-11-2024

In a recent episode of Liberty and Finance, Doomberg offered insightful commentary on the upcoming BRICS meeting and the implications of a potential gold-backed currency. The conversation not only examined the shift in global financial dynamics and diminishing reliance on the US dollar, but also grappling with the broader economic landscape shaped by strong data and shifting fiscal policies.

As the BRICS nations — Brazil, Russia, India, China, and South Africa — prepare for their forthcoming summit, discussions surrounding the potential launch of a gold-backed currency unit have taken center stage.

This proposal presents an intriguing vision: a monetary system where the value of currency is tied to a tangible asset, in this case, gold. Such a move could signify a monumental shift in the global financial order, challenging the longstanding dominance of the US dollar as the world’s reserve currency.

Doomberg astutely highlights the gravity of this potential development. The launch of a gold-backed currency by BRICS could reconfigure global trade dynamics, prompt a re-evaluation of currency values, and ultimately influence the pricing of gold itself.

 As countries begin to pivot away from the US dollar, the investment landscape may experience unprecedented volatility, prompting gold prices to rise as nations reconstitute their reserves.

Despite the prevailing narrative of economic decline, Doomberg remains skeptical about an imminent recession. Citing robust economic indicators and significant fiscal spending, they argue that the current economic environment does not align with the typical precursors of recession.

 This stance offers a refreshing perspective amidst the often alarmist financial commentary dominating headlines. The lack of recessionary signals may embolden nations to engage in ambitious projects—such as the gold-backed currency initiative—without the fear of impending economic downturns.

The discussion takes an intriguing turn as it broaches the topic of the Power of Siberia 2 pipeline, a critical infrastructure project that promises to reshape global energy distribution. By providing a direct route for natural gas from Russia to China, the pipeline establishes a formidable link between two of the world’s largest economies.

Doomberg emphasizes the strategic importance of this pipeline in the context of global energy realignment, particularly as Europe continues to seek alternatives to Russian gas.

Furthermore, as natural gas is increasingly seen as a bridging fuel in the transition to greener energy sources, its strategic significance cannot be understated. The availability and distribution of natural gas will play a pivotal role in global energy stability, further influencing economic dynamics and national policies.

Perhaps one of the most provocative elements of their conversation is the potential for a gold-backed currency from BRICS to elicit strategic responses from Western economies, particularly the G7. The launch of a BRICS currency could ignite a currency war, prompting the G7 nations to reassess their monetary policies, potentially leading to an accelerated shift toward more protective economic strategies. The implications could be far-reaching, resulting in tighter monetary controls, increased investment into gold reserves, and possibly the reinstatement of discussions around a gold standard.

Doomberg posits that the responses from G7 economies will be crucial in framing the narrative around the economic order and might trigger a realignment that hasn’t been seen for decades.

The discussions presented by Doomberg on Liberty and Finance encapsulate the multifaceted nature of today’s global economy. As the BRICS nations prepare for their meeting, the potential rollout of a gold-backed currency comes with both opportunities and challenges.

The shifting dynamics—whether through the lens of gold prices, energy distribution via pipelines, or the reactions from Western economies—could redefine economic relations as we know them.

https://youtu.be/tSOjAH177Ag

https://dinarchronicles.com/2024/10/11/liberty-and-finance-will-brics-ditch-the-dollar-for-gold/

“Tidbits From TNT” Saturday 10-12-2024

TNT:

Tishwash:  Economist: 2025 budget amendments pending, approval date before end of year

Former Director of the Financial Supervision Bureau, Salah Nouri, confirmed today, Saturday, that developments in the global economic situation and military operations will greatly affect the Ministry of Finance’s re-adjustment of the 2025 budget schedules.

 He added in his statement to {Al Furat News} that "the budget schedules are still with the executive authority (the government), and it is expected to be sent to the House of Representatives during the remainder of this October."

Nouri explained that "the House of Representatives must approve the budget before the end of December 2024, in accordance with Financial Management Law No. (6) of 2019."  link

Tishwash:  Iranian Foreign Minister to visit Baghdad tomorrow, Sunday

Iranian Foreign Minister Abbas Araghchi is scheduled to visit the Iraqi capital, Baghdad, tomorrow, Sunday.

Iranian diplomatic sources told Shafaq News Agency that Araghchi will head to Iraq tomorrow in continuation of his regional consultations.

According to the sources, the Iranian Foreign Minister will arrive in Baghdad tomorrow afternoon and during his visit, which will last a few hours, he will meet with: his Iraqi counterpart Fuad Hussein, President Abdul Latif Jamal Rashid, and Prime Minister Mohammed Shia al-Sudani.

Meanwhile, an Iraqi source told Shafaq News Agency that Araghchi's visit to Baghdad comes to discuss developments in the security situation in the region and to emphasize not expanding the circle of war.link

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Tishwash:  Iraq and the region's oil exports on the table of Masrour Barzani and an American delegation

On Friday, Masrour Barzani, Prime Minister of the Kurdistan Regional Government, discussed with an American delegation headed by Congressman Seth Moulton the developments in Iraq and the Middle East.

A statement received by Shafaq News Agency stated that, "During the meeting, which was attended by the US Consul General to the Kurdistan Region, Tiff Bittner, we exchanged views on the latest developments in Iraq and the region, and discussed ways to strengthen relations between the Kurdistan Region and the United States."

