Seeds of Wisdom RV and Economic Updates Tuesday Evening 9-17-24

Good Evening Dinar Recaps,

RIPPLE NEWS: XRP LEGAL FIGHT CONTINUES AS LAWYER TARGETS SEC FOR $15B LOSSES

▪️Pro-XRP attorney and Senate candidate John Deaton accused the SEC of causing over $15 billion in financial losses to small investors.

▪️He has been vocal about the negative impact of the SEC’s regulatory approach on retail investors and plans to challenge its practices while campaigning against Democratic Senator Elizabeth Warren.

John Deaton, a popular attorney known for his pro-XRP stance, has raised serious allegations against the U.S. Securities and Exchange Commission (SEC). He blamed its crypto regulatory approach and its actions caused substantial financial losses among small investors. Senate candidate Deaton also claims that the SEC’s enforcement actions have caused damages exceeding $15 billion to retail investors.

These allegations come at a time when the SEC has reportedly given up on the appeal while concluding it with a new crypto classification, reported CNF.

XRP Lawyer John Deaton Criticizes The SEC
In a recent post on X (formerly Twitter), he accused the regulatory body of “misconduct.” “The SEC’s misconduct and gross overreach caused small investors over $15 billion,” Deaton stated. He added, “On behalf of those 75,000 small investors I represented, we do not accept the SEC’s apology.”

The pro-XRP lawyer has been vocal about the detrimental effects of the SEC’s regulatory practices, particularly on smaller retail investors.

He has consistently criticized the commission’s abuse of power against crypto. Hence, the XRP lawyer plans to fight the SEC head-on. Moreover, his campaign for the U.S. Senate seat in Massachusetts highlights his concerns about the agency’s lack of accountability.

Thus, he plans to challenge the anti-crypto Democratic Senator Elizabeth Warren, accusing her of being unwilling to scrutinize the SEC’s actions. Deaton also referenced a Writ of Mandamus he filed in early 2021.

He accused the SEC of violating decades of legal precedent by declaring tokens themselves as securities in the 2021 filing. The pro-XRP attorney also maintained that this move went beyond the agency’s authority and created unnecessary confusion.

The lawyer also highlighted his frustration over the SEC’s failure to provide clear regulation. “All I asked was for the SEC to honor the law and make clear that the token itself (XRP) was NOT the security,” Deaton said. In addition, he went on to accuse the agency’s lawyers of targeting him personally during the legal proceedings.

Other Related Developments
In a related development, Paul Grewal, Coinbase’s Chief Legal Officer, shared a court filing suggesting a shift in the SEC’s stance on cryptocurrencies. According to the proposed amendment in the Binance lawsuit, the SEC admitted it no longer considers tokens to be securities, reported CNF.

This marks a major change from its previous position, particularly in relation to XRP, which had been classified as a security in 2020. “The SEC regrets any confusion it may have invited,” the agency stated in the filing.

However, the SEC’s regulatory actions continue with a recent settlement with the trading platform eToro, per the CNF report. The platform agreed to cease trading most cryptocurrencies in the U.S. and pay a $1.5 million fine. However, this move attracted significant backlash as the agency apologized for considering tokens as securities within 24 hours of the amended Binance lawsuit complaint.

Meanwhile, data from Social Capital Markets indicates the total monetary penalties imposed on cryptocurrency firms this year have reached $4.7 billion. It marks a humungous 3,000% rise from the previous year. This included one of its largest enforcement actions wherein the SEC settled a case with Terraform Labs for $4.47 billion.

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Source:  Crypto News Flash 

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Global News:

DBS bank to launch crypto options, structured products

In Q4 of this year DBS bank (Singapore) plans to offer over the counter (OTC) cryptocurrency option trading and structured notes. This will only be available to certain institutions and high net worth clients.

Based on the descriptions, it will support options settled in cash and others through delivery of the underlying cryptocurrency, with only Bitcoin and Ethereum supported.

Currently clients can already trade spot crypto using the DBS Digital Exchange (DDEx). The bank was one of the first in the world to offer spot cryptocurrency trading services when it launched DDEx in 2020. Now clients where DBS provides crypto custody will be able to hedge their exposures using options.

“Professional investors are increasingly allocating to digital assets in their portfolios,” said Jacky Tai, Group Head of Trading and Structuring, Global Financial Markets, DBS. 

“Now, our clients have an alternative channel to build exposure to the asset class and incorporate advanced investment strategies to better manage their digital asset portfolios.”

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GOLD News:

Zimbabwe aims to maximize gold revenue amid global demand surge

MINES ministry has launched the 2024 Second Gold Mobilisation exercise, aimed at ensuring compliance and maximizing revenue from the gold mining sector.

Reports indicate that gold output is projected at 39 tons in 2024 up from around 33 tons in 2023, largely on the back of ongoing expansion projects and favorable prices.

Gold revenues are expected to surpass US$3 billion in 2024.

Average capacity utilization for the gold sector is expected to reach 95% in 2024 up from 84% in 2023.

The second gold exercise will be conducted in all eight provinces, targeting both large-scale and small-scale miners in order to maximize gold revenue amid global demand surge.

Speaking at the send-off workshop in Harare, Mines minister Winston Chitando said, “It is imperative to note that gold has long been a source of wealth and prosperity for Zimbabwe, and it holds immense potential to fuel our economic growth, create jobs, and improve the lives Zimbabweans.

“The global demand for gold is on the increase as the world is turning to gold as a safe haven.”

He highlighted the global demand for gold, which has driven prices up from $1,900 in September 2023 to $2,500 currently.

“The key to realizing our 2024 gold deliverance target of 35 tonnes is plugging leakages to side markets,” he told the media.

The minister noted that illegal gold extraction and trade undermine Zimbabwe’s efforts to reap benefits from its gold resources.

To address this, he expressed the importance of ensuring that all mined gold is traded through legitimate channels.

He reiterated that Zimbabwe’s currency is anchored on gold, making it crucial that all gold trades occur through Fidelity Gold, the country’s sole authorized exporter.

“The gold neutralization exercise has yielded positive results, demonstrating its effectiveness. Given its significant contribution, the gold sector remains vital to Zimbabwe’s national economic development.

“Gold deliverance through Fidelity Gold Refinery stood at 30.1 tonnes in 2023, with 20.7 tonnes delivered from January to August 2024.

“To the teams, colleagues who are being deployed today, this intervention is of paramount importance, and I wish you all the success,” he said.

The gold mobilization exercise aims to increase revenue, create jobs, and combat illegal gold trading.

@ Newshounds News™

Source:   New Zimbabwe

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THIS IS BIG:

XRP AND INTERLEDGER PROTOCOL KEY TO SOLVING CURRENT ISSUE OF DISCONNECTED FINANCIAL NETWORKS.  |  Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 9-17-24

Good Afternoon Dinar Recaps,

BRICS NEWS

RUSSIA SET TO TRIAL CRYPTO FOR TRADING GOODS WITH MILITARY APPLICATIONS: REPORT

The Russian government has formed a focus group to trial crypto payments for foreign trade, focusing on importers of goods with potential military applications.

Russia has established a focus group under an experimental legal regime to explore the use of crypto for foreign trade payments, Russia’s Vedomosti newspaper reported on Sept. 17. The initiative reportedly aims to address challenges faced by importers dealing with dual-use goods, which have both civilian and military applications, and are subject to strict international payment restrictions.

The move follows China’s announcement in early August that it will ban the export of all unregulated civilian drones, which have become increasingly used in military warfare in recent years, starting Sept. 1.

According to the report, the focus group includes members from the Russian Chamber of Commerce and Industry and the Association of Developers and Producers of Electronics, alongside several banks, though the report did not specify whether the group included Russian banks only or involved foreign financial lenders as well.

The initiative is designed to assist importers struggling with transactions to banks in China and other countries due to the sensitive nature of their goods. This move follows recent reports that Russia’s two largest unsanctioned metal producers have begun using Tether’s stablecoin for cross-border transactions with Chinese clients and suppliers, in response to U.S. Treasury Department warnings about secondary sanctions.

Now, people familiar with the matter reportedly say that participants in the focus group were selected based on their business turnover, with larger companies prioritized. The Russian government plans to expand the initiative in the future, though the timing for a broader rollout remains unclear.

In early July, Alexei Guznov, deputy governor of Russia’s central bank, indicated in a media interview that the Bank of Russia is exploring the legalization of stablecoins for cross-border transactions.

Guznov noted that the initiative could potentially transition from a temporary experiment to a permanent regulatory framework, although specifics regarding the timeline for approval were not disclosed.
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BRICS News

BRICS MAKES MAJOR ANNOUNCEMENT ON NEW PAYMENT SYSTEM

BRICS is working towards the creation of a new payment system without the integration of the US dollar in its mechanism, confirmed Russian Foreign Minister Sergey Lavrov. The minister added that the new payment system will not only be used to settle cross-border transactions, it will act as a complete financial set-up.

The development, when launched, could attract emerging economies towards it making a shift away from the US dollar. The new BRICS payment system could lead to a paradigm shift in the global financial sector.

New BRICS Payment System To Include Trading, Investing & Settlements

The Russian minister revealed that the new BRICS payment system will be equipped with trading, investing, and along with trade settlements. He explained that the mechanism will allow countries to partake in financial operations without being dependent on the US dollar. The move will make the alliance’s quest of de-dollarizing their economies much stronger.

Lavrov also hit out at the US and Europe for pressing sanctions on countries they don’t like. He stressed that the sanctions are what led to BRICS decision on launching a new payment system. Even US Treasury Secretary Janet Yellen acknowledged that the White House sanctioning developing nations led to de-dollarization.

“Many are attracted by the fact that payment systems are being developed within BRICS. Which allows trading, investing, carrying out other economic operations without being dependent on those that decided to weaponize the dollar and the euro,” the foreign minister said.

The minister added that developing nations will flock to the BRICS payment system in fear of US sanctions. “Everyone understands that anyone may face US or other Western sanctions,” he said during a meeting with Egyptian counterpart Badr Abdelatty.

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Source:  Watcher Guru

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DE-DOLLARIZATION: HOW THE US IS HELPING CHINESE YUAN TO SUCCEED

De-dollarization is the most buzzing word in the global financial sectors across Asia, Africa, and South America. Emerging economies are focusing on lifting their local currencies on the global stage by ending reliance on the US dollar. The US sanctions are what pushed the de-dollarization agenda ahead and China made use of the opportunity to include the Chinese yuan for trade settlements.

The development puts the USD in the spotlight as developing countries no longer want to give importance to the currency. Amid the US and Western sanctions on emerging economies, the Chinese yuan is becoming the most used currency in their countries. From Russia to Pakistan and the UAE, the Chinese yuan is being widely accepted as the de-dollarization initiatives advance rapidly.

The Chinese Yuan Benefits From De-Dollarization

The US Treasury Secretary Janet Yellen confirmed that the US sanctions opened the floodgates of de-dollarization across the world. The move made China fill in the void and the Xi Jinping administration convinced developing countries to use the Chinese yuan. The de-dollarization initiative is partially a success as the Chinese yuan is the most used currency in Russia.

“Trading in Chinese yuan is convenient for both Russia and China,” said Maia Nikoladze, Associate Director at the Atlantic Council. “Russia does not have too many other currency alternatives.

While China benefits from exerting more economic influence over Moscow, and also makes progress towards internationalizing the yuan,” said the analyst. The move indicates that the US opened the gates of de-dollarization by itself through sanctions.

Even Brazil, Argentina, South Africa, and Saudi Arabia are looking to follow Russia on the de-dollarization path. These countries are accepting the Chinese yuan as payment for cross-border transactions, which was not the case a few years ago. De-dollarization is a serious risk to the US economy while the Chinese yuan is looking to dominate the financial world.

