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

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

Transcribed By WiserNow Emailed To Recaps

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Bruce’s Big Call Dinar Intel Thursday Night 8-29-24   REPLAY LINK   Intel Begins   1:13:30

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Bruce’s Big Call Dinar Intel Tuesday Night 9-10--24  REPLAY LINK  Intel Begins 1:07:27

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

Good Morning Dinar Recaps,

New Bill Seeks To Reconcile Regulatory Division Between SEC and CFTC

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:   The Defiant   

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

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

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

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

@ Newshounds News™

Read more:  Crypto News   

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XRP Dominates Korean Markets With 112% Volume Surge

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:   U Today  

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

Good Evening Dinar Recaps,

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

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Crypto News Flash

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Finance Yahoo

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

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

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Crypto  News Flash

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

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

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

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

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

The team notes:

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

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

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

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

@ Newshounds News™

Source:   Crypto News Flash

  ~~~~~~~~~

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

Good Evening Dinar Recaps,

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Ledger Insights

~~~~~~~~~

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

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

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

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

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

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

@ Newshounds News™

Source:   Crypto News Flash  

~~~~~~~~~

STABLECOINS REDEFINE FINANCIAL ACCESS IN EMERGING MARKETS, REPORT FINDS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Crypto Slate

~~~~~~~~~

RIPPLE AND NYU ABU DHABI RENEW BLOCKCHAIN RESEARCH PARTNERSHIP IN UAE

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

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

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

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

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

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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

~~~~~~~~~

Layer 1 Blockchains: Overcrowded and Overhyped? The Real Story

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

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

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

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

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

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

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

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

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

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

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

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

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

A Case for New L1 Blockchains

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

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

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

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

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

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

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

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

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

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

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

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

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

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

@ Newshounds News™

Source:  BeinCrypto

~~~~~~~~~

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

Good Evening Dinar Recaps,

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

~~~~~~~~~

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.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

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

~~~~~~~~~

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

~~~~~~~~~

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

  ~~~~~~~~~

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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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

~~~~~~~~~

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.

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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

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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

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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.”

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Source:  CoinTelegraph

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

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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

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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.  

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

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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

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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

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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

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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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