Congressman Moulton pointed out that the Kurdistan Region is a reliable friend and ally of the United States in the region, and stressed the importance of supporting the Peshmerga and protecting the security of the Kurdistan Region.

Barzani expressed the regional government's gratitude to America for its support and assistance to the region, and stressed his keenness to strengthen the prospects of cooperation between the two sides in various fields.

He pointed out that the meeting focused on the progress made in the field of reforms related to the joints of the Ministry of Peshmerga, as we agreed on the importance of supporting, strengthening and accelerating the reform process in the ministry, in a way that ensures the unification of its forces.

The two sides discussed the necessity of exporting the Kurdistan Region's oil, and we discussed preparations for holding legislative elections in the region, as well as the US presidential elections, the tense situation, wars and escalation in the Middle East, and the efforts made to achieve security and stability in the region in general.  link

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Tishwash:  Reasons for the rise in the dollar price in parallel markets.. a reaction extending for 30 years

Diyala Chamber of Commerce identified, today, Friday (October 11, 2024), the reasons for the rise of the dollar in the parallel market in the past days.

The head of the Diyala Chamber of Commerce, Mohammed Al-Tamimi, said in an interview with Baghdad Today, "There is no disagreement that the region is going through a very difficult and sensitive turning point with the drums of a comprehensive war beating that could happen at any moment in light of the escalation of statements between the various parties without any glimmer of hope on the horizon that things will move towards calm and fair containment at least."

He added, "Iraq is part of the Middle East region and the current tensions are directly putting pressure on the parallel market and leading to an increase in its prices compared to the dinar, especially with the existence of speculation and fear that has prompted many to be cautious in converting their dollars into Iraqi dinars in anticipation of any exceptional circumstances."

Al-Tamimi pointed out that "any future strike will inevitably raise the parallel market, but in return there are measures by the Central Bank to control the situation," stressing that "the situation is likely to undergo many developments, especially since the damage to the Iraqi markets is real."

He explained that "the rise in the prices of basic materials, even by small percentages, does not reflect the direct impact of the rise in the dollar, but rather the growing purchasing power of broad segments that have an accumulated reaction and fear of wars extending to 30 years, which pushes them to store some materials in anticipation of any emergency."

The exchange rate of the dollar against the Iraqi dinar witnessed a noticeable increase during the past few days, as the selling price exceeded 153 thousand for every 100 dollars.  link

Mot: should I throw it away 

Mot:  ... siigggghhhhhh !!!!! 

News, Rumors and Opinions Saturday AM 10-12-2024

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 fro the Restored Republic via a GCR: Update as of Sat. 12 Oct. 2024

Compiled Sat. 12 Oct. 2024 12:01 am EST by Judy Byington

Global Currency Reset:  (Opinions/Rumors)

Judy Note: Redemption Centers will (allegedly) give you a higher exchange rate than at a bank. You make your appointment according to instructions sent by email from Wells Fargo. Such instructions will be published on various Dinar websites and on this Update.

On Wed. 9 Oct. 2024 BRICS 12 Countries Ditched US Dollar and will now pay trade in local currencies: https://watcher.guru/news/brics-12-countries-ditch-us-dollar-pay-85-trade-in-local-currencies

Wed. 9 Oct. 2024 TNT: “The Dinar International Rate on bank screens is $3.91. It won’t drop below $3.57. The banks have a hold on it. They have designated a time for it to happen.”

Thurs. 10 Oct. 2024 Wolverine: “The process has defiantly started. There are around 40 million emails that will be sent out by Wells Fargo so you can set your appointments. It is expected to happen within the next few days and defiantly within this month.”

Thurs. 10 Oct. 2024 Banker: “Several Sources are indicating this is our month, some even indicating a specific date but asking that I not reveal but I can assure the date ends in y God Bless.”

Bruce: On Fri. 11 Oct. 2024: Bond Holders are to be notified through email from Wells Fargo as to when they can gain access to their accounts – which will likely be on Tues. 15 Oct.

Fri. 11 Oct. 2024 Walkingstick: An Iraqi bank manager: “I have just been given my latest orders. I am being told to stay close to home. I will not be able to go to Thanksgiving or Christmas with my friends. My orders tell me that I am to stay here in Dearborn. The CBI bank is going to make us very busy during these holidays. We are having a lot of Iraqi citizens coming into our banks here. They are talking to us about the same thing you are asking us.” https://dinarevaluation.blogspot.com/2024/10/rv-update-by-walkingstick-11-oct.html

On Mon. 14 Oct. 2024 at the BRICS Summit they are going to announce the Seven Kingdoms, along with the Global Currency Reset.

Mon. 14 Oct. 2024 the old banking system—Bank of America, Deutsche Bank and JP Morgan— was expected to collapse, with the QFS taking over as stock markets crash.

Bruce: On Tues. 15 Oct. Tier 4b (us, the Internet Group) will receive emails from Wells Fargo telling us how to make redemption appointments, which we should be able to begin on Wed. 16 Oct. Exchange appointments will be held for 40 to 50 days, going well beyond the end of October.

Wed. 16 Oct. is a designated celebration day for Iraq and the day they will (allegedly) pay their contractors in the new Dinar Rate.

