Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 2-4-25

Good Afternoon Dinar Recaps,

JUST IN: SENATOR HAGERTY INTRODUCES GENIUS ACT TO REGULATE STABLECOINS

In a latest development, FOX Business journalist Eleanor Terrett revealed in an X post that Senator Bill Hagerty is set to introduce legislation to establish a regulatory framework for stablecoins, representing the latest effort to promote crypto-friendly policies for an industry prioritized by Donald Trump. This signals clear regulations and a massive boost for stablecoin adoption in the U.S.

Regulatory Framework For Stablecoins

The bill aims to create a clear regulatory framework for stablecoins, which are cryptocurrencies pegged to the US dollar or other stable assets. Supporters believe federal regulation will legitimize the asset class leading to broader adoption.

The bill is called the GENIUS (Guiding and Establishing National Innovation in U.S. Stablecoins) Act and aims to provide clear regulations for stablecoins. 

The GENIUS Act sets rules for issuing stablecoin payments and requires backing with US currency, Treasury bills, Federal Reserve notes and other assets. Stablecoins are key in connecting crypto to traditional finance, according to the bill’s draft seen by Bloomberg.

She also shared the bill’s key points, based on Hagerty’s October draft. The bill sets clear rules for stablecoins, digital assets pegged to the U.S. dollar, ensuring stability in value. 

Stablecoin issuers must meet specific licensing and reserve requirements to ensure they have sufficient backing. Issuers with over $10 billion in stablecoin assets will follow Federal Reserve rules, while smaller issuers will follow state regulations. 

The bill aims to promote financial inclusion, make transactions more efficient, and strengthen the U.S. dollar globally.

Unleashing Innovation!

“My legislation establishes a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto,” Hagerty, a Tennessee Republican, noted in a statement.

Senators Kirsten Gillibrand, a New York Democrat, Tim Scott of South Carolina and Cynthia Lummis of Wyoming, both Republicans, are co-sponsoring the bill. The legislation also requires stablecoin issuers to provide audited monthly reports on the reserves backing their stablecoins. Falsifying reports would lead to criminal penalties.

Senate staffers expect the bill to move through committees quickly, and it will be discussed further in an upcoming press conference with David Sacks.

Trump’s Order Backs Dollar-Backed Stablecoins

Nonbank stablecoin issuers would be regulated by the Office of the Comptroller of the Currency, part of the Treasury Department. Last month, Trump signed an executive order encouraging the development of lawful, dollar-backed stablecoins globally.

The order also blocked further progress on a central bank digital currency, seen as a competitor to stablecoins.

While it set up a group to recommend a digital asset regulatory framework, the actual policy change would have to be approved by Congress. Both Democrats and Republicans are interested in regulating stablecoins.

@ Newshounds News™

Source:  Coinpedia

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CONGRESS INVESTIGATES BANKING RESTRICTIONS ON CRYPTOCURRENCY COMPANIES

▪️Congress is examining restrictions on cryptocurrency banking access.

▪️Operation Choke Point 2.0 targets banking services for crypto firms.

▪️Investigation results may prompt new regulations for the industry.

On February 6, the U.S. Congress’s Financial Services Committee will scrutinize the Biden administration’s banking access restrictions imposed on cryptocurrency companies. This examination will focus on the political and financial implications of the initiative dubbed “Operation Choke Point 2.0.” Leaders and experts from the cryptocurrency sector will provide testimony during the hearing.

What is Operation Choke Point 2.0?

Operation Choke Point 2.0 is characterized by the obstruction of banking services for cryptocurrency firms. Unlike its predecessor from 15 years ago, this initiative targets political dissenters and technology startups. Some experts argue that these restrictions hinder the industry’s growth.

In the past four years, over 30 cryptocurrency companies have lost access to banking services. Marc Andreessen remarked, “This situation contradicts the principles of a free market.” Financial institutions cite risks associated with the cryptocurrency market as justification for these restrictions, while industry representatives claim the motivations are politically driven.

Objectives of the Investigation

The subcommittee will analyze the economic impact of the cessation of banking services on the cryptocurrency market. It will also investigate whether political pressure has influenced the decisions of financial institutions. Congress members are expected to request documentation from federal agencies and industry representatives during the session.

The U.S. House Oversight Committee is conducting a parallel investigation into the legal basis for financial access restrictions. Cryptocurrency companies highlight that current regulations disrupt innovative projects. The findings of the investigation are anticipated to lead to new regulations for the sector.

