Seeds of Wisdom RV and Economic Updates Wednesday Evening 11-20-24

Good Evening Dinar Recaps,

A NEW FRONTIER: COURT AUTHORIZES SERVICE OF PROCESS THROUGH NFT AIRDROP

In a landmark decision highlighting the unique aspects of blockchain technology, an S.D.N.Y. Bankruptcy Judge ruled in favor of Celsius’s motion for alternative service, whereby Celsius sought to provide legal service by airdopping non-fungible tokens (NFTs) to anonymous defendants’ digital asset wallets.

Judge Approves Celsius’s NFT Airdrop for Legal Service
In the wake of the cryptocurrency exchange’s insolvency, its bankruptcy estate filed suit seeking to void allegedly fraudulent transfers and recover additional funds for its creditors.

Due to the pseudonymous nature of the technology, however, Celsius has thus far been unable to identify the owners of the wallets connected to the relevant transfers.

As a result, the Litigation Administrator designed a novel solution for an alternative method of service. Celsius proposed to airdrop NFTs that include a hyperlink to a website containing the complaint and other relevant legal documents to the wallet addresses in question. 

To ensure the NFTs are properly served, Celsius will have FTI Consulting confirm the wallets receive the NFTs on-chain, and record the exact date and time the NFTs are opened. FTI will also monitor website traffic to ensure the links are opened by actual humans rather than automated bots.

Furthermore, FTI Consulting confirmed that it traced the transfers to the wallets in question, that the wallets have been active since the transfers, and that the same individuals likely remain in control of the wallets.

Alternative methods of service are generally permitted if the statutory methods of service are “impracticable.” According to New York case law, service is typically impracticable when the plaintiff is unable to locate either a business or home address for the defendant despite diligent efforts to do so.

 Alternative methods must also satisfy constitutional due process requirements, which requires service to be reasonably calculated, under all the circumstances, to give notice to interested parties of the nature of the action against them.

Recognizing that the anonymity of the wallet owners deemed traditional service impracticable, the Court was satisfied the defendants were likely to receive the summons and complaint via the hyperlink in the NFT since the NFT was being sent to the exact wallets used by the defendants to receive the funds at issue, and the activity could be traced on-chain.

Judge Glenn concluded the NFT airdrop was “the best possible way” to apprise the defendants of the actions against them, and praised Celsius on its “innovative” solution. In terms of service, email addresses pioneered the way for the internet. Wallet addresses just paved the way for blockchain.

This case highlights one of the many challenges of adopting new technology into society, and exemplifies how blockchain technology continues to disrupt the status quo. Luckily, the industry has taken the initiative to craft novel solutions that allow for its implementation into everyday life.

As attorneys operating exclusively in the digital asset space, we understand the importance of staying up to date on the latest developments and helping clients stay informed whenever the legal landscape shifts.

Whether you are an investor, entrepreneur, or business involved in cryptocurrency, our team is here to provide the legal counsel needed to maneuver this complex landscape. If you believe we can be of assistance, schedule a consultation here.

@ Newshounds News™

Source:  Bitcoin News

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SHANGHAI JUDGE SAYS CRYPTOCURRENCY IS A COMMODITY, LEGAL TO OWN

Shanghai Judge Sun Jie calls virtual currency a commodity with property attributes in a commentary on a 2017 business dispute.

A judge in the People’s Court of Songjiang District in Shanghai, China has released an article on the court’s WeChat account about the legality of issuing virtual currency in China. She was commenting on a business dispute dating to 2017, but her opinion sheds light on cryptocurrency’s murky legal status in China.

A virtual commodity with property attributes
An agricultural development company signed a “Blockchain Incubation Agreement” with an investment management company to produce a white paper as the basis for the issuance of a cryptocurrency, paying 300,000 yuan (about $44,400 at the time) for the service.

A year later, no token had been produced, and the investment company said the agricultural company should develop an app before the token could be issued. Instead, the agricultural company sued to recover the money it had paid.

The court ruled that the agreement between the companies envisioned illegal activities, for which both sides were at fault. It ordered the investment company to return 250,000 yuan.

Judge Sun Jie wrote that virtual currency does not have the status of fiat currency, but is rather a virtual commodity with “property attributes.” She stated:

“Although it is not illegal for individuals to simply hold virtual currency, commercial entities cannot participate in virtual currency investment transactions or even issue tokens on their own.”

How banned is crypto in China?
The judge went on to give a lengthy warning about the potential ills of cryptocurrency. For example:

“Virtual currency trading speculation activities such as Bitcoin will not only disrupt the economic and financial order, but also may become a payment and settlement tool for illegal and criminal activities, breeding money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities.”

By “blindly participating in virtual currency transactions,” individuals and enterprises may not have the full protection of the law, the judge concluded. The article reproduces Article 153 of the Civil Code of the People’s Republic of China, as it is the relevant legislation to the case.

China ordered virtual currency exchanges to close down in 2017. In 2021, the People’s Bank of China and 10 Chinese government agencies joined forces to tighten control over transactions with virtual currencies. Nonetheless, ownership of crypto was never prohibited.

@ Newshounds News™

Source:  CoinTelegraph

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IRAQ'S ACCESSION TO THE WORLD TRADE ORGANIZATION (WTO)  |  Youtube

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 11-20-24

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BIS RESEARCH FINDS PROS DOMINATE CRYPTO DEX DEFI EXCHANGES

In traditional finance (TradFi), market makers and high frequency traders act as intermediaries on exchanges. Decentralized Finance (DeFi) was meant to provide an alternative, with retail investors providing liquidity in a crowdsourcing manner.

The Bank for International Settlements (BIS) was curious about the extent of disintermediation, so it crunched the data on decentralized exchange (DEX) transactions. It found that sophisticated players dominate and are equivalent to professional intermediaries in TradFi..

That said, a sophisticated player in the crypto world could still be a spotty teenager working in their parent’s basement, albeit a wealthy one. So from that perspective, DeFi is democratized.

Despite retail investors making up 93% of DEX liquidity providers (LPs), a few larger actors provide 65-85% of the liquidity on DEXs. They also dominate profits, making an average net return of 3 basis points more daily. That’s equivalent to 11.65% more annually compared to retail LPs. While the average position of a retail investor is $29,000, for the professionals, the figure is $3.7 million.

The BIS found that retail investors earn about 10-25% of fees and are generally less skilled.

More sophisticated AMMs favor the pros
The study focused on Uniswap V3. In the early days of DeFi, the algorithmic model used by most automated market makers (AMMs) was a crude straight line formula. That meant that a crypto holder could provide liquidity in a relatively passive manner.

That changed with Uniswap V3, which encourages liquidity providers to target narrow price ranges close to the market price, helping to provide deeper liquidity around the price action.

Given prices are dynamic, that requires more monitoring. If an LP provides a broad price range, something retail LPs are more prone to do, their position will be inactive some of the time, earning less fees. The research showed that sophisticated LPs provided significantly narrower tick range spreads, less than half of retail LPs’ range.

The introduction of V3 has accelerated the shift to sophisticated players. At launch, sophisticated LPs accounted for 40-50% of transactions, rising to 70-80% by the end of 2023.