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Global Financial Crisis:

Fri. 11 Oct. 2024: Russian Finance Minister Anton Siluanov will present the results of the Russia’s BRICS Chairmanship on the financial track at the final Meeting of BRICS Ministers of Finance and Central Bank Governors. He will also report on improving the international monetary and financial system. www.eladelantado.com/us/goodbye-credit-cards/#google_vignette  www.msn.com/en-ca/money/markets/brics-is-considering-a-new-currency-here-s-what-you-need-to-know/ar-AA1rMrp9

Fri. 11 Oct. 2024: TD Bank pleads guilty to money laundering. TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by d**g cartels. https://twitter.com/Maerox/status/1844456941785055617

Fri. 11 Oct. 2024: With the recent collapse of 15 banks in just three years, concerns about the stability of the US banking system are becoming increasingly pronounced. The data coming to light is alarming. In a recent report, finance expert Dr. Rebel Cole from Florida Atlantic University unveiled that US banks are currently grappling with over $500 billion in unrealized losses on investment securities as of the end of Q2 2024. While there was a slight decrease from $516 billion in Q1 to $513 billion in Q2, the overall picture is still concerning for an economy that has long prided itself on resilience and stability. https://dinarrecaps.com/our-blog/t3r0puoups56dvh4hcydhlzf9jzxox

Fri. 11 Oct. 2024: JPMorgan is expected to reveal a nearly 8% drop in earnings per share while Wells Fargo will likely report a nearly 14% drop in earnings per share, reports Reuters, citing data compiled by the London Stock Exchange Group (LSEG).                                                                                                                                          https://dailyhodl.com/2024/10/09/us-banks-under-pressure-as-jpmorgan-chase-bank-of-america-wells-fargo-goldman-sachs-and-citi-battle-shrinking-margins-report/

Fri. 11 Oct. 2024: Boeing says it’s cutting more than 17,000 jobs, or 10% of its workforce

Read full post here:  https://dinarchronicles.com/2024/10/12/restored-republic-via-a-gcr-update-as-of-october-12-2024/

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

Militia Man  We had numerous articles about the WTO.  We already knew they had completed their requirements.  Now they're hammering it home again they're gearing to go international.  What are we waiting for?  I think what we're waiting for is the exposure of the 2024 tripartite budget.  Why?  Because it's go components in it for...investment to pay for the development projects.

Frank26   Community comment:   "I believe it will RV before the time they gave."  The revaluation actually started  in 2012... Revaluation is to revalue the currency...This is not to revalue the currency, they're going to reinstate it.  It was $3.22 when it was brought down... Because of inflation do you think $3.22 would be fair over 20 years later?  No I don't think so.  Therefore the exchange rate is not going to 1000 is it?  It's saying at 1320/1310.  When they lift the three zeros that's be a little over a dollar for the citizens.  Now that's fair.

The Dollar is on its Last Legs

VRIC Media:  10-11-2024

Today, we delve into a topic that resonates with many in our uncertain financial landscape—the impending collapse of the U.S. dollar. Ted is joined by economist and author, Shanmuganathan Nagasundaram, as they unpack the mechanisms driving this potential crisis and explore what it means for our economy and investments.

In the latest discussion, Shan provides an alarming insight into the state of the U.S. economy, urging listeners to consider the stark realities of hyperinflation and the unsustainable nature of current asset bubbles in stocks, bonds, and housing. With inflation rates creeping upwards and the cost of living soaring, many Americans are feeling the pinch—but the situation could soon worsen.

Shan draws parallels between the current economic climate and historical crises, such as the 2008 financial meltdown and Weimar Germany’s hyperinflation, illustrating how unchecked monetary policies and excessive government spending could lead the U.S. down a similar path. The economist predicts that we may soon see double-digit inflation, which would further erode purchasing power and create significant challenges for investors and consumers alike.

One of the key points raised in the discussion is the idea that if the U.S. dollar collapses, the repercussions will be felt globally. Countries that rely heavily on the dollar in trade and finance could face severe economic disruptions, leading to a domino effect that could plunge economies into chaos. This potential crisis poses significant risks to not only individual investors but also to entire nations.

https://youtu.be/vzPQqAVqCcs

Seeds of Wisdom RV and Economic Updates Saturday Morning 10-12-24

Good Morning Dinar Recaps,

RIPPLE OFFERS ‘BANK-GRADE’ CUSTODY TECH TO CRYPTO FIRMS

Digital asset infrastructure firm Ripple has introduced new features and functionalities for its custody solution.

“Custody is a key entry point into the digital asset economy, and it’s only growing,” Ripple said in a Thursday (Oct. 10) press release.

The company notes that the amount of crypto assets custodied is projected to reach at least $16 trillion by 2030, by which time 10% of the world’s GDP is also expected to be tokenized.

“As such, companies need secure, compliant and flexible options to store their crypto,” the release added.

According to Ripple, the update includes a transaction screening service integration, added hardware security module options, an XRPL integration for tokenizing real world assets (RWA), pre-configured policy frameworks and upgrades to the platform’s usability and user interface.

In addition, Ripple Custody now supports XRP Ledger tokenization features, letting businesses to tokenize and manage assets including cryptocurrencies, fiat currencies, and real-world assets “while facilitating digital asset issuance and secure transfers directly from its platform,” the company added.

PYMNTS examined the tokenization of RWA earlier this year, noting that it was another component of blockchain that has gotten the attention of players in the payments, finance and commerce worlds: the ability for organizations to denote ownership rights of a real-world asset as a digital, on-chain token.

“Tokenized RWAs have the potential to make assets more liquid, accessible and efficient while enhancing transparency, security and global reach,” that report said.