@ Newshounds News™

Source:  Cointurk News

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 2-4-25

Good Morning Dinar Recaps,

RIPPLE AND ISDA SET TO BEGIN FACILITATING THE $1.2 QUADRILLION DERIVATIVES MARKET

Ripple’s membership in ISDA and its strategic partnerships with BlackRock and JPMorgan reinforce the growing influence of digital assets in global finance.

Ripple has joined the prestigious International Swaps and Derivatives Association (ISDA) alongside BlackRock and JPMorgan. This strategic partnership positions XRP to facilitate the $1.2 quadrillion derivatives market, with global debt driving trillions into XRP. 

The CryptoTradingFund (CTF) Payment Rewards system, already launched and onboarded by Amazon and Walmart, will further funnel trillions into the XRP Ledger, offering users CTF tokens as rewards for crypto transactions.

XRP’s Expansion into the Derivatives Market

Ripple’s entry into ISDA opens up significant opportunities for XRP in the $1.2 quadrillion derivatives market. With support from BlackRock and JPMorgan, XRP is poised to play a key role in cross-border payments on an unprecedented scale, showcasing the growing acceptance of blockchain in traditional finance.

This integration allows XRP to handle massive derivatives transactions more efficiently, positioning it as a crucial asset in mainstream financial systems.

The Role of CryptoTradingFund (CTF) in XRP’s Future

Ripple’s integration with ISDA enhances the XRP Ledger through the CryptoTradingFund (CTF), which rewards XRP users with CTF tokens for purchases at participating merchants. These tokens can be redeemed for fiat or used to buy goods and services, fostering greater interaction with digital assets.

With Amazon and Walmart already on board, the CTF Payment Rewards system is set to channel billions into the XRP Ledger, increasing adoption and value for XRP users.

CTF Framework Transaction Soars as Demand Increases

CTF token value has garnered significant attention, with projections suggesting it could rise from $1.02 to $748.98. The limited supply of CTF tokens, combined with growing demand from companies like Amazon and Walmart, could drive a massive increase in value. Experts predict that the CryptoTradingFund system could attract up to $9 trillion, impacting CTF token prices substantially.

With trillions flowing into the XRP Ledger, CTF tokens are poised for major growth, establishing a new financial ecosystem centered around Ripple’s blockchain.

The Future of XRP and Blockchain in Global Finance

Ripple’s collaboration with ISDA, BlackRock, and JPMorgan signals a new era for digital currencies in global finance. The ability to handle $1.2 quadrillion in derivatives transactions highlights blockchain’s transformative potential. XRP, along with CTF tokens, stands at the forefront of this financial revolution, offering a new framework for global payments and financial transactions.

Conclusion: A New Era for Digital Assets and Global Finance

Ripple’s membership in ISDA and its strategic partnerships with BlackRock and JPMorgan reinforce the growing influence of digital assets in global finance. With XRP set to facilitate trillions in derivatives transactions and the CTF Payment Rewards system offering innovative rewards, Ripple is well-positioned to shape the future of global finance.

As the XRP Ledger continues to evolve, the financial world is on the brink of a significant transformation, with Ripple at the heart of this blockchain-powered revolution.

@ Newshounds News™

Source:  CryptoNewsLand

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XRP JUMPS 20% AMID SEC’S MAJOR POLICY CHANGE ON CRYPTO INVESTIGATIONS

On Monday, February 3, the U.S. Securities and Exchange Commission (SEC) implemented a new policy that could slow down its crypto-related investigations.

According to Reuters, sources familiar with the matter revealed that SEC lawyers are now required to get approval from politically appointed leadership before formally initiating probes.

This change marks a shift in the SEC’s previous procedures and comes under the agency’s new leadership following President Donald Trump’s administration.

Typically, the SEC is overseen by five commissioners, including the chair, though the commission currently operates with only three members — two Republicans and one Democrat. Commissioners are appointed by the president.

The agency recently saw the departure of former chair Gary Gensler and fellow Democrat Jaime Lizárraga. Currently, Acting Chair Mark Uyeda holds the position until Paul Atkins, nominated by Trump to be SEC chairman, is officially confirmed.

Reacting to the same, former SEC lawyer Marc Fagel wrote, “I was heavily involved in the policy allowing formal order authority to be delegated to the staff, enacted in the wake of the Madoff debacle. So for those whose response to Madoff was “the SEC should move more slowly,” this is great news.”

