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

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UK Introduces Bill To Recognize Digital Assets As Personal Property

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

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

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

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

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Forbes

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Layer 1 Blockchains: Overcrowded and Overhyped? The Real Story

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

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

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

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

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

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

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

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

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

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

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

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

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

A Case for New L1 Blockchains

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Source:  BeinCrypto

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Seeds of Wisdom RV and Economic Updates Wednesday Evening 9-11-24

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SWIFT UNVEILS GLOBAL INFRASTRUCTURE TO STREAMLINE TOKENIZED ASSET TRANSFERS

The payments infrastructure provider said the move aims to solve the interoperability issues related to different technologies and regulatory discrepancies.

Swift announced a new initiative on Sept. 11 to streamline global transactions and enable its members to use their Swift connection for transactions involving both traditional and emerging asset types, such as crypto.

Swift plans to test multi-ledger Delivery-versus-Payment (DvP) and Payment-versus-Payment (PvP) transactions on its global platform. This could allow securities buyers to simultaneously pay for and exchange tokenized assets in real-time on Swift’s network.

The new initiative will focus heavily on the global trading of real-world assets (RWA), as the industry is expected to reach a $30 trillion market cap by 2034.

Swift said that the global tokenized asset industry has an interoperability issue, which turns different RWA efforts into digital islands. This is primarily caused by the lack of a globally accepted digital form of money.

Swift Chief Innovation Office Tom Zschach said:

“Digital currencies and tokens have huge potential to shape the way we will all pay and invest in the future. But that potential can only be unleashed if the different approaches that are being explored have the ability to connect and work together.”

Zschach added that inclusivity and interoperability are central pillars of the financial ecosystem.

This effort will initially use fiat currencies and is later planned to evolve into incorporating central bank digital currencies (CBDC), tokenized commercial bank money, and regulated stablecoins.

Notably, Swift said it had achieved successful results in value transfer tests involving tokenized assets, mentioning the two CBDC sandboxes it has conducted, which included banks from Europe, Asia, and North America.

Moreover, Swift’s new foray to provide a single payment infrastructure for tokenized assets also aims to address how to integrate different digital assets with its respective bank-led networks.

Since each financial institution exploring RWA could be using different distributed ledger technologies, the lack of compatibility might hinder global interoperability. Additionally, the divergence in various regulatory environments can also lead to challenges.

@ Newshounds News™

Source:  Crypto Slate

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CFTC ANNOUNCES PARTNERSHIPS TO TACKLE CRYPTO PIG BUTCHERING SCAMS

The CFTC’s Office of Customer Outreach and Education partnered with several organizations to disseminate information related to crypto relationship investment, or “pig butchering,” scams.

Pig butchering scams have increasingly replaced Ponzi schemes in the last year as criminals attempt to reap higher rewards from more targeted attacks.

The Commodity Futures Trading Commission's (CFTC) Office of Customer Outreach and Education (OCEO) aims to disseminate targeted information regarding crypto relationship investment scams via new partnerships.

American Bankers Association Foundation, a "private regulator" and other federal agencies are working with the OCEO to create and distribute an infographic to help viewers recognize and avoid "pig butchering" schemes, according to a CFTC release.

In addition, the OCEO is collaborating with the U.S. Security and Exchange Commission’s Office of Investor Education and Advocacy and other organizations to develop an investor alert related to pig butchering scams.

“Partnering with federal and state regulators as well as consumer protection groups and other organizations helps spread the CFTC’s customer education message and hopefully reaches people before they can get scammed.

These partnerships focus on a relationship confidence fraud the perpetrators commonly refer to as ‘pig butchering,’ that is estimated to cost Americans billions each year," said Office of Customer Education and Outreach Director Melanie Devoe in a statement.

Pig butchering scams have increasingly replaced Ponzi schemes in the past year as criminals try to gain higher rewards from more targeted attacks.
"Pig butchering scams earn their name from the way scammers 'fatten up' their victims to extract maximum value. This typically involves cultivating a romantic relationship over time through text messages or dating apps, ultimately persuading the victim to invest in a fraudulent scheme," wrote The Block's Brian McGleenon.

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Source:  The Block

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UK INTRODUCES BILL TO GIVE CRYPTO OWNERS LEGAL PROPERTY RIGHTS

The UK’s Ministry of Justice is sponsoring a bill that would grant codified personal property rights to holders of digital assets.

What’s the Scoop?

▪️Digital Rights: The Property (Digital Assets etc) Bill was introduced today before the UK’s House of Lords. It seeks to apply personal property rights for the first time in British history to digital holdings like cryptocurrencies, non-fungible tokens, and carbon credits.

▪️Legal Protections: By establishing property rights for holders of digital assets, the UK hopes to “give legal protection to owners and companies against fraud and scams, while helping judges deal with complex cases where digital holdings are disputed or form part of settlements.”

▪️Needed Clarity: Concerns from the UK Law Commission that digital assets could meet the criteria for both existing types of personal property in the UK, thereby impeding court disputes, reportedly prompted the creation of the new digital personal property category.

Bankless Take:

Although this bill speaks more so to the UK’s nuanced legal system than its bullishness on crypto, society has undeniably become increasingly digitized throughout the 21st century.

Should this trend accelerate in the coming decades alongside greater digital asset adoption, the UK will be well-positioned to arbitrate disputes involving a novel property type.
@ Newshounds News™

Source: Bankless

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Charles Hoskinson Calls Out Big Cardano Staking Misinformation

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets.

Key Notes
▪️Cardano founder just debunked a major ADA staking FUD.

▪️Cardano remains a favorite Layer 1 network with significant backlash.

▪️The protocol has a functional Liquid Staking product with massive holdings.

Cardano has become the center of several backlashes from crypto enthusiasts, with the latest being misinformation about its liquid staking. In light of this, the protocol’s founder, Charles Hoskinson, took to X to flag the increasing misinformation. He stated that the Cardano staking is not locked against the rumors.

Cardano Stakeholders Speak against Staking Misinformation

In his post, Hoskinson asked his followers:

“Why does anyone trust these people anymore?”

The allegations equally drew the attention of many Cardano community members. They strongly believe that the talks are baseless and largely targeted at damaging the project’s reputation.

Cardano SPO PRIDE pointed out the irony of the accusation, highlighting that Cardano is the only top 20 crypto project offering native liquid staking. This further attenuated the fact that ADA coins are never locked in staking.

Also, Cardano does not require Liquid Staking Derivatives (LSDs) or Liquid Staking Tokens (LSTs).

Hoskinson expressed his frustration after a podcast featuring prominent crypto commentators InvestAnswers, CTO Larsson, MartyParty, and Mando appeared on the internet. InvestAnswers specifically asked why older crypto projects like Cardano are still highly ranked. He further claimed that Cardano has a large market share of over $12 billion, “yet no adoption”.

The response from Charles Hoskinson marks the related defense he mounts when critics focus on the protocol.

In response, renowned skeptic MartyParty alleged that ADA holders are locked in staking pools and are unable to sell. He even went as far as accusing the Cardano team of tricking investors with the staking system, making them enter a position that they could hardly exit. MartyParty claimed that this explains the multi-billion dollar market cap.

Understanding the ADA Staking Mechanism

Many people are concerned about the ADA staking mechanism. Some entities propagate that the protocol remains at the top of the crypto ranking because their stakeholders cannot sell.

After all, their assets are locked in the staking. Ordinarily, Cardano staking allows coin holders to assign their holding to a staking pool for a reward known as staking yield.😃

Unlike other protocols, ADA staked tokens are not locked, making it possible for holders to spend or move their assets. So far, the number of staked ADA units is 37.2 billion according to PoolTool data. ADA is currently trading at $0.3359, with a 1.78% dip within the last 24 hours. At this price level, the staked ADA is valued at approximately $7.5 billion.

Placed side-by-side with Cardano’s market cap of $12.08 billion, the staked coins represent about 62%. This high rate suggests that investors are confident in Cardano’s long-term potential.

Moreover, they will lock up their ADA assets in return for valuable rewards. On one hand, the ADA staking reward jumped by 30% last month.

@ Newshounds News™

Source:   CoinSpeaker

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Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 9-11-24

Good Afternoon Dinar Recaps,

Important Ripple (XRP) Announcement Concerning XRPL

▪️The XRP Ledger (XRPL) will implement a major amendment in two weeks to enhance its Automated Market Maker (AMM) feature.

▪️Ripple’s XRP has seen a slight price decline, with a 1% drop over the past 24 hours and a 7% decrease over two weeks, despite recent updates.

Activation in Two Weeks

The team behind XRP Ledger (XRPL) announced that a major update under the code fixAMMv1_1 will be implemented within 14 days. It was approved to go forward after 28 votes in favor (out of 35).

The change aims to enhance the functionality of the Automated Market Maker (AMM) feature. The AMM is a decentralized mechanism that enables users to trade assets directly on the XRPL without relying on third parties.

One of the main goals of the improvement is to make the trading process more efficient and reduce potential risks for liquidity providers.

The XRPL has witnessed several other developments in the past few months. In mid-August, its main Testnet underwent a reset, becoming temporarily unavailable to developers. The effort aimed to improve stability and reduce the cost of running a Testnet node.

“Reminder: in addition to this Testnet, XRPL community members are encouraged to create and manage additional testnets to support diverse testing and development needs, “the team concluded, “the team added at the time.

Prior to that, OpenEden – a fintech company focused on bridging traditional finance and DeFi – disclosed that it will launch tokenized US Treasury bills (T-bills) to the XRP Ledger (XRPL) and its users for the first time. Ripple said it will create a fund to invest $10 million in the aforementioned products.

“Institutions are increasingly looking at where to tokenize their real-world assets, and the arrival of T-bills on the XRPL powered by OpenEden reinforces the decentralized Layer 1 blockchain as one of the leading blockchains for real-world asset tokenization,” Markus Infanger – Senior Vice President at RippleX – commented.

Tokenized T-bills represent digitized traditional US Treasury bills issued on a blockchain or distributed ledger technology platform. The process involves converting the rights to the financial products into tokens, which can then be traded, held, or transferred to specific addresses.

XRP Price Outlook
Ripple’s XRP did not react positively following the aforementioned announcement. It continued trading sideways before slightly retracing in the past few hours.

