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US federal agencies are planning to redefine 'money' to include crypto in reporting rules

Federal regulators aim to treat crypto and traditional currency equally for financial institution reporting.

Key Takeaways

▪️US agencies aim to treat cryptocurrencies as traditional money for reporting purposes.
▪️Final rulemaking on crypto as money expected by September 2025.

Good Afternoon Dinar Recaps,

US federal agencies are planning to redefine 'money' to include crypto in reporting rules

Federal regulators aim to treat crypto and traditional currency equally for financial institution reporting.

Key Takeaways
▪️US agencies aim to treat cryptocurrencies as traditional money for reporting purposes.
▪️Final rulemaking on crypto as money expected by September 2025.

Several top US federal agencies are collaborating to revise the definition of “money” to strengthen reporting requirements for financial institutions handling domestic and cross-border cryptocurrency transactions.

The US Department of the Treasury’s semiannual regulatory agenda, released on August 16, reveals an upcoming federal effort to level the regulatory playing field for cryptocurrencies and traditional fiat currency.

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U.S. Government’s Crypto Holdings: Everything You Must Know

Arkham Intelligence shows that a wallet tied to the U.S. government is sitting on a hefty stash of cryptocurrency. A massive fortune can heavily influence the markets, and we have previously seen how the German Government’s Bitcoin sell-off affected the markets. Amid the political drama and crypto confusion, let’s find out how much the U.S. Government holds.

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Colorado Church group tokenizes $2.5M chapel

This may be the first tokenized church in the world.YEP

A network of affiliated church groups called the “Colorado House of Prayer” has tokenized its main chapel in an effort to purchase the $2.5 million building. 

The pastor heading the project, Blake Bush, says he was compelled by a higher power to use blockchain technology as a tool for advancing the group’s mission.

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Bank of Ghana unveils draft rules for cryptocurrency exchanges

The Bank of Ghana introduces draft guidelines to regulate digital assets, focusing on exchanges and consumer protection measures.

The Bank of Ghana (BoG) has proposed fresh regulatory measures for digital assets following an extensive internal review of Bitcoin, Tether, USDT, and other cryptocurrencies.

On Aug. 16, the central bank of the West African nation issued draft guidelines on digital assets while seeking feedback on the upcoming crypto regulations from the public and industry stakeholders.

According to the BoG, data collected over three years shows a significant increase in Ghana’s appetite for crypto. As a result, it intends to implement laws targeting risks related to money laundering and terrorism financing, fraud and other measures for consumer protection.

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XRP Ledger Sets New $1 Trillion Trust Limit in Ripple USD (RLUSD)

▪️A significant event on the XRP Ledger involved setting a $1 trillion trust limit for Ripple USD (RLUSD), though no actual issuance of RLUSD has occurred yet.

▪️This action serves as a preparatory framework for future transactions, reflecting the XRP Ledger’s scalability and users’ confidence in the ecosystem.

Popular crypto analyst Amelie has brought the XRP community’s attention to a significant event taking place on the XRP Ledger. As tweeted by Amelie, the XRP Ledger has set a new trust limit of $1 trillion in Ripple USD (RLUSD).

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U.S. Crypto Bill Can Happen This Year, Senate's Schumer Tells Crypto Backers of Harris

At the opening Crypto4Harris event, industry supporters of the Democratic presidential candidate suggested Harris will lead a crypto surge, though she hasn't yet shared her view.“something passed out of the Senate.”

▪️U.S. Senate Majority Leader Chuck Schumer came out guns-blazing during a Crypto4Harris event, saying what's been considered a longshot idea of getting some kind of crypto legislation out this year could really happen.

▪️Billionaire Mark Cuban said former President Donald Trump and his party are primarily interested in crypto to make rich digital assets investors richer.

Good Evening Dinar Recaps,

XRP Adoption in Japan: A Comprehensive List of Banks Embracing Ripple’s Technology

▪️Leading banks in Japan are tirelessly working towards shifting how Cross-border transactions are handled by integrating the XRP ecosystem.

▪️Banks like SBI Holdings and Mizuho Bank, part of a 61-member consortium, are working towards worldwide cryptocurrency adoption, especially XRP.

Ripple is emerging as a dominant force in the crypto sphere. The token is rapidly gaining traction, and Japan is at the forefront of this trend by wholeheartedly embracing XRP. Additionally, Japan is also at the front line, particularly in the realm of cross-border payments.

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NON-MARKET ECONOMY STATUS FOR VIETNAM:  'opportunities amid danger'

RECENTLY THE US COMMERCE DEPT REFUSED TO RECOGNIZE VIETNAM AS A "MARKET ECONOMY". THIS ARTICLE FROM A VIETNAMESE NEWSPAPER REVEALS THE REASONS BEHIND THIS STATUS

"The US Department of Commerce's decision to continue classifying Vietnam as a non-market economy was disappointing news. However, this gives Vietnam the chance to accelerate reform towards a market economy."

"This is the driving force for the Ministry of Industry and Trade (MOIT) to implement the commitment that it will research and analyze the US Department of Commerce’s (DOC) report about Vietnam’s economy, to supplement and complete arguments before submitting dossiers to DOC on granting market economy status, a step to concretize the Vietnam-US comprehensive strategic partnership."

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THESE QUOTES,RESEARCH, AND OPINIONS ARE FROM ASHELEY PROSPER ON X DEFINITELY WORTH A READ!!

We keep telling you XRP is the one. But you just won't listen. Maybe some of these quotes will help you see the truth.  

Brad Garlinghouse "XRP is a bridge currency. We believe it has the potential to reduce liquidity costs and enable faster, lower-cost cross-border payments."

Christine Lagarde (President of the European Central Bank) "Ripple is doing a lot of work in facilitating exchanges and making sure that there is no need for a central counterparty, but that we know exactly who is doing what and who is exchanging what."

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Kenya to introduce digital asset ETPs

Kenyan investors will soon access digital asset exchange-traded products (ETPs) on the country’s main equities exchange.

DeFi Technologies, a Canada-based company, has struck a new partnership with the Nairobi Stock Exchange (NSE) to facilitate the issuance and trading of digital asset ETPs in the East African country.

NSE signed the Memorandum of Understanding (MoU) with Valour, a subsidiary of DeFi Technologies, this week. Established in 2019, Valour offers 33 ETPs in Europe, including in Börse Frankfurt, Euronext Paris, Euronext Amsterdam, and the Nordic Growth Market.