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Source:   Watcher Guru

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XRP on Path to Global Reserve Key Insights    Youtube

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 9-17-24

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XRP on Path to Global Reserve Status, Expert Reveals Key Insights

▪️Experts highlight XRP’s emerging importance in global finance, positioning it as a potential cornerstone for tokenized cross-border financial systems.

▪️Key institutions like the IMF and World Bank are exploring XRP for asset tokenization, signaling its expanding role in the future of global transactions.

Since March, we have learned about the foundation for XRP’s transition to a global reserve currency. As reported by CNF, experts predict XRP’s crucial role in shaping the future of the global financial system.

According to Versan Aljarrah, co-founder of Black Swan Capitalist, he reiterated on his X account that he strongly believes in XRP’s importance in this transformation.

In a recent tweet, Aljarrah shared a video from Gregory Mannarino, a financial commentator often referred to as the “Robin Hood of Wall Street,” whose views align with Aljarrah’s optimism for XRP’s future.

In the video, Mannarino discusses efforts by major financial institutions, including the International Monetary Fund (IMF), World Bank, and the Bank of International Settlements (BIS), to develop a fully tokenized, cross-border financial system.

 He explains that these organizations are working toward a system that tokenizes all financial assets, positioning XRP as the central medium for trading and settlement.

XRP’s Expanding Role in Asset Tokenization
Mannarino highlights the significant shift in asset management and global transactions as more financial assets are tokenized, enabling seamless tracking and trading. XRP, already a key player in cross-border transactions, could see its role grow if major institutions adopt it for tokenization.

Ripple CTO David Schwartz predicts that the XRP Ledger will host tokenized assets by 2025. Recent announcements, such as the introduction of Tokenized Treasury Bills (T-Bills) on the XRPL, support this forecast.

Growing Interest and Institutional Support for XRP
With global institutions exploring tokenization and blockchain technology, XRP’s utility could expand beyond its current applications. As Mannarino notes, this could position XRP as a key player in the trade and settlement of assets on a global scale, potentially transforming the future of finance.

At the time of writing, Ripple (XRP) is trading at $0.5826, having surged by 2.03% in the past day and 7.89% in the past week.

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Source:   Crypto News Flash 

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Seeds of Wisdom RV and Economic Updates Monday Evening 9-16-24

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SEN. WARREN ADVISES 75BPS FED CUT ON RECESSION FEARS

Despite rhetoric about a strong U.S. economy, three Democratic Senators urged the Federal Reserve to implement an aggressive monetary policy shift.

Crypto-skeptic U.S. Senator Elizabeth Warren of Massachusetts called on the Federal Reserve and its chair, Jerome Powell, to slash interest rates by 75 basis points to curtail recession risks. Warren’s letter, co-signed by fellow Senators Sheldon Whitehouse and John Hickenlooper, warned of potential economic declines that smaller funding cuts may usher in.

If the Fed is too cautious in cutting rates, it would needlessly risk our economy heading towards a recession. A number of economists have warned of this risk since July… The Committee must consider implementing rate cuts more aggressively upfront to mitigate potential risks to the labor market.

Sen. Elizabeth Warren to Fed on rate cuts

The document, dated Sept. 16, was issued less than 48 hours before the next Federal Open Market Committee meeting on Wednesday, Sept. 18.

Markets expect Fed chair Jerome Powell to announce a dovish pivot at the FOMC meeting, but the exact rate cut preferred by the central bank was unclear at press time.

What are the odds?
The CME FedWatch tool showed a 61% probability of a 50 bps cut and a 39% probability of a 25 basis-point reduction. Last week, the same tool gave a 14% likelihood of a 50 bps interest rate slash.

The 50 bps option also held sway on crypto prediction venues. Polymarket data noted odds of 53% for a 50 basis points announcement, followed by 45% for 25 bps. Previously, users predicted a 78% chance of a 25 bps pivot. Bettors had wagered over $40.5 million via the Polygon-based platform on this month’s FOMC decision.

Fed cut impact on crypto market
If the Fed matched expectations and announced a fund rate cut, experts believe liquidity would flow into risk assets like cryptocurrencies. Market participants still debated how an aggressive or modest pivot might indicate the Fed’s outlook, with the former suggesting recession concerns and the latter pointing to a firmer grip on inflation.

Horizen Labs CEO and co-founder, Rob Viglione, told crypto.news that a Fed rate cut seemed likely to propel a bullish Q4 for digital assets like Bitcoin and Ethereum. The fourth quarter has historically recorded higher crypto prices than in mid-late Q3.

In the short term, we could see a price surge, especially in Ethereum and Bitcoin, though it may also bring heightened market volatility. Over the long run, a prolonged low-rate environment could encourage greater innovation and investment in blockchain technology and crypto-related startups.

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Source:  Crypto News

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Bitstamp and Ripple to Launch Derivatives Exchange on XRP Ledger

Bitstamp’s Head of Strategic Partnerships Eva Gartner reveals the company’s plans to launch a derivatives exchange in collaboration with Ripple.

Gartner revealed the initiative in the tenth episode of the “Built on XRPL”  series. Speaking at the series, Gartner said Bitstamp will launch the derivatives exchange in the next few months, adding that “we [Bitstamp] really hope to cooperate closely with Ripple there as well.”

XRPL to Power Bitstamp’s Derivatives Exchange
Notably, Bitstamp is expected to launch the derivatives exchange on the XRP Ledger (XRPL) blockchain, as confirmed by multiple sources, including Abdullah Nassif, host of the Good Morning Crypto podcast.

According to Nassif, Bitstamp, in collaboration with Ripple, will build the derivatives exchange on the XRPL. Notably, Bitstamp has leveraged the XRP Ledger to launch several crypto-related products, including stablecoins.

At present, Bitstamp has issued multiple stablecoins tied to the USD, GBP, EUR, AUD, JPY, and CHF on XRPL.

Bitstamp and Ripple Relationship
Furthermore, Bitstamp also has a close relationship with Ripple, which began about seven years ago. Last year, Ripple bolstered this relationship by acquiring a minority stake in the company after acquiring shares previously owned by Pantera Capital.

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Source:  The Crypto Basic

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41 institutions join BIS tokenized cross border payment Project Agorá

Today the Institute of International Finance (IIF) released the names of 41 firms selected to participate in the public – private tests of Project Agorá. It’s an ambitious project initiated by the BIS to modernize correspondent banking using a unified ledger, tokenized deposits and wholesale CBDC from seven central banks.

One of the key impediments to smooth cross border payments is compliance. With Project Agorá, the aim is to perform screening at the start of the payment process and to share it across the banks, helping to reduce one of the major delays in cross border payments – every bank doing the same checks independently, sometimes with different results.

A key benefit of tokenization is there is no separation of the message and money movement, so the money either moves or it does not. This should avoid one of the great frustrations of end users – money in limbo.

In late May the BIS wrote a brief paper outlining its vision for modernizing correspondent banking. It highlighted how compliance expenses have resulted in bank withdrawals from some of the cross border payment corridors where they are most needed. Today the BIS added an FAQ about Project Agorá.

On the one hand, the FAQ says Project Agorá is more than a proof of concept and it hopes to deliver a prototype where the lessons learned could create the foundations for a future financial market infrastructure. On the other hand, today’s announcement emphasized that BIS Innovation Hub projects are experimental in nature.

Project Agorá participants
Thirty five of the selected institutions are banks representing the seven jurisdictions. The others are Visa, Mastercard and financial market infrastructures Swift, Eurex Clearing, Euroclear and the SIX Digital Exchange (SDX). The full list is at the bottom.

The IFF is the coordinator for the private sector, with EY providing project management office help, and White & Case responsible for contracts.

With the participants selected, the design phase will now commence. The initiative is expected to run through to the end of 2025 when a report will be released.

The seven central banks are from France (for Europe), Mexico, New York (NYIC), Switzerland, England, Japan, South Korea.

The participants are:

Amina Bank, Banco Santander, Banorte, Banque Cantonale Vaudoise, Basler Kantonalbank, BBVA, BNP Paribas, BNY, CaixaBank, Citi, Crédit Agricole CIB, Deutsche Bank AG, Eurex Clearing AG, Euroclear S.A./N.V., FNBO, Groupe BPCE, Hana Bank, HSBC, IBK, Intercam Banco, JPMorgan Chase Bank N.A., KB Kookmin Bank, Lloyds Banking Group, Mastercard, Mizuho Bank, Monex, MUFG Bank Ltd., NatWest Group, NongHyup Bank, PostFinance, SBI Shinsei Bank, Shinhan Bank, SIX Digital Exchange (SDX), Standard Chartered, Sumitomo Mitsui Banking Corporation, Swift, Sygnum Bank, TD Bank N.A., UBS, Visa, Woori Bank.

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Source:   Ledger Insights

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BARCLAYS EXPLORES DIGITAL POUND DESIGN OPTIONS

Last year Barclays published a report on the “functional equivalence” of central bank digital currency (CBDC). In other words, the need for a CBDC and commercial bank money to have similar functionality. While that may seem obvious, there’s a fair bit of work to be done for a CBDC to deliver that, including issues such as using ATMs to top up CBDC wallets.

Programmability was an important topic in that paper. Now Barclays has published a much more detailed paper stepping through typical uses cases such as a parent topping up a digital pound wallet for a child. It concludes that ideally a financial market infrastructure should be responsible for the features.

For each function, there are multiple potential ways to implement it. For example, it starts with payee confirmation, to verify the target of the payment is really your child’s CBDC wallet. With faster payments in the UK, there have been a lot of cases where people sent money to the wrong person. Hence, nowadays when people initiate a faster payment, the bank checks to ensure the recipient account is the person you intend to send to. This sort of functionality will also apply to a digital pound wallet.

It’s not just about the options of how each feature might work, but who will be responsible for the functionality, and where it sits. For example, it could be implemented by a technical service provider, the wallet operators (payment interface providers or PIPs), a financial market infrastructure, or some other organization. It could potentially be part of the CBDC system or elsewhere.

Key findings
The Bank of England’s digital pound consultation says that access to digital pound holdings may be restricted for financial firms. Several of the functional options explored would need wallet providers, commercial banks and FMIs to hold digital pounds, in some cases temporarily on behalf of clients.

This is particularly for interoperability between commercial bank money and the CBDC. Because of this restriction, none of the interoperability options were deemed entirely suitable.

In terms of who should be responsible for various features, the paper concludes that a financial market infrastructure is the answer. The Barclays team came to a similar conclusion regarding programmability in the previous paper.

Lee Braine from the chief technology office at Barclays, said that they “evaluated various design options and concluded a financial market infrastructure could help simplify the experience of ecosystem participants and facilitate the creation of innovative services.” Dr Braine is also a member of the Bank of England’s CBDC Technology Forum.

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 9-16-24

Good Afternoon Dinar Recaps,

LAWMAKER CALLS ON CFTC TO REGULATE ELECTION MARKETS AS POLYMARKET ACTIVITY FALTERS AMID UNCERTAINTY

Lawmaker warns that banning election betting could fuel illegal platforms, threatens election integrity.

Congressman Ritchie Torres has called on the Commodity Futures Trading Commission (CFTC) to regulate election-related prediction markets rather than blocking them.

In a letter addressed to CFTC Chair Rostin Behnam, Torres urged the regulator to focus on promoting responsible innovation and working with platforms like Kalshi and Polymarket to ensure such markets are regulated rather than pushing traders towards illegal, unregulated platforms.

Torres’ letter followed a Sept. 6 court ruling that partially overturned the CFTC’s efforts to prevent Kalshi, a US-based prediction platform, from offering election-related contracts. He emphasized that further legal challenges could harm both election integrity and consumer protection, allowing illegal platforms to flourish.

Torres wrote:

“The CFTC has a mandate to promote responsible innovation.”

He urged the agency to collaborate with regulated market participants, ensuring election-related contracts are conducted transparently and securely within regulated markets.

Polymarket declines amid uncertainty
Polymarket has seen a significant decline in activity over the last few days as regulatory pressure and uncertainty over election betting continue to mount.

According to Dune Analytics, Polymarket’s daily active traders dropped by nearly 40%, from 12,595 on Sept.11 to 7,627 by Sept. 15. The platform’s daily trading volume also fell dramatically, down 85.6%, from $37.2 million to $5.35 million over the same period.

The drop in activity follows the CFTC’s proposal to limit certain event contracts, particularly those related to political outcomes. The regulator has expressed concerns about the potential for manipulation in such markets, citing instances where fabricated information, like a fake poll involving musician Kid Rock, distorted market prices.

Despite the regulatory challenges, Polymarket has gained some mainstream recognition, with Bloomberg recently integrating the platform into its financial terminals. The move suggests that interest in decentralized prediction markets is growing, even as regulators scrutinize the sector more closely.

Intensifying debate
The debate over election prediction markets intensified on Sept. 6 when a federal court ruled in favor of Kalshi, allowing the platform to offer election-related contracts. The platform hailed the decision as a historic moment, stating that for the first time in 100 years, Americans could legally trade on election outcomes.

However, the CFTC quickly filed an emergency motion to stay Kalshi’s election markets, citing concerns about potential manipulation. The agency has argued that election markets could undermine public trust in the democratic process.

The CFTC’s actions have faced criticism from lawmakers like Torres, who urged the watchdog to accept the court’s ruling and focus on regulating these markets to ensure transparency and consumer protection.

Torres wrote in his letter:

“The CFTC should be focusing on regulating exchanges, protecting consumers, and safeguarding the integrity of elections.”

He warned that continued legal battles could push traders toward unregulated platforms, further jeopardizing election integrity.

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Source:  CryptoSlate

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RIPPLE JOINS HANDS WITH HEDERA AND APTOS LABS TO LAUNCH MICA CRYPTO ALLIANCE

▪️Ripple, Hedera and Aptos Labs, founding members of DLT Science Foundation, made a key announcement on Monday.

▪️The three firms launched the MiCA Crypto Alliance to enhance compliance with EU markets in crypto assets regulation.

▪️XRP hovers around $0.5600 on Monday.

Ripple (XRP) made a key announcement alongside other founding members of a crypto alliance. The DLT Science Foundation is behind the effort, Ripple partnered with Hedera and Aptos Labs.

XRP erased recent losses and held steady above $0.5600 on Monday.

Daily digest market movers: Ripple leads effort for crypto alliance launch

▪️Ripple partnered with crypto firm Aptos Labs and distributed ledger technology-based Hedera for the DLT Science Foundation. The DLT Science Foundation (DSF) is a non-profit organization that promotes blockchain technology adoption among firms.

▪️The foundation’s mission is to create an open ecosystem and work with industry, academia and developer communities.

▪️DSF announced the launch of the MiCA Crypto Alliance for better coordination among industry members and for navigating the regulatory landscape in the European Union (EU).

▪️The alliance aims to foster cooperation between firms navigating the EU’s regulation pertaining to innovation in blockchain technology.

▪️MiCA sets strict disclosures for Crypto-Asset Service Providers (CASPs) and expects centralized exchanges and crypto firms to disclose climate impact of operations, among other details, through white papers and online descriptions accessible to the public.

Technical analysis: XRP eyes double-digit gains
XRP has been in a multi-month downward trend since its July 2024 top of $0.9380. The native token of the XRP Ledger erased recent losses and trades at $0.5731, above support at $0.5600.

Newshounds News™

Source:  FX Street

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Ripple Stablecoin is for All, Including Retail Investors: XRP Ledger Validator

Vet, an XRPL dUNL validator, has debunked speculations that the highly anticipated Ripple stablecoin RLUSD is only for institutional investors.

In an X post, the dUNL validator stated that RLUSD is for everyone, both institutions and retail users. According to him, a compelling ecosystem would need an all-rounded adoption to thrive. As a result, Ripple will need both retail and institutions to boost the stablecoin’s utility

RLUSD is for Everyone
Vet further asserted that institutions would play an important role in RLUSD distribution, creating a path to widespread adoption of the stablecoin. He stated that institutions would receive RLUSD from the XRP Ledger and distribute it to users.

It bears mentioning that retail traders and some institutional investors cannot assess stablecoins directly. USD-pegged assets are usually minted in treasuries and distributed to certain institutions. These organizations, in turn, move them to other institutions and exchanges.

As a result, Vet noted that retail traders and other institutions would access RLUSD through exchanges and automated market makers. This would allow the stablecoin to be widely used for cross-border payments and consequently provide liquidity on the XRP Ledger.

Vet’s analogy supports community pundit WrathofKahneman’s stance on the boiling issue. The XRP community enthusiast stated that the misconception that institutions alone would use RLUSD was false.

WrathofKahneman pointed out that Ripple’s On-Demand Liquidity (ODL) requires retail traders. Hence, creating a stablecoin for seamless cross-border transactions without the inclusion of retail is not rational. Notably, the actual date for the launch of RLUSD remains a mystery, with Ripple’s CEO Brad Garlinghouse noting it will debut in weeks.

The RLUSD Institution Theory
The notion that RLUSD was only for institutional investors came up from a comment by Ripple’s chief technology officer, David Schwartz. In an X post, Schwartz stated that the Ripple stablecoin would only be accessed directly by institutions.

He likened the scenario to Tether’s USDT and Circle’s USDC, noting that retailers cannot directly access the stablecoins. Schwartz reiterated the same notion in another post, asserting that retail only acquired these stablecoins from exchanges and not directly from their treasuries.

It bears mentioning that RLUSD has been speculated to replace XRP as a bridge asset for ODL transactions. However, Schwartz stated that the stablecoin, which is in beta testing on the XRPL mainnet and the Ethereum network, would complement XRP, providing broader options for users.

@ Newshounds News™

Source:   The Crypto Basic

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Join President Trump LIVE at 8PM (ET) on X Spaces for his announcement on World Liberty Financial!

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Watch Here:  https://x.com/realDonaldTrump/status/1835754983259558260

~~~~~~~~~

BIG! XRP and Interledger Protocol key to solving current issue of disconnected financial networks.  |  Youtube

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Seeds of Wisdom RV and Economic Updates Monday Morning 9-16-24

Good Morning Dinar Recaps,

RIPPLE NEWS:  SEC’s Decision on Crypto Classification Ends XRP Lawsuit Appeal

In a major win for Ripple and the crypto industry, the SEC has officially decided not to appeal the XRP ruling, according to WallStreetBulls. This move marks the end of the highly publicized legal battle that’s loomed over Ripple’s future since December 2020.

The case, which revolved around whether XRP was an unregistered security, cast a shadow over Ripple and its market operations for nearly three years. However, with the SEC backing down, Ripple can now move forward without fear of further legal challenges.

What influenced this sudden turn of events? Let’s understand the SEC’s confusion!

A Shift in SEC’s Stance
The SEC’s decision not to appeal stems from its position in the ongoing Binance case. In this case, the SEC has acknowledged that crypto, by itself, does not meet the criteria to be classified as a security. This acknowledgment undermined the very foundation of its lawsuit against Ripple, leaving little room for an appeal.

The original lawsuit accused Ripple of selling unregistered securities through XRP sales. But with the SEC’s stance now shifting, continuing the fight would have been futile. This development not only brings relief to Ripple but could have long-term implications for other cryptocurrencies facing similar scrutiny.

Ripple’s Victory – A Game Changer for Crypto?
Ripple’s win is seen as a huge milestone for the broader crypto space. The SEC’s acceptance that crypto isn’t automatically a security could reshape how regulators treat digital assets. This case closure sets a crucial precedent, possibly helping other cryptocurrencies navigate regulatory challenges with more confidence.

Stuart Alderoty, Ripple’s Chief Legal Officer, added another layer of insight, reminding everyone that while Ripple’s battle is over, the “fair notice” defense remains vital for other crypto entities. 

He criticized the SEC’s reliance on the 2017 DAO report, stating it was confusing, and the SEC even apologized for the lack of clarity. This highlights that despite Ripple’s victory, there’s still work to clear up regulatory ambiguity in the industry.

As Ripple emerges from this legal saga, the focus now shifts to how this ruling will impact future regulatory actions. Will the SEC’s shifting stance lead to greater acceptance of cryptocurrencies? One thing is certain: this victory could open doors for more market adoption and provide a clearer framework for the future of digital assets.

@ Newshounds News™

Source:  Coinpedia

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XRP NEWS: Robinhood Relists XRP After Ripple’s Legal Victory

XRP is back in action, breaking past $0.5900 and eyeing its July 2024 high of $0.6602, all thanks to Robinhood re-listing it on its commission-free platform! This comes as Ripple’s legal battle with the SEC officially ends, sparking optimism in the crypto community. While the addition of XRP to Robinhood’s crypto brokerage is exciting news, there’s more to the story let’s dig in.

XRP Listing on Robinhood – A Strategic Move?
Robinhood’s crypto arm quietly updated its supported assets to include XRP, alongside other coins like Bitcoin, Ethereum, and Shiba Inu. However, the platform hasn’t officially announced the move, leaving the community to discover the change on its help page. The catch? Only EU customers can currently trade XRP, leaving U.S. users waiting for potential updates.

While trading isn’t available yet, Robinhood users can now see XRP’s price chart, which is exciting for the XRP community. This could mean wider market access and more trading activity, which could make investors and fans hopeful.

Speculation around XRP’s return to Robinhood had been brewing, especially after the brokerage acquired Bitstamp, which supports XRP trading. However, the lengthy Ripple vs. SEC lawsuit had been a significant hurdle, now cleared after Ripple agreed to pay $125 million in fines, resolving the case without an appeal from the SEC.

More Listings on the Horizon?
With the lawsuit behind them, Ripple has newfound regulatory clarity, making XRP an attractive asset for exchanges and investors. Robinhood’s move could encourage other platforms to relist the coin as well, especially as XRP has seen a 3.75% rise in value, trading at $0.5898, outpacing other top 10 coins.

In addition to Robinhood’s listing, Grayscale’s launch of the first XRP Trust has further bolstered confidence in XRP’s future, with increasing prospects for a potential spot ETF. As Ripple emerges from its legal struggles, more support for XRP seems inevitable, with growing optimism for the coin’s adoption.

@ Newshounds News™

Source:  Coinpedia

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BANK OF RUSSIA TO LAUNCH DIGITAL RUBLE PAYMENT INFRASTRUCTURE BY JULY 2025

The Bank of Russia aims to open the payment infrastructure for the Russian central bank digital currency (CBDC), the digital ruble, by July next year.

 Larger banks will offer digital ruble accounts and services by this deadline, with smaller institutions following later. The initiative seeks to enhance payment efficiency and reduce costs, with retailers also required to accept digital rubles. A pilot program is currently underway involving banks, individuals, and businesses.

Russia Plans Digital Ruble Rollout by 2025
The Bank of Russia has submitted a proposal to open the payment infrastructure for Russia’s central bank digital currency (CBDC), the digital ruble, by July 1, 2025, local media reported last week.

The largest banks in Russia will be required to offer services such as digital ruble accounts, transfers, and payments within their systems. The aim is to allow citizens and businesses to use the digital ruble alongside traditional payment methods like cash and non-cash transactions.

The central bank forwarded its proposed legal amendments to the Russian Ministry of Finance, establishing different deadlines for various financial institutions.

Larger banks are expected to be ready by July 2025, while others with a universal license have until July 2026. Smaller credit institutions must comply by July 2027.

 Retailers with annual revenues over 30 million rubles will also be required to accept digital rubles starting in 2025, with smaller businesses following in the next two years.

The Bank of Russia explained:

Both banks and trade and service enterprises will be able to implement their acceptance as their systems become ready.

The digital ruble is intended to improve payment systems by reducing costs and increasing efficiency. Payments will be made through a universal QR code system based on the NSPK platform, eliminating extra expenses for banks and businesses.

Digital ruble transactions for citizens will be free, and businesses will have the option to choose between digital and traditional rubles. Currently, a pilot program involving 12 banks is in place, and as of Sept. 1, the program expanded to include 9,000 individuals and 1,200 businesses. “People and businesses will choose which form of the ruble to use,” said the Bank of Russia.

@ Newshounds News™

Source:   Bitcoin News

  ~~~~~~~~~

Sen. Coons’ S. 4751 Could Limit Crypto Firms’ Ability To Challenge SEC

In July 2024, the U.S. Supreme Court's decision in Corner Post, Inc. v. Board of Governors of the Federal Reserve System expanded the ability of plaintiffs to sue federal agencies. The Court ruled that the statute of limitations to challenge an agency action starts when the plaintiff is harmed, not when the action occurs.

Justice Amy Coney Barrett's decision extended the timeframe for companies to file lawsuits against regulations, allowing challenges long after the rules are issued.

However, Senate bill 4751, the Agency Stability Restoration Act of 2024, sponsored by Sen. Chris Coons (D-DE), aims to limit this by setting a strict six-year statute of limitations from the date of the agency action, regardless of when harm occurs. Co-sponsors of the bill include Senators Dick Durbin (D-IL), Richard Blumenthal (D-CT), Mazie Hirono (D-HI), Cory Booker (D-NJ), Peter Welch (D-VT), and Sheldon Whitehouse (D-RI).

For the crypto industry, which has long been at odds with the Securities and Exchange Commission (SEC) under Chair Gary Gensler in particular, the bill could significantly impact its legal strategy. 

The industry's ability to challenge SEC enforcement under the Administrative Procedure Act (APA) often hinges on demonstrating harm from the agency’s actions. If passed, the Act would require these challenges to happen quickly, potentially before the full effect of regulations is known.

The Corner Post Decision: Broadening The Right To Challenge
In Corner Post, a North Dakota truck stop challenged a 2011 Federal Reserve rule on debit card fees, even though it didn’t open until 2018. 

The key issue was whether the six-year statute of limitations started in 2011, when the rule was issued, or in 2018, when the business was affected. In a 6-3 decision, the Supreme Court ruled the clock starts only when the plaintiff suffers harm.

Justice Barrett, writing for the majority, called the case “straightforward,” explaining that a claim under the APA doesn't begin until there’s a “complete and present cause of action.” Critics, like The Center for Progressive Reform, fear this decision will lead to lawsuits long after a rule is enacted, but Barrett argued that more time to sue doesn’t guarantee success.

@ Newshounds News™

Source:  Forbes

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HEDERA CONTRIBUTES ENTIRE CODEBASE TO LINUX FOUNDATION

Hedera shifts toward open-source decentralization, transferring its codebase to Linux Foundation’s Decentralized Trust for global collaboration.

Hedera, a decentralized public network, announced that it has become a founding premier member of the Linux Foundation’s newly launched decentralized trust initiative.

The decentralized network contributed its entire source code, including its hashgraph consensus algorithm and all core services, tools and libraries, to the Linux Foundation.

Hedera’s contribution, which forms the new project “Hiero,” aims to allow developers to collaborate on decentralized trust technologies globally under an open-source and inclusive framework.

Project Hiero
Hedera’s decision to transfer its entire codebase to the LF Decentralized Trust initiative indicates a substantial shift toward decentralization.

Daniela Barbosa, GM of decentralized technologies at the Linux Foundation and executive director of LF Decentralized Trust, told Cointelegraph that open-source development is “essential for decentralized technologies.”

“At LF Decentralized Trust we believe that open source, combined with open development and open governance as part of a neutral foundation, is the future of decentralized technologies that will be adopted across enterprise, governments, and app ecosystems.”

Implications for developers
As Charles Adkins, president of Hedera, explained to Cointelegraph, the open-source model is anticipated to benefit developers by fostering collaboration and interoperability.

“By contributing Hedera’s codebase to Hiero under Linux Foundation’s Decentralized Trust, developers gain access to a more open, collaborative environment.”  Adkins explained that this development allows developers from “various ecosystems to engage with Hedera’s technology more easily, accelerating innovation and adoption."

Hedera joins the DeRec Alliance
On Sept. 5, Hedera and Cardano’s development arm, Input Output (IOHK), became the final founding members of the Decentralized Recovery Alliance (DeRec Alliance).

The two final members will serve on the Technical Oversight Committee for the next two years, helping shape policies and standards that simplify user experience and facilitate crypto recovery.

Leemon Baird, chief scientist at Hashgrapha and co-founder of DeRec, told Cointelegraph that it was “great to see the industry coming together” to address a “critical need for a safety net.”

@ Newshounds News™

Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 9-15-24

Good Afternoon Dinar Recaps,

Russia All Out For Crypto Regulation, US Dollar Dominance Under Threat?

In order to combat strain in international trade, Russia has plans to complete crypto regulation and to properly combat USD dominance

▪️Russia is pushing forth in its crypto regulation and adoption agenda
▪️The country aims to finalize its crypto regulation push by November
▪️The aim is to use these assets for international trade settlement

Russia is making big plans for crypto regulation in the region by November. Notably, the process has already commenced but will be finalized in the next few months. 

According to Anatoly Aksakov, the Chairman of the State Duma Financial Market Committee, Russia’s Central Bank and the Ministry of Finance will prepare the necessary by-laws from now until the scheduled time.

Russia Rolls Out Crypto Regulation Gradually
At the beginning of this month, the law that permits the use of crypto payments in foreign trade settlements and exchange trading within the framework of an experimental legal regime came into force. However, it needed full regulation, including bylaws, to establish rules for cross-border crypto payments.

Russia’s financial authorities will see that all these processes are finalized by November.

In addition to preparing the crypto regulation and bylaws, the Central Bank and the Ministry of Finance will consider the circle of individuals and organizations that will take part in the first stage of the process. The participants will include credit institutions and banks.

According to Aksakov, these entities would help to “feel out” the mechanism of this market. They will also help the authorities to better understand how to regulate it. As time progresses, the number of participants for the process will be expanded.

The Threat to US Dollar
Despite the crypto regulation moves, Russia is keen on not getting the assets into the wrong hands. The country acknowledged the versatility of the asset class and how it could also be misused.

Also, Russia has no plans to fully replace its fiat currency Ruble with cryptocurrencies. The Chairman of the State Duma Financial Market Committee stated that it would only be used for foreign trading activities and not for payment within Russia.

This move is in sync with the primary goal of the BRICS Group, a bloc of countries with some of the world’s leading economies. Member countries of this group are focused on challenging the dominance of USD. It is worth noting that Russia is one of the founding members of this bloc.

For the longest time, the BRICS Group has been trying to develop an alternative to the USD for cross-border settlements. They have onsidered the use of digital assets and some other asset classes for some time now. Last month, Russia hinted at building a Chinese yuan-pegged BRICS stablecoin to further push the de-dollarization efforts.

@ Newshounds News™

Source:  CoinGape

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SEC CRYPTO ENFORCEMENT ACTIONS SURGED 3,000% TO $4.7 BILLION IN 2024: REPORT

Despite fewer cases, the SEC’s enforcement strategy shifted to larger fines, with average penalties jumping to $426 million per action.

The U.S. Securities and Exchange Commission (SEC) has ramped up its enforcement actions against the cryptocurrency sector in 2024, imposing nearly $4.7 billion in fines.

This figure represents a 3,018% increase from the $150.3 million in fines issued in 2023.

Record Breaking Settlement
According to a report from Social Capital Markets, 2024’s figures are largely attributed to the SEC’s $4.47 billion settlement with Terraform Labs and its former CEO, Do Kwon, in June making it the largest enforcement action to date by the agency.

This legal action addressed serious issues, including misleading investors and offering unregistered securities, following the collapse of TerraUSD (UST) and its associated ecosystem.

The total fines for 2024, which stand at $4.68 billion, include various penalties such as forfeiture, disgorgement, civil penalties, settlement, and prejudgment interest.

Although the regulator’s crackdown dropped from 30 in 2023 to 11 in 2024, average fines soared to about $426 million, up from $14.71 million in 2022.

“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 notes.

Other notable fines in 2024 include penalties against firms like GTV Media Group and fraudsters John and Tina Barksdale, each exceeding $100 million.

Crypto Fines Amounted to $7.42 Billion Since 2013
Since 2013, the SEC has issued over $7.42 billion in fines against the cryptocurrency industry. Of this total, 63% has been in 2024 alone.

In 2019, the $1.24 billion fine imposed on Telegram Group Inc. and TON Issuer Inc. for unregistered token sales led to a notable 2,000% increase in the average fine compared to previous years.

Ripple Labs received a $125 million fine for selling XRP as an unregistered security, causing the average fine for that year to rise to $35.2 million. However, the SEC is yet to agree as it can dispute this one.

The enforcement actions in 2024 also emphasize accountability for both companies and their executives, with “firm + Individual” penalties totaling $5.08 billion across 63 actions.

Most fines exceeded $1 billion, making up 46% of the total, largely due to the $4.68 billion penalty against Terraform Labs. Punishments ranging between $1 million and $10 million are also common, accounting for 30%, and often involve smaller firms. There were also judgments falling under $1 million, highlighting ongoing scrutiny of minor projects.

@ Newshounds News™

Source:  Crypto Potato

~~~~~~~~~

Kraken Requests Jury Trial in Legal Battle With the SEC Over Alleged Securities Law Violations

The crypto exchange Kraken has officially requested a jury trial in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

Last November, the SEC charged Kraken with operating its crypto trading platform as an unregistered securities exchange, broker, dealer and clearing agency.

Earlier this year, Kraken filed in US District Court to dismiss those charges, positing that the SEC’s claims would widen the definition of investment contracts and expand the regulator’s jurisdiction outside of its delegated responsibility.

That request didn’t fly with US District Judge William H. Orrick, who denied the exchange’s request last month, ruling that the SEC “plausibly alleged that at least some of the cryptocurrency transactions that Kraken facilitates on its network constitute investment contracts, and therefore securities, and are accordingly subject to securities laws.”

In a new document filed in court on Thursday, Kraken requests a jury trial and responds to the SEC’s complaint, arguing that it operated for more than a decade without any hint from the regulator that it was violating securities laws.

“In fact, in 2021, the Chair of the SEC told Congress that ‘the exchanges trading in these crypto assets do not have a regulatory framework at the SEC,’ and ‘it is only Congress that could really address this lack of a framework.’

Kraken has tried to work with the SEC to make registration feasible. But the industry’s efforts have been stonewalled at every step, as the SEC has instead chosen to pursue a strategy of fighting with its sister regulators for enforcement authority its Chair admitted it did not have.

This has predictably led to a patchwork of inconsistent and irreconcilable court decisions in an area that is plainly in need of a uniform regulatory approach.”

Kraken says the SEC refused to identify which crypto asset transactions it classified as investment contracts until the regulator filed its complaint last year.

“The digital assets themselves cannot be the investment contracts because they carry none of the rights and obligations of a share of stock, a bond, or any other financial asset that Congress has said is subject to SEC regulation. The digital assets themselves are the only things that are traded, brokered, or settled on Kraken.”

The SEC argues that Kraken hawked more than 11 different “crypto asset securities” on its platform and was required by law to register with the regulator.

Those alleged securities include Cardano (ADA), Algorand (ALGO), Cosmos (ATOM) and Solana (SOL), among others.

@ Newshounds News™

Source:   DailyHodl  

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TRUMP TAKEN TO SAFETY AFTER SECRET SERVICE OPENS FIRE ON MAN WITH POSSIBLE GUN AT HIS PALM BEACH GOLF CLUB

Donald Trump was taken to safety by the Secret Service after agents opened fire on a man who was spotted with what may have been a gun while the former president was on the links, according to law enforcement sources.

Sources said the Secret Service spotted a suspicious individual on the Trump International Golf Course West Palm Beach, and opened fire when agents saw what appeared to be the barrel of a gun.

It’s not clear whether the man was on the course or near it.

An agent opened fire, shooting multiple times.

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The man was later arrested by local police on I-95.

It comes almost exactly two months after Thomas Matthew Crooks shot Trump at a rally in Butler, Pa. on July 13 — wounding him in the ear.

Sen. Lindsey Graham took to X minutes after news of the shooting broke to laud the former president for his fortitude.

“Just spoke with President Trump. He is one of the strongest people I’ve ever known. He’s in good spirits and he is more resolved than ever to save our country.”

“President Trump is safe following gunshots in his vicinity. No further details at this time,” Trump spokesman Steven Cheung said Sunday afternoon.

The West Palm Beach course is about five miles inland from Mar-a-Lago, which Trump dubbed the “Winter White House.”

The Secret Service — which came under widespread criticism following the July assassination attempt — wrote on X that it was investigating a "protective incident” involving the former president that occurred shortly before 2 p.m.

The agency said it’s coordinating with the Palm Beach County Sheriff’s office on the investigation.

Initial reports suggested two people were firing at each other. However, sources said investigators now believe the Secret Service agent was the only shooter.

The man’s motives are not yet known. He was arrested by Palm Beach County sheriff’s deputies.

The White House issued a statement soon after the incident: “The President and Vice President have been briefed about the security incident at the Trump International Golf Course, where former President Trump was golfing. They are relieved to know that he is safe. They will be kept regularly updated by their team.”

This is a developing story.

@ Newshounds News™

Source:  NY Post

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Muddy Water SEC's Crypto Custody Confusion: Understanding the Exemption  |  Youtube

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Source: Seeds of Wisdom Team Currency Facts 

~~~~~~~~

Great Breakdown - #Brics from R Jax and Lowtide. #Seeds of Wisdom Team  |  Youtube

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Seeds of Wisdom RV and Economic Updates Sunday Morning 9-15-24

Good Morning Dinar Recaps,

BREAKING: RIPPLE CLO CONFIRMS XRP VS. SEC CASE IS FINALLY OVER-$5 NEXT?

▪️Ripple’s legal battle with the SEC concludes, marking a significant moment for the cryptocurrency industry.

▪️Future SEC cases involving digital assets may take into account the fair notice defense that Ripple used.

Stuart Alderoty, Ripple’s Chief Legal Officer, has officially declared the end of the company’s long-running legal battle with the United States Securities and Exchange Commission (SEC), as has been highlighted by blockchain researcher Collin Brown.

Alderoty recently announced that the U.S. District Court for the Southern District of New York, presided over by Judge Analisa Torres, issued its final ruling on August 7, 2024. This ruling is a key milestone for Ripple because the court cut the SEC’s first proposed penalty of over $2 billion to a much more manageable $125 million.

Furthermore, the verdict imposes restrictions on Ripple’s future XRP sales to institutional clients in the United States, indicating a partial triumph for the business.

Ripple Legal Win May Shape Future Crypto Regulation
The outcome of this high-profile case not only brings closure to Ripple, but it also has a long-term consequence on the cryptocurrency sector. Alderoty noted that Ripple’s fair notice defense, a cornerstone of their legal strategy, is still relevant for other cryptocurrency startups facing regulatory problems from the SEC.

This approach has the potential to set precedent in future cases, particularly those involving whether some digital assets qualify as securities under US law. This outcome may influence how authorities handle enforcement actions in the rapidly expanding digital asset industry, where clarity is sometimes missing.

Prior to this statement, as we previously reported, Coinbase’s Chief Legal Officer, Paul Grewal, expressed public concerns about the SEC’s inconsistent treatment of multiple cryptocurrencies.

Grewal specifically addressed the ambiguity surrounding Ethereum’s treatment, which continues to perplex the crypto community.

His critique emphasized the SEC’s shifting posture, leaving market participants unsure about which tokens would be investigated as securities. This broader regulatory picture has made many companies and token holders nervous, as being designated a security can have serious financial ramifications.

Investors Eye the $5 Target
The conclusion of Ripple’s legal battle with the SEC, however, does not eliminate well the uncertainty for XRP holders. But the crypto has been gaining market traction, with XRP last trading at around $0.5859, up 2.76% over the last 24 hours and 10.10% over the last week.

This price increase coincides with newfound hope among many in the XRP community, also known as the XRP Army. According to CNF, analysts, notably Captain Faibik, expect that XRP will achieve a mid-term target of $2.5, igniting hopes for even bigger rises.

Some investors are hoping to break through the $5 mark, which has long been a target but has remained out of reach.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

BRICS NEWS

CHINA AND IRAN CALL FOR ‘DURABLE CEASEFIRE’ IN GAZA AT BRICS SECURITY CONFERENCE

China’s top diplomat Wang Yi meets Russia’s Vladimir Putin and national security chiefs of Iran and India on sidelines of forum

China and Iran jointly called for a “durable ceasefire” in Gaza and resumption of talks for a “two-state” solution on the sidelines of the Brics security conference in Russia.

In a Thursday meeting in St Petersburg, China’s top diplomat Wang Yi and Iranian Supreme National Security Council Secretary Ali Ahmadian discussed the situation in Gaza as tensions between Iran and Israel escalated.

According to a Chinese foreign ministry readout, Wang and Ahmadian both called for “a full withdrawal of troops” from Gaza and Palestinian sovereignty and self-governance.

China advocates a “two-state” solution for the Israeli-Palestinian conflict. Iran, which has long denied Israel’s legitimacy as a state, has shown some signs of a shift in its policy, including voting in favour of a UN resolution on a humanitarian truce in Gaza last year, which also called for a two-state solution.

Iran promised revenge on Israel after Hamas leader Ismail Haniyeh was assassinated in Iran in July.

@ Newshounds News™

Source:  SCMP

~~~~~~~~~

GLOBAL BANKING NETWORK SWIFT PAVES WAY FOR TOKENIZED ASSET INTEGRATION

SWIFT, the global banking communications network, not the wildly popular American popstar, has announced plans to integrate digital assets.

On Sept. 11, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) announced that it was “paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and currencies.”

The organization has a vision of enabling its members to transact with both traditional and emerging crypto assets on its interbank network.

SWIFT is a cooperative established in 1973 in Belgium and owned by the banks and other member firms that use its services.

Ethereum Connections?
VanEck’s head of digital assets research, Matthew Sigel, observed that the only layer-1 blockchain SWIFT has ever mentioned in such communications is Ethereum.

He also noted that their experiments focus on interoperability between traditional finance and emerging technologies such as tokenized assets and CBDCs.

The announcement acknowledged the growth in tokenized real-world assets (RWA), citing Standard Chartered research that estimated their market size would reach $30 trillion by 2034.

 It added that market sentiment is certainly strong, with 91% of institutional investors interested in investing in tokenized assets.

SWIFT noted that there are currently fragmented “digital islands” due to divergent platforms, technologies, and regulations. There is also a high level of complexity for institutional investors dealing with multiple tokenization platforms.

SWIFT has been experimenting with blockchain transfers and RWA, noting:

“Our successful blockchain interoperability experiments showed how Swift’s infrastructure can facilitate the transfer of tokenized value across public and private blockchains.”

However, it plans to evolve its infrastructure to offer access to digital assets and currencies across various use cases and enable securities investors to simultaneously pay for and exchange tokenized assets in real time.

“The payment leg will initially be made using existing fiat currencies, but will later be able to use tokenized forms of money, such as CBDCs, tokenized commercial bank money, or regulated stablecoins.”

In the coming months, SWIFT plans to continue developing technical solutions with the financial community.

No Crypto on SWIFT
While the announcement sounds promising for crypto, it is highly unlikely that users will be able to send decentralized digital assets such as Bitcoin or Ethereum using the network. However, it could be a boon for the underlying infrastructure, such as Ethereum and Chainlink.

In September 2023, SWIFT conducted an experiment with banks leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Earlier that year, SWIFT announced a collaboration with Chainlink, which included several financial institutions to assess the feasibility of integrating with diverse blockchain networks.

@ Newshounds News™

Source:   Crypto Potato

~~~~~~~~~

CRYPTO MARKET AWAITS FOMC & POWELL’S SPEECH AMID US FED’S 0.5% RATE CUT BETS

The crypto market awaits the FOMC meeting and Powell's speech, with soaring bets on a 0.5% US Fed rate cut fueling optimism over a potential recovery.

▪️The crypto market expects a 0.5% US Fed rate cut in September, boosting optimism and potential rallies.

▪️The FOMC meeting and Powell's speech are likely to impact the crypto market's upcoming stance and trends.

▪️The soaring bets over the 50 bps Fed rate cut helped Bitcoin price to hit $60K last week.

The crypto market is bracing to enter a crucial week, amid soaring bets over a 50 bps US Fed rate cut. This marks a significant phase for the broader financial market, let alone the crypto space, with the US FOMC interest-rate decision in focus. In addition, Fed Chair Jerome Powell is also scheduled to speak following the FOMC meeting, which would provide cues on the central bank’s upcoming stance with their policy rate plans.

Crypto Market To Enter A Crucial Week
The crypto market eagerly awaits the much-awaited September FOMC meeting on the policy rates. With the latest cooling US CPI and PPI inflation figures, bets are recently soaring over a 0.5% Fed rate cut at the upcoming meeting.

Notably, this optimistic view has also fueled a rally in the broader financial market, with the US stock market noting its best trading week since November last year. In addition, Bitcoin soared past the $60K mark last week, indicating the increasing risk-bet appetite of the market participants.

According to the CME FedWatch Tool, there is a 50% probability of a 50 bps rate cut by the US Federal Reserve at their upcoming meeting. Simultaneously, the same bets are also there towards a smaller rate cut of 0.25%. Besides, the market is anticipating a 100 bps cut in the policy rates with three rate cuts this year. This development appears to have bolstered the broader market sentiment.

Fed Chair Jerome Powell’s Speech In Focus
Following the FOMC interest-rate cut decision on Wednesday, September 18, Fed Chair Jerome Powell is also expected to hold a press conference on the same date. The crypto market will keep a close watch on the speech for cues on the potential move of the central bank going forward.

Although it is expected that Powell would signal a dovish stance, given the recent economic data, any other move could dampen the market sentiment. It’s worth noting that last week Bitcoin and the top altcoins noted a recovery following the soaring bets over a larger interest rate cut.

Having said that, any hawkish comment could hinder the recovery phase of the crypto market, potentially triggering a massive selloff in the broader financial sector.

Meanwhile, September tends to be a bearish month for the crypto sector, especially Bitcoin. However, market expert predicts that with soaring bets over an easing policy rate plan, the market may witness a strong rebound ahead. In addition, the fourth quarter is also expected to bring a bullish sentiment among investors, potentially triggering a rally in the market.

@ Newshounds News™

Source:  CoinGape

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Circle predicts stablecoins will become mainstream global payment method

Stablecoin issuer Circle expects internet payment firms and other financial services companies will attempt to enter or expand in the space.

Circle, the issuer of the world’s second-largest stablecoin USDC, feels “confident” that stablecoins will become mainstream money. Simultaneously, regulations should be harmonized globally to ensure compliance for all payment stablecoin issuers.

“Circle is confident that there will be mainstream adoption of stablecoins as the money for the internet age,” Dante Disparte, chief strategy officer and head of global policy at Circle, told Cointelegraph in an exclusive interview.

“We expect there will be internet payments firms and other financial services companies that (will) attempt to enter or to expand in this space, which is a strong signal that stablecoins are here to stay,” Disparte pointed out.

However, Disparte feels it is equally important that rules and regulations be harmonized globally. He said that the essential principles of conservative reserving and financial crime compliance should be applied equally to any company claiming to issue a payment stablecoin.

Circle moves to New York  
Disparte’s comments come as the stablecoin issuer prepares to move its global headquarters to New York by early 2025 after filing for an initial public offering (IPO) in January.

Disparte pointed out that the US framework empowers state banking and money transmission supervisors to develop and regulate the payments industry at the state level. Other countries regulate payments or electronic money (e-money) activities at a national level.

“A key question now is whether the US will finally enact federal stablecoin rules or maintain the status quo of uncertainty, which policymakers in both US political parties say is unacceptable,” Disparte said. He explained:

“The absence of a US regulatory framework for dollar-referenced stablecoins represents a threat to American interests. This vacuum could incentivize the creation of products that exploit trust in the dollar while bypassing US regulations, potentially becoming a refuge for illicit actors.”

Federal legislation for payment stablecoins is essential to promote safe competition for how Americans send, spend, save, and secure their money in an increasingly technology-dependent market, according to Disparte.

The stablecoin bill, advanced by the House Financial Services Committee in July 2023 has generated significant policy momentum and support, he said.

“Congress should approve such a bill on a bipartisan basis, and the President should sign it if it comes to his desk. The legislation would create a floor for all issuers to comply with US anti-money laundering, countering terrorist financing and sanctions obligations,” Disparte said.

He added that these norms should be applied to US issuers of payment stablecoins, as well as their international counterparts, many of whom are being licensed to issue dollar-denominated stablecoins from jurisdictions including the EU and UAE.

Will EU’s MiCA 2.0 fill gaps in the regime?
The European Union’s Markets in Crypto-Assets Regulation (MiCA) came into partial effect in June, with new rules concerning stablecoins coming into force on June 30.

On July 1, Circle said it had become the first global stablecoin issuer to achieve compliance with the MiCA regulatory framework after it got the Electronic Money Institution (EMI) license from the French banking regulatory authority. Circle’s USDC (USDC) and EURC are regulatory compliant under the new rules.

“With MiCA, Europe succeeded in doing what other jurisdictions, including the U.S., have yet to achieve: provide legal and regulatory clarity for not one piece of the digital asset market, but all of it,” Disparte said. However, he pointed out:

“Like all novel rules or comprehensive regulations, MiCA is imperfect, and in places overly prescriptive, so much so that EU policymakers are already contemplating MiCA 2.0, which would potentially fill certain gaps in the regime, such as non-fungible tokens, decentralized finance and other areas.”

Stablecoin market sees increasing competition
Competition in the stablecoin market is heating up with new entrants like PayPal’s USD-pegged stablecoin, PayPal USD , which has already surpassed $1 billion in market cap. Ripple Labs has started testing its USD-pegged stablecoin, Ripple USD (RLUSD), on both the XRP ledger and Ethereum, and it plans to expand to more blockchains.

Tether’s USDT remains the largest stablecoin with a market cap exceeding $118 billion, according to data from CoinMarketCap. Tether has also announced plans for a new stablecoin pegged to the UAE dirham (AED).

On Aug. 26, the market cap for stablecoins, excluding algorithmic ones, reached a record $168 billion. The market hit an all-time high of $167 billion in March 2022 but fell to $135 billion by the end of that year.

“We invite any competitors to come to America, the EU, Singapore, and beyond, to submit themselves to a vigorous licensing process, to follow the same standards that are the bedrock of our company, and to join us as regulation-first, compliant companies so that this ecosystem can grow and thrive long into the future,” Disparte added.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

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XRP Ledger Set for Upgrades as Amendments Secure Majority

XRP Ledger (XRPL) might be poised for significant upgrades in the days ahead as key amendments have recently gained majority support from the network's validators.

On XRP Ledger, fully functional transaction process changes are introduced as amendments and validators vote on them. According to Vet, an XRPL dUNL validator, two XRP Ledger amendments just gained the majority and are now in the two-week activation period. These two amendments are fixPreviousTxnID and fixEmptyDID, a crucial amendment required before the DID amendment.

Amendments represent new features or other changes to transaction processing. The amendment system utilizes the consensus process to approve any changes that affect transaction processing on XRP Ledger.

To be enabled, amendments must have at least 80% support from trusted validators for two weeks. If support falls below 80%, the amendment is temporarily rejected, and the two-week time frame repeats.

If an amendment achieves more than 80% support for two weeks, it passes and the change is permanent for all subsequent ledger versions. To disable a previously enacted amendment, a new amendment must be introduced.

Two new XRPL specs published Aside from the two amendments that have entered the two-week activation period, Mayukha Vadari, a senior software engineer at RippleX announced the addition of two new specs to XRP Ledger this week. Vadari in a tweet stated she had published two new XRPL specs focused around permissioning and compliance.

First, XLS-80d: Permissioned Domains, which is a building block feature aimed at making on-chain permissioning easier to handle, developing on top of XLS-70d. Second, XLS-81d: Permissioned DEX — Secure and regulated trading environments. Vadari believes that these additions will help to drive greater flexibility and safety on XRPL.

@ Newshounds News™

Source:  U Today

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New US Bill Aims To Bring Order To Crypto Chaos With Unified Regulations

Congressman John Rose of Tennessee introduced the “BRIDGE Digital Assets Act,” one of the most important legislative proposals with changes in the regulatory landscape of crypto assets in the United States.

It provides for a Joint Advisory Committee consisting of participants from the Securities and Exchange Commission and the Commodity Futures Trading Commission. It would, therefore, look to harmonize the sometimes-conflicting regulations existing presently between the two agencies for digital assets, coming under both securities and commodities jurisdictions.

Rose argues that the “regulation-by-enforcement” approach stifles innovation and drives investment overseas, requiring the United States to create an environment friendlier to digital asset development.

Joint Committee’s Role
It proposes a composition for the Joint Advisory Committee that should consist of at least 20 participants from the private sector, including digital asset issuers, academic researchers, and users.

They would be able to provide insight into and make recommendations regarding digital asset regulations with respect to aspects such as decentralization, functionality, and security.

The committee will be expected to meet at least twice a year, with findings and recommendations mandated to be done and given both to the SEC and the CFTC. This collaborative approach could bridge the regulatory gap to create a more cohesive approach in regulating digital assets, hence benefiting both consumers and investors.

Addressing Gaps In Crypto Regulation
One of the key features of the BRIDGE Digital Assets Act is that it aims to deal with the confusion at the current regulatory level. Both the SEC and CFTC interpret digital assets in a different way, hence creating confusion among businesses and investors.

The bill calls for a joint committee where the two agencies further align their regulatory frameworks with cooperation and clarity. The catch here is that the alignment shall avail an opportunity for a harmonized approach in the regulation of digital assets, which if realized would raise the protection of customers, as well as disclosure and economies in transaction costs.

Future Implications
The BRIDGE Digital Assets Act could be a major change in how digital assets are regulated in the United States. It also includes a specific timeline for actualizing the bill: the agencies, the SEC and CFTC, will adopt a joint charter to provide for the committee within 90 days and will appoint the members on the committee within 120 days, while the first meeting is expected to take place within 180 days of the enactment.

This structured approach not only sets a framework for the improvement of regulatory practices but also points toward new innovation in the digital asset space. As the crypto industry is still evolving, perhaps the BRIDGE Act would be the key to unlock such a balance between regulation and innovation, one that will finally play to the benefit of the US economy and its positioning in the global digital asset landscape.

@ Newshound

Cardano (ADA) Upgrade Ogmios v6.7.0 Just Landed: What's New

The novel release of Ogmios, a Cardano-node bridge interface responsible for the interaction with Ouroboros via JSON/RPC endpoints, addresses the issues with the so-called transactions era mismatch, CF open source tech director says. 

Cardano (ADA) era mismatch errors are gone with Ogmios v6.7.0 release Cardano (ADA), a major proof-of-stake (PoS) network, received an upgrade for Ogmios, a crucial component of its node software stack. Ogmios v6.7.0 release is focused on fixing the issues with transactions from previous "Eras," i.e., phases of Cardano (ADA) consensus maturation.

As explained by Cardano Foundation tech director Matthias Benkort, with the new software activated, the system automatically upgrades transactions from previous eras (up until Alonzo) on submission.

Published Sept. 13, 2024, Ogmios v6.7.0 is designed to address the issue where the ledger would complain about receiving a transaction in an invalid era (typically Babbage or Alonzo) while being in a more recent era (typically Conway). As covered by U.Today previously, Cardano (ADA) ushered into Conway era with the activation of its long-anticipated Chang hard fork.

The upgrade affects the period after the activation of the Alonzo hard fork in mid-September 2021. DEX Screener finally added Cardano (ADA) liquidity pools tracking Software packages with the upgrade are available in the official GitHub repository of Cardano (ADA) dubbed Cardano Solutions.

The Cardano (ADA) ecosystem witnessed yet another major milestone this week. For the first time ever, its liquidity pools became visible on DEX Screener, a popular browsing platform for decentralized finance (DeFi).

As of printing time, DEX Screener tracks 34 ADA-based liquidity mechanisms with various Cardano-based altcoins. The largest one, BOOK/ADA has a verified marker cap of $121 million in equivalent while SNEK/ADA amassed $55 million.

@ Newshounds News™

Source:   U Today  

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Ripple Set to Introduce Ethereum-Compatible Smart Contracts on XRP Ledger

This upgrade will enable developers to create scalable dApps, DeFi projects, and supply chain management solutions across XRPL, Ethereum, and EVM networks.

▪️Ripple is upgrading the XRP Ledger with Ethereum-compatible smart contracts via a new sidechain.

▪️The upgrade incorporates the Axelar network for cross-chain token transfers and introduces Wrapped XRP (eXRP) as the main token on the sidechain.

▪️It sparked debate within the XRP community about Ripple's long-term strategy, particularly regarding the company's support for RLUSD on the Ethereum blockchain.

@ Newshounds News™

Source:  Newz Chain

~~~~~~~~~

IMF Backs BRICS Expansion

Enhanced international economic cooperation “should be welcomed and encouraged,” a spokeswoman has said.

ASIATODAY.ID, ANKARA – Expansion of BRICS could be beneficial globally and should therefore be “encouraged,” Julie Kozack, a spokeswoman for the International Monetary Fund (IMF), told journalists on Friday in response to a question about Ankara’s plans to join the group.

Türkiye was the latest nation to formally apply for BRICS membership in early September. Founded in 2009 by Russia, China, India and Brazil, the organization was joined by South Africa the following year. In 2024, the group expanded further to include Egypt, Iran, the United Arab Emirates and Ethiopia.

Earlier on Friday, Russian President Vladimir Putin noted that up to 34 nations had expressed interest in BRICS, with ongoing discussions about potential partnerships.

When asked if the IMF “sees any dangers in BRICS,” Kozack replied, “our view is that improved and expanding international cooperation and deepening trade and investment ties among groups of countries should be welcomed and encouraged,” especially if aimed at “reducing fragmentation and lowering trade and investment costs” among participating nations.

The spokeswoman also emphasized that “the decision to join such initiatives is a sovereign decision of each member country.”

Ankara has previously asserted its right to establish relations with any nation or international organization it deems fit, stating that its engagement with BRICS or the Shanghai Cooperation Organization (SCO) does not interfere with its other commitments, including to NATO.

“We do not consider BRICS to be an alternative to any other structure. We regard all these structures and alliances as having distinct functions,” Turkish President Recep Tayyip Erdogan said earlier. He added that Ankara seeks to be a “reliable partner” for all organizations it is part of.

“As a NATO member, we do not see it as a problem to interact with countries in the SCO, BRICS, the European Union, or the Organization of Turkic States. We believe these relationships contribute to world peace,” the Turkish leader stated.

Bloomberg reported earlier in September that Turkish membership could be considered at the upcoming BRICS summit in Kazan, Russia, in late October. Erdogan has been invited to the meeting. Russian presidential aide Yury Ushakov confirmed that Ankara formally applied for membership and said the organization would consider it. (RT/AT Network)

@ Newshounds News™

Source:   Asia Today

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In-Depth Study Reveals Stablecoins as Pivotal Players in Global Finance

As digital economies evolve, stablecoins emerge not just as mere facilitators for crypto trading but as pivotal tools in global financial systems. A comprehensive report by Castle Island Ventures and Brevan Howard Digital, sponsored by Visa, unveils the profound impact of stablecoins on monetary dynamics worldwide.

Transforming Global Finance: The Rising Influence of Stablecoins
According to the Castle Island Ventures report, stablecoins, once primarily used as trading tools within the cryptocurrency space, are now integral to more traditional financial transactions.

This transformation reflects a significant shift from their initial purpose, highlighting their importance beyond the crypto-sphere.

Researchers point to a staggering $2.6 trillion in transactions settled through stablecoins in the first half of 2024 alone, indicating their growing prominence as a reliable medium for both everyday and large-scale financial activities. 

The report notes that over 20 million addresses engage with stablecoins monthly, highlighting their critical role in the financial practices of both individuals and businesses globally.

In emerging markets, stablecoins are increasingly preferred for their ease of use and reliability, providing a digital alternative to traditional banking systems that may be inaccessible or unreliable. This trend is particularly pronounced in regions with volatile economic conditions, where stablecoins offer a semblance of stability and security. The report states:

Stablecoins are particularly appealing when dollar banking is non-existent or hard to access, in countries exhibiting high inflation, or countries with poor or costly access to fiat transactional networks.

In the report, Castle Island Ventures explained it collaborates closely with regulatory bodies to navigate the complexities of the global financial landscape.

The researchers conclude that evolving regulatory frameworks are crucial for maintaining the integrity and efficacy of stablecoin transactions, which promise to enhance financial inclusion worldwide.

@ Newshounds News™

Source:  Bitcoin

~~~~~~~~~

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Positioning for growth in Hong Kong’s evolving digital assets markets

Hong Kong has evolved rapidly into a global beacon for the issuance and trade of digital assets, with investors attracted to the city’s growing liquidity and to incentives and guardrails provided by a proactive regulator.

Innovation within the space has seen not only crypto spot and futures ETFs flourish, but also the issuance of the world’s first blockchain-based, multi-currency green bond. 

The market is now anticipating more, with the establishment of a stablecoin sandbox earlier this year set to see more digital products hit the market.

The demand for new investment opportunities including ETFs has been strong for both institutions and retail investors, including family office, who are relatively new to the asset class, experts at a recent Bloomberg conference said.

Global demand goes local
A conference speaker shared that digital asset is a fast-growth market, with more than $100 billion invested in at least 245 crypto ETFs worldwide, and Hong Kong has responded enthusiastically to capitalizing on this growing market.

The Securities and Futures Commission (SFC) has approved five bitcoin and ether spot and futures-based ETFs in the city, launched by China AMC, Bosera, Harvest, CSOP, and Samsung.

More digital investment products are in the pipeline too, stablecoins among them. These are digital assets tied to fiat currencies that are seen as essential to anchoring the asset class into regular markets. Several stablecoins are being considered for inclusion in a sandbox programme devised by the Hong Kong Monetary Authority (HKMA).

Additionally, a robust cross-border market infrastructure that provides a bridge to the huge market in mainland China is expected to bring firepower to new markets. So-called dim sum bonds, for instance, facilitate investment in both directions across the frontier – including by global firms based south of the border – and can be crafted to embrace digital assets.

The characteristics of the Hong Kong market that make it attractive to other asset investors also apply to digital assets. Its low-tax fiscal regime operates within a business-friendly environment backed by a strong legal system.

Strong regulatory backing to foster growth
A regulatory framework engineered by the SFC and HKMA to provide a supportive environment for investors is enabling Hong Kong’s rise as a digital power. The rapid approval of crypto ETFs, the licensing of trading platforms, and the stablecoin sandbox have boosted confidence in Hong Kong’s potential to be a regional hub.

Tokenization: A democratizing force in investing
The same drivers of demand for digital assets – principally institutions and family offices – would likely clamor for more tokenized products. The cost of trading them is lower and execution is instantaneous – an important consideration amid the operational expense being incurred to meet T+1 post-trade settlement rules.

Hong Kong has the infrastructure in place to accommodate an expansion of its tokenized offerings, and it is at no greater disadvantage than its competitors in terms of the challenges that tokenization presents. Ensuring trusted and secure data, and formulating roadmaps to advance from product proof-of-concept stages are difficulties faced by product manufacturers worldwide.

Technology is crucial to seize new opportunities

With Hong Kong’s prospect of strengthening its position at the digital asset vanguard, market participants will look to update their data and technology stacks to take advantage of the coming opportunities. That’s likely to be the case for wealth managers and family offices especially, which are less likely to have the expertise or tools to operate optimally within the digital space.

Technology will also be crucial in meeting the fast-changing regulatory obligations as well as to enable firms to tap new opportunities associated with the market.

@ Newshounds News™

Read more:  Bloomberg

~~~~~~~~~

BIS Codifies VSD Policies, Removes Caps on Non-Egregious Base Export Penalties
13 Sep 2024 by Ian Cohen

A new final rule issued by the Bureau of Industry and Security this week will codify a host of updates the agency made to its administrative enforcement policies over the past three years, including measures to help BIS more quickly resolve minor voluntary disclosures and increase penalties on exporters who choose not to report serious violations.

 Other changes will give BIS broader discretion to impose higher fines, including by eliminating language that had capped maximum base civil penalties for “non-egregious” violations.

@ Newshounds News™

Read more:  Export Compliance Daily

~~~~~~~~~

BRICS NEWS: WILL SAUDI ARABIA’S DITCHING OF THE PETRODOLLAR OPEN THE DOOR FOR BITCOIN AND XRP IN OIL SETTLEMENTS?

▪️US dollar under serious threat as Saudi Arabia’s top official discloses that the country is open to using Yuan for crude settlement amid the upcoming BRICS Summit.

▪️However, the US could “put up a fight” as former president Donald Trump proposes 100% tariffs on countries moving away.

The de-dollarization strategy is still on as Saudi Arabia seeks to implement the BRICS long-term goal by moving away from the Petrodollar to the Petroyuan. While the Middle Eastern country has not yet joined the alliance, it has been invited to attend the 2024 summit.

 Before its official acceptance, Saudi Arabia doubled its effort to strengthen its existing relationship with China by incorporating Chinese products such as the C919 passenger jet, electric vehicles, and renewable energy infrastructure.

To take this relationship to the next level, Saudi Minister of Industry and Mineral Resources Bandar Al-khorayef has disclosed that the country is open to new ideas, including using yuan in a crude settlement. According to him, their decision hinges on the country’s best interest, as they try not to mix politics with business.

The petroyuan is not substantial to [the ministry]; we believe Saudi Arabia will do what’s in its best interest … but I think Saudi Arabia will always try new things and is open to new ideas, and we try not to mix politics with commerce.

According to experts, the broader use of petroyuan is seen as the next step for the internationalization of the Chinese currency and a challenge to the US dollar’s dominance. Beijing’s effort to advance the reach of the Yuan in international trade is evident in the three-year currency swap deal signed with Saudi Arabia last year. This deal was worth 50 billion yuan (US$7.1 billion) and demanded that trading partners trade in local currencies.

Saudi Arabia Defends Idea, BRICS Alliance Receives Massive Interest
Saudi Arabia is China’s second-largest source of crude export and a formidable entity in global supplies. This implies that ditching the Petrodollar could greatly impact the US economy.

Speaking on this possibility, Khorayef explained that its monitoring policy is based on balancing the exchange rate between the yuan and the US dollar. However, he did not provide a timeline for when this would happen.

This gives us a great opportunity to plan and compete, but most importantly, it gives our investors who will invest in our country the ability to hedge their risk on currency…From a commercial point of view, between a supplier and a customer, I think such an arrangement can happen with the freedom they have. It is not something that we would look at from a policy point of view.

Conversely, BRICS is increasing its effort to mitigate the reliance on the US dollar by designing its native currency.

Fascinatingly, this idea has resonated with over 50 countries which have expressed interest in joining the alliance. According to our previous report, all interested countries are located within four main continents – Asia, Africa, South America, and Eastern Europe.

According to analysts,  However, the US is willing to strongly resist this expansion as presidential candidate Donald Trump threatens that the BRICS initiative and the successful implementation of the pretroyuan idea could position Bitcoin and XRP as places of exploration. his administration would impose a 100% tariff on these countries. As we explained, Trump has also proposed a 60% increment on all Chinese imports when elected into office.