Amid this news, XRP surged by 19.90% in the last 24 hours, reaching a price of $2.71 after previously dropping to a low of $2.14 and peaking at $2.78. The initial dip in XRP’s value was driven by fears of a trade war following U.S. President Donald Trump’s announcement of high tariffs on Mexico, Canada, and China.

However, analysts now suggest that this drop may have created a solid foundation for a potential strong recovery in the coming days.

@ Newshounds News™

Source:  Coinpedia

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Seeds of Wisdom RV and Economic Updates Monday Evening 2-3-25

Good Evening Dinar Recaps,

CBOE TO LAUNCH 24-HOUR STOCK TRADING

Traditional exchanges are seeking to expand trading hours as 24/7 onchain trading gains momentum.

Cboe Global Markets, one of the world’s largest derivatives and securities exchanges, has tipped plans to roll out 24-hour per day trading on weekdays, according to a Feb. 3 announcement.

The planned change “aims to meet growing global customer demand for expanded access to U.S. equities markets,” the exchange said. It comes as real-world asset (RWA) tokenization platforms increasingly offer a 24/7 alternative to traditional securities markets.

“We continue to hear from market participants globally – particularly those in Asia Pacific markets like Hong Kong, Japan, Korea, Singapore and Australia – that they want greater access to U.S. equities trading,” Oliver Sung, Cboe’s head of North American equities, said in a statement.

Sung said Cboe’s experience operating 24-hour exchanges in other markets means the exchange “can seamlessly support a 24x5 trading model for U.S. equities.” It plans to support 24-hour trading Monday through Friday, but not on weekends.

Cboe already offers nearly round-the-clock trading hours for certain derivatives, including S&P 500 Index options, and for its global forex markets.

Demand for extended trading hours

Other traditional US equities exchanges are also seeking to deliver round-the-clock trading for clients. In August, 24X National Exchange filed an amended application to US regulators to launch a securities exchange that could potentially bring 24/7 trading to cryptocurrency exchange-traded funds (ETFs).

In the US, spot cryptocurrency exchanges such as Coinbase operate continuously, but securities exchanges — where crypto ETFs are traded — only handle trades between 9:30 am and 4:00 pm Eastern Time.

Meanwhile, RWAs — tokens representing claims on assets such as stocks, bonds or real estate — surged in popularity after US President Donald Trump’s November election win ushered in a friendlier regulatory environment for cryptocurrencies.

Decentralized exchanges (DEXs) on blockchain networks enable 24/7 trading of RWA tokens

On Feb. 3, RWAs reached a cumulative all-time high of more than $17.1 billion across over 82,000 total asset holders, excluding the value of stablecoins, according to data from RWA.xyz.

RWAs could grow more than 50-fold by 2030, according to a Tren Financial report, which compiled predictions from financial institutions and consulting firms. They represent a $30-trillion market opportunity globally, Colin Butler, Polygon’s global head of institutional capital, told Cointelegraph in an interview.

The most popular RWA funds are the tokenized money market funds Hashnote Short Duration Yield Coin (USDY), BlackRock USD Institutional Digital Liquidity Fund (BUIDL) and Franklin OnChain US Government Money Fund (FOBXX). Tokenized money market funds collectively command more than $3 billion as of Feb. 3, according to RWA.xyz.

On Jan. 30, private equity firm Apollo Global Management said it had partnered with Securitize to launch a tokenized private credit fund.

@ Newshounds News™

Source:  CoinTelegraph

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COINBASE CLO TO TESTIFY IN OPERATION CHOKEPOINT 2.0 HEARING

The first Operation Chokepoint 2.0 hearing is set to hold soon with Coinbase CLO Paul Grewal among the listed testifies

▪️Coinbase CLO to participate in Operation Chokepoint 2.0 hearing

▪️Anchorage and MARA Holdings CEO also joins the witness list

▪️Industry proponents sees the Chokepoint investigation as a major win

Paul Grewal, Coinbase Chief Legal Officer (CLO) is one of the testifiers at the forthcoming Operation Chokepoint 2.0 hearing with the Senate Banking Committee. Billed to take place later this week, Grewal will join other experts includes MARA Holdings CEO Fred Thiel in testifying against the crackdown on the crypto industry.