“Representing RWAs on the blockchain — such as real estate, private equity and venture investments, fine art and collectibles, physical commodities like gold, fixed income instruments, intellectual property assets and even stocks and equities — can transform the way ownership of assets is recorded and enable new functions.”

In more recent tokenization news, PYMNTS spoke Thursday with Mastercard Chief Product Officer  Jorn Lambert about how the technology could improve any use case where the exchange of data is the norm.

It can boost more than commerce, he said, though the most obvious benefit is to merchants, issuers and customers.

“We’ve needed to rethink, from the ground up, how we architect security,” Lambert said.

In a world where credentials are stored on billions of mobile devices and could be stored on millions of servers globally, “you have to assume that the bad actors and the hackers will get their hands on that data, no matter how tall and thick the firewalls you build,” he added.

@ Newshounds News™

Source:  PYMNTS

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RIPPLE CEO CRITICIZES U.S. SEC: IS SEC ABOVE THE LAW?

▪️Brad Garlinghouse slams SEC for ignoring the ruling that XRP isn’t a security.

▪️Bitnomial argues XRP futures should fall under CFTC, not SEC regulation.

▪️Stuart Alderoty questions SEC’s credibility, calling its actions unconstitutional.

In July 2023, U.S. District Judge Analisa Torres ruled that the XRP token is not a security, a decision seen as a partial win for Ripple Labs and the broader crypto industry. Yet, despite this ruling, the U.S. Securities and Exchange Commission (SEC) remains firm in insisting that XRP is a security.

Criticizing the SEC’s disregard for the court ruling, Ripple CEO Brad Garlinghouse lashed out at the regulator. His response follows Bitnomial’s lawsuit, challenging the SEC’s stance on XRP futures.

Brad Garlinghouse Slams SEC
In a recent tweet, Brad Garlinghouse voiced his frustration with the SEC, criticizing the agency for ignoring the court’s decision that XRP is not a security. He pointed out that the SEC’s actions show an attitude of acting above the law.

Garlinghouse’s disapproval comes as the SEC maintains its stance in the Bitnomial case, where the crypto derivatives exchange Bitnomial challenged the SEC’s classification of XRP futures as “security futures.”

Bitnomial argues that XRP futures should fall under the Commodity Futures Trading Commission (CFTC), as XRP itself has not been labeled security. In its court filing, Bitnomial accused the SEC of overstepping its authority and placing unnecessary regulatory burdens on the exchange.

Supporting Ripple’s stance, Bitnomial noted that the SEC’s position directly conflicts with the court’s ruling, which found that XRP is not a security.

Regulatory Body or Bully?
Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, also weighed in, questioning the credibility of a regulatory agency that disregards court rulings.

Alderoty highlighted that the SEC’s aggressive measures are unconstitutional, further damaging the agency’s credibility. He described the SEC’s behavior as an alarming example of a regulatory body pushing compliance through threats, despite being defeated in court.

SEC Pushing Its Authority Too Far
The SEC’s insistence on regulating XRP as a security has raised concerns within the crypto community. Meanwhile, pro-XRP lawyer Bill Morgan and legal expert John Deaton have both accused the SEC of overreach and questioned the agency’s motives.

Deaton pointed to a recent case involving Digital Licensing, where the SEC was sanctioned for misconduct, further fueling skepticism about the regulator’s approach.

@ Newshounds News™

Source:   Coinpedia  

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🌍 WHERE IS THE BEST PLACE TO EXCHANGE? HAVE YOU EVER HEARD OF IT? INTEL TO RATE CHATTER  |  Youtube

Listen to the LIVE CALL from last night from the Seeds of Wisdom Team.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

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Russia Calls For BRICS Gold Standard | Will It Be Launched This Month?

Russia Calls For BRICS Gold Standard | Will It Be Launched This Month?

Smart Silver Stackers:  10-11-2024

Russia's finance minister has just called for the creation of new Bretton Woods style institutions within the BRICS framework.

 An important detail of this call to action is that Bretton Woods put the world on a Gold Standard.

 The introduction of a Gold pegged currency will have massive implications for Gold, Silver, and anyone stacking physical precious metals, so let's dive into what is on the BRICS agenda!

00:00 Russia's Finance Minister Just Called For What Might Be A New Gold Standard

1:10 BRICS Finance Leaders Are Meeting In Moscow Ahead For The Annual BRICS Summit

3:24 We Are Due For A Change To The Global Monetary System

4:32 BRICS Has Been Pursuing Dedollarization & Regional Currencies

 5:18 New Bretton Woods Insitutions Could Center Around Gold, Just Like The First Time

 7:23 Why BRICS Wants A Gold Standard

 8:28 BRICS Members Stockpiling Gold

https://www.youtube.com/watch?v=6H8EuiTunC8

Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-11-24

Good Afternoon Dinar Recaps,

RIPPLE’S XRP INVOLVED IN ANOTHER LAWSUIT AGAINST THE SEC: DETAILS

The SEC had warned Bitnomial that offering XRP Futures could violate securities laws without additional compliance.

Bitnomial has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its five commissioners, accusing the agency of overextending its jurisdiction.

The company’s case disputes the SEC’s classification of XRP as a security, which the agency claims qualifies as an investment contract under the Securities Exchange Act.