Sophisticated LPs show distinct patterns. They target high volume pools where daily trading volume exceeds $10m, and they completely dominate those pools. 

Retail LPs provide liquidity to pools where volumes are less than $100,000 a day. Sophisticated LPs also target less volatile trading pairs, which are lower risk.

However, when the markets are in a temporary volatile period, the pros really stand out. During those times, rather than earning 3 basis points more than retail daily, the figure is 2.5 times higher at 7.6 basis points.

@ Newshounds News™

Source: Ledger Insights 

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RUSSIA CRACKS DOWN ON CRYPTO MINING AMID WINTER ENERGY CRISIS

▪️Russia plans to ban crypto mining in specific regions to address energy shortages during winter.

▪️The ban will affect Siberia and certain Ukrainian territories under Russian control, with varying degrees of restriction.

▪️The move comes alongside new crypto regulations aimed at overseeing mining activities.

As winter approaches, Russia, one of the world’s top cryptocurrency mining hubs, is gearing up to impose targeted bans on mining to address looming energy shortages. Alongside the U.S., China, Kazakhstan, and Canada, Russia has become a key player in the global mining scene.

However, with winter temperatures plunging and energy demands rising, the country is forced to make tough choices.

The Moscow Times reports that these restrictions will mainly affect Siberia and Ukrainian territories currently under Russian control.

Crypto Mining Restrictions During Winter Months
A government commission, led by Deputy Prime Minister Alexander Novak, has outlined the plan to ensure stable energy supplies during the heating season. Starting December 1, 2024, mining in Siberia will be suspended until March 15, 2025, with similar bans scheduled annually through 2031.

In addition, the North Caucasus and occupied Ukrainian regions will face a total mining ban from December 2024 to March 2031, with no seasonal exemptions, as reported by Kommersant.

 New Regulations in Effect

These mining bans are part of a broader set of crypto regulations signed into law by President Vladimir Putin on November 1, 2024. The new rules aim to regulate mining activities and establish infrastructure for experimental cross-border cryptocurrency transactions.

While domestic crypto payments remain illegal, Russian lawmakers view these measures as a possible way to bypass international sanctions by using digital currencies.

The Energy Cost of Crypto Mining
As the world’s second-largest cryptocurrency mining country after the U.S., Russia uses about 16 billion kilowatt-hours annually for mining—roughly 1.5% of its total electricity consumption, according to the Energy Ministry. In addition to the mining bans, the new laws introduce taxes on mining activities, which could generate up to 200 billion roubles ($2 billion) annually for the Russian economy.

Bitcoin Mining Difficulty Soars
Bitcoin’s mining difficulty has recently hit a record 102.29 trillion, reflecting the increasing computational power needed to secure the network.

This key metric adjusts every two weeks to maintain steady block production despite fluctuations in miner activity. Since mid-2024, Bitcoin’s mining difficulty has increased by nearly 20%, driven by intense global competition.

At the same time, Bitcoin’s hash rate peaked at over 900 EH/s before stabilizing around 730 EH/s.

Russia’s decision to implement these mining bans highlights the country’s challenge of supporting the expanding crypto sector while ensuring enough energy is available during peak demand periods.

@ Newshounds News™

Source:  Coinpedia

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JUST IN: 🇷🇺🇨🇳 China and Russia officially complete East-Route Natural Gas Pipeline, directly connecting both countries.

The pipeline is expected to deliver 38 billion cubic metres of natural gas annually.

@ Newshounds News™

Source:   BRICSNews

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🌱THE "BRUNSON CASE" AND WHY IT IS IMPORTANT  |  Youtube

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 11-20-24

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BRICS NEWS:  4 NEW COUNTRIES SHOW INTEREST TO JOIN BRICS ALLIANCE

A total of four new countries have expressed their interest in joining the BRICS alliance this month. The number of countries that are ready to be a part of the bloc is only growing lately. The de-dollarization agenda, clubbed with a renewed consideration of local currencies is what’s attracting emerging economies into the bloc.

Four new nations have come forward officially expressing their intent to be a part of the BRICS alliance. The four countries that want to join the bloc are:  Bolivia  Columbia  Libya  Namibia.

While Bolivia is already a part of the BRICS alliance via the ‘Partner countries.’ It is now looking to be a full-time member. “BRICS is a new alternative that will be able to help first of all countries like Bolivia, but also many others,” said Foreign Minister Celinda Sosa. “This shows that there is a vision of integration, a multilateral vision where all countries have this opportunity,” she said.

Columbia, Libya, and Namibia are knocking on the doors of the BRICS alliance for an official membership. Nonetheless, the expansion could only happen in 2025 as the bloc started the new ‘Partner Countries’ initiative. Therefore, these countries are unlikely to be a part of the grouping this year or any time soon.

The BRICS alliance invited 13 new nations to join the bloc as ‘Partner Countries’ during the 16th summit in Kazan. Russian President Vladimir Putin confirmed that all the countries will officially become partners after they approve the invitation.

“The establishment of a new category of partner countries has become a significant conclusion of the Kazan Summit. The list of potential candidate countries was also agreed upon, to which the Russian presidency will send a relevant invitation,” said Putin.

@ Newshounds News™

Source:  Watcher Guru

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PAYPAL TAPS XOOM FOR CROSS-BORDER STABLECOIN PAYMENTS

The partnership is designed to expand access to PYUSD in Asian and African markets, PayPal said

PayPal has tapped Xoom to enable cross-border payments using its stablecoin, PayPal USD, the payments giant said on Nov. 19.

The partnership is designed to expand access to PYUSD in Asian and African markets and let PayPal settle cross-border transactions outside of traditional banking hours, PayPal said.

Xoom is working with Cebuana Lhuillier and Yellow Card to handle PYUSD disbursements.

“[S]tablecoins like PYUSD are changing the payments landscape, and by integrating our technology, they will be able to move money in the most effective way possible thanks to our stablecoin and payments infrastructure,” Chris Maurice, Yellow Card’s CEO, said in a statement.

Launched in 2023, PYUSD is backed 1:1 by US dollars and is issued by Paxos Trust Company, a United States-regulated crypto custodian. It competes with other regulated, dollar-backed stablecoins, such as Circle Internet Financial’s USDC.

An Ethereum-compatible ERC-20 token, PYUSD is the only stablecoin supported on PayPal’s payment rails. It is designed to be “available to an already large and growing community of external developers, wallets and Web3 applications” and easily onboarded by cryptocurrency exchanges, according to PayPal.

PayPal has been taking steps to expand PYUSD’s accessibility, including working with Anchorage Digital to launch a rewards program for clients who custody PayPal USD stablecoins with the crypto custodian.

In May, PayPal launched PYUSD on Solana, partnering with Crypto.com, Phantom and Paxos to on-ramp users onto the blockchain network.

It also partnered with Web3 infrastructure provider MoonPay to buy cryptocurrency using a PayPal account. That partnership extended to on-ramping users to crypto betting platform Polymarket in July.

Coinbase, which also has an institutional custody arm, incentivizes users to hold stablecoins on its platform as well. It currently offers approximately 5.2% annual percentage yield on USDC. Coinbase owns an equity stake in Circle.