Operation Chokepoint 2.0 Hearing Witness List

It is worth noting that the hearing regarding the Operation Chokepoint 2.0 claims will be conducted by both the House and Senate respectively. As shared in an X post, the Coinbase CLO features in the witness list for both hearing set for February 6.

Besides Grewal, WSPN CEO Austin Campbell, Fred Thiel will participate in the House Financial Services Committee hearing. Per the update from, the lawmakers noted that more witnesses may still be added to the list.

For the Senate Banking GOP hearing, Nathan McCauley, the founder and CEO of Anchorage Digital will also take part in the hearing. In addition, Stephen Gannon from Davis Wright Tremaine LLP, Mike Ring from Old Glory Bank and Aarond Klein from the Brookings Institution will also take part.

As the Coinbase CLO noted, the lawmakers’ hearing will conduct an “oversight hearing looking into the past clandestine and undemocratic campaign to cut off crypto from banking.”

Coinbase CLO and Industry Leaders Have a Lot to Say

Just like Anchorage Digital, Coinbase also suffered from the impacts of the Operation Chokepoint 2.0. Over the past few weeks, the exchange has uncovered Letters from the US FDIC that shows the role played by the Federal Deposit Insurance Commission (FDIC) in the chokepoint agenda.

Per the content of the unredacted documents, the FDIC instructed banks to cut financial services for the crypto industry. With Paul Grewal running the legal team that got these unredacted files from FDIC in a legal battle, he might shed many insight in the hearing.

Anchorage Digital also potentially faced the Operation Chokepoint as a broad-based financial services provider in the industry. With claims of crackdown in the Bitcoin mining sector, Fred Thiel may also be an invaluable witness in the hearing.

Operation Chokepoint 2.0: Promises Kept

Prior to his election victory, President Donald Trump promised that the war on crypto will be over under his tenure. The appointed Crypto and AI Czar Davids Sacks promised to probe Chokepoint claims from industry leaders.

Also, Rep French Hill also made similar promises in December with confirmation that Reps will investigate the claims in January. Crypto proponents have celebrated the move by the current administration to check regulatory agencies’ excesses.

@ Newshounds News™

Source:  CoinGape

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ONDO FINANCE LAUNCHES ONDO NEXUS TO EXPAND TOKENIZED TREASURY

Ondo Finance has introduced Ondo Nexus, a new initiative aimed at enhancing liquidity for tokenized Treasuries through expanded issuer partnerships and 24/7 redemption capabilities.

The Nexus leverages OUSG’s instant minting and redemption features to provide third-party issuers with improved liquidity for tokenized Treasuries, or “yieldcoins.”

The initiative expands OUSG’s backing to include tokenized Treasuries from Franklin Templeton, WisdomTree, Wellington Management, and Fundbridge Capital.

Additionally, Ondo Nexus integrates liquidity from existing partners like BlackRock and PayPal.

Nathan Allman, CEO of Ondo Finance, said that Ondo Nexus represents a significant advancement in tokenized Treasuries and the broader real-world asset category, emphasizing that by diversifying eligible collateral, they are developing modular infrastructure that enables shared redeemability of tokenized Treasuries to stablecoins across various products.

Ondo Finance is the only tokenized Treasury provider offering 24/7 redemptions at no cost to investors. Currently, OUSG allows redemptions against USDC, with PayPal USD expected to be added soon.

Ondo Nexus will enable seamless redemption of tokenized Treasuries from partner issuers into various stablecoins, further enhancing the asset class’s liquidity and utility.

The tokenized Treasuries sector has grown rapidly, surpassing $3 billion in total value locked in 2024. With Ondo Nexus, Ondo Finance aims to strengthen onchain financial infrastructure, bridging the gap between traditional finance and decentralized finance.

@ Newshounds News™

Source:  Crypto News

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Gold, Silver & Sound Money Legislation Is Surging—More States Are Opting In | Jp Cortez

Gold, Silver & Sound Money Legislation Is Surging—More States Are Opting In | Jp Cortez

Gold and silver are gaining momentum in state legislatures across the U.S. as more states move to eliminate taxes, recognize precious metals as legal tender, and establish bullion reserves.

Jp Cortez, Executive Director of the Sound Money Defense League, breaks down the latest developments in sound money legislation, why states are de-dollarizing, and how Trump’s return to the White House could impact monetary policy.

 With inflation fears, central bank uncertainty, and growing distrust in fiat currencies, states are taking action.