The Case Details
The Chicago-based exchange, regulated by the Commodity Futures Trading Commission (CFTC), had requested to offer XRP US Dollar Futures in August. This followed a federal ruling that XRP is not considered a security in the SEC’s lawsuit against Ripple.

Shortly after filing, the SEC warned the exchange that moving forward with the listing could violate federal securities laws unless the firm complied with additional requirements. This would include registering as a national securities exchange.

According to the court document, the regulatory body informed Bitnomial that listing XRP Futures would require compliance with securities laws, as they would be classified as “security futures” under joint SEC and CFTC jurisdiction. However, the exchange has objected to that interpretation:

“Bitnomial disagrees with the SEC’s view that XRP is an investment contract and, therefore, a security and that XRP Futures are thus security futures.”

The company also claims the SEC’s stance overextends its jurisdiction into areas typically overseen by the CFTC.

As such, it is seeking a court declaration that XRP Futures should not be classified as security futures. This would protect the exchange from SEC enforcement. The firm also aims to prevent the agency from asserting jurisdiction over XRP Futures or taking any enforcement action relating to their future listing.

Industry-Wide Implications
“Establishing this precedent is not just about XRP; it’s about all digital assets,” said Bitnomial CEO Luke Hoersten in an interview with FOX Business.

He added that the firm, unlike others involved in legal disputes with the SEC, has maintained a clean compliance record. According to him, this places them in a unique position to seek a court ruling on whether XRP futures should be classified as securities or commodities.

The case follows similar legal action by Crypto.com, which recently sued the SEC after receiving a Wells notice indicating potential enforcement action. The firm has also accused the agency of overstepping its authority by classifying most crypto assets as securities.

The SEC also just logged a notice of appeal in the Ripple lawsuit. Meanwhile, Investment firm Canary Capital filed on October 8 to launch a spot XRP exchange-traded fund (ETF). This follows a similar proposal made by Bitwise just days earlier.

@ Newshounds News™

Source:  CryptoPotato

~~~~~~~~~

BRICS News: 12 Countries Drop US Dollar, Conduct Majority of Trade in Local Currencies While Eyeing Crypto

▪️The members of the CIS alliance have started conducting trade settlements in local currencies.

▪️The goal remains to alleviate the strains from over-dependence on the US Dollar.

The Commonwealth of Independent States (CIS), consisting of 12 countries, now conducts most of its trades with local fiat currencies. This move aligns with the BRICS alliance’s de-dollarization efforts to dump the US dollar for trade settlement.

The CIS countries include Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Georgia, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

On the other hand, the BRICS nations initially include Brazil, Russia, India, China, and South Africa. This year, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have joined the bloc.

CIS Dumps US Dollar for Local Currencies
Russia, also a member of the BRICS bloc, persuaded the CIS to switch from using the US Dollar to national currencies for trade. The other current members concurred with Russia’s proposed trade policy since adopting local currencies would boost their economies. 

This year, the CIS bloc rarely utilized the US dollar for trade settlements. Instead, the alliance settled 85% of cross-border transactions in national currencies, adding pressure to the US Dollar.

Russian President Vladimir Putin revealed at the CIS summit that BRICS and CIS will collaborate to permanently eliminate reliance on the US dollar.

“The process of import phase-out is moving quickly, and thus the technology sovereignty of our country is being strengthened,” he said.

The de-dollarization initiatives 
Thus, the BRICS-specific de-dollarization goal is now being extended to the CIS alliance.

The de-dollarization initiatives promote regional economic collaboration and deliver higher financial independence for emerging countries. If the current trend persists, the dollar may lose its value, leading to massive deficits and hyperinflation in the US.

The CIS Eyeing Crypto
In the future, the CIS alliance intends to incorporate crypto for cross-border trade settlements. Cryptocurrencies have heralded a new shift to payment services in the last few years.

They promise faster, cheaper, and more transparent transactions, especially across borders due to their anonymity and decentralized framework.

As CNF noted in a previous report, Russia has approved crypto for international payments. This move is part of the country’s attempt to alleviate pressure from Western sanctions while reducing dependence on the US dollar. This development follows the government’s legalization of Bitcoin mining back in July.

Besides Bitcoin, XRP has become a major rival to the US dollar. Despite Ripple’s ongoing legal challenges with the US Securities and Exchange Commission (SEC), the BRICS bloc and Japan are pushing for XRP adoption. In a recent update CNF covered, Ripple’s CEO Brad Garlinghouse says XRP is at the heart of global financial systems.

It is important to note that BRICS has extended its investigation into using gold to challenge the US dollar. Nonetheless, BRICS and CIS have yet to name any digital asset as their official currency among member nations. As blockchain and the global financial system progress, many expect this will happen soon.

@ Newshounds News™

Source:  Crypto News Flash

 ~~~~~~~~~

A GUIDE TO BITCOIN MINING

The rise of cryptocurrency has captured people’s attention worldwide. It promises new possibilities for managing money outside traditional banking and financial systems. This post sheds some light on Bitcoin mining and how a person could get involved.

Bitcoin Mining
Bitcoin is the first digital currency. It uses a decentralized computer network that tracks transactions with many individual users worldwide. A new Bitcoin is created through mining when miners validate a group of transactions.

The network rewards miners with a specific amount of Bitcoin to verify transactions. Blockchain technology underpins the whole Bitcoin operation. The verified transactions get bundled together periodically into blocks and stacked one after the other like links in a chain.