Despite its recent successes, PYUSD still greatly lags behind dollar-pegged stablecoins USDT and USDC. According to data from CoinMarketCap, the two leading stablecoins command market capitalizations of some $128 billion and $37 billion, respectively.

@ Newshounds News™

Source:  CoinTelegraph

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🌱 MELANIA TRUMP'S LAUNCH OF THE "ON THE MOVE" DIGITAL SERIES IS SIGNIFICANT FOR SEVERAL REASONS  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 11-19-24

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CHAINLINK COLLABORATES WITH MICROSOFT ON CBDC COMMISSIONED BY BRAZIL’S CENTRAL BANK

Blockchain oracle service provider Chainlink (LINK) is working on a pilot project for Brazil’s proposed central bank digital currency (CBDC) called DREX with Microsoft and other firms in the country.

In a press release, Chainlink says it is collaborating with Microsoft Brazil, digital bank Banco Inter and blockchain finance firm 7COMm to build a trade finance solution as part of the second phase of the DREX pilot.

The goal of the pilot, according to the announcement, is to “demonstrate the automated settlement of agricultural commodity transactions across borders, across platforms, and via different currencies.”

Chainlink will use its Cross-Chain Interoperability Protocol (CCIP) to create interoperability between Brazil’s Central Bank and other foreign banks using DREX, ensuring efficient transaction settlements.

The pilot also aims to tokenize an Electronic Bill of Lading (eBoL) – or receipts for cargo used by shippers and carriers – and put them on-chain using supply chain data to trigger payments to exporters.

Says Angela Walker, global head of banking and capital markets at Chainlink Labs,

“We look forward to working with the Central Bank of Brazil, Banco Inter, and Microsoft to demonstrate how the adoption of blockchain technology combined with Chainlink’s interoperability protocol CCIP can transform trade finance… Chainlink CCIP is essential to enabling secure cross-border, cross-currency, and cross-chain transactions and will help showcase what tokenized assets can do at scale for this key CBDC use case in Brazil.”

Chainlink’s CCIP technology was recently used by Swiss crypto firm Taurus in its proof-of-concept run with asset management giant State Street to tokenize funds.

Chainlink creator Sergey Nazarov recently predicted that CCIP would help real-world assets (RWAs) overtake the value of all other sectors in crypto, and become the main mechanisms that allows traditional finance to bring trillions of dollars into the blockchain industry.

“So this is kind of the world that I think we should all be preparing for, and that the Chainlink ecosystem is working towards, by both enabling DeFi to grow and be secure and reach the kind of level of reliability and guarantees that the DeFi community needs and that the TradFi community needs, and enabling the TradFi community’s value to flow onto blockchains and into the DeFi ecosystem eventually.

What this will result in, if it works as intended, is CCIP (cross-chain interoperability protocol) becoming one of the key protocols of the Internet, what we call the Internet of contracts and internet of value. Because CCIP is fundamentally the data and value transport mechanism by which that data and value flows into and across all of those chains.”

@ Newshounds News™

Source:  The Daily Hodl

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BRIAN ARMSTRONG PROPOSES US SOVEREIGN WEALTH FUND THAT PAYS AMERICANS DIVIDENDS THROUGH ELON MUSK’S D.O.G.E.

Coinbase co-founder and CEO Brian Armstrong is proposing a plan that would pay dividends to Americans while making the size of the government leaner.

Armstrong says on the social media platform X that President-elect Donald Trump’s proposed Department of Government Efficiency (DOGE) is a “once in a lifetime opportunity” to “cut the size of government back to health.”

According to the Coinbase CEO, America’s founding fathers may have failed to anticipate the tendency of politicians to promise more free stuff in an effort to get more votes.

“To future-proof this, we may need a constitutional amendment capping total government expenditure (at say 10%), or a way to align incentives.”

Armstrong says that the creation of a US sovereign wealth fund could potentially help in increasing federal government spending when necessary while curtailing expenditure over the long term.

“You’d ideally have a way to temporarily dial up burn (say in wartime), but still have the right incentives to not let spending get totally out of control longer term.

An example would be a US sovereign wealth fund, where every citizen gets a share (maybe people can buy more if they want), and any budget surplus pays a dividend.

Every citizen then has skin in the game. Maybe Congress gets a slightly larger stake.”

To support his argument for a leaner US federal government, the Coinbase CEO says,

“[Economist and Nobel laureate] Milton Friedman famously suggested the function of government be limited to:

1. Courts to enforce contracts and settle disputes.

2. Police to keep the peace at home (enforce laws, protect property rights).

3. Military for national defense.”

Billionaire tech mogul Elon Musk, who was handpicked by Trump to spearhead the Department of Government Efficiency (DOGE), responded to Armstrong saying, “Milton Friedman was great.”

Last week, President-elect Donald Trump announced he was appointing Musk and biotech entrepreneur, Vivek Ramaswamy, to lead DOGE shortly after his election. Trump said DOGE would help his administration’s quest to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies.”

@ Newshounds News™

Source: The Daily Hodl

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🌱 BIG REWARDS FROM STAKING! WHAT IS IT? |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 11-19-24

Good Afternoon Dinar Recaps,

STABLECOIN ISSUER PAXOS TO ACQUIRE FINLAND’S MEMBRANE FINANCE FOR EU ACCESS

Today stablecoin issuer Paxos said it acquired Finnish e-money institution Membrane Finance, the issuer of EURe. The deal gives Paxos a licensed e-money institution (EMI) enabling access to all EU states, subject to regulatory approval.

Paxos and its affiliates are already regulated in New York, Abu Dhabi and Singapore. Under Europe’s MiCA regulations crypto legislation, registration in one state is passported to all other member states.

Paxos is the issuer of the PayPal stablecoin (PYUSD) and its own Paxos dollar (USDP). Its UAE affiliate has issued a yield bearing stablecoin. And in Singapore it recently launched the Global Dollar Network, which will share interest revenues on the USDG stablecoin with distribution partners.

“Stablecoins offer a global solution to challenges that countless people and companies feel when it comes to money movement and payments. Stablecoins are becoming increasingly more prevalent throughout the market as more use cases emerge for everyday users, “ said Walter Hessert, Head of Strategy at Paxos. “With Membrane, we expect to extend our reach to EU customers looking to benefit from stablecoins.”

Stablecoins in the EU
In terms of other stablecoin players, Circle historically had a strong presence in Europe (Ireland). It chose France as its base for MiCAR, directly registering as an EMI.

MiCA regulations require a high proportion of reserves to be held at banks – 30% for smaller stablecoins and 60% for significant ones. Tether claims this is the reason it has not registered in the EU. However, so far it has chosen to remain offshore, avoiding jurisdictions that require it to be regulated. A large part of Tether’s stablecoin balance is on TRON, a blockchain that’s popular in Africa.

Meanwhile, MiCAR also has some quite complicated rules limiting the scale of foreign currency stablecoins in the EU. However, this is widely misunderstood, so we previously provided a deep dive on the topic.

Bank issued stablecoins are also explored as part of our Research report on tokenized deposits and DLT payments.