Will we see a return to gold and silver-backed money?

Cortez shares his insights on the future of sound money and what it means for investors.

Key Topics:

-The biggest legislative wins for gold and silver in 2024

 -Why more states are opting into sound money policies in 2025

-Will Trump’s administration support gold-backed currency?

 -The push for a U.S. gold audit—what’s really in Fort Knox?

 -How state governments are moving to protect wealth from inflation

00:00 Introduction

00:31 Sound Money Policy Developments

01:04 State Legislation and Momentum

 02:19 Federal Actions and Trump's Role

04:53 Bitcoin and De-dollarization

 06:47 State-Level Sound Money Initiatives

 10:11 Future of Sound Money in 2025

13:04 De-dollarization Trends and Global Impact

15:37 Upcoming State Legislation

17:37 Conclusion

https://www.youtube.com/watch?v=jDXgUW_1m-E

Seeds of Wisdom RV and Economic Updates Monday Afternoon 2-3-25

Good afternoon Dinar Recaps,

 IT'S DONE Article 2 - This law shall be implemented from the date of its publication in the Official Gazette.

THE LAW PDF attached
In the name of the people

Presidency

Based on what was approved by the House of Representatives and ratified by the President of the Republic based on the provisions of Clause (First) of Article 61 and Clause (Third) of Article 73 of the Constitution.

The following law was issued:

No. ( ) for the year 2024

The First Amendment Law to the Federal General Budget Law of the Republic of Iraq

For the fiscal years (2023 - 2025 - 2027) No. (13) of 2023
                                                     
Article 1 - The text of Paragraph (c) of Clause (Second) of Article 12 of the Federal General Budget Law of the Republic of Iraq for the fiscal years (2023 - 2025 - 2025) No. 13 of 2023 shall be cancelled and replaced by the following:

C - 1. The Federal Ministry of Finance shall compensate the Kurdistan Regional Government from sovereign expenses for the costs of production and transportation of the quantities of oil produced in the region that are received by the State Oil Marketing Company (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a, b) of this clause, provided that the fair estimated costs of production and transportation for each field separately are calculated by a specialized international technical consulting body determined by the Federal Ministry of Oil in agreement with the Ministry of Natural Resources in the region, within a period of (60) sixty days from the date of entry into force of this law, and in the event of failure to reach an agreement within the aforementioned period, the Federal Council of Ministers shall determine the aforementioned consulting body.

The technical advisory body referred to in (1) of this paragraph shall submit the estimated cost of production and transportation to the Federal Ministries of Finance and Oil and the Kurdistan Regional Government, and it shall be approved for the purposes of this law. The compensation referred to in (1) of this paragraph shall be calculated based on the aforementioned cost per barrel multiplied by the number of barrels received in accordance with paragraphs (a, b) of this item, and the Federal Ministry of Finance shall undertake to pay the amounts to the Kurdistan Regional Government.

Immediately begin delivering the oil produced in the region to the State Oil Marketing Organization (SOMO) or the Federal Ministry of Oil in accordance with paragraphs (a) and (b) of this clause, and the costs of production and transportation shall be compensated by the Federal Ministry of Finance as advances, at a rate of $16 per barrel, which shall be

Article 2 - This law shall be implemented from the date of its publication in the Official Gazette.

It shall be settled later after the specialized technical advisory body referred to in (1) of this paragraph has completed its work, and retroactively from the date of commencement of delivery pursuant to this amendment.

Positive reasons

For the purpose of appointing a specialized international technical advisory body to work on calculating the fair estimated costs of producing and transporting oil produced in the Kurdistan Region and for each field separately, preserving the national wealth, enhancing actual federal revenues, and enabling the State Oil Marketing Company (SOMO) to make optimal use of and diversify export outlets.

This law was enacted

@ Newshounds News™

Source:  Shafaq

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TRUMP ORDERS CREATION OF US SOVEREIGN WEALTH FUND, SAYS IT COULD OWN PART OF TIKTOK

WASHINGTON (AP) — President Donald Trump on Monday signed an executive order directing the U.S. to take steps to start developing a government-owned investment fund that he said could be used to profit off of TikTok if he’s successful at finding it an American buyer.

Trump signed an order on his first day office to grant TikTok until early April to find an approved partner or buyer, but he’s said he’s looking for the U.S. to take a 50% stake in the massive social media platform. He said Monday in the Oval Office that TikTok, which is owned by China-based ByteDance, was an example of what he could put in a new U.S. sovereign wealth fund.