There has always been interest in knowing who owns the most Bitcoin. By most accounts, the single biggest Bitcoin account belongs to Satoshi Nakamoto, the mysterious founder who first launched the revolutionary Bitcoin network concept but has remained in the shadows ever since.

How Does Bitcoin Mining Work?
To add a new block, miners participate in a competitive calculation spree involving complex mathematical problems. Solving these computations requires powerful computer systems running and plenty of electricity.

The miners race to be the first to arrive at the single right response to the question (known as hash). The more guesses made per second, the higher the chances of solving the problem. With more miners joining over time, the difficulty continues to increase.

The potential for profit in Bitcoin mining depends on various factors. You must consider the significant upfront expenses of buying specialized, high-powered hardware for the job and your ongoing electricity bills.

Some people opt to join a mining pool. When participating in shared group efforts, everyone contributes their resources. However, miners in a pool must share the rewards. Additionally, since Bitcoin’s worth fluctuates greatly, it is challenging to precisely determine the financial return on the time and resources spent.

Getting Started in Bitcoin Mining
There are three things that you would need before starting Bitcoin mining

1.  A digital wallet: This stores and manages any Bitcoin or other digital money you obtain.
2.  Computer equipment: To help mine Bitcoin successfully.
3.  Mining software: To truly participate in generating new currency, specific computer programs are essential. Several mining software programs exist, many of which can be downloaded and used at no cost on common operating systems like Windows or Apple computers.

Common Scams
If you’re considering starting to mine for Bitcoin, you’ll want to be careful about what software, equipment, or groups of miners you join so you don’t get scammed. Here are a few of the most common types of scams:

1.  Cloud-Based Services
Some websites claim you can sign up with them and have them do the mining work for you using their computers. Not every service like this is a scam, but you must research before handing over any money.

2.  Fake Wallets and Exchanges
When storing your crypto, only use wallet providers with a good reputation in the community. Some scammers make fake wallet sites just to steal people’s private keys. Once they have your keys, your funds are gone for good. Scammers make fake trading sites and contact people through email or social media. Then, they pressure or deceive people into sending money or cryptocurrency to the fake sites.

Endnote
Bitcoin mining is certainly not for the faint of heart. It takes serious computational power, deep technical know-how, and nerves of steel to handle the fluctuating rewards. However, it could yield fascinating rewards for those up for the challenge.

@ Newshounds News™

Source:  Blockchain Reporter

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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

More News, Rumors and Opinions Friday PM 10-11-2024

MikeCristo8: BRICS will Launch an Alternative to the IMF

10-11-2024

MikeCristo8 :  The BRICS unit has definitely launched.

BRICS will also launch an alternative to the IMF as the summit.

So Lavrov has been traveling the world, telling foreign heads of state that there is going to an IMF alternative for when the BRICS currency is launched.

So BRICS is launching World Bank – IMF alternatives and a whole new financial system based on gold, that will challenge the legitimacy of the US dollar

https://twitter.com/BRICSinfo/status/1844425080006377486

Source(s):
https://x.com/MikeCristo8/status/1844448841996878111
https://x.com/MikeCristo8/status/1844465322742645163
https://x.com/MikeCristo8/status/1844467144282734838
https://x.com/MikeCristo8/status/1844524075529461816

https://dinarchronicles.com/2024/10/11/mikecristo8-brics-will-launch-an-alternative-to-the-imf/

KTFA:

Clare:  Iraq raises gold reserves to 152.6 tons, according to the World Gold Council

10/11/2024

Iraq’s gold reserves increased by 4 tons in the past two months, reaching 152.6 tons, according to a report issued by the World Gold Council. This increase places Iraq in 29th place globally among 100 countries in gold reserves, according to last month’s data.

At the Arab level, Iraq came in third place after Saudi Arabia and Lebanon, as data recorded an increase in Iraqi gold reserves from 148.3 tons to 152.6 tons.

Last August, Mazhar Mohammed Salih, economic advisor to the Iraqi prime minister, confirmed that gold represents about 10% of Iraq’s foreign currency reserves. He pointed out that the reserve had reached 148 tons at the time.

It is worth noting that Iraq recorded a gold reserve of 145 tons and 661 kilograms last February, indicating that the continuous increase reflects financial stability and stability in cash liquidity.

Globally, the United States holds the lead in gold reserves with 8,133 tons and 300 kilograms, followed by Germany with 3,351 tons and 500 kilograms, and then Italy in third place with 2,814 tons.  LINK

Alicia2015:  great to see Iraq increase gold reserves ahead of BRICS summit this month

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

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

Wolverine  ...What I heard is that huge Whales have received their notifications and are flying to their destination to receive their blessing...I can’t say more until I’m allowed to speak. Nothing is guaranteed in this journey but I have absolute faith that any day we are going to receive the news we’ve been waiting for... 

Frank26  [Iraq boots-on-the-ground report]  FIREFLY:
Minister of Finance on TV saying they have activated the automation and digitalization process.  FRANK:  That's important.  Digitization...is the backbone of the monetary reform.  That's what's going to move the currency in and out of the country but more so out there when it starts to float for us...That will add the Real Effective Exchange Rate to your currency.

We Are In The ENDGAME Now...

Lynette Zang:   10-11-2024

Today we are talking about the implementation of Basel III in the central banks and how THIS is the ENDGAME...

https://www.youtube.com/watch?v=atwtjxGUZV4

The Fed Is Failing the U.S. Economy by Ignoring This Metric, Here’s What Next

Kitco News:  10-11-2024

he Federal Reserve is flying blind with its policies because it completely ignores the M2 money supply metric, says Steve Hanke, Professor of Applied Economics at Johns Hopkins University.