@ Newshounds News™

Source:  Crypto Potato

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BRICS Confirms 159 Participants Will Adopt New Payment System

After recent rumblings surfaced of how many nations would embrace the impending BRICS Pay system, the bloc has confirmed 159 participants are set to adopt the new payment system. Indeed, the economic alliance system is poised to hit the ground running when it finally launches.

Now, all eyes are on when that launch will take place. Many have surmised that it would be announced at the highly anticipated 2024 Summit. 

Moreover, it would be set to go live in what would be a groundbreaking unveiling. If that were to happen, the bloc has already noted there is a long line of entities ready to embrace it.

BRICS Payment System to Feature 159 Participants, Alliance

Earlier this year, the BRICS bloc announced the creation of a blockchain-based payment platform. It would be set to redefine the collective’s global economic standing. Morehe largest payment systems worldwide. That includes the Western-dominated SWIFT system.

Now, the BRICS group confirmed that 159 participants will adopt the new payment system. Indeed, Russian officials verified the number in a recent correction, according to a Yahoo report. Although previous statements rumored 160 countries would be involved, the number was clarified in subsequent reports.

The payment system is crucial to the bloc’s ongoing de-dollarization efforts. It will provide participating countries with an avenue to trade in local currencies. Therefore, it will greatly hinder how these nations settle trade. Ultimately, decreasing international necessity for the greenback.

This would be vital for Russia, following 2022 sanctions that greatly affected their trade capabilities. That weaponization was a key reason for the adoption of de-dollarization efforts. Now, the bloc is set to more thoroughly compete on a global stage. And so too will the nations whose currencies get increased adoption through the payment platform.

The confirmation also notes that more than 20 countries will be set to take part in the BRICS Pay platform. Although they did not clarify those nations, they are likely among the countries seeking to join the alliance this year. The impending 2024 summit will also deal with ongoing expansion hopes.

Countries like Venezuela, Malaysia, Thailand, Nigeria, and Turkey have sought entry into the bloc. The latter is a recognized NATO member. 

Their inclusion would greatly shift the bloc’s standing in a geopolitical sense. They would be recognized as the first NATO nation to be embraced within the global south-based collective.

@ Newshounds News™

Source: Watcher Guru

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BBVA Switzerland adds support for USDC Stablecoin

Three years ago BBVA Switzerland became one of the first banks to offer cryptocurrency services to retail clients, with the launch of its New Gen digital investment account with no net worth requirements. However, customers have to keep the equivalent of $10,000 on deposit. Now BBVA Switzerland is expanding the offering by adding the USDC stablecoin from Circle.

In addition to the New Gen account, the Swiss bank also provides cryptocurrency services to its institutional and private banking clients.

Previously the BBVA offering only supported Bitcoin and Ether. While users can hold USDC with the bank, it also means institutional clients can use it for trading other cryptocurrencies.

We recently ran tests with a couple of cryptocurrency exchanges and noted that the exchange rates were surprisingly attractive. Thinking about BBVA clients, if they previously used their BBVA account to transfer money onto crypto exchanges, then BBVA can potentially earn foreign exchange revenues from converting CHF or Euro deposits into USDC.

“We want to offer our private clients a simple access to the tokenized products they are most interested in and cannot access through traditional financial institutions. Meanwhile, our institutional clients need us to provide options to guarantee the assets they manage,” said Philippe Meyer, Head of Digital Solutions and Blockchain at BBVA in Switzerland. “We will analyze all the crypto assets they are investing in to continue building our offering with further innovative solutions.”

Late last year BBVA Switzerland migrated its digital asset custody to Metaco’s Harmonize platform which is now owned by Ripple. In June BBVA’s Turkish arm, Garanti BBVA Digital Assets launched its wallet which currently supports trading of Bitcoin, Ether, USDC and Avax and custody of Chiliz, the coin linked to the Socios fan token platform.

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Source:  Ledger Insights

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IRAQI DINAR REVALUATION WHAT YOU NEED | Youtube

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Source:  Currency Facts

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New IRS Tax Law Explained What You Need to know!  |  Youtube

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Source:  Currency Facts

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 9-11-24

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RIPPLE CONFIRMS FEDNOW’S NETWORK EFFECTS WILL TRANSFORM PAYMENTS AND BOOST XRP

▪️Ripple Labs believes the Federal Reserve’s FedNow system will benefit XRP.

▪️The company, through XRP and XRP Ledger, is fighting for market share in the global payment ecosystem.

In a recent release, American technology company Ripple Labs Inc. confirmed that FedNow’s network effects will transform payments and boost XRP. This disclosure highlights Ripple’s relevance as an enterprise blockchain solution in crypto.

FedNow as The Likely XRP Catalyst
For context, FedNow is an instant payment service launched by the United States Federal Reserve last year. With its competitive pricing, enhanced speed, and integrated fraud management features, it is expected to revolutionize the US payment landscape.

In the 2024 document “Trends in Regional Payments,” Ripple mentioned that “networking effects” associated with the adoption of FedNow will begin to take effect within the following year. The firm expects this phenomenon to disrupt the payment scene in America and ultimately pave the way for increased XRP adoption.

As XRP adoption grows, Ripple claims “network effects” will persuade clients to use the Ripple network over the SWIFT network. This would further help Ripple expand its business and use XRP for cross-border transactions, which might ultimately lead to a surge in price.

As highlighted in our earlier post, Ripple partner Volante Technologies collaborated with a prominent custodian bank to carry out FedNow’s pilot phase. The two groups tested the ‘send,’ ‘receive,’ and ‘bank-to-bank’ transfer functionalities to help banks adjust to the new network.

The partnership led to speculations that FedNow might benefit XRP and Ripple. Industry proponents claim Volante users could use XRP on FedNow because of the interface with Ripple. Notably, Volante and Ripple have been actively working together to launch cutting-edge payment solutions.

Now that Ripple has officially confirmed that XRP will benefit from the FedNow, many await the effects on the token’s future price. As of this writing, XRP was trading for $0.5398, demonstrating a 1.5% increase in the past 24 hours. The trading volume increased by 34% to $822 million, suggesting increased demand from traders and investors.

FedNow and XRP’s Position in Cross-Border Payments
Both FedNow and XRP have continued to launch innovative solutions as they fight for supremacy in the cross-border payment industry. As noted in our earlier report, stakeholders expect the cross-border payment sector to be worth over $250 trillion by 2027.

With this in mind, FedNow is already growing its presence within the ecosystem. The service provides a faster, more efficient alternative that could reduce reliance on traditional card networks, potentially lowering transaction fees and increasing competition. Although signing up is voluntary, the service is available to more than 10,000 US financial institutions.

As mentioned in our previous post, Ripple is also leading the charge in addressing issues in the cross-border payment sector. Experts estimate that XRP’s dominant role in cross-border payments might propel the coin’s price to $1 by 2025.

Ripple payments use the XRP and the XRP Ledger to provide the speed, access, and cost-efficiency to meet the demands of crypto businesses.

@ Newshounds News™

Source:  Crypto News Flash

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India launches National Blockchain Framework

Last week India’s Ministry of Electronics and Information Technology (MeitY) unveiled India’s National Blockchain Framework.

 It has several purposes, including providing a platform for government departments to develop solutions and a light weight platform for rapid prototyping by researchers and small businesses.

Vishvasya is the National Blockchain Technology stack providing Blockchain as a Service (BaaS). This allows users to spin up nodes and networks and develop smart contracts, including several templates. For external developers who need to consume the blockchain apps, the stack provides APIs for access.

So far it supports two permissioned blockchains, but didn’t mention which ones. When we reported that MeitY was working on this project last year, the blockchains were Hyperledger Fabric and Hyperledger Sawtooth.

Several government departments have already developed solutions ranging from judiciary applications to document certification and tracking agriculture produce.

One app that was promoted is Praamaanik, which uses blockchain to verify mobile app security. The application developers provide an electronic fingerprint of their mobile app, which is registered on the blockchain.

When users download the app, they can verify that it’s exactly the same and hasn’t been tampered with by using a verification mobile app.

For many years the software community has cryptographically signed software builds. Checking the signature required a little technical skill, whereas India’s solution provides an option that anyone can master.

Apart from MeitY, other organizations involved in the development include C-DAC, NIC, IDRBT Hyderabad (for research in banking technologyset up by the central bank), IIT Hyderabad, IIIT Hyderabad (3 Is), and SETS Chennai.

This project has similarities with Europe’s EBSI, which provides a platform for government solutions. There’s also some cross over with China’s domestic Blockchain-based Service Network (BSN), which was designed to provide a low cost blockchain infrastructure for small companies.

@ Newshounds News™

Source:  Ledger Insights

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Seeds of Wisdom RV and Economic Updates Tuesday Evening 9-10-24

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FED'S UPCOMING PROJECTIONS TO SIGNAL DEEPER CUTS THAN PREVIOUSLY EXPECTED: CITI

Investing.com -- The Fed's updated projections are likely to show that policymakers warming up to cutting rates deeper than previously expected to shore up the economy, Citi analysts said in a recent note, ahead of the central bank's monetary policy meeting next week.  

"Fed officials will need to significantly update their Summary of Economic Projections next week," the analysts said. "The unemployment rate at the end of this year will be revised up and the path for policy rates revised down."

The analysts expect the voting Fed members' projections, or "dots," to show 100 basis points of cuts this year, compared with the Fed's June dots showing just one 25 basis point cut.

Expectations for a more dovish Fed have been driven by the recent slowdown in inflation, with Citi expecting inflation data due Wednesday to show the fourth consecutive month of slower core CPI growth.

As the market is expecting about the 105 basis points of cuts, the analysts said, a median dot for 75bp of cuts "would be hawkish relative to expectations."

The rate cutting path isn't straight forward, the analysts say, as the size of the rate cut in September is likely to significantly influence how deep the Fed cuts rates at consecutive meetings.  

A larger 50bp in cut September, which is the Citi's base case, could lead most fed officials to back 25bp cuts in November and December, leaving a median dot implying a total of 100bp of cuts for the year. But if the Fed delivers a 25bp cut in September, that provides them with the option to signal to the market that they could go 50bp at an upcoming meeting.  

The upcoming Fed decision and updated Summary of Economic Projections will be closely watched, particularly as the economic strength -- or lack thereof -- has sparked widespread debate

The upcoming Fed decision and updated Summary of Economic projections will be closely watched at a time when many the economic strength, or lack thereof, has sparked wide debate.  