“We might put that in the sovereign wealth fund, whatever we make or we do a partnership with very wealthy people, a lot of options,” he said of TikTok. “But we could put that as an example in the fund. We have a lot of other things that we could put in the fund.”

Sovereign wealth funds invest in assets, such as stocks, bonds and real estate. They are typically funded by a country’s budgetary surpluses, which the U.S. currently does not have.

Trump noted many other nations have such investment funds and predicted that the U.S. could eventually top Saudi Arabia’s fund size. “Eventually we’ll catch it,” he promised. Countries like Norway also have a similar fund.

@ Newshounds News™

Source:  AP News

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GOLD AND CURRENCY REVALUATION STRATEGY

Why does Gold need to revalue before the currency dilemma can be fixed? Will the price of gold affect the crypto market?

@ Newshounds News™

Source:  CryptoLedger

~~~~~~~~~

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Traceable, Credible Gold for Saudi Arabia

Traceable, Credible Gold for Saudi Arabia

Kitco News:  2-3-2024

Saudi Arabia is undergoing a significant economic transformation, moving beyond its traditional reliance on oil and gas. A key element of this diversification strategy is the development of its mining sector, with the Kingdom aiming to establish itself as a major player in the global mineral supply chain and, more specifically, a “global intermediary” in the critical minerals market.

 This ambition was highlighted in a recent interview conducted by Kitco’s Senior Mining Editor and Anchor, Paul Harris, with His Excellency Bandar Alkhorayef, Minister of Industry and Mineral Resources of Saudi Arabia, on the sidelines of the Future Minerals Forum in Riyadh.

The interview offered insights into the Kingdom’s bold plans to leverage its mineral wealth and establish itself as a vital hub in the rapidly evolving landscape of critical minerals.

Saudi Arabia sees mining as the third industrial pillar, standing alongside oil and gas and petrochemicals, a significant shift in focus for the nation. This strategic move is underscored by the fact that the Kingdom has identified a staggering $2.5 trillion in mineral resources, a figure that has already garnered significant international attention and investment interest.

Saudi Arabia’s geographical location is crucial to their strategy. Positioned at the heart of the fastest-growing region globally, the Kingdom aims to become a central mining hub connecting various global markets.

However, their ambition extends beyond simply extracting and exporting minerals. The Kingdom seeks to play a more nuanced role as a “global intermediary,” navigating complex geopolitical tensions while simultaneously building its capacity to produce and process critical minerals. This means fostering international collaboration and forging partnerships with companies and countries from around the world, irrespective of political differences.

This approach is particularly significant in the context of the global demand for critical minerals, which are essential for the development of clean energy technologies, electric vehicles, and various other modern industries. By positioning itself as a neutral intermediary, Saudi Arabia hopes to facilitate a more secure and stable supply chain, mitigating potential disruptions and ensuring a more equitable distribution of these vital resources.

The interview also shed light on Saudi Arabia’s specific mineral resources. While the $2.5 trillion figure encompasses a diverse range of minerals, gold is a key focus.

The Kingdom currently holds the 15th largest gold reserves in the world and is actively working towards increasing its gold refining capacity. This move not only aims to maximize the value of their own gold reserves but also positions Saudi Arabia as a potential processing hub for gold from other regions.

Beyond resource extraction and production, Saudi Arabia emphasizes its commitment to responsible mining practices. This includes prioritizing environmental sustainability, community engagement, and implementing ethical labor standards. This approach is crucial for ensuring that mining activities contribute to the country’s long-term development goals and do not negatively impact the environment or local populations.

In conclusion, Saudi Arabia’s ambition to become a “global intermediary” in the development of critical minerals is a key component of its broader economic diversification strategy. By leveraging its significant mineral resources, geographical location, and a commitment to international collaboration and responsible mining, the Kingdom is positioning itself as a crucial player in the future of the global mineral supply chain.

This marks a significant shift, not only for the Saudi economy but also for the global landscape of critical mineral development, offering a potentially more balanced and stable approach to this increasingly important sector.