 "The Fed doesn't understand what it's doing, and it's not watching the money supply," Hanke tells Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News.

 "How can you be running a central bank and have a macroeconomic model that doesn't even include money? That's the one thing that central banks produce. It's kind of bizarre. Quite frankly, it's stupid, but I'll use the word bizarre and be polite."

https://www.youtube.com/watch?v=TCgiB5Pt6dw

Economist’s “News and Views” 10-11-2024

Forget $50 Silver, "$150 Is Appropriate": Mike Maloney's Bold Prediction

10-11-2024

Join Mike Maloney and Alan Hibbard as they dive deep into the ‘last great precious metals bull market’. Discover why Maloney believes silver is poised to break past $50 and soar to $150, driven by global economic factors and Russia’s strategic move to accumulate silver reserves.

They discuss the current silver chart patterns, why Mike believe’s this is the final bull market for gold & silver, the growing central bank interest in precious metals, and how the weaponization of the U.S. dollar is accelerating the decline of fiat currencies.

Don’t miss this urgent analysis as it's a must-watch for anyone looking to understand the future of silver and gold in a rapidly changing world.

https://www.youtube.com/watch?v=Bi2c2rEeLI0

Argentina's Decision Surprised the World: Will Argentina rejoin BRICS?

Fastepo:  10-11-2024

Argentine President Javier Milei's recent shift in his stance toward China highlights a practical adaptation in his political approach, potentially signaling implications for both his administration and the United States.

 Surprisingly, this statement comes from Javier Milei, Argentina’s well-known anarcho-capitalist, and not from a typical supporter of communism.

 Nearly a year into his presidency, Milei expressed unexpected appreciation for China in a recent TV interview with a local celebrity, noting his favorable impression of the country.

https://www.youtube.com/watch?v=BRtxGi78zOA

20% Of U.S. On Welfare; Household Bankruptcies Surging | Danielle DiMartino Booth

David Lin:  10-10-2024

Danielle DiMartino Booth, CEO of QI Research, discusses the state of the economy, outlook for monetary policy, and major risks to the markets today.

0:00 - Intro

0:50 - Geopolitical risks

2:45 - Reaction to Fed’s 50 bps cut

5:20 - Labor market cooling

10:31 - Foreign workers

11:33 - Bankruptcy cycle

12:50 - Fed monetary policy outlook

14:40 - Welfare

17:30 - Widening deficit

20:35 - Banks’ unrealized losses

22:30 - Declining liquidity

 26:00 - Soft vs. Hard landings

28:30 - Stocks vs. Yields

31:00 - Homes and natural disasters

32:10 - Major risks and asset allocation

https://www.youtube.com/watch?v=LUva_Lhg3xM

Seeds of Wisdom RV and Economic Updates Friday Morning 10-11-24

Good Morning Dinar Recaps,

XRP NEWS : RIPPLE CTO DROPS BOMBSHELL AMID RLUSD LAUNCH – IS XRP AT RISK?

▪️RLUSD launch raises questions about XRP’s significance in cross-border payments.

▪️XRP offers no counterparty risk, unlike stablecoins, strengthening its position on XRPL.

▪️Experts predict XRP could rise to $2.47-$10, pending favorable market and legal outcomes.

As Ripple prepares to launch its RLUSD stablecoin, some XRP community members are worried about its impact on XRP’s importance. RLUSD, currently in beta testing and set to launch soon, will be available on the XRP Ledger (XRPL) and Ethereum and may support Ripple’s On-Demand Liquidity (ODL) in some capacities.

Despite this promising application, some supporters wonder if RLUSD could reduce XRP’s importance, especially for cross-border payments.

Ripple’s CTO Stands Firm on XRP’s Role
David Schwartz, Ripple’s CTO, responded to these concerns, clarifying that XRP has special functions on the XRPL that RLUSD cannot replace. For instance, only XRP can pay for transaction fees on the XRPL, and each account on XRPL must hold some XRP as a reserve. He added that XRP’s biggest edge over stablecoins is its lack of counterparty risk and freedom from jurisdiction limits, unlike any stablecoin.

Schwartz also highlighted XRP’s “autobridging” feature, which automatically connects liquidity between different assets on the XRPL, making XRP an essential tool in the ecosystem.

Schwartz noted that XRP’s role is more than just a transaction token; it’s also a bridge asset, helping with transfers between digital assets.

Will RLUSD Compete with XRP?
Schwartz acknowledged that if RLUSD or other stablecoins become more efficient, XRP could face competition. However, he believes that XRP’s unique features make it difficult for stablecoins to fully take its place.

Community Suggestion On XRP
Some XRP community members suggested raising transaction fees or the minimum XRP balance on XRPL to increase XRP scarcity and boost its value. Ripple’s CTO, David Schwartz, explained that such changes would need community consensus & noted that the XRPL should prioritize usability over speculative value.

Ripple’s exploration of new features, like the EVM sidechain and smart contracts, aims to expand XRPL’s functionality while ensuring XRP’s critical role remains irreplaceable.

Will the XRP Price Surge?
As of now, XRP is trading at $0.53, down 0.8%, but there are mixed signals about its future. A bullish pennant pattern on the weekly chart suggests that XRP might break out soon.