@ Newshounds News™

Source:  Investing

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US CONGRESS ADDRESSES DEFI OPPORTUNITIES AND RISKS

▪️US Congress held its first hearing on DeFi, highlighting opportunities and risks.

▪️Republicans defended DeFi's innovation; Democrats focused on consumer protection and regulation.

The US Congress held its first hearing on Decentralized Finance (DeFi). The meeting discussed the opportunities and dangers brought by DeFi, highlighting partisan views; Republicans defended DeFi’s innovative and economic freedom aspects, while Democrats focused on consumer protection, market integrity, and the risks of unregulated financial systems.

Definition and Growth of DeFi

DeFi generally refers to peer-to-peer digital asset transactions through smart contracts on permissionless blockchain networks. However, the meeting emphasized that DeFi lacks a standard definition. The committee presented statistics indicating the rapid growth of the DeFi sector. DeFi’s market value is currently at 67 billion dollars, and the total locked value (TVL) is recorded at 89 billion dollars.

Republicans vs. Democrats

Republicans described DeFi as an innovative sector that could provide more efficient transactions by eliminating non-profit intermediaries. “DeFi is essential for a vibrant financial sector in the US,” said Warren Davidson from Ohio.

On the other hand, Democrats emphasized the importance of consumer protections and stated that DeFi is prone to fraud. Brad Sherman from California argued that DeFi is more complex than traditional finance and a space where bad actors defraud customers.

Republican Witnesses’ Views

Republicans, being the majority in Congress, selected four witnesses to speak before the committee. Democrats could choose only one witness. Brian Avello, Chief Legal Officer of Universal DeFi Holding Company, argued that DeFi should not be governed by existing financial regulations. 

Rebecca Rettig from Polygon Labs noted that DeFi should be redefined as critical infrastructure, suggesting the Cybersecurity and Infrastructure Security Agency (CISA) as a potential regulator. 

Amanda Tuminelli from the DeFi Education Fund emphasized that DeFi should not be managed with uniform rules from traditional finance. Peter Van Valkenburgh from Coin Center advocated punishing fraud and contract breaches.

Democratic Witness’s Views

Mark Allen Hays, senior policy analyst at Progressive nonprofit Americans for Financial Reform, argued that existing financial regulations should apply to DeFi. Hays highlighted DeFi’s ideological stance of avoiding regulation and stressed the importance of protecting market integrity and investors. Hays also mentioned that many fraudsters operate within DeFi protocols.

The meeting was presented as an opportunity for Congress to learn how DeFi works; however, political views dominated rather than an open-minded discussion.

While Republicans defended DeFi as an innovative sector, Democrats highlighted the risks posed by unregulated financial systems. The rapid growth of DeFi and its various risks indicate that more regulatory debates lie ahead. Users should consider both the economic freedoms and the risks that DeFi brings.

@ Newshounds News™

Source:  CoinTurk

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FINANCIAL GIANT STANDARD CHARTERED ANNOUNCES NEW DIGITAL ASSET CUSTODY SERVICE IN UAE

Financial services behemoth Standard Chartered is launching a digital asset custody service in the United Arab Emirates following the approval of a license from local regulators.

According to a new press release, Standard Chartered has selected the UAE for its product launch due to the region’s well-regarded approach to digital asset regulation and adoption.

Says Bill Winters, Group Chief Executive of Standard Chartered Bank,

“The launch of our digital asset custody offering represents a pivotal moment not just for Standard Chartered, but for the financial services industry. We firmly believe that digital assets are not merely a passing trend, but a fundamental shift in the fabric of finance.
With this new service, we are strategically positioning ourselves at the forefront of this next evolution in the custody business. Our robust infrastructure, coupled with our expertise in the field allows us to provide a bridge between the world of financial services and the emerging digital asset ecosystem.”

Initially, the service is set to cover Bitcoin (BTC) and Ethereum (ETH), the leading cryptos by market cap. According to the announcement, Brevan Howard Digital is the first client to utilize the new service.

Says Gautam Sharma, chief executive officer of Brevan Howard Digital,

“This is a significant win for the UAE and the wider digital asset industry. Standard Chartered’s global reputation and demonstrated commitment to this space add a layer of credibility that is meaningful for institutional adoption.

The development of the institutional infrastructure within the asset class and region supports our established business within the ADGM in its continued expansion and our ongoing efforts toward improving and reinforcing standards in the digital asset ecosystem.”

Standard Chartered plans to expand its digital asset services in the coming months and is considering extending its custody offerings to other major financial centers worldwide.

@ Newshounds News™

Source:  DailyHodl

~~~~~~~~~

tZERO BECOMES 2ND FINRA-APPROVED BROKER-DEALER FOR DIGITAL SECURITIES

The company is following the steps of Prometheum, which now treats four cryptocurrencies as securities.

The United States has a second special purpose broker-dealer (SPBD) for digital asset securities. The Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have approved tZero Digital Asset Securities as a digital asset SPBD, giving it the right to custody digital asset securities on behalf of retail and institutional clients.

Its new status allows SEC-regulated alternative trading system operator tZero to carry out custody, clearance and settlement of securities without a third-party custodian, making tZero a “one-stop shop” for digital asset security issuance and secondary trading, the company said in a statement. The company helps private companies go public through securities offerings.

tZero wants to set an example
tZero has a “long-standing position that many digital assets in the market constitute securities under existing legal frameworks,” it said. Although that claim is widely disputed in the crypto world, tZero will treat digital assets as securities when it provides custody of them. tZERO chief legal and corporate affairs officer Alan Konevsky said:

“We will leverage this unique opportunity, on behalf of the digital asset industry at large, to illustrate how positive regulatory clarity can produce real-world innovation, novel products and real commercialization across of range of traditional financial and real world assets.”

The new service will be available early in 2025. The full digitization of tZERO's Series-A preferred equity security (TZROP) will be its first product.

Putting compliance before the rule
Prometheum raised eyebrows in the crypto world when it became the first recipient of the SPBD designation for digital securities in May 2023. Like tZero, Prometheum was a minor player in the digital asset market. Its SPBD designation set off a chorus of disapproval and accusations of favoritism.

Prometheum treated Ether as a security and later added Uniswap and Arbitrum (ARB) to the list of “securities” it custodied. The SEC launched an investigation of Ethereum to determine whether it would consider it a security, but dropped the investigation in June.

tZero began its existence as a cryptocurrency and securities exchange spun off from Overstock.com. It closed its cryptocurrency arm in February 2023.

@ Newshounds News™

Source:   CoinTelegraph

  ~~~~~~~~~

CFTC CHAIR REITERATES BTC AND ETH ARE COMMODITIES IN TESTIMONY

The head of the US commodities regulator, Rostin Behnam, has again argued that the agency should be given regulatory oversight of Bitcoin and Ethereum to better protect investors.

The United States commodities regulator chief has again argued that Bitcoin and Ether — the two largest cryptocurrencies by market cap — are commodities, and his agency should be given oversight of them.

Speaking on July 9 before the US Senate Committee on Agriculture, Nutrition, and Forestry, the Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam argued that a recent court ruling in Illinois stated that Bitcoin and Ether are commodities.

The July 3 ruling was part of a $120 million Ponzi case involving an Oregon man accused of fraud. In the order, the Illinois district court judge said both assets qualified as commodities.

It also said that Olympus (OHM) and KlimaDAO (KLIMA) qualified as commodities, too.

“In its decision, the court re-affirmed that both Bitcoin and Ether are commodities under the Commodity Exchange Act.”

Additionally, Behnam cited a 2022 report from the Financial Stability Oversight Council, which highlighted a gap in regulation of the spot market for “digital assets that are not securities” and called for his agency to assume a greater position of oversight for digital commodities.

Behnam said ongoing inaction from other regulators in the US would not “quash public interest for digital assets” and would only result in greater risk to financial markets and investors.

“In short, our current trajectory is not sustainable. Federal legislation is urgently needed to create a pathway for a regulatory framework that will protect American investors and possibly the financial system from future risk,” he said.

Behnam says the CFTC is ready to enforce crypto rules
The CFTC chair outlined five key legislative priorities he believed his agency could introduce to better regulate digital commodities.

These included his agency’s ability to tailor rules to meet the unique risk profile of cryptocurrencies, a permanent “fee-for-service model” funding model, requiring registrants to adhere to a “comprehensive disclosure regime” regarding their crypto assets, as well as bolstering Know Your Customer and Anti-Money Laundering privileges for the CFTC.

Finally, he urged the committee to consider a “disciplined, balanced framework” for whether or not tokens are deemed commodities or securities under existing law, as well as working to introduce a comprehensive education and outreach program concerning crypto assets in the US.

“The SEC and CFTC have a longstanding partnership that facilitates strong, robust regulation of securities and derivatives markets, Behnam said.

“I am confident that the two agencies will continue working closely, ensuring a reliable, fair, and efficient system for listing and trading of digital assets on regulated exchanges.”

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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IOTA NEWS: LEADING BLOCKCHAIN INNOVATION IN EUROPE WITH WEB3 SOLUTIONS AND REGULATORY COMPLIANCE

▪️IOTA has highlighted some key developments and achievements that position it as a reliable partner in the European setting.

▪️Recently, IOTA was shortlisted as one of the three finalists of the European Blockchain Services pre-commercial procurement (PCP).

IOTA (IOTA), in a recent blog post, detailed how its consistent demonstration of values makes it a reliable partner for both regulatory solutions and technical advancement in the DLT ecosystem. Outlining some of its key updates, the post mentioned the selection of its Web3 identification solution for this year’s Sandbox.

For context, the European Blockchain Sandbox initiative is backed by the European Commission and is meant to supervise the creation of a pan-European framework for regulatory discussion, as CNF recently explained. The selected IOTA solution was designed as an advanced user authentication system to solve the issue of reliable identity verification in the Web3 ecosystem.

It offers a flexible, feeless, and scalable solution that complies with EU regulations, while its open-source software enables organizations to develop and operate public services. The technology is also environmentally friendly as it does not require proof of work and therefore consumes less energy – an important factor to consider when scaling these solutions across Europe.

Another achievement highlighted in the post is its emergence as one of the three finalists known to have completed the two-year European Commission-funded project – European Blockchain Services pre-commercial procurement (PCP).