https://youtu.be/RRDiJAVUmQc

Seeds of Wisdom RV and Economic Updates Monday Morning 2-3-25

Good Morning Dinar Recaps,

CRYPTO CATASTROPHE: WORLD RECORD BROKEN, WORST BLOODBATH IN HISTORY

Market in shambles after introduction of trading tariffs sparks enormous liquidation surge

One of the worst bloodbaths in the history of the cryptocurrency market just occurred, with liquidations skyrocketing past $2.24 billion in the last day.

With Bitcoin plummeting to $94,000 and the entire market collapsing along with it, this massive wipeout has destroyed leveraged traders. The magnitude of the losses has broken all previous records, making this one of the most vicious sell-offs in the history of cryptocurrency.  

With $609 million in liquidations, Ethereum traders were the most negatively impacted, according to the liquidation heatmap. At $412 million, Bitcoin trailed closely behind, while liquidations exceeding $85 million were reported by XRP, Dogecoin and Solana.

The biggest single loss happened on Binance, with an ETHBTC trade worth $25.64 million and a whopping 734,621 traders liquidated in a single day.

After losing crucial support at $97,000, Bitcoin is currently testing $92,000 – a level that may dictate its course in the near future.

The price of Bitcoin may drop to $83,000 if it drops below this level, signaling a more significant correction. With Bitcoin at the top of the market, altcoins are doing even worse; some have already dropped more than 80% from their peak.

Altcoin momentum has completely collapsed, falling to 38 out of 100, according to the CMC Altcoin Season Index, which indicates a strong phase dominated by Bitcoin.

This change reflects traders' swift decline in risk appetite and their flight from altcoins to safer assets. The cryptocurrency market is in a panic right now. If Bitcoin is unable to stay above $92,000, it is likely to continue declining.  

Particularly for altcoins that have already been in free fall, losses could get even worse. Overleveraged traders have paid the price, and this carnage may not end yet unless volatility levels off.

@ Newshounds News™

Source:  U Today

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CARDANO (ADA) VOLUME SKYROCKETS 428% DESPITE WORST CRYPTO BLOODBATH

Cardano dropped below $0.70 as traders rushed to sell ADA, pushing volume to historic levels

The broader digital currency ecosystem recorded its worst single-day bloodbath this year, with assets like Cardano (ADA) at the forefront. At the time of writing, the ADA price changed hands for $0.7012, down by 20.53% in the past 24 hours. The coin dropped to $0.5648 in earlier trading, its lowest level in nearly 90 days.

Cardano volume took different turn

Despite the selloff, one unique Cardano metric, the transaction volume, recorded an impressive rally.  

Per data from CoinMarketCap, the Cardano volume is up 428.86% to $3.77 billion. This boost in trading volume is not commensurate with the price outlook, thus implying traders were in flight mode over the weekend.

Market data shows that more than $36 million has been lost by ADA traders in the past 24 hours via liquidations. Long traders suffered the most, with over $31 million taken out unduly. With the crypto market drawdown triggered by the tariff war in North America, the effect appears comprehensive across all markets.

At the moment, a high level of volatility has been introduced into the Cardano trading ecosystem. After this multi-month low price, the coin has inked some rebound, but generally, the coin is not out of the woods yet.

Catalyst to watch and Bitcoin influence

Amid this unusual price slump, Cardano traders will likely focus on new anchors as the price recovers. These new anchors might include fundamental ecosystem updates and how they may shape the ADA ecosystem.

With the Plomin hard fork going live in the past week, Cardano proponents are now looking forward to how this upgrade can impact ADA accumulation and price outlook. In addition, ADA's whale activity is in the spotlight, as a large buying trend can trigger positive sentiment.

Meanwhile, the ADA-BTC correlation may yield a positive boost in the mid-to-long term. Bitcoin has stabilized its latest sell-off, hinting that Cardano may soon follow suit.

@ Newshounds News™

Source:  U Today

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STOCK MARKET CRASH: GLOBAL MARKETS DROP ON TARIFF CONCERNS

Global markets plunged on Black Monday amid escalating trade tensions as U.S. tariffs on Canada, Mexico, and China spurred a worldwide sell-off. Asian indices led the decline with Taiwan’s Taiex down 4.4%, Japan’s Topix falling 2.3%, and Korea’s Kospi dropping 2.4%. In the U.S., the Nasdaq fell 2.5% as NVIDIA shares plunged over 6.5% to a low of $111.51. Analysts warn of further instability while China vows legal action for WTO violations. Investors brace for continued volatility amid rising fears.

@ Newshounds News™