However, the 14-day Relative Strength Index (RSI) is at 37.96, showing it is close to being oversold, which could lead to a small price increase. If legal challenges are resolved, some experts believe XRP could rise significantly, with price targets between $2.47 and $10 in a strong market.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

NEW INDUSTRY BILLIONAIRES: US REGULATORS RECEIVED OVER $32B FROM CRYPTO COMPANIES

U.S. regulators have imposed $32 billion in fines on crypto companies to resolve compliance disputes. Who did they make the most money from?

Of the total, a record $19.45 billion came in 2024. This is due to the $12.7 billion payment to FTX and Alameda Research. In August, Judge Peter Castel ruled that the firms must pay, jointly and severally, $8.7 billion in restitution to those who suffered losses. In addition, the agreement calls for a $4 billion fee to be paid in return for the ill-gotten gains.

The settlement with Terraform Labs brought regulators $4.5 billion in 2024. The firm will pay about $3.59 billion in interest and a fine of $420 million. Its founder, Do Kwon, will pay $204.3 million in interest, fines, and compensation and must accrue at least the same amount to the “bankruptcy estate,” which will be distributed among investors.

Among the most significant fines were Binance’s $4.3 billion and Celsius’s $4.7 billion, which occurred in 2023. As part of the case, the largest crypto exchange was ordered to pay a fine of $1.81 billion in a criminal case and will lose $2.51 billion in compensation.

“The leading global crypto exchange agreed to plead guilty in November 2023, to resolve lawsuits with multiple U.S. regulators including the Department of Justice (DOJ), Treasury Department and the Commodity Futures Trading Commission (CFTC).”      From the CoinGecko report

As for the Celsius fine, in 2023, the U.S. Federal Trade Commission announced a settlement against the Celsius Network. As part of the agreement, Celsius and its subsidiaries were prohibited from offering, selling, or promoting any product or service that may be “used to deposit, exchange, invest, or withdraw any asset.”

Terra was the catalyst for the bear market, followed by the bankruptcy of Celsius, and culminated in the collapse of FTX in November 2022. Of these crypto platforms, only Binance remains operational, remaining the largest centralized exchange by trading volume.

However, the sharp increase in recovery amounts occurred in 2023, when the total amount of settlements for claims by U.S. government agencies amounted to $10.87 billion across eight cases.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

UYEDA: SEC’S CRYPTO APPROACH A ‘DISASTER FOR THE WHOLE INDUSTRY’

In a candid interview on Fox Business’s Mornings with Maria, SEC Commissioner Mark Uyeda sharply criticized the agency’s handling of crypto, acknowledging that its current strategy has been “a disaster for the whole industry.”

Uyeda’s remarks come amid mounting legal challenges, including a fresh lawsuit filed by Crypto.com against the U.S. Securities and Exchange Commission following the issuance of a Wells notice.

Crypto.com’s lawsuit alleges that the SEC has overstepped its jurisdiction by enforcing regulations on the cryptocurrency market without issuing clear regulatory guidance. The Wells notice — a formal communication from the SEC indicating that enforcement action is likely — accused Crypto.com of operating as an unregistered broker-dealer and securities clearing agency due to its handling of tokens that the SEC deems securities.

Uyeda’s critique of the SEC’s approach highlights a growing frustration within the agency and the wider crypto industry.

“We have been sending this ‘policy through enforcement,’” Uyeda stated, referring to the SEC’s practice of targeting companies with legal actions without offering explicit guidance on how they should operate within existing regulations. “We’ve done nothing to provide guidance on it,” he continued. “And as a result, this has been shaped by the courts. And different courts have ruled in different ways.”

Indeed, the SEC’s reliance on enforcement has led to legal battles, including a high-profile case against Ripple Labs.

The courts have often delivered mixed rulings, adding to the uncertainty for crypto firms. While the SEC recently lost a major ruling to Ripple XRP regarding the classification of XRP tokens, the agency has already filed an appeal, signaling that these legal struggles are far from over.

Crypto firms are fighting back
Crypto.com’s lawsuit is just the latest in a series of legal confrontations between the crypto industry and the SEC. The lawsuit, sparked by the Wells notice, argues that the agency has been regulating beyond its mandate. Crypto.com’s leadership insists that legal action is necessary to protect the future of cryptocurrency innovation in the United States.

Mark Uyeda refrained from commenting directly on the Crypto.com litigation, but he emphasized the broader issue of the SEC’s failure to offer clarity. “We have not provided interpretive guidance as to what you can and cannot do,” Uyeda said, adding that the lack of clear rules has left companies guessing about how to comply with securities laws.

Uyeda’s comments also touched on the SEC’s broader regulatory philosophy, particularly in relation to environmental, social, and governance mandates. He criticized the agency’s focus on ESG issues, suggesting that such efforts often stray from financial relevance.

“It is about micromanaging a lot of what corporations are doing on things that have absolutely no financial purpose,” he said, adding that financial regulators should not be vehicles for social change.

@ Newshounds News™

Source:   Crypto News

 ~~~~~~~~~

🌍 THE CONSTITUTION FRIDAY NIGHT CALL WITH SEEDS OF WISDOM TEAM  |  Youtube

Join us for a LIVE CALL tonight in the Constitution room at 8 pm ET, 7 pm CT

Find previous calls on our Youtube Channel here:  The Constitution on Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps