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BRICS DIGITAL ASSET PLATFORM PROPOSAL POISED TO RESHAPE GLOBAL INVESTMENT

A proposed BRICS digital asset platform could ignite unprecedented investment in South Asia, Africa, and Latin America, driving growth in emerging markets.

Digital Assets at the Core of BRICS’ Ambitious New Investment Platform
Russian President Vladimir Putin discussed the proposed creation of a BRICS investment platform to support developing markets at the Valdai Discussion Club’s plenary session in Sochi on Friday. He was quoted by Tass as saying:

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‘WE WON THAT CASE LAST SUMMER’: RIPPLE CEO OPENS UP ABOUT TRUMP, GENSLER AND XRP LAWSUIT

In recent days, Ripple’s XRP has been making headlines. However, its progress is being hindered by an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).

CEO Brad Garlinghouse discussed Donald Trump’s support for cryptocurrency, where Trump has positioned himself as a “crypto advocate” during his campaign. Trump has even stated that one of his first actions if elected president would be to remove Gary Gensler, the SEC chairman, who has taken a tough stance against crypto.

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NORWAY SUPPORTS MICA, CONSIDERS CBDC FOR FINANCIAL STABILITY

Norges Bank backs the EU’s MiCA regulation while considering a CBDC to enhance cross-border payments and support financial stability in Norway.

Norges Bank, Norway’s central bank, has endorsed the European Union’s Markets in Crypto-Assets Regulation (MiCA) as the country evaluates the potential adoption of a central bank digital currency (CBDC).

Kjetil Watne, project director for Norges Bank’s CBDC project, said in an interview with Cointelegraph that Norway, as a member of the European Economic Area (EEA), welcomes MiCA’s framework. However, he noted that the bank is still considering “whether additional regulations are necessary to promote financial stability.”

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TETHER COMPLETES FIRST MIDDLE EAST CRUDE OIL TRANSACTION

Tether has finalized its first funding transaction in a Middle East crude oil investment, expanding the crypto company’s ventures beyond its flagship digital assets product.

The investment involves a major publicly traded oil company and a leading commodity trader, aiming to facilitate the loading and transportation of over 670,000 barrels of crude oil.

According to the announcement on Nov. 8, the Tether stablecoin issuer’s investment arm completed the transaction in October 2024. The total value of the Middle Eastern crude oil is approximately $45 million, marking Tether’s initial entry into the crude oil business in the region.

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SWISS BANK UBS TESTS BLOCKCHAIN FOR CROSS-BORDER PAYMENTS WITH DIGITAL CASH

UBS has successfully piloted its blockchain-based payment system to enhance the efficiency of cross-border transactions.

Multinational investment giant UBS has completed a pilot of its blockchain-based payment system dubbed “UBS Digital Cash,” aimed at improving the efficiency of cross-border transactions.

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XRP LAWSUIT: ARE RIPPLE’S BRAD GARLINGHOUSE AND CHRIS LARSEN AT RISK OF PRISON, OR WILL THE SEC WITHDRAW ITS APPEAL?

The final phase of the crypto bull market appears to have begun, with Bitcoin hitting new highs and altcoins starting to show signs of life. Meanwhile, there’s growing speculation that the SEC’s new chair could end lawsuits against Ripple, Coinbase, and others. Former SEC officials are predicting big changes ahead.

It seems like SEC Commissioner Mark Uyeda is in the running to be appointed acting SEC chair during the transition period after Gary Gensler’s departure. 

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BRICS: RUSSIA SAYS IT WON’T DITCH US DOLLAR AFTER TRUMP’S VICTORY

In a shocking twist for the BRICS alliance, Russian President Vladimir Putin has said that they will not ditch the US dollar. In a sit-down interview Thursday, Putin confirmed that Russia is not abandoning the dollar, it is “simply refusing to use the dollar as a settlement tool.”

Putin called the US dollar a “pillar of US power,” saying that the US is undoing this power. The BRICS bloc has long pushed its de-dollarization initiative, saying the greenback won’t be king for long.

The alliance recently discussed de-dollarization at its October Summit, and multiple countries have decided to stop using the dollar.

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FED CUTS RATES AS BITCOIN CONTINUES ROARING

The Federal Reserve slashed interest rates again on Thursday in a move that could boost Bitcoin—which is already in all-time high territory.

The Federal Reserve on Thursday slashed interest rates in an expected decision that could give "risk-on" assets like Bitcoin a further boost—and the top digital asset is already surging in recent days, setting multiple all-time high price points following Donald Trump's election win.

America's central bank approved a quarter-point interest-rate cut—a move backed by all 12 Fed voters. In September, the Fed cut by 50 basis points in its first such reduction since it aggressively raised rates in 2022.

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XRP LEDGER ACTIVATES CRUCIAL PRICE ORACLE AMENDMENT: HERE’S WHY IT MATTERS

▪️The activation of the Price Oracle amendment on the XRP Ledger enhances its DeFi capabilities by integrating off-chain data, crucial for executing accurate smart contracts and expanding decentralized applications.

▪️This update may increase demand for XRP, positioning the XRPL competitively against other blockchain platforms, particularly as Ripple prepares to introduce smart contract support.

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REPUBLICAN SENATE MAJORITY SIGNALS MORE ‘PRO-CRYPTO CONGRESS’

A Republican-led Senate is poised to pass clearer crypto regulations, signaling a shift toward industry-friendly policies in the US.

The Republican Party has secured majority control of the United States Senate, offering a promising outlook for cryptocurrency regulations in the world’s largest economy.

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JP MORGAN REBRANDS BLOCKCHAIN UNIT TO KINEXYS

JP Morgan has rebranded its Onyx blockchain unit to Kinexys by JP Morgan. The move was announced today by Umar Farooq, the global co-head of JP Morgan payments during the Singapore Fintech Festival.

As we previously reported, the blockchain platform has executed more than $1.5 trillion in notional value since launch, with current volumes exceeding $2 billion daily. That’s still tiny compared to the $10 trillion in conventional payments that the bank processes daily.