@ Newshounds News™

Source:  Crypto News Flash   

~~~~~~~~~

In-Depth Study Reveals Stablecoins as Pivotal Players in Global Finance

As digital economies evolve, stablecoins emerge not just as mere facilitators for crypto trading but as pivotal tools in global financial systems. A comprehensive report by Castle Island Ventures and Brevan Howard Digital, sponsored by Visa, unveils the profound impact of stablecoins on monetary dynamics worldwide.

Transforming Global Finance: The Rising Influence of Stablecoins

According to the Castle Island Ventures report, stablecoins, once primarily used as trading tools within the cryptocurrency space, are now integral to more traditional financial transactions.

This transformation reflects a significant shift from their initial purpose, highlighting their importance beyond the crypto-sphere.

Researchers point to a staggering $2.6 trillion in transactions settled through stablecoins in the first half of 2024 alone, indicating their growing prominence as a reliable medium for both everyday and large-scale financial activities.

The report notes that over 20 million addresses engage with stablecoins monthly, highlighting their critical role in the financial practices of both individuals and businesses globally.

In emerging markets, stablecoins are increasingly preferred for their ease of use and reliability, providing a digital alternative to traditional banking systems that may be inaccessible or unreliable. 

This trend is particularly pronounced in regions with volatile economic conditions, where stablecoins offer a semblance of stability and security. The report states:

Stablecoins are particularly appealing when dollar banking is non-existent or hard to access, in countries exhibiting high inflation, or countries with poor or costly access to fiat transactional networks.

In the report, Castle Island Ventures explained it collaborates closely with regulatory bodies to navigate the complexities of the global financial landscape. 

The researchers conclude that evolving regulatory frameworks are crucial for maintaining the integrity and efficacy of stablecoin transactions, which promise to enhance financial inclusion worldwide.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

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Source: Seeds of Wisdom Currency Facts

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Legal Experts React as SEC Regrets Confusion Over Its Crypto Asset Security Claim

The U.S. SEC expresses regret for any confusion it may have created through the use of its invented term, “crypto asset securities.”

In an interesting development, Coinbase’s Chief Legal Officer (CLO) Paul Grewal called the public’s attention to the SEC’s recent efforts to backtrack on its claim that crypto assets themselves constitute securities.

SEC Regrets Confusion Over Its Crypto Asset Security Definition
Per Grewal, the SEC made this move in footnote six of the amended complaint in the Binance lawsuit.

Notably, the SEC said it regrets any confusion it may have invited by repeatedly using the term “crypto asset securities.”

According to the SEC, the term does not imply that the crypto assets are inherently securities themselves. Instead, it uses the term as a shorthand for the expectations, set of contracts, and understanding surrounding the sale and distribution of the token.

Interestingly, the SEC vowed never to use the term in the proposed amended complaint (PAC) to avoid further confusion.

SEC Backtracks
Last year, the SEC labeled ten crypto assets, including Solana (SOL) and Cardano (ADA), as securities in its lawsuit against Binance. A year later, the regulator requested that it wished to amend its complaint, eliminating the need for the court to issue a verdict characterizing the tokens as securities.

The SEC officially filed the amended motion yesterday, expressing regrets for the confusion its use of the term crypto asset securities has created in the lawsuit.

Notably, Binance is required to file a response to the SEC’s motion for amendment by October 11, 2024. The world’s largest exchange is expected to either consent or oppose the SEC’s request.

Legal Experts React
Expectedly, top legal experts reacted to the SEC’s backtracking and admission of its wrong usage of crypto asset securities.

Grewal, who called the public’s attention to the development, criticized the SEC, questioning how Ethereum (ETH) transactions were no longer classified as securities while the ten tokens at issue in the Binance lawsuit remain under scrutiny. He asserted that the SEC might reveal this sudden change only when it takes legal action against an entity.

The Coinbase CLO added that the SEC has a long history of treating tokens as securities, questioning why the regulator chose to mislead the court with its recent filing. Interestingly, Grewal mentioned Ripple’s CLO Stuart Alderoty in the X thread, humorously stating that the SEC’s admission of wrongdoing would leave him perplexed.

Reacting, Alderoty noted that the SEC admitted two things in the Binance lawsuit. First, the agency acknowledged that crypto asset security is a made-up term. Second, it requires a bundle of contracts, understandings, and expectations to prove that a crypto asset security is an investment contract.

He added that it is about time the SEC admitted that the agency has become a twisted “pretzel of contradictions.”  

Furthermore, prominent legal expert James Murphy (a.k.a. MetaLawMan) expressed outrage about the SEC’s recent admission.

The pro-XRP lawyer criticized the SEC’s “make it up as you go along enforcement strategy,” suggesting that the approach has harmed U.S. investors, damaged the country’s reputation for innovation, and harmed American companies.

@ Newshounds News™

Source:  The Crypto Basic

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SEC Surprisingly Details Exemptions From SAB 121, Further Muddying the Waters

Paul Munter, Chief Accountant at the SEC, revealed in a speech earlier this week that the SEC has granted exemptions to rules relating to the custodying of crypto assets that have been widely reviled in the industry.  

Earlier this week, the SEC’s Chief Accountant revealed in a public speech that the agency had granted exceptions to SAB 121, the controversial accounting rule that’s been heavily criticized in the industry for making it impractical for financial institutions to custody crypto assets.

Issued in March 2022, SAB 121 requires that a bank custodying crypto put the assets on their balance sheet and create a corresponding liability equal to the worth of the crypto, which is unusual as other custodied assets are typically listed off the balance sheet.

The result of this rule means that financial institutions must hold an enormous amount of capital just to custody crypto assets, making it prohibitively costly to do so.

In a speech at a conference on Monday, however, SEC Chief Accountant Paul Munter disclosed that certain companies had been granted exemptions from SAB 121, and did not need to create a liability on their balance sheets when custodying digital assets.

Munter mentioned that several entities had received this exemption — including a bank and various brokerage houses and blockchains — without specifying who they were.

In Munter’s speech, he described the different ways that the three types of entities could receive an exemption.

In the case of a bank, the pathway involved working with a state regulator first to ensure that crypto assets being custodied would return to the customer in the event of a bankruptcy, and that activity with customers would only comprise institutional custody with sufficient controls in place to manage risk. 

For a brokerage, an exemption could apply if the broker is not in possession of the cryptographic key and works directly with the customer — essentially, not custodying any crypto itself. 

Finally for a blockchain, Munter highlighted how a distributed ledger tracking holdings and transfers of digital assets, without custodying any crypto, could exempt it from SAB 121.

Political Backlash
Senator Cynthia Lummis (R-WY), a longtime supporter of the crypto industry, strongly criticized the moves in a statement to Unchained.

“The SEC is clearly trying to sidestep Congress and the Congressional Review Act by having one-on-one meetings to determine whether or not it will enforce SAB 121 on a case-by-case basis,” Lummis wrote.

Lummis has been trying to overturn SAB 121 reversed for some time, asking the Government Accounting Office (GAO)  in early 2023 to determine whether the SEC did more than provide guidance and actually created a rule. 

The GAO subsequently released a report at the end of October 2023 agreeing with her, and Lummis then argued that the SEC had violated the Congressional Review Act (CRA) because it did not follow the correct process for establishing a rule (the CRA requires federal agencies to submit rules to the House and Senate before they take effect). 

Lummis subsequently worked with Rep. Mike Flood (R-NE) and Rep. Wiley Nickel (D-NC) on a resolution to overturn SAB 121 on the grounds that it violated the CRA.

The resolution passed, but was then ultimately vetoed by President Biden on the grounds that overturning SAB 121 would jeopardize the well-being of consumers and investors.

On Wednesday, Lummis further noted that Munter’s speech “seems entirely political, as the SEC staff should be transparent with issuers, investors and Congress by revising or rescinding SAB 121 directly, not making policy through speeches. I am incredibly concerned with the approach the SEC is taking and will continue to ensure it is not unfairly targeting the digital asset industry.”

Industry Reaction

Aaron Jacob, CEO of TaxBit, a company that  provides tax and accounting compliance solutions for digital assets, mockingly described the SEC as using a “ready, fire, aim” approach to accounting guidance for crypto custody. He pointed out the confusion initially caused by the release of SAB 121, and then the additional  confusion created by Munter’s speech. 

“[SAB 121] is not very extensive guidance,” Jacob said. “It’s only about a page-and-a-half long, clearly targeted towards folks like Coinbase and…publicly-traded companies that are ‘safeguarding customer assets,’” said Jacob.

Jacob said he was shocked when he realized that Munter had revealed exceptions to SAB 121 in his speech.  “A lot of people are scratching their heads saying, ‘Well, what was the point of this to begin with? Some banks argue with the SEC behind closed doors, and apparently get a free pass [from SAB 121].’” In Jacob’s view, the SEC’s exceptions were a way for the agency to acknowledge that it had overstepped.

In a post on X on Friday, Alex Thorn, head of research at Galaxy, agreed that the exceptions seemed to be a way for the SEC to backtrack without totally abandoning SAB 121.

“If I’m being honest, it looks like the SEC never thought banks would want to play in crypto, intended this rule to apply only to crypto-native companies (perhaps punitively), and has now crafted a way to let traditional banks off the hook in a way that saves face by not reversing their posture of the last 2 years,” Thorn wrote:

Industry trade associations also expressed concerns with Munter’s speech.

 “Unfortunately, SEC staff have reaffirmed their stance on SAB 121, but have now outlined certain scenarios they consider outside of its scope – with the announcement coming in a speech at a conference,” said Patrick Kirby, Policy Counsel for the Crypto Council for Innovation. “SAB 121 limits consumers’ options to safely custody their digital assets and upends decades of bank custody practices.”

Taylor Barr, Senior Policy Associate from the Digital Chamber, agreed. “The SEC’s cherry-picking of a few scenarios where firms fall outside the scope of SAB 121 doesn’t change the fact that SAB 121 is fundamentally flawed and untenable,” Barr said. “These exceptions only highlight how arbitrary and inconsistent the rule is,” said Barr.

One source from a bank who wished to remain anonymous because of ongoing discussions with regulators, agreed it is accurate to note there are scaling hurdles because of SAB 121, in that it has been difficult to grow and expand the business of digital asset custody due to the accounting requirements of SAB 121.  

For his part, Jacobs suggested the SEC just needs to be clear about its stance on requirements for crypto custody. “I think they should, whether it’s repeal or amend [SAB 121], do something to make it more clear… and people will applaud those efforts,” Jacobs said.

@ Newshounds News™

Source:  Unchained Crypto

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England High Court Rules Tether USDT Stablecoin is Property

In what is certainly an important development for the digital asset sector, England’s High Court of Justice has ruled that Tether’s USDT stablecoin is property. Indeed, the asset has officially fallen under the distinction as the UK continues to establish key property rights for these tokens.

Just a day earlier, a UK bill was introduced to establish all cryptocurrency as property. This would provide key legal protection for holders within the country. Now, England is following suit, with the key designation being given to the largest stablecoin by market cap.

England Rules USDT is Property in Key Decision

The ongoing push for regulatory clarity regarding cryptocurrencies has been a vital effort. The growing industry has too long suffered from a lack of standards that has only obfuscated the potential impact of the technology. With the prominence of these assets growing, that has begun to change in 2024.

Now, legislation is coming to the forefront, greatly shifting how these assets are perceived. Specifically, England’s High Court has ruled that Tether’s USDT stablecoin is to be considered property. Moreover, this comes after the UK introduced legislation clarifying crypto as personal property.

In a new filing, Deputy High Court Judge Richard Farnhill said “USDT attracts property rights under English law.” Moreover, he added that “it can be the subject of tracing and can constitute trust property in the same way as other property.

This ruling reinforces the introduced legislation that would classify cryptocurrencies as property. That bill was read for the first time in Parliament on Wednesday. However, they note it is not a thing ‘in possession,’ as money would be considered, or a thing ‘in action’ like shares.

Yet, that doesn’t change the fact that it is property, nonetheless. Such a judgment should be vital for the industry’s continued growth. Proving the necessity to observe crypto as its own entity. It isn’t an existing object, it is the evolution of finance as we know it.

@ Newshounds News™

Source:  Watcher Guru

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EU Regulator: Stablecoin Standards Will Become Official Before Year-End

The European Banking Authority has provided an update on the journal publication of stablecoin standards. The EU regulator said Wednesday that 15 technical standards, including those for stablecoin issuers, will become official before the end of 2024. The technical standards will be published under the European Union’s Markets in Crypto Assets (MiCA) Act.

The new rules will cover standards for authorization, stress testing, and methods to estimate the number and value of transactions for stablecoin issuers. The MiCa rules were passed last year.

The commission is reportedly looking over the standards. needing to decide whether to adopt the texts as is or to request changes. Once the commission has signed off, the rules will need to be looked at by the European Parliament and European Council before implementation.

Following the EU Parliament and EU Council’s observations, the rules have to go through translation and formal adoption before being published.

Circle was the first global stablecoin issuer to comply with MiCA. Circle’s Electronic Money Institution license enables both USDC and EURC to be issued in the EU in compliance with MiCA’s regulatory obligations for stablecoins or e-money tokens. It also gives Circle a top position in grabbing market share among the 27-nation trading bloc’s 450 million people

@ Newshounds News™

Source:  Watcher Guru

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CBI UPDATE  |  Youtube

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Source:  Seeds of Wisdom Team - Currency Facts

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THE STRIKES HAVE BEGUN  |  Youtube

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Source:   Newshounds News

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