@ Newshounds News™

Source:  Ledger Insights

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JOHN DEATON EMPHASIZES NEED FOR MODERNISED REGULATORY FRAMEWORK, CRITICIZES SEC OVER OUTDATED LAWS

In a latest X post, the pro-XRP lawyer, John Deaton has expressed concerns over the outdated regulatory framework applied by the US SEC in response to Michael Saylor’s interview. He shared that the SEC should be focused on ‘fraud, pump and dump schemes and the bad guys.’

The Need For Modernised Regulatory Framework
He pointed out that we are essentially applying 1933 disclosure laws in 2024 to modern-day technologies like AI, Robotics, Automation, and Blockchain and that the existing disclosure laws were meant to reduce the asymmetries between those offering investments and those acquiring investments. 

He stressed that this was during a time when technologies like the internet did not exist. He asserted that the SEC should focus on clear and straightforward principles to guide the industry.

“People like Gary Gensler, Jay Clayton, and Bob Stebbins prefer the law and rules of the road to be vague. WE NEED REFORMERS AS REGULATORS LIKE Brian Brooks and Brad Bondi,” he noted.

Deaton’s remarks highlight the need for a modernized framework that accommodates emerging technologies.

Deaton’s ‘Dream Team’
Amidst the speculations of the current SEC Chair Gary Gensler’s resignation, Deaton has endorsed Brad Bondi as a suitable replacement. Deaton noted that Bondi represents a more balanced and progressive approach to regulatory oversight and voiced skepticism over other contenders, such as Bob Stebbins.

The US Treasury Secretary and the SEC Chairman are the two most important remaining positions to be filled. Deaton emphasized that these two selections must be compatible and complement each other to truly implement the America First Agenda envisioned by President Trump.

Elon Musk had recently suggested that Howard Lutnick might be the right choice for Treasury secretary but had also suggested others to provide input on who President Trump should select to be America’s next Treasury secretary.
Deaton expressed his views by stating:

“The Dream Team that would foster innovation in America, securing its place as the number one market in the world, causing an economic explosion in our capital, crypto, and IPO markets, while bolstering demand for the USD and ensuring its dominance around the world, while, at the same time, shaking things up and reforming the agencies is Brian Brooks as Treasury Secretary and Brad Bondi as SECGov Chairman.”

@ Newshounds News™

Source:  Coinpedia

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🌱 FEDERALIST TO SILVER AND VOTING  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 11-19-24

Good Morning Dinar Recaps,

PHILIPPINES TO DISTRIBUTE TOKENIZED GOVERNMENT BONDS VIA GCASH WALLET, PDAX CRYPTO EXCHANGE

The Philippines government is about to embark on the next phase of its government bond tokenization path. Last year it tokenized bonds targeting institutional investors. That was followed by releasing 90 day Treasury Bills available to retail investors.

Now the Bureau of the Treasury is planning to distribute longer term tokenized Treasury Bonds, or GBonds, in December targeting consumers.

Its primary distribution mechanisms will be via GCash and PDAX. GCash is the wallet app that has been used by 94 million people and was recently valued at $5 billion.

Ant, the owner of Alipay owns around a third of GCash parent Mynt and MUFG owns 8%. PDAX is a cryptocurrency exchange with around four million users that has already been distributing the Treasury Bills, with a minimum investment of 500 pesos ($8.52).

“We envision a future where investing in government bonds is no longer a luxury but a new normal for Filipinos — with just a few swipes away and as easy as ordering their favorite food delivery,” said Ralph Recto, the Philippines Secretary of Finance. “This empowers our people to effortlessly secure their future, all from the comfort of their homes.”

The government news agency said Recto called for GCash and PDAX to speed up the launch.

The country already has retail government bonds, but the minimum investment is ten times higher at 5,000 pesos. PDAX, who we suspect is providing the tokenization technology, says one of the key benefits is reducing the administration costs to support the smaller denominations.

In 2020, the government first explored using blockchain for retail government bonds and launched the Bonds.PH app in collaboration with UnionBank. Back then, the bank also partnered with PDAX for the blockchain aspect.

Other tokenized government bonds
Issuing tokenized government bonds as digital twins, or natively digital bonds, is becoming increasingly popular, although most still target institutions. Slovenia became the first European state to issue a digital bond, and the UK is planning one in the next two years. The largest digital government bod so far was a multicurrency green bond issuance worth $756m by Hong Kong.

@ Newshounds News™

Source:  Ledger Insights

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IOTA announces network upgrade for more real-world adoption

The IOTA Foundation has announced a sweeping upgrade to its blockchain network, aiming to improve scalability, decentralization, and real-world use cases.

Dubbed “IOTA Rebased,” the proposal will transition IOTA’s Layer 1 network to a Move-based object ledger, introducing programmability and enabling tens of thousands of transactions per second.

If approved by token holders, the upgrade will mark a shift to a delegated proof-of-stake mechanism with 150 permissionless validators to secure the network.

This move will replace IOTA’s (IOTA) existing architecture with a decentralized structure, allowing for faster and more secure transactions. 

The proposal also incorporates the Move programming language, enabling smart contracts directly on the Layer 1 network. 

This feature is designed to expand IOTA’s application in industries such as supply chain tracking, asset tokenization, and digital identity systems, according to the company.

IOTA has created a governance post so the community can discuss and debate the protocol upgrade. The vote will officially go live on December 2.

In August, IOTA introduced a blockchain-based tool to simplify music rights management in the film industry. Developed under the European Blockchain Pre-Commercial Procurement initiative, the tool aims to streamline negotiations and secure intellectual property rights.

Move ecosystem merge
Joining the Move ecosystem alongside platforms like Sui and Aptos, IOTA aims to leverage MoveVM’s capabilities while becoming the first Layer 1 network to adopt this architecture.

The IOTA Foundation has launched a Move-based testnet to showcase the upgrade’s potential, accompanied by tools for developers, including a browser wallet extension and updated documentation.

The economic model under the proposed system introduces staking rewards and a dynamic token supply. Validators and delegators will earn newly minted IOTA tokens with an initial annual inflation rate of 6-7%, translating to a projected 10-15% annual return for stakers, according to the company release.

This model aims to incentivize network participation while maintaining fair tokenomics through mechanisms like fee burning.

“This upgrade could significantly accelerate our adoption efforts by introducing programmability and full decentralization to IOTA. We believe this proposal has the best chance of delivering value for the IOTA ecosystem.”  —  Dominik Schiener, Co-Founder and Chair of the IOTA Foundation.

With the Rebased proposal, IOTA seeks to strengthen its position as a leading blockchain infrastructure, focusing on bridging decentralized technology with practical, real-world applications.

@ Newshounds News™

Source:  Crypto News

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Seeds of Wisdom RV and Economic Updates Monday Evening 11-18-24

Good Evening Dinar Recaps,

GAMETA AND ROBIN ECOSYSTEM PARTNER TO ADVANCE WEB3 PAYMENT SOLUTIONS

Gameta, a top player in the GameFi market, has commenced an exclusive strategic collaboration with Robin Ecosystem. As per Gameta, the partnership intends to increase Web3 adoption with the merger of advanced payment technologies and gaming innovation. The platform disclosed this endeavor on its official X account.