According to our previous report, IOTA passed the various phases of the project with excellent marks from an initial 30 projects. The first phase of the PCP witnessed the development of prototypes such as digital products and passports. This was meant for recycling and cross-border management of intellectual property rights.

IOTA in the Face of European Regulators
According to the team, IOTA is undertaking serious initiatives to meet the new standard set for the European crypto market. Some of the efforts to comply with the Markets in Crypto-Assets (MiCA) regulations include policy revision, whitepaper updates, and energy transparency.

Over the years, it has attained membership in multiple renowned organizations and alliances, including the International Association for Trusted Blockchain Applications, the European Blockchain Association, etc. For now, it is effectively demonstrating the implementation of the EU regulations through legally compliant products.

For example, the Eviden Digital Passports Solution powered by IOTA not only complies with the EU Battery Regulation but also adheres to the overarching Eco-design for Sustainable Products Regulation (ESPR) ESG reporting rules and supply chain regulations. Additionally, IOTA’s involvement in TLIP to improve cross-border trade further showcases the adaptability and regulatory alignment of its technology.

According to the post, the mission of the IOTA Foundation is to be a pioneer in integrating blockchain and Web3 technologies across various industries. With respect to this, the team is working with the European regulators and commercial partners to bring the financial sector on-chain through tokenization, develop stablecoins that are fully compatible with Web3 technologies, explore the intersection of Artificial Intelligence and crypto, etc.

IOTA is uniquely positioned to help Europe achieve this lead position, offering scalable, energy-efficient, and regulation-compliant solutions that align with the EU’s vision for a digital and sustainable future.

@ Newshounds News™

Source: Crypto News Flash

~~~~~~~~~

ANNOUNCING THE RELEASE OF CARDANO GOVTOOL

We are thrilled to announce the launch of a groundbreaking tool for the Cardano community: Cardano GovTool, which is now live on the Cardano mainnet. This core governance tool is a significant step in advancing Cardano's decentralized governance structure, designed to align with the governance framework laid out in CIP-1694.

What Is the Cardano GovTool?
The Cardano GovTool is a community-driven platform designed to streamline and enhance the governance process within the Cardano ecosystem. It enables ada holders to participate in key governance actions, from delegating their voting power to proposing and voting on governance actions.

This tool is central to the ongoing decentralization of Cardano, putting the governance process firmly in the hands of the community.

What Can You Do with Cardano GovTool?
GovTool provides an accessible interface that empowers ada holders to shape Cardano's future. Specifically, it allows you to:

▪️Find and delegate voting power to DReps: delegated Representatives (DReps) play a crucial role in governance, and the GovTool makes it easy to discover and delegate your voting power to them.

▪️Register as a DRep: if you want to take a more active role in Cardano's governance, you can register to become a DRep and represent the community's interests.

▪️Propose and submit governance actions: you can propose initiatives and changes that community members can review and vote on.

▪️Vote on governance actions: like all ada holders, you can represent yourself and vote on governance actions or allow DReps to vote on your behalf, ensuring your voice is heard in decision-making.

Important Note: Bootstrapping Phase
During the initial bootstrapping phase, the Cardano GovTool supports only the submission and voting on info-type governance actions. These actions serve as information-sharing mechanisms to test the system and establish a foundation for more complex governance actions in the future.

Who's Behind Cardano GovTool?
The Cardano GovTool is an open-source project. Four main contributors collaborated to develop and maintain GovTool: Byron Network, DQuadrant, Bloxico, and WeDeliver. These maintainers ensure the tool's ongoing functionality and welcome open-source contributions from the wider Cardano community. This collaborative approach highlights Cardano's decentralized ethos, where anyone can contribute to the growth and development of the ecosystem.

A Landmark Moment for Cardano Governance
This release marks a monumental achievement for the Cardano ecosystem. Governance has now been officially handed over to the ada holders, who can now steer the future of Cardano through direct participation. Intersect, the organization facilitating this release, is proud to have guided the development of the GovTool, supporting the community in taking full ownership of governance.

Simple and Accessible Interface
One of the main goals of the Cardano GovTool is to make governance accessible to all. With a user-friendly interface, it is easier than ever for ada holders to engage with governance, regardless of their technical expertise. The interface simplifies the process, making it intuitive to find DReps, submit governance actions, and vote, ensuring that everyone can participate in shaping the future of Cardano.

@ Newshounds News™

Source:  Intersect

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RIPPLE’S GARLINGHOUSE HINTS AT FUTURE YEN STABLECOIN, PRIORITIZES U.S. ROLLOUT

▪️In a recent interview, Ripple CEO Brad Garlinghouse hinted at the potential for a yen-backed stablecoin.

▪️While he acknowledged strong demand for a yen-pegged stablecoin, Ripple’s current resources and focus are on successfully rolling out RLUSD.

Ripple CEO Brad Garlinghouse recently hinted at the possibility of launching another stablecoin in the future. In an interview with a leading media house, Garlinghouse emphasized that even though Ripples’s current focus is on the US-pegged stablecoin, RLUSD, “People will want to hold yen stablecoins, and I think that is only a matter of time.”

While Garlinghouse acknowledged Japan’s conservative nature, the Ripple boss found the market to be “really healthy” in other respects. Notably, this is the same nation where 80% of its banks have partnered with Ripple.

In the interview, Brad Garlinghouse went ahead highlighting that Japan “leaned in early” on offering a “clear rule of the road” on digital assets and stablecoins. “That has really allowed entrepreneurship and investment to really thrive here in Japan,”

Comparatively, Brad reiterated that the U.S. has “certainly been behind” other countries, including Japan, the United Kingdom, and Switzerland. Despite the potential for a yen-backed stablecoin, Garlinghouse made it clear that “ Ripple, in particular, is focused on let’s get live with the U.S based stablecoin” which is the RLUSD. Therefore, The launch of a yen-backed stablecoin would likely come after RLUSD has established itself in the U.S. market.

While he acknowledged strong demand for a yen-pegged stablecoin, Ripple’s current resources and focus are on successfully rolling out RLUSD. Earlier, Ripple’s CTO David Schwartz indicated via tweet on the X platform that RLUSD might likely be accessible only to institutions, at least initially.

A key issue that we will continue to make sure we are partnered with US regulators before we go live with the stablecoin[…] We will first issue it in the US, but we think there is an opportunity for stablecoins globally, and certainly in Japan, he explained.

The SEC’s scrutiny has highly affected Ripple’s approach to the US market, prompting it to focus on specific offerings. As we earlier reported, The Ripple boss candidly refuted plans for a U.S. IPO instead the company is keeping a close eye on a London IPO. Ripple CEO Brad Garlinghouse has been mostly vocal about the challenges posed by the U.S. SEC, especially when a company tries to go public.

Ripple is nearing the launch of RLUSD, and according to Garlinghouse, it will be “in weeks, not months,”  though the exact timing depends on regulatory approval. Notably, Ripple has been working closely with U.S. regulators, particularly the New York Department of Financial Services (DFS), to ensure compliance.

Meanwhile, at the time of writing, XRP is swapping hands with $0.53, marking a 1.20% surge in the last 24 hours.  

@ Newshounds News™

Source:  EthNews

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SILVER INVESTING IS ABOUT TO GO TO THE NEXT LEVEL  - Economic Ninja  |  Youtube

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IS CRYPTO IMPORTANT? HOW? THE QFS BROKEN DOWN!  Youtube

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SEC crypto enforcement hits $4.7B this year, rising 3,000% from 2023

The SEC is having a record crypto enforcement year, bolstered by a $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon.

The United States Securities and Exchange Commission has imposed nearly $4.7 billion worth of enforcement actions against crypto firms and executives in 2024, an over 3,000% jump from 2023.

The SEC’s record-setting year was mostly boosted by its massive $4.47 billion settlement with Terraform Labs and its former CEO Do Kwon in June — its “largest enforcement action to date,” according to a Sept. 9 report from Social Capital Markets.

The regulator’s 11 enforcement actions in 2024 netted a 3,018% increase from its $150.3 million worth of fines in 2023 despite taking 19 fewer actions against crypto firms.

The total fine amounts included forfeiture, disgorgement, civil penalties, settlement and prejudgment interest, which were counted from when the SEC initiated the enforcement action.

This year’s hike in fines suggests the SEC has made a strategic shift toward targeting more influential cases.

“This trend indicates a strategic shift by the SEC toward fewer but larger fines, with a focus on making high-impact enforcement actions that set precedents for the entire industry,” the report stated.

The SEC hit the social messaging network Telegram with a $1.24 billion action in 2019, comprised of $18.5 million in civil penalties and $1.2 billion in disgorgement paid back to investors.

Social Capital Market said the case significantly contributed to the average fine rising nearly 2,000% year-on-year to over $70 million in 2019.

The next four years saw the average fine hover between $5 million and $35.2 million before the Terraform Labs case brought 2024’s average fine above $420 million.

GTV Media Group, Ripple Labs, and fraudsters John and Tina Barksdale are among those the SEC has fined with an enforcement amount exceeding $100 million.

That said, 46% of the fines imposed since 2020 have been below $1 million, while 30% fell between the $1 million and $10 million range.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

SEC ‘dug in’ on bank crypto custody rule as agency’s stance ‘unchanged’

SEC chief accountant Paul Munter said agency staff views on a divisive rule curtailing banks from offering crypto custody services “remain unchanged.”

The United States Securities and Exchange Commission has seemingly “dug in” on its stance on a rule that would curtail crypto custody services for regulated financial firms.

In a Sept. 9 address to a banking conference, SEC chief accountant Paul Munter discussed the agency’s regulatory stance on accounting for crypto assets, focusing on SEC Staff Accounting Bulletin No. 121 (SAB 121) and its applications.

“The [SEC] staff’s views in SAB 121 remain unchanged,” he said.

“Absent particular mitigating facts and circumstances, the staff believes an entity should record a liability on its balance sheet to reflect its obligation to safeguard crypto-assets held for others,” Munter added.

ETF Store President Nate Geraci said in a Sept. 10 X post that the SEC “appears dug in” on SAB 121.

“They simply don’t want to provide regulated financial institutions with the ability to custody crypto,” he added.

The SEC introduced SAB 121 in March 2022, outlining its accounting guidelines for institutions looking to custody crypto assets.

The rule was divisive in political circles as it virtually prevented banks and regulated financial institutions from custodying crypto assets on behalf of clients.

The SEC believes that entities with such safeguarding arrangements should record a liability on their balance sheets for digital assets.

Munter said the SEC had reviewed various accounting scenarios involving blockchain and crypto assets and acknowledged that not all arrangements fit the proposed guidelines set out in SAB 121.

Bank holding companies that safeguard crypto with bankruptcy protection may not need to record a liability on their balance sheets, he said.

Additionally, “broker-dealers” that facilitate crypto transactions but do control the cryptographic keys may also not be required to record liabilities.

Meanwhile, SEC Commissioner Hester Peirce, who has been vocally against the rule, said on X she continued “to be concerned about the SAB 121 substance and process.”

The US House of Representatives voted to overturn controversial SEC guidance in May. However, President Biden vetoed the repeal the following month.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

North Carolina Senate overrides governor veto, passes bill banning CBDC

A North Carolina Senate veto-busting vote saw 12 Democratic Party senators who initially voted for the bill to ban a CBDC switch to backing Governor Roy Cooper’s veto.

The North Carolina General Assembly has passed a bill banning the state from implementing a United States Federal Reserve-issued central bank digital currency (CBDC), with the Senate overriding Governor Roy Cooper’s veto.

The Republican Party-led Senate approved House Bill 690 by a 27–17 vote on Sept. 9, narrowly surpassing the 60% majority needed to override a veto by Cooper — a Democrat — and pass it into law.

It comes after the North Carolina House of Representatives voted to overturn Cooper’s veto in early August in a 73–41 vote.

The bill forbids the state of North Carolina from accepting CBDCs as a form of payment and prohibits it from participating in future CBDC tests conducted “by any Federal Reserve branch.”

Cooper’s July 5 veto followed a lopsided 109–4 vote in the House and a 39–5 vote in the Senate a month earlier.

The latest veto-busting Senate vote was much closer, with 12 Democrats who initially supported the bill flipping to support Cooper’s veto.

Not a single Senate Democrat voted to pass the bill this time.

Blockware Solutions head analyst Mitchell Askew told Cointelegraph it is “amazing” to see CBDCs officially banned in his native state, but he wasn’t pleased with how the Senate vote went:

“12 Democrats flipping their position to support the veto confirms my initial hypothesis that the veto was due to Cooper playing partisan politics.”

In a Sept. 9 X post, Blockchain Association’s head of industry affairs, Dan Spuller, said Cooper’s veto effectively “blew an opportunity” to send a message to the Federal Reserve that North Carolina stands “united” against CBDCs.

Cooper’s office did not immediately respond to a request for comment on the bill’s passing.

While CBDCs have been researched by the Federal Reserve, its Chair Jerome Powell stated on July 31 that “there’s really nothing new going on at all” with a US-issued CBDC.

At a March federal Senate Banking Committee hearing, he said the US was “nowhere near recommending or let alone adopting a central bank digital currency in any form.”

Despite the Fed’s assurances, the US House passed the CBDC Anti-Surveillance State Act in May. A companion bill has been introduced to the Senate by Senator Ted Cruz.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

XRP Positioned to Lead the New Financial System, Says Industry Expert

▪️One industry expert says that the XRP community must remain focused on building solutions and not get pulled into the sideshows.

▪️XRP has failed to impress despite most of its peers recording increases to start the week, with the market cap of the XRP Ledger hitting its lowest since January 2022.

XRP has started the week with a worryingly characteristic lack of momentum, gaining a measly 0.2% in the past day to bring its weekly drop to 4.4%, the third-highest drop in the top ten after Ethereum and BTC, respectively.

The dip in the ecosystem market cap can be assessed as a strength as it allows projects to regroup away from the speculation and gives investors a better picture of the project with staying power.

However, it has negative implications as well—for instance, it could signal that projects are leaving XRPL for other chains. It could also discourage new builders from joining and dishearten users from engaging with their favorite XRPL projects. Ultimately, it could erode user and investor confidence, and this can be difficult to recover.

Kirjakulov opines: “Downturns can fuel long-term growth if the ecosystem pivots toward utility and embraces fresh ideas. It’s a moment for XRPL to recalibrate and seize new opportunities, not just a signal of decline.”

Despite the lax performance, some analysts believe that the breakout is near. One analyst points to the consolidation cycle that XRP has been caught up in previously, where a breakout brought about a massive surge to a new all-time high. This same pattern seems to be repeating, as we’ve reported, and a breakout could push the token to new heights.

Focus on Building: Expert Tells XRP Ecosystem

One expert has called on the XRP community to keep building and ignore the price and some of the political issues around the network. Versan Aljarrah, the founder of crypto consultancy Black Swan Capital, noted that the noise around Chris Larsen endorsing Democrat Kamala Harris must not deter progress.

“Focus on the bigger picture. XRP is still building the foundation of the new financial system while Bitcoin’s ties to intelligence agencies remain undeniable,” he stated.

As we reported, Larsen was among nearly 100 other major business leaders who voiced their support for Harris in a statement last week. The move by the Ripple founder contrasts with the company’s incessant criticism of the Biden-Harris administration, under which it was almost brought down by the SEC.

In fact, Ripple has been seen to lean Republican and warm up to Donald Trump, the self-proclaimed crypto saviour. The company’s CLO Stuart Alderoty even donated $300,000 to Trump’s campaign and has attended his events.

With Larsen leaning the opposite way, Ripple seems to be betting on both sides, plausibly to protect its interest regardless of who emerges victorious in the November polls.

@ Newshounds News™

Source:   Crypto News Flash

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BRICS NEWS

El Salvador Proposes Crypto Trade With BRICS, Ditching US Dollar

El Salvador proposes crypto trade with BRICS, aiming to reduce dependence on the US dollar and enhance economic cooperation.

Russia's new crypto trade law enables El Salvador to simplify trade and evade Western sanctions, boosting bilateral trade.

El Salvador's crypto integration with BRICS signals a major shift in global trade dynamics, challenging US dollar dominance.

El Salvador recently proposed using cryptocurrency for trade with the BRICS alliance, aiming to reduce reliance on the US dollar. This move follows Russia's recent legislation allowing crypto for international trade. The legal shift, set to take effect in September, allows Moscow to circumvent Western sanctions.

Russian diplomat Alexander Ilyukhin stated this measure would simplify trade for El Salvador, where the dollar is the official currency. The proposal marks a step in El Salvador's ongoing efforts to integrate cryptocurrency into its economy. Furthermore, it aligns with the BRICS alliance's goal of de-dollarization and boosting the use of its own currency.

The BRICS alliance has focused on reducing reliance on the US dollar in recent years. The group seeks to shift international economic dynamics away from Western influence. Russia's legalization of crypto for trade represents a major stride in this direction. Hence, El Salvador's proposal could signal a new era of economic cooperation between the two nations.

Overcoming Trade Challenges and Western Pressure

Moreover, Ilyukhin highlighted the difficulties in trade settlements due to El Salvador's dollar dependency. He noted that El Salvador faces pressure from the West over this proposal. However, the diplomat emphasized the potential benefits of increased cooperation through crypto trade. This move could enhance trade volumes between El Salvador and BRICS nations.

Additionally, El Salvador's interest in joining the BRICS alliance could further solidify these economic ties. Although the country has not yet applied for membership, the potential for collaboration is evident. Consequently, El Salvador's connection to Bitcoin and other cryptocurrencies could facilitate smoother and more efficient trade with BRICS nations.

@ Newshounds News™

Read more:   Binance

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Gary Gensler Fired from SEC by Kamala Harris – Is Bitcoin Poised for a Breakout?

▪️The removal of Gary Gensler as the chairman by the Vice President Kamala Harris has created a lot of ambiguity in the cryptocurrency.

▪️The resignation may well indicate a potential change of tack to a more pro-crypto stance; all the same any significant shifts will likely take time to enact.

▪️Subsequent appointment of Gensler’s successor will have a major influence over the future of the U. S. cryptocurrency regulations and markets.

As part of the role reversal, Gensler, the head of the SEC, has been fired by Harris from his position. This has come as a huge shock in the financial industry especially the cryptocurrency business. SEC under Gensler has been very rigid in its approach towards the regulation of cryptocurrencies and this has not gone down well with proponents of the industry.

The announcement of Gensler stepping down has led to speculations on further shifts in the regulatory framework for cryptocurrencies. Some experts think that this may be a sign of more favorable approaches to the electronic currency. Bitcoin being the most popular cryptocurrency might experience a rise in demand from investors if the barriers created by the regulations are removed.

However, one must add that any major changes in the policy might take time to be effected. This news could elicit short-term movement in the cryptocurrency market, which is historically characterized by high levels of fluctuation. The long-term prospects are still unclear and will depend on the further actions of Gensler’s successor.

@ Newshounds News™

Source:  Crypto News Land

~~~~~~~~~

Charles Hoskinson: Cardano Will Always Be Bitcoin’s Biggest Threat

▪️Charles Hoskinson believes Cardano is Bitcoin’s greatest competitor in the crypto space.  

▪️Cardano’s eco-friendly proof-of-stake system and smart contracts set it apart.  

▪️Hoskinson envisions Cardano evolving, challenging Bitcoin’s rigidity with regular upgrades.

Charles Hoskinson, the founder of Cardano, firmly believes that Bitcoin’s greatest rival has always been Cardano. He’s confident that Cardano is not just another cryptocurrency, but a game-changing platform.

According to Hoskinson, Cardano has the potential to challenge Bitcoin’s long-held position at the top. With its advanced technology and unique approach, many in the crypto world are starting to see his point.

What Sets Cardano Apart?
Hoskinson’s belief in Cardano comes from its strong foundation. While Bitcoin is known primarily as a store of value, Cardano aims to be much more.

Cardano offers a decentralized platform for smart contracts, decentralized finance (DeFi), and a variety of other applications. This broad focus makes it stand out in the competitive cryptocurrency landscape.

One of Cardano’s biggest advantages is its proof-of-stake (PoS) system. Unlike Bitcoin’s proof-of-work (PoW) model, which consumes large amounts of energy, PoS is much more efficient.

This difference makes Cardano more appealing to environmentally conscious investors and developers. As the demand for greener technology grows, Cardano’s eco-friendly approach could give it a significant edge.

Hoskinson’s Vision for Cardano’s Future
Hoskinson has big plans for Cardano’s future. He doesn’t just see it as a competitor to Bitcoin; he envisions it as a blockchain that can evolve and adapt.

This adaptability, he argues, is one of Cardano’s greatest strengths. Regular upgrades, such as the Alonzo update which introduced smart contracts, show the project’s long-term commitment to innovation.

In Hoskinson’s view, Bitcoin’s rigidity could be its downfall. While Bitcoin has widespread adoption and a strong reputation, it lacks the flexibility that Cardano (ADA) has.

Cardano’s strategic vision and technological innovation position it as a serious competitor. Whether it can truly dethrone Bitcoin remains uncertain, but Hoskinson is betting on it.

@ Newshounds News™

Source:  Crypto News Land

~~~~~~~~~

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XRP NEWS: TOP CRYPTO FOUNDER CLAIMS XRP CAN BECOME “WORLD MONEY”

▪️Versan Aljarrah highlights XRP’s potential to become a global currency and disrupt traditional banking systems.

▪️Ripple’s technology offers faster, more affordable cross-border payments, partnering with banks to enhance their systems.

XRP, a prominent digital asset in the cryptocurrency market, is gaining attention for its potential to reshape the financial landscape. According to Versan Aljarrah of Black Swan Capitalist, XRP possesses the potential to become a worldwide currency. His recent comments have underlined the role of this asset in subverting conventional banking models and thus integrating itself more into the finance industry.

Ripple’s design enables quick and low-cost cross-border payments, which have long been a problem in the conventional banking system. Ripple, the company associated with XRP, has created technology that helps in the transfer of money across borders. This approach minimizes the cost and time of transactions by speeding up transfer times from days to seconds at a lower cost.

Ripple has been able to foster partnerships with several financial institutions across the globe, making XRP the go-to cryptocurrency in cross-border payments. These partnerships enable banks and payment providers to incorporate Ripple’s product onto their platforms to enhance the efficiency of international wire transfers.

According to Aljarrah, the steady increase in Ripple’s value proves that XRP can compete with the current financial system and should be considered as a mode of transfer for international payments.

Disrupting Traditional Banking Systems

According to Aljarrah, the problem is that many people lose sight of the bigger picture when analyzing XRP and get distracted by the technicalities or the legalities. He stresses the need to concentrate on the progress Ripple has made in transforming the financial sector instead of dwelling on the current challenges. As highlighted by Aljarrah, Ripple’s technology is not an evolution of the current systems but a revolution.

He says that Ripple, which is still under development, is gradually eroding the conventional banking systems. With the incorporation of Ripple’s products, financial institutions have been able to cut down on costs and time taken to accomplish transactions. This is in line with Aljarrah’s perspective, whereby there is increasing belief within some segments that XRP is set to become a major player in the world of finance.

The potential of cryptocurrency to eliminate the existing archaic banking systems is also valuable in the context of growing globalization.

With the increase in global trade and finance, there is a need for effective and cheap methods of making payments. XRP’s ability to meet this demand makes it an important part of the growth of the world financial system.

XRP’s Role in Addressing Global Debt Challenges

One of the key questions regarding the future of XRP is whether it can assist in solving current global debt issues. Aljarrah also focuses on the possibility of the emergence of traditional financial systems due to the overwhelming debt burden, especially in the United States. In such a situation, XRP and other digital assets can be a solution to the broken systems.

Aljarrah had earlier explained that the US Dollar is vulnerable and that XRP could become even more valuable as debt levels around the globe rise.  Ripple’s expanding presence in global finance further strengthens this argument. The company’s continuous development and efforts to integrate XRP into mainstream financial systems are key to its growing acceptance as a potential global currency.

@ Newshounds News™

Source:  Crypto News Flash

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STABLECOIN AUSDT BACKED BY GOLD AS PRECIOUS METAL MUCH LESS VOLATILE THAN BITCOIN, SAYS TETHER CEO PAOLO ARDOINO

The CEO of Tether says that the stablecoin issuer’s synthetic aUSDT product is backed by gold rather than Bitcoin (BTC) because the precious metal is more stable in price than the crypto king.

In a new interview with Bloomberg, Paolo Ardoino says the firm could have chosen Bitcoin to back aUSDT but BTC’s tendency to go through wild price swings made gold a more preferable option.

“Until 1971, the US dollar was backed by gold and we often hear interest from our customers to have optionality…

[So] we also see the opportunity to provide an [option] for others that want to see a more transparent backing of a synthetic dollar and gold is probably the best asset to make that happen because it’s much less volatile than Bitcoin. We could have done Bitcoin but gold is probably a better choice for the short term.”

Earlier this year, Tether announced that it would be launching aUSDT, which is described as a digital asset over-collateralized by Tether Gold (XAUT), a gold-pegged stablecoin. Each XAUT coin represents exposure to physical gold secured in vaults in Switzerland.

According to Tether, aUSDT is the first product in its new line of Alloy products, which the firm says are “designed to track the price of reference assets through stabilization strategies like over-collateralization with liquid assets and secondary market liquidity pools.”

Over-collateralization occurs when the assets used to back a financial product are worth more than the value of the product itself, protecting investors against potential losses.

@ Newshounds News™

Source:  DailyHodl

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INTRODUCING CREDIT COOP: FINANCING GROWTH WITH FUTURE CASH FLOWS

[PRESS RELEASE – Miami, Florida, September 9th, 2024]

Introducing Credit Coop, a new private credit platform making strides in supporting the growth of the Web3 ecosystem by providing innovative financing solutions that leverage future cash flows. This approach directly addresses the capital constraints that have long hindered the scalability of cryptonative businesses as they seek growth capital to scale.

As the Web3 ecosystem rapidly evolves, companies face significant hurdles as traditional financing models are ill-suited to the industry’s unique needs. Over-collateralization requirements and rigid repayment terms have become major roadblocks, stifling innovation and impeding growth in this dynamic sector.

Credit Coop’s solution offers a way forward. By converting future cash flows into collateral through smart contracts, the platform offers businesses a more flexible and capital-efficient path to funding. This approach has already facilitated the deployment of $15 million in credit across four borrowers, with zero defaults.

“Blockchain technology is redefining finance, yet many companies still struggle to access the capital they need to scale,” said Christopher Walker, Co-Founder of Credit Coop. “We’re here to change that. We’ve created foundational infrastructure for originating structured products natively onchain.

 Our mission is to make credit more accessible, allowing companies to access capital more efficiently and focus on growth.”

Credit Coop’s transformative impact is already felt through the ecosystem. Rain’s Secured Line of Credit exemplifies this power. Within just one year, Rain increased its borrowing capacity from 20,000 USDC to 2,000,000 USDC per month. This remarkable 100-fold increase in financial firepower showcases how Credit Coop’s novel approach is not just enhancing, but fundamentally reimagining the growth trajectory and operational agility of businesses in the crypto space.

“Credit Coop has been a great partner as we’ve explored turning our credit card receivables into a tokenized RWA. They’ve helped make the market for this groundbreaking product and been instrumental in sourcing liquidity,” says Farooq Malik, Co-Founder of Rain.

Credit Coop has received investments from several notable venture firms, including Signature Ventures, Veris Ventures, TRGC, and others, reflecting confidence in its ability to address the financing needs of the Web3 market.

“We’re excited about Credit Coop because they’re not just iterating on existing models – they’re creating an entirely new paradigm for lending,” commented Juliane Hahn, Managing Partner at Signature Ventures. “Their model is setting new standards for capital efficiency, allowing businesses to unlock growth potential that was previously inaccessible.”

Credit Coop’s leadership team has deep expertise in finance, technology, and entrepreneurship, with backgrounds at institutions such as JP Morgan, Barclays, and Amazon. Their experience in structured finance, DeFi, and FinTech positions them well to navigate the evolving digital finance landscape.

With partnerships already established with Plume, Credora, and Index Coop, Credit Coop is positioned to continue supporting growth within the Web3 ecosystem. For businesses seeking to scale operations or investors looking to participate in the future of finance, Credit Coop represents a compelling opportunity at the forefront of blockchain-enabled lending.

@ Newshounds News™

Source:  Crypto Potato

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US Reacts to Turkey's BRICS Move!  |  Youtube

@ Newshounds News™

Source:  Currency Facts 

  ~~~~~~~~~

Western intelligence agencies prepare to sabotage geopolitical transition process

Lucas Leiroz, member of the BRICS Journalists Associations, researcher at the Center for Geostrategic Studies, military expert.

Western intelligence agencies are apparently preparing to face “serious global threats” due to current geopolitical changes. In a recent article for the Financial Times, the heads of the CIA and MI6 – the main American and British secret services – made it clear that their countries see the current process of geopolitical reconfiguration as a threat, having a big effort on the part of these security services to neutralize possible “enemies”.

@ Newshounds News™

Source:  BRICs

More on BRICs in the Late Newsletter

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Good Morning Dinar Recaps,

Ripple Targets FCA Approval, Eyes London IPO by 2025

▪️Ripple’s FCA approval may come by December 2024, setting the stage for a potential London IPO in 2025.

▪️Ripple is expanding XRP Ledger with features like NFTs, smart contracts, DEX, and AMM to strengthen its ecosystem
.
Ripple’s protracted battle with regulatory hurdles took another crucial turn when Judge Torres granted Ripple’s motion for a stay on the monetary penalty. This judgment is regarded as a critical development, potentially benefiting Ripple’s efforts to obtain permission from the UK Financial Conduct Authority (FCA).

Ripple Overcomes Regulatory Hurdles, UK License and London IPO in Sight

Previously, there was suspicion that the uncertainty surrounding the penalty Ripple could face from the SEC was delaying the licensing process for its UK crypto license. Now that the stay is in place and financial expectations are apparent, Ripple is on track to get permission by December 2024.

This certification is especially significant for Ripple’s overall plan, as it may pave the way for an initial public offering (IPO) in London as early as 2025. Ripple’s decision to pursue an IPO outside of the United States is consistent with its prolonged avoidance of the American market, owing principally to regulatory uncertainty.

Due to the SEC’s hostile attitude toward the company and the larger cryptocurrency industry, Ripple has been wary of launching an IPO in the United States, as CNF previously reported.

This friction has been a primary driver of Ripple’s expansion into other countries, particularly the United Kingdom, where regulatory regimes appear more receptive.

Ripple’s CEO, Brad Garlinghouse, reiterated these comments during Korea Blockchain Week, where he emphasized the problems of the US regulatory framework. He stated that one of the most important pieces of advice he gives to cryptocurrency entrepreneurs is to avoid establishing their operations in the United States.

Garlinghouse’s statements underline a growing industry worry about the absence of clear and supporting legislation in the United States, which has served as a bottleneck for many organizations looking to develop blockchain.

Meanwhile, Ripple is not solely concerned with handling regulatory difficulties. According to our prior report, the firm is also working to improve the technological capabilities of the XRP Ledger.

Non-fungible tokens (NFTs), decentralized exchanges (DEX), smart contracts, and automated market makers (AMMs) are some of the most recent additions. These changes aim to improve the XRPL’s functionality and increase its use cases, hence strengthening Ripple’s position in the cryptocurrency sector.

Ripple is preparing for a good year ahead, with FCA approval appearing on the horizon and promising technological breakthroughs. If all goes as planned, 2025 might be a watershed moment for Ripple, especially with the potential of a London IPO on the way.

@ Newshounds News™

Source:  Crypto News Flash

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CFTC LOSES ROUND ONE: KALSHI CLEARED TO OFFER US ELECTION BETS

A federal judge this week sided with the prediction market Kalshi’s motion for summary judgment in its legal battle with the U.S. Commodity Futures Trading Commission (CFTC). This decision opens the door for U.S. citizens to place bets on the upcoming November election.

However, the ruling isn’t the final word just yet, as the CFTC can still appeal. Following the judge’s order, the commodities regulator immediately filed an emergency request for a two-week stay.

Kalshi’s Legal Victory Could Change U.S. Election Betting Landscape, CFTC Files Emergency Motion

In a legal twist last year, Kalshi, a financial exchange and prediction market, took the Commodity Futures Trading Commission (CFTC) to court. Kalshi, established in 2018 by Tarek Mansour and Luana Lopes Lara, allows users to trade on real-world event outcomes.

The lawsuit, filed in November 2023, challenged the CFTC’s decision to block the company from offering specific event contracts, particularly those related to betting on the U.S. election, on its federally regulated platform.

On Sept. 6, 2024, Judge Jia Cobb delivered a decision in favor of Kalshi, rejecting the CFTC’s cross-motion for summary judgment. Bloomberg Law reported that Kalshi’s CEO, Tarek Mansour, called the ruling a milestone.

“Election markets are now legal in the United States for the first time in 100 years,” Mansour remarked. On the firm’s website, it states:

Election markets are coming to Kalshi. We did it! Stay tuned for more info, and God bless America!

Paradigm’s vice president of government affairs, Alexander Grieve, shared on X that he was delighted his firm supported the amicus. “Proud Paradigm contributed an amicus in this case, as (if it wasn’t clear already) the outcome of November’s election will have profound impact on the direction of crypto in this country,” Grieve said. “American companies need the ability to hedge political risk,” the Paradigm executive added.

Attorney Jake Chervinsky praised the ruling. “Huge win for Kalshi against the CFTC,” Chervinsky wrote. “I want to see the opinion before I start dancing on the grave of the administrative state, but this is even more evidence that the best way to deal with regulatory overreach is to file more lawsuits.” Although Kalshi secured a victory, the commodities regulator still has the option to appeal and take the fight back to court.

Right after the verdict, the CFTC swiftly filed an emergency motion requesting a two-week stay. They argued that “without the benefit of the court’s reasoning, the CFTC is unable to make an informed decision whether to appeal, nor is it able to fully brief a motion for stay pending any forthcoming appeal.” The regulator further added:

Time is of the essence in the issuance of a stay. The CFTC expects that Plaintiff Kalshi will immediately list the relevant election contracts and that trading will begin as soon as the contracts list. Plaintiff has already announced on its homepage that ‘Election Markets are Coming to Kalshi!’

The news arrives at a moment when Polymarket, a blockchain-powered prediction platform, has seen a significant increase in volume and open interest, thanks to the upcoming 2024 election.

Meanwhile, U.S. lawmakers, including Democratic Senator Elizabeth Warren from Massachusetts, have been pressing the CFTC to crack down on election prediction markets. “The last thing that voters heading to the polls need are bets waged on the outcome of that election,” the policymaker’s letter argued.

What do you think about Kalshi’s win this week and the chance the CFTC may appeal the decision? Share your thoughts and opinions about this subject in the comments section below.

@ Newshounds News™

Source:  Bitcoin News

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IOTA NEWS: INTRODUCING TWO NEW BONDS WITH IOLEND AND RUSTYROBOT – EXCITING OPPORTUNITIES AHEAD

▪️ApeBond has announced a significant partnership with IOLEND and the Rusty Robot Country Club (RRCC) to introduce two new IOTA bonds.

▪️This collaboration aims to enhance the DeFi ecosystem by leveraging IOTA’s infrastructure to provide sustainable growth and financial stability.

Multi-chain bonding protocol ApeBond recently announced big news for the IOTA community with the goal of introducing two new IOTA bonds in partnership with IOLEND as well as the Rusty Robot Country Club.

As said, the ApeBond project focuses on fostering a sustainable future for decentralized finance (DeFi) projects and communities. By leveraging cross-chain capabilities, ApeBond aims to provide long-term stability and growth opportunities within the DeFi ecosystem.

IOLEND has emerged as a key player in the decentralized finance (DeFi) market that offers innovative lending solutions on the IOTA network’s Ethereum Virtual Machine (EVM). what makes IOLEND special is that it uses top cryptocurrencies like ETH, USDT, and IOTA as collateral while standing out from other DeFi platforms.

IOLEND has been built on the RDNT Capital fork with the trusted framework of Aave. Thus, it ensures that users feel secure and confident in the platform’s reliability. Furthermore, this DeFi protocol allows users to deposit and withdraw assets, with interest rates determined by market forces, per the Crypto News Flash report.

One of IOLEND’s key strengths is its highly competitive APRs, which are among the lowest in the market. Users can earn up to 250% APR on ETH loops and 275% APR on USDT loops. These impressive yields are further enhanced by rewards in $IOL, IOLEND’s native governance token.

🔥 Big news for the @iota community! Today we’re thrilled to introduce not one, but TWO new #IOTA Bonds in partnership with @iolendfi and @RustyRobotCC 👇

💵 @iolendfi is a DeFi platform that aggregates top yield opportunities with smart leverage tools & yield-bearing… pic.twitter.com/9vtgcPwmf2

— ApeBond (@ApeBond) September 5, 2024

IOTA and Rusty Robot Country Club
The Rusty Robot Country Club is one of the longest-standing NFT communities currently on the IOTA blockchain that brings together a global team with the common vision of becoming the world’s largest creative brand.

RRCC excels in global creative collaboration across various mediums like music, comics, and books. Their platform, Coda, empowers artists to tokenize intellectual property (IP) through real-world asset (RWA) tokenization.

Moreover, the RCCC NFTs offer access to an ecosystem that includes comics, collectibles, Rusty Apparel, Rusty Robot Records, and $RUST-powered DeFi tools. Furthermore, the RUST token is central to the RRCC ecosystem as all the post-NFT sale activities require holding this token. Impressively, RRCC launched without an ICO, private sale, or investor backing.

The partnership between ApeBond and IOTA EVM marks a major advancement in diversifying treasuries and driving substantial growth. By utilizing IOTA EVM’s robust infrastructure, ApeBond enhances projects’ ability to manage their resources efficiently, promoting financial stability and supporting innovation and expansion. This collaboration will cultivate a vibrant DeFi ecosystem where projects can flourish and achieve growth, reported Crypto News Flash.

@ Newshounds News™

Source:  Crypto News Flash

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CARDANO FOUNDER REVEALS GAME-CHANGING PLAN FOR UNMATCHED SCALABILITY

Cardano founder Charles Hoskinson has recently unveiled a blueprint to significantly enhance the scalability of the Cardano blockchain.

In a tweet, Cardano developer Input Output Global (IOG) shared a game-changing statement made by Cardano founder Charles Hoskinson at a recent event that touched on making Cardano the best in class in scalability.

"Leios is going to provide a dramatic increase in layer 1 performance. Complemented by rollups – coming to PlutusV3 – and Hydra, these things together will make for best in class for scalability," the IOG tweet citing the Cardano founder reads.

According to the Cardano founder, Ouroboros Leios together with rollups that are coming to Plutus V3 and scaling solution Hydra will result in best-in-class scalability performance.

Ouroboros Leios, a new Ouroboros family variant, is designed to significantly enhance throughput while maintaining at least the same level of security as earlier Ouroboros variants.

Existing variants of the Ouroboros blockchain algorithm have limited throughput capabilities, both in terms of data throughput and CPU processing.

They are restricted not by the resources available to each node (network capacity or CPU performance) but by the distributed algorithm's data and communication needs. Improving this requires a new algorithm design, which is what Ouroboros Leios aims to be.

Cardano milestones and developments On Sunday, Sept. 1, 2024, the Cardano blockchain took the first major, irrevocable step from being one of the most decentralized blockchains to becoming an ecosystem governed solely by its community of ADA holders with the launch of the Chang 1 upgrade.

In the past week, Cardano node v.9.1.1 was released to address an issue where 9.1.0 nodes would replay from the genesis block upon restart during the Conway era. The Lace team has opened up governance to Conway-era hardware wallet users, enhancing access and functionality in Lace v.1.15. Looking ahead, the team is now preparing for the release of Lace v.1.16.

@ Newshounds News™

Source:  U Today

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HEDERA NEWS: 7 REASONS HBAR IS POISED TO LEAD THE NEXT WAVE OF BLOCKCHAIN INNOVATION

▪️A popular member of the Hedera community outlines seven reasons HBAR could dominate the Web3 industry in terms of innovation.

▪️According to him, building Layer 1 is incredibly complex, however, Hedera has done the most important things right.

Renowned developer Manu Kabrera has lauded the incredible evolution of the Hedera blockchain (HBAR), tipping it to lead the next wave of blockchain innovation.

In a post dated September 5, Kabrera explained that his position is based on seven key undeniable factors ranging from enviable community support to building an industry standard foundation.

Passionate Community

According to Kabrera, the Hedera community is one of the most educated, loyal, and passionate in Web3.

Admittedly, the developer stated that the various forums could certainly have a pocket of gamblers, flippers, and scammers. However, its community is filled with people who are passionately and genuinely seeking to use technology to address real-world problems.

The likes of HashPack Wallet, Kabila App, SaucerSwap Labs, etc were cited as part of the talented projects and companies within the Hedera ecosystem innovating and leading the way in blockchain use cases.

Speed of the Hedera Network

As captured in his post, Kabrera believes that the speed of this project “is in a league of its own”. Hedera’s transaction achieves finality in around three seconds, positioning it for mass adoption.

Nobody waits today. 3 seconds vs 30 seconds can be the difference between a viable Social DApp or a complete failure. Great user experience requires speed.

Super Low, Fixed Fees

Thirdly, the efficiency of the Hashgraph algorithm, according to the developer, has enabled super low fees at $0.0001 and $0.02 for minting a Non-Fungible Token (NFT). Most importantly, these fees are fixed, which enables businesses to offer predictable pricing.

Best-in-class technology

According to Kabrera, the Hashgraph consensus algorithm is a gift. His reason stems from the fact that the algorithm provides future scalability, decentralization, and high-grade security. Explaining the importance of this, he disclosed that most networks collapse in the long run due to the fact that their gas fees skyrocket unreasonably once they become successful and start handling a lot of transactions.

To him, Hedera provides a solution to this.

Developer Experience

The fifth point has to do with how Hedera’s native services have made it extremely easy for developers through the availability of traditional languages like Java, JavaScript, or Go. This is contrary to the new programming language like Solidity required by other networks to build on a blockchain.

Hedera’s provisions, according to Manu Kabrera, reduce entry-level barriers, costs, and development time.

Governance Model

In terms of governance, the developer believes that the community should have channels to submit proposals and feedback. Also, the reports that the entire economy could be tokenized on a blockchain demand that this responsibility falls on a group of experienced developers. According to Kabrera, Hedera has a governance system of 39 large, trustworthy entities with different backgrounds ranging from technology to logistics. These include Google, IBM, Ubisoft, etc.

All members of the Governing Council have a single vote and a maximum term of 3+3 years on the Council, preventing the concentration of power. This Council meets monthly, and all topics discussed and decisions made are transparently published on the Hedera website.

Foundation of the Hedera Network

In his final point, Kabrera stated that the originality of the Hedera Foundation could propel it to dominate the Web3 ecosystem. However, it would have to work on its clear processes, support for key ecosystem builders, transparency, and accountability.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

IRAQ TAKES CONTROL—CHAPTER VII ENDS  |  Youtube

@ Newshounds News™

Source:  Currency Facts

~~~~~~~~~

IRAQ'S CENTRAL BANK ENDS ELECTRONIC TRANSFER  |  Youtube

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Source:  Currency Facts

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-8-24

Good Afternoon Dinar Recaps,

WHY RIPPLE IS HOLDING BACK FROM A U.S. PUBLIC OFFERING

▪️Ripple avoids a U.S. IPO due to regulatory uncertainty, particularly the SEC’s hostility.

▪️Ripple’s diverse political affiliations include XRP donations to Donald Trump’s 2024 campaign.

Ripple CEO, Brad Garlinghouse, has stated that the company has no plans to go public in the US. The challenging regulatory environment, particularly the SEC’s harsh treatment of cryptocurrency startups like Ripple, is a major driving force behind this decision.

Ripple CEO Urges Caution in U.S. Crypto Operations Amid SEC Conflicts

Garlinghouse highlighted the SEC’s conflicting actions in authorizing Coinbase’s public listing and then bringing a lawsuit against the business. Ripple is wary of doing an Initial Public Offering (IPO) in the United States due to regulatory uncertainty.

During Korea Blockchain Week, Garlinghouse expressed his broader concerns about the US regulatory landscape, stating that one of his top pieces of advice to crypto startups is to avoid incorporating in the United States.

He warned that doing so would certainly result in increased legal costs, a reality Ripple has seen directly in its current struggle with the SEC. Despite these hurdles, Garlinghouse voiced optimism about the crypto industry’s future, saying he is more confident than ever in the next five years.

Ripple is currently focused on extending its global footprint and resolving regulatory difficulties rather than pursuing a U.S. IPO.
 
In addition to these corporate decisions,Ripple’s political associations have sparked interest. According to CNF, the company’s executives have expressed support for both sides of the political spectrum, endorsing candidates in the 2024 US presidential election.

Stuart Alderoty, Ripple’s General Counsel, donated $300,000 worth of XRP to Donald Trump’s campaign, while other Ripple executives backed Kamala Harris. This exposes the company’s multiple political opinions and demonstrates a purposeful strategy for maintaining partnerships with many political forces.

Garlinghouse also emphasized the SEC’s broader impact on the cryptocurrency business. He underlined that, while the SEC wields great power, challenging the regulator requires significant resources and resolve.

Ripple has scored legal successes in its struggle with the SEC, including a court order that dramatically decreased the SEC’s initial sanctions.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

SEPTEMBER’S KEY EVENTS WHICH WILL REVIEW STRUGGLING CRYPTO MARKET

▪️Trump-Harris debate may influence crypto market with candidates' stances on digital assets.

▪️US CPI report could impact Federal Reserve decisions, affecting crypto

▪️On 12 sept PPI report along with Jobless claims will be released.

With cryptocurrencies experiencing a significant drop of nearly 30% from their peak in March, the upcoming week is packed with key events that could greatly impact both the crypto and traditional trading markets. Here’s what to watch for in the coming week.

Key Events Of The Next Week

Sep 10: U.S – Trump-Harris Debate
The debate between presidential candidates Kamala Harris and Donald Trump on September 10 is creating buzz in the crypto market. Both candidates have recently shown increased interest in cryptocurrencies.

Trump’s positive stance on crypto and Harris’s connections with industry leaders could affect market trends. This debate might bring new insights or uncertainties about the future of digital assets.

Sep 11: U.S – CPI

On September 11, the U.S. will release its Consumer Price Index (CPI) report for August. This report is important because it shows how prices are changing and can influence economic decisions. The July CPI report showed a 0.2% increase from the previous month and a 2.9% rise compared to last year.

Experts predict that August’s CPI will show a slightly higher increase, with core inflation expected to be around 0.26%. This data could impact the Federal Reserve’s decisions on interest rates, affecting both traditional and cryptocurrency markets.

Sep 12: U.S – PPI & Jobless Claims

On September 12, the U.S. will also release its Producer Price Index (PPI) report. The PPI measures how prices are changing for goods before they reach consumers.

 The July report showed a 2.2% increase compared to last year, which was a slight drop from June’s 2.7%. Analysts expect August’s PPI to show a further easing of inflation pressures.

Additionally, the Initial Jobless Claims report will be released on the same day. This report tracks the number of people filing for unemployment benefits. The latest data showed a drop to 227,000 claims, the lowest since early July, compared to economists’ forecast of 230,000.

This information helps us understand the overall job market and economic health, which can also impact the cryptocurrency market.

As these events unfold, they could create opportunities or challenges for the cryptocurrency market.

@ Newshounds News™

Source:  Coinpedia

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RIPPLE CTO BREAKS SILENCE ON RLUSD STABLECOIN RUMORS

Ripple CTO David Schwartz recently addressed speculation surrounding the RLUSD stablecoin. In a tweet, Schwartz indicated that RLUSD might likely be accessible only to institutions, at least initially

In his tweet, Schwartz stated, "It will probably only ever be available directly to institutions. Can you get USDC from Circle or USDT from Tether? Because I can't."

Schwartz was responding to an X user who asked if RLUSD could be only available, at least initially, to institutions and not crypto retail.

The X user proposed that restricting RLUSD to institutional access could protect it from risks linked to other stablecoins, like USDT, which has been criticized for alleged connections to money laundering and concerns over its stability.

Schwartz further addressed concerns about potential manipulation of the RLUSD stablecoin, stating, "I don't think that's likely to happen except maybe in very early test phases before anyone is really using it to move or store value."

Ripple USD (RLUSD) is currently being tested in private beta on XRP Ledger and Ethereum mainnet. As reported, the Ripple CEO Brad Garlinghouse at a recent XRPL event indicated that the Ripple stablecoin was gearing much closer to its release, suggesting a timeline of "weeks."

As RLUSD moves closer to its anticipated launch, Schwartz’s statements offer insight into Ripple’s cautious approach to rolling out RLUSD. Ripple USD stablecoin In April, Ripple announced plans to introduce a stablecoin tied 1:1 to the USD on XRP Ledger and Ethereum.

This initiative is intended to broaden Ripple's reach into institutional and DeFi markets, diversify use cases and improve its payments infrastructure, bringing traditional and decentralized finance closer together.

Stablecoins are an important entry point into DeFi, and adding an enterprise-grade stablecoin to XRP Ledger is expected to increase use cases, liquidity and opportunity for developers and consumers alike.

Ripple's stablecoin will be fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents, and Ripple promises transparency through monthly third-party attestations to ensure confidence and reliability.

Aside from the RLUSD stablecoin, Ripple and the broader XRP community intend to introduce more programmability, including smart contracts, to the XRPL developer ecosystem in 2025, both through the XRPL EVM sidechain and by exploring native capabilities on the XRPL mainnet.

 @ Newshounds News™

Source:  U Today

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MASTERCARD LAUNCHES CRYPTO CARD ENABLING USERS TO SPEND IN 100 MILLION EUROPEAN MERCHANTS

Mastercard partners with Mercuryo to launch a euro-denominated crypto debit card

Mastercard, the payments giant, has announced a partnership with Mercuryo to launch a euro-denominated crypto debit card, allowing users to spend crypto from self-custodial wallets.

Mastercard is a global leader in the payments industry. They operate international payment card services since 1966 and provides various financial services in more than 210 countries and territories.

As payments are considered one of the key use cases for crypto, Mastercard’s entrance into the crypto market was somewhat natural. The payment giant officially announced support for crypto on its network in February 2021.

Senior Vice President of Crypto at Mastercard, Christian Rau told Cointelegraph “At Mastercard, we are working closely with partners to innovate and enhance the self-custody wallet experience.”

@ Newshounds News™

Source:  The Street

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FAITH AS SMALL AS A MUSTARD SEED | Youtube

@ Newshounds News™

Source:  Currency Facts

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