Gameta’s Collaboration with Robin Ecosystem Marks a Revolution in Web3 Payments
In a recent post, Gameta mentioned that its collaboration with Robin Ecosystems focuses on revolutionizing Web3-based payment solutions.

In this respect, this development increases the accessibility of GameFi and DeFi to a wider audience. Robin Ecosystem has obtained a significant position in the market with its inclusive payment platform. It has integrated its Robin Wallet with a social empowerment instrument Zapry.

By merging the social interaction capabilities and payment solutions, it targets offering a broad forum for Web3 exposure.

Gameta deals with blockchain-based gaming and GameFi. The latest partnership thereof with Robin Ecosystem serves as an opportunity to broaden its access and provide improved payment features.

The collaboration will potentially fortify the gaming ecosystem of Gameta with the integration of Robin Wallet’s consumer-friendly payment solutions. This enables streamlined transfers for rewards and purchases within the games.

Moreover, Zapry’s integration could also improve community engagement and player interaction, making the GameFi experience more immersive.

The Partnership Leads to the Next Wave of Growth in Blockchain Gaming
In line with Gameta’s announcement, the partnership mirrors a wider trend of ecosystem collaborations across the Web3 sector. By filling the gap between payment solutions and gaming, Robin Ecosystem and Gameta are paving the way for the next growth rally for blockchain gaming.

@ Newshounds News™

Source:  Blockchain Reporter

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XRP NEWS: LEGAL EXPERT SAYS SEC’S LATEST APPEAL HAS NOTHING TO DO WITH $125 MILLION PENALTY

Ripple has come a long way since its early days when reaching $1 seemed impossible. Now, with XRP surging past $1, some are even predicting that it could reach previous ATHs at $3.30. While this may sound far-fetched, recent rumors of SEC Chair Gary Gensler’s resignation and Ripple’s potential victory in its legal battle with the SEC have fueled speculation that XRP’s future could be brighter than ever.

Although Gensler’s resignation is still unconfirmed, the mere rumor has sparked a wave of optimism across the crypto space, with many hoping it signals a shift in the SEC’s stance on digital assets.

 If true, it could open the door to greater adoption and investment in Ripple’s XRP. As the momentum continues to build, many are now watching closely to see if this rally is just the beginning of something much bigger for XRP.

Amid the uncertainty, one user claimed that the only remaining issue in the case is the settlement fee, with the SEC seeking more than $125 million. The user also claimed that XRP has already won the key point: it was ruled not to be a security.

But former SEC lawyer Marc Fagel disagreed, saying this view is inaccurate. He explained that the appeal isn’t about a “settlement fee,” as there’s no such thing. Instead, the SEC is appealing the ruling on programmatic sales, while Ripple is cross-appealing the decision on institutional sales.

Fagel wrote, “That’s not remotely accurate, sorry; the appeal has nothing to do with the penalty (there’s no such thing as a “settlement fee”). The SEC is appealing the liability finding for programmatic sales; Ripple is cross-appealing liability for institutional sales.”

@ Newshounds News™

Source:  Coinpedia

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SWIFT AND CHAINLINK UNLOCK GLOBAL ACCESS TO TOKENIZED ASSETS ACROSS 200+ COUNTRIES

▪️Chainlink and SWIFT will power tokenized fund recovery with a new solution.

▪️With defined roles from both firms, this solution can remove inefficiencies in the mutual fund market.

Building on their existing partnership, Chainlink (LINK) and SWIFT continue to push forward for the global adoption of Real-World Asset (RWA) tokenization. Chainlink, SWIFT, and UBS Asset Management recently highlighted their ongoing tokenization efforts via the Monetary Authority of Singapore’s (MAS) Project Guardian initiative.

How Institutions Can Access Tokenized Asset
Specifically, Chainlink, SWIFT, and UBS have unveiled an innovative pilot for settling tokenized fund subscriptions and redemptions. The solution will enable over 11,500 financial institutions across 200 countries to settle digital asset transactions, particularly tokenized funds.

How can 11,500+ institutions across 200+ countries access tokenized assets?@swiftcommunity, @UBS Asset Management, and #Chainlink showcase their major @MAS_sg Project Guardian work around tokenized fund settlement—a solution that is “extremely practical for commercializing” ↓ pic.twitter.com/U0zSp7RwDi  —  Chainlink (@chainlink) November 7, 2024

This latest advancement uses existing SWIFT infrastructure and Chainlink’s platform to settle fund subscriptions and redemptions. It calculates the preconditions for automatically minting or burning fund tokens for the UBS tokenized investment fund. This technique can improve operations and remove costly inefficiencies across the $63 trillion global mutual fund market.

During a panel session, Andrew Wong, Executive Director at UBS Asset Management, noted that SWIFT and Chainlink have facilitated the automatic minting and burning of UBS tokenized fund tokens.

 He said the integration with SWIFT and Chainlink aims to enhance the payment efficiency of the UBS tokenized investment fund.

In a workflow chart, SWIFT Director Giles Goh explained how SWIFT acts as a transfer bridge for USB’s tokenized fund. He noted that the SWIFT transaction manager will implement a program-scheduled task to retrieve pending subscriptions and redemption from smart contracts.

Chainlink then receives the subscription details, such as the amount and funds distributor ID. 

This is key to ensuring the entire flow from the USB-tokenized fund, Digital Transfer Agent (DTA), and Chainlink to the SWIFT network is coherent. Once the transactions come back down, SWIFT triggers a payment initiation or request.

The fund distributor receives this information and initiates a payment converted to a trackable inter-bank payment over SWIFT UETR. Payment fund delivery is confirmed through the SWIFT network and GPI tracker status update. Next, SWIFT triggers subscription and redemption state closure based on proof of funds delivery.

Chainlink calls the subscription redemption functions in the DTA through its Cross Chain Interoperability Platform (CCIP). Finally, CCIP sends and mints the tokens, fulfilling the entire redemption process. Chainlink’s co-founder Sergey Nazarov commented that the pilot opens up a universe of users, which will likely make the fund more successful.

LINK’s Price and Prediction
Meanwhile, Chainlink’s native asset, LINK, continues to move upward, following in Bitcoin’s footsteps.

At press time, LINK price was trading at $14.65, up 3.09% in the last 24 hours and 28.3% in the past 30 days. However, the daily trading volume decreased by 34.6% to $556.6 million, suggesting likely reduced investor interest in the short term.

@ Newshounds News™

Source:  Crypto News Flash 

 ~~~~~~~~~

🌱 WHAT IS AN EXECUTIVE ORDER EO?  |  Youtube

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~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 11-18-24

Good Afternoon Dinar Recaps,

RLUSD IS HERE: RIPPLE’S OPERATIONALLY READY STABLECOIN UNVEILED

Ripple has just reached an important milestone, with its President Monica Long confirming that the company’s new stablecoin, RLUSD, is ready for use. This stablecoin is designed to complement Ripple’s main token, XRP, by offering a steadier and more reliable option for people in the crypto world.

Long shared this news during her appearance on The Scoop, where she explained how RLUSD could improve Ripple’s payment solutions. The idea behind RLUSD is simple: it gives users a way to trade tokenized U.S. dollars on the blockchain, helping them avoid the unpredictable volatility that is common in the crypto market.

fits into a larger shift in the crypto market. Long mentioned that countries in Latin America have shown a growing interest in stablecoins tied to the dollar. 

Europe and Asia are also seen as areas for growth. Ripple plans to offer stablecoins not just in U.S. dollars but also in other currencies like the euro and Singapore dollar.

“Back from a fantastic week at Singapore FinTech Festival, on and off stage, everyone was talking about stablecoins,” Long shared on Twitter. She also pointed out that the increasing demand for reliable, USD-based stablecoins is what’s driving Ripple’s entry into this market.

Besides meeting market demand, Ripple also hopes to attract developers who can create decentralized apps on the XRP Ledger. By offering RLUSD on the XRP Ledger, Ripple is opening up new possibilities for the decentralized finance (DeFi) sector, offering a strong foundation for developers to innovate and grow.

Ripple has already processed over $70 billion in transactions using blockchain technology, showing the rising demand for its services. While XRP is designed for fast, high-volume transactions, RLUSD will serve users who need stability, especially in markets that value clear regulations and financial security.

Ripple’s RLUSD Regulatory Journey
Launching a stablecoin comes with a big challenge: following the rules set by regulators. Ripple is being careful with RLUSD, making sure it checks all the right boxes before it goes live.

The company has already started addressing concerns, like getting a license from New York’s Department of Financial Services (NYDFS) through its purchase of Standard Custody.

RLUSD will be fully backed by reserves, including short-term U.S. Treasury bonds, dollar deposits, and cash equivalents. Ripple has committed to monthly attestations of its reserves, which will be verified by the San Francisco-based accounting firm BPM. This transparency is crucial for gaining the trust of both regulators and users.

Ripple’s RLUSD will be fully supported by reserves, such as short-term U.S. Treasury bonds, dollar deposits, and cash-like assets. Ripple has promised to confirm the status of its reserves each month. An accounting firm from San Francisco, BPM, will verify these reports.

In a recent interview on CNBC’s Street Signs Asia, Long expressed confidence about the future of stablecoins. She highlighted their potential, especially for payments and cross-border transfers. Long believes the stablecoin market will continue to grow, with more coins tied to different fiat currencies.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

BLACKROCK’S BITCOIN ETF OPTIONS SET TO LAUNCH TOMORROW

Nasdaq prepareS for the launch of iBIT options, signaling a key milestone for Bitcoin ETFs.

▪️BlackRock's iShares Bitcoin Trust options will begin trading tomorrow.

▪️iBIT has $43 billion in AUM, with Bitcoin ETF trading volumes surging post-Trump’s election win.

BlackRock’s iShares Bitcoin Trust (IBIT) options are set to begin trading tomorrow, according to Alison Hennessy, head of ETP listings at Nasdaq.

In a statement today, the Options Clearing Corporation (OCC), the world’s largest equity derivatives clearing organization, confirmed its readiness to clear and settle options for spot Bitcoin ETFs, such as the BlackRock’s iShares Bitcoin Trust (iBIT).

The statement referenced key developments, including the SEC’s approval on September 20 to allow options trading for the iBIT Trust and the CFTC’s November 15 staff advisory on clearing options for spot commodity ETFs.

Following the announcement, Bloomberg Senior ETF Analyst Eric Balchunas stated it’s “a matter of when, not if.”

Hours later, Alison Hennessy, Nasdaq’s Head of ETP Listings, said on ETF IQ that iBIT options could be listed as soon as tomorrow.

BlackRock’s iShares Bitcoin Trust has already established itself as a major player in the crypto space since its launch in January.

The ETF has amassed $43 billion in assets under management (AUM) and holds nearly 472,000 Bitcoin, reflecting robust institutional demand.

This announcement comes as Bitcoin ETF trading volumes have surged, ranging between $3 billion and $7 billion throughout November.

The uptick coincides with Donald Trump’s victory as the 47th US president, following his widely expected reelection win on November 6.

This renewed optimism mirrors the early-year momentum seen during the launch of spot Bitcoin ETFs in January, when trading volumes ranged between $4 billion and $12 billion before declining in Q2 and Q3.

@ Newshounds News™

Source:  Crypto Briefing

~~~~~~~~~

GOLDMAN SACHS PREPARING TO LAUNCH ITS DIGITAL ASSETS PLATFORM: BLOOMBERG

According to a latest Bloomberg report, Goldman Sachs is preparing to launch a new company focused on its digital assets platform. It is speaking with potential partners as it plans to spin out its digital-assets platform into a new company for large financial firms to create, trade and settle financial instruments through blockchain technology.

Spin Out In 12-18 Months
While the Plans for the new company are in the early stages, but the long-term goal is to execute the spin-out within the next 12 to 18 months, subject to regulatory approvals, noted Mathew McDermott, Goldman’s global head of Digital Assets.

“It’s in the best interest of the market to have something that is industry-owned,” he stated. Electronic trading platform Tradeweb Markets Inc. is its first strategic partner that will work with Goldman to bring new commercial use cases to the digital assets platform. This reflects a growing trend among large institutions to integrate blockchain technology into traditional financial systems.

Goldman’s move mirrors a broader industry trend, where major financial institutions and governments are embracing blockchain technology to enhance the efficiency of traditional asset trading and settlement processes.

In another initiative, Goldman is looking to support secondary transactions in private digital asset companies for its clients. This could make it easier for family offices and other clients looking for liquidity while also allowing buyers to take advantage of private market discounts. The firm also noted that it is preparing to resume its Bitcoin-backed lending activities.

“If you are trying to build out a scalable marketplace, you want to have the right strategic participants embracing this technology,” McDermott said. “You want a number that is nimble enough to operate, driven by the commercial use cases.”

Goldman Sachs Bullish On Bitcoin
Goldman has maintained a bullish stance on Bitcoin throughout the year. In a Nov. 14 filing with the SEC, Goldman Sachs reported about $718 million in holdings in eight Bitcoin ETFs. It has added $300 million to its Bitcoin ETF portfolio since the second quarter, marking a 71% increase. It has also planned to launch three tokenization projects by the end of this year.

@ Newshounds News™

Source: Coinpedia  

  ~~~~~~~~~

🌱 THE TRUTH ABOUT THE FRINGE ON THE U.S. FLAG  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Morning 11-18-24

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BRICS COUNTRIES ARE REJECTING DE-DOLLARIZATION

The BRICS alliance was hellbent on kick-starting the de-dollarization agenda until the 16th summit in Russia’s Kazan region. Things have now taken a U-turn as the bloc members are slowly backtracking on the initiative.

The US dollar was seen as the main villain of the global economy where local currencies were kept at its mercy.

The agenda to break free from the clutches of the US dollar ignited the de-dollarization process started by the BRICS bloc. 

After Trump reclaimed the White House, talks about using the US dollar for trade are growing among member nations. Trump vowed to introduce a 100% tariff on all goods coming into the US for countries that denounce the USD.

If the tariff comes into effect, the financial discrepancies could hit the BRICS alliance harder than thought. Their import and export sector will take the first hit leading to losses by paying up extra in taxes. This could make BRICS rethink their strategies as de-dollarization could only harm their native economies.

BRICS Slowly Backtracking on De-Dollarization

BRICS member India was the first to publicly reject the de-dollarization agenda kick-started by the bloc. The Foreign Minister of India, S. Jaishankar confirmed that the country is not interested in the de-dollarization process.

He revealed that India will use local currencies only when the option to not settle trade in the US dollar arises. “We have never actively targeted the US dollar. That’s not part of our economic, political, or strategic policy,” he said.

In addition, BRICS member Russia is also slowly backtracking on the de-dollarization process after Trump’s victory. Putin called the USD a “pillar of US power.” 

He added, “Our proposals are not aimed against [the] dollar. This is simply us rising to the challenge of modern times, in response towards the development of the economy we are thinking.”

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

BLACKROCK RECEIVES LICENSE TO OPERATE IN ABU DHABI

BlackRock has secured a license in Abu Dhabi, focusing on AI and private markets while expanding its presence in the UAE’s crypto-friendly ecosystem.

BlackRock, the multinational investment firm and spot Bitcoin exchange-traded fund (ETF) issuer, received a commercial license to operate in Abu Dhabi, the capital of the United Arab Emirates.

According to Bloomberg, the approval granted on Nov. 18 reflects BlackRock’s interest in expanding in the crypto-friendly region.

The company is also seeking a license to operate in the Abu Dhabi Global Market (ADGM), an international financial hub in Abu Dhabi, home to crypto companies like Blockdaemon, M2 and Laser Digital.

BlackRock to focus on AI infrastructure in Abu Dhabi

Despite the UAE being a popular crypto hub, the report did not mention digital assets. BlackRock’s Middle East head, Charles Hatami, said in a statement to Bloomberg that the company will focus on private markets and artificial intelligence infrastructure.  

The move aligns with broader AI investments in Abu Dhabi. On April 16, Microsoft announced that it had invested $1.6 billion in an Abu Dhabi-based AI tech holding company called G42. The technology conglomerate said that the investment aims to push AI development in the region and globally.

On Sept. 17, Microsoft also announced that it would be establishing two AI centers in Abu Dhabi as part of its global AI expansion. One center would support AI projects to solve “key societal goals,” while the other would develop industry standards for responsible AI use.

BlackRock has yet to provide further details on its plans for the UAE beyond obtaining a license to operate in the region.

Crypto-friendly investment fund lays roots in a digital asset hub
Hatami said Abu Dhabi has become a “global financial center.” He also praised the region’s government for being proactive and committed. The executive stated:

“Its strategic location, proactive government policies, and commitment to sustainable growth make it an ideal location for capital markets.”

BlackRock issues the iShares Bitcoin Trust ETF, which gives United States-based investors exposure to Bitcoin. On Nov. 8, the spot Bitcoin ETF surpassed $33 billion in net assets, exceeding its iShares Gold Trust ETF, which gives investors exposure to gold.

The UAE continues to establish itself as a leader in digital finance. On Aug. 30, the country ranked third in a crypto adoption index released by Henley & Partners, an investment migration consultancy firm.

@ Newshounds News™

Source:  CoinTelegraph

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🌱JUDICIAL NAME - LEGAL NAME - MAINTAINING SOVEREIGNTY #CONSTITUTION #SOVEREIGNTY  |  Youtube

Do you know how to sign your name?  Mason explains it!

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 11-17-24

Good Afternoon Dinar Recaps,

RIPPLE IPO ON THE HORIZON? SBI CEO URGES ACTION AS XRP LAWSUIT HEATS UP

XRP surged above $1.20 over the weekend, marking an 87% weekly gain and hitting a three-year high. The rally gained momentum after 18 U.S. states sued the SEC and its chairman, Gary Gensler, accusing the agency of overreaching in its regulation of the crypto industry. This significant development reignited discussions around Ripple’s potential Initial Public Offering (IPO).

With Trump’s win, many speculations are doing the rounds like the Ripple vs SEC case dismissal, IPO, and Stablecoin launch. Since the regulatory matters are at ease, there are chances that Ripple may come with an IPO soon to maximize the current bull run.  

SBI CEO Pushes for Ripple’s IPO

Yoshitaka Kitao, CEO of SBI Holdings, has urged Ripple to start preparing for an IPO “as soon as possible” once its legal battle with the SEC concludes. Ripple has been entangled in a prolonged lawsuit with the SEC, which recently filed an appeal in October. However, many analysts speculate that the SEC’s internal shake-ups could lead to the appeal being dropped, clearing Ripple’s path for a public offering.

Brad Garlinghouse’s Take on IPO Plans

Ripple CEO Brad Garlinghouse has reiterated that while an IPO is not currently a “high priority,” he hasn’t ruled it out entirely. In 2022, he mentioned that Ripple would consider going public after resolving the SEC lawsuit. Though Ripple’s financial stability reduces the immediate need for an IPO, Garlinghouse had earlier envisioned the company going public within a year, a timeline disrupted by ongoing legal challenges.

Ripple Co-Founder Transfers XRP

Amid XRP’s price rally, Ripple co-founder Arthur Britto moved 80 million XRP tokens, with 10 million heading to Binance. This movement has sparked speculation within the community about Ripple’s potential plans, including whether the company is inching closer to an IPO.

Ripple’s Future at a Crossroads
While the IPO discussion gains traction, Ripple remains in a “wait-and-see” mode. The company’s past plans for an IPO were derailed by the SEC lawsuit, but recent legal and market developments may bring the idea back into focus. With regulatory hurdles potentially easing, Ripple’s IPO could mark a historic shift in its trajectory, offering investors a new avenue to engage with the blockchain leader.

In the meanwhile, XRP surged by 25% today, nearing the local resistance level of $1.0739. If buyers maintain momentum, a breakout could push the price to $1.10 and potentially to the $1.15-$1.20 range next week. However, if the weekly candle closes far from this resistance, a correction to the $0.90-$0.95 zone may occur. At press time, XRP trades at $1.0522.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

CRYPTO.COM EXPANDS OFFERINGS WITH ACQUISITION IN AUSTRALIA

Crypto.com has announced its acquisition of Fintek Securities Pty Ltd., a brokerage firm with an Australian Financial Services Licence regulated by the Australian Securities and Investments Commission.

This move allows Crypto.com to broaden its financial product offerings, including derivatives, securities, foreign exchange, and managed investment schemes, to eligible users.

CEO Kris Marszalek highlighted the acquisition as a key step in the company’s mission to create a comprehensive financial services platform that simplifies user experiences and maximizes rewards.

This acquisition marks the second by Crypto.com to enhance traditional brokerage capabilities within its family of companies, following its earlier acquisition of SEC-registered broker-dealer Watchdog Capital, LLC, aimed at expanding its U.S. offerings.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

SEC CHAIR GARY GENSLER’S BEHAVIOR CANNOT BE CHALKED OFF AS ‘GOOD FAITH MISTAKES,’ SAYS TYLER WINKLEVOSS

Winklevoss believes that Gary Gensler should never be allowed to hold any position of influence to prevent future misuse of government power.

The actions of the U.S. Securities and Exchange Commission (SEC) chair Gary Gensler cannot be “explained away” as “good faith mistakes,” former Olympic rower and crypto exchange Gemini co-founder Tyler Winklevoss wrote in a post on X on Saturday. He added:

“It [Gensler’s actions] was entirely thought out, intentional, and purposeful to fulfill his personal, political agenda at any cost.”

Gensler carried out his actions regardless of consequences, Winklevoss said, calling Gensler “evil.” Gensler did not care if his actions meant “nuking an industry, tens of thousands of jobs, people’s livelihoods, billions of invested capital, and more.”

Winklevoss further stated that Gensler has caused irrevocable damage to the crypto industry and the country, which no “amount of apology can undo.”

Venting his frustration, Winklevoss wrote:

“Americans have had enough of their tax dollars going towards a government that is supposed to protect them, but instead is wielded against them by politicians looking to advance their careers.”

Winklevoss believes that Gensler should not be allowed to hold any position at “any institution, big or small.” He added that Gensler “should never again have a position of influence, power, or consequence.”

In fact, Winklevoss said that any institution, whether a company or university, that hires or works with Gensler after his stint at the SEC “is betraying the crypto industry and should be boycotted aggressively.”

According to Winklevoss, stopping Gensler from gaining any power again is the “only way” to prevent misuse of government power in the future. Winklevoss has long been a vocal critic of the SEC and Gensler, who he believes uses the ‘regulation through enforcement’ doctrine.

Winklevoss is far from being the only one accusing the SEC of abusing its powers. Earlier this week, 18 U.S. states, filed a lawsuit against the SEC and Gensler, alleging “gross government overreach.”

Republican President-elect Donald Trump promised to fire Gensler on his first day back at the White House during his election campaign. The Winklevoss brothers donated the maximum allowed amount per individual to Trump’s campaign.

The SEC is an independent agency, which means the President does not have the authority to fire Gensler. However, Gensler’s term ends in July 2025.

Trump transition team officials are preparing a short list of key financial agency heads they will present to the president-elect soon, Reuters reported earlier this month citing people familiar with the matter. So far, there are three contenders for the list: Dan Gallagher, former SEC commissioner and current chief legal and compliance officer at Robinhood; Paul Atkins, former SEC commissioner and CEO of consultancy firm Patomak Global Partners; and Robert Stebbins, a partner at law firm Willkie Farr & Gallagher who served as SEC general counsel during Trump’s first presidency.

While nothing is set in stone yet, Gallagher is the frontrunner, according to the report.

@ Newshounds News™

Source:  CryptoSlate 

  ~~~~~~~~~

🌱ORIGINAL DESCRIPTIONS #CONSTITUTION #SOVEREIGNTY  |  Youtube

Mason gives us some history on our Constitution and who we are.  A very important message.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Sunday Morning 11-17-24

Good Morning Dinar Recaps,

FINTECH STARTUP RAISES $1.5M TO DEMOCRATIZE MARITIME FINANCE

Maritime fintech startup Shipfinex secured $1.5 million in seed funding to democratize maritime finance through blockchain-enabled fractional ownership of maritime assets.

Democratizing Maritime Finance
Shipfinex, a maritime fintech startup, recently announced it has secured $1.5 million in seed funding. Gaurav Mehta, chairman of shipping asset trader Best Oasis Limited and Dubai-based company SPM Shipping DMCC, led the funding round. Vivek Seth, senior vice president at ADNOC Logistics & Services, and Yasovardhan Chinni, founder of Nanlian Ship Management LLC, also participated.

Shipfinex aims to democratize maritime finance by enabling fractional ownership of maritime assets through blockchain technology. The startup believes this investment will kickstart a partnership that uses blockchain to reshape access to maritime assets.

According to a press statement, Mehta, a veteran in ship cash-buying and energy asset markets, will bring his extensive industry insights to Shipfinex.

Shipfinex plans to use the funds to support its growth and develop a secure and compliant marketplace for maritime asset tokens. The company also aims to accelerate its regulatory advancement with Dubai’s Virtual Asset Regulatory Authority (VARA).

Commenting on his financial backing of Shipfinex, Mehta said:

Shipfinex represents the next era in maritime finance, expanding asset ownership and enhancing transparency and efficiency. We’re excited to support this transformative journey and redefine how the world invests in maritime assets.

Vikas Pandey, CEO and co-founder of Shipfinex, lauded Best Oasis Limited CEO’s support and industry insights as “invaluable.” Pandey believes this will be key in Shipfinex’s endeavor to “redefine access and expand investment opportunities within maritime finance.”

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

HOSKINSON EXPLAINS WHY CARDANO IS PREFERRED; ADA TO HIT AN ATH SOON?

Amidst the broader market optimism, Cardano’s price has been showing impressive surges lately as evidenced by its recent rally. Additionally, a flurry of developments around its founder Charles Hoskinson has also sparked market optimism.

Why Will It Reach An ATH?
In a latest X post, Hoskinson has praised the Cardano community. He explained why people prefer Cardano as he underscored that “We have the best community and the best entrepreneurs.

It’s a harder road, but it will change the world.” further, he also predicted the Voltaire update to make the ecosystem the “finest government ever assembled by humanity.”

Additionally, Charles Hoskinson visiting Elon Musk’s SpaceX office has also sparked speculations, given Musk’s rising influence in the US political landscape.

Besides, Hoskinson has recently said that he would support the Trump Government in shaping crypto legislation. He seeks to help the US administration in framing clear regulatory frameworks for digital assets, which have encountered regulatory pressure over the past few years.

Ripple CEO’s Comments Adds To The Optimism
The recent comments from Ripple CEO Brad Garlinghouse have also incited market optimism. He stated:

“The crypto industry has embraced Trump, Trump has embraced the crypto industry. I think it’s very genuine, and I think he sees the opportunity, he sees innovation, he sees entrepreneurship and I’m very excited about what the future holds.”

Garlinghouse highlighted that U.S.-linked crypto assets, such as XRP, SOL, and ADA, have outperformed other tokens due to the expected easing of regulatory pressure. He noted that the anticipation over pro-crypto policies under Trump administration has fueled the rally.

Besides, a prominent crypto market analyst Ali Martinez recently said that Cardano price is poised to hit $6 in 2025, further fueling the expectations of a potential ADA rally to its new ATH.

First Ever zkApp Launched On Cardano’s Midnight Sidechain
In the latest development, the first-ever zero-knowledge application (zkApp) has been launched on Cardano’s Midnight sidechain, that has excited both the community and the founder Charles Hoskinson as well. This innovation is a result of Midnight partnering with Paima Studios.

Sebastien Guillemot, the co-founder of Paima Studios, announced the launch of the zkApp on X. At its core, this partnership is set to simplify the development of multi-stack decentralized applications (dApps) and empower developers to leverage the strengths of different blockchain ecosystems seamlessly.

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Source:  CoinPedia

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Source:  Seeds of Wisdom Team RV Currency Facts

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