Source:  Coinpedia

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 2-2-25

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INDIAN CRYPTO HOLDERS FACE 70% TAX PENALTY ON UNDISCLOSED GAINS

India will impose tax penalties of up to 70% on undisclosed crypto gains as part of new regulations under Section 158B of the Income Tax Act.

Cryptocurrency traders in India may face significant tax penalties on previously undisclosed profits under new amendments to the country’s tax laws.

Cryptocurrencies will be included under Section 158B of the Income Tax Act, which reports undisclosed income, according to Indian Finance Minister Nirmala Sitharaman’s Union Budget 2025 announcement.

The amendment allows cryptocurrency gains to be subject to block assessments if not reported, placing them under the same tax treatment as traditional assets like money, jewelry and bullion.

Crypto will fall under the definition of Virtual Digital Assets (VDAs), according to the new amendment, which states:

“Crypto asset has been defined in section 2(47A) of the Act under the existing definition of Virtual Digital Asset[…] A reporting entity, as may be prescribed under section 285BAA of the Act, will be required to furnish information of crypto asset.”

The new crypto tax proposition will be retrospectively applicable from Feb. 1, 2025.

At the end of December 2024, India’s Minister of State for Finance, Pankaj Chaudhary, said the government had found 824 crore Indian rupees ($97 million) in unpaid goods and service taxes (GST) by several crypto exchanges.

The report came a few months after Indian law enforcement agencies demanded 722 crore Indian rupees ($85 million) in unpaid taxes from Binance in August.

Crypto traders face up to 70% tax penalty on undisclosed crypto gains

As a sign of concern for cryptocurrency holders, Indian authorities may issue a tax penalty of up to 70% on previously undisclosed crypto profits.

This penalty may apply to crypto gains that remained undisclosed for up to 48 months after the relevant tax assessment year, according to the document, that wrote:

“70% of the aggregate of tax and interest payable on additional income disclosed in the updated income tax return [ITR].”

The amendments come two weeks after Bybit exchange suspended its services in India on Jan. 10, citing regulatory pressure as it continues to pursue a full operational license from India’s Financial Intelligence Unit.

Crypto tax laws are gaining prominence worldwide

Crypto tax laws gained increased interest worldwide in June 2024 after the US Internal Revenue Service (IRS) issued a new crypto regulation, which will make US crypto transactions subject to third-party tax reporting requirements for the first time.

Starting in 2025, centralized crypto exchanges (CEXs) and other brokers will start reporting the sales and exchanges of digital assets, including cryptocurrencies.

This decision could push crypto investors to decentralized platforms in a “paradoxical situation” that could make tax revenue harder to track, Anndy Lian, author and intergovernmental blockchain expert, told Cointelegraph.

Showcasing the crypto industry’s backlash, the Blockchain Association filed a lawsuit against the IRS in December 2024, arguing that the rules are unconstitutional because they include decentralized exchanges under the “broker” term, extending data collection requirements to them.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

SOCIAL SECURITY NUMBERS ARE A PRIVACY LIABILITY

Hundreds of millions of SSNs have been leaked online already, but a privacy-focused identity solution could help fix the problem.

@ Newshounds News™

Read more:  CoinTelegraph

~~~~~~~~~

UBS TESTS DIGITAL GOLD PRODUCT ON ETHEREUM LAYER-2 WITH INNOVATIVE BLOCKCHAIN SOLUTIONS

▪️UBS is testing a digital gold investment product using blockchain technology.

▪️The product offers fractional gold investment and real-time pricing features.

▪️This initiative highlights the integration of fintech and blockchain in finance.

Union Bank of Switzerland (UBS), the largest bank in Switzerland, has initiated trials for a digital gold investment product on the Ethereum $2,956-based ZKsync layer-2. The bank is testing gold trading operations using blockchain technology to enhance functionality on a global scale.

Trial Process and Product Details

The product being tested, UBS Key4 Gold, allows users to trade gold units on-chain. It provides individual investors the opportunity to invest in fractional gold while offering real-time pricing, deep liquidity, and secure physical storage options.

Blockchain Technology and Strategies

In this trial, UBS utilized the ZKsync Validium solution under a proof of concept (PoC) framework. The goal was to improve scalability, privacy, and interoperability, contributing to the product’s global expansion.

UBS Key4 Gold operates on a permissioned blockchain infrastructure known as the UBS Gold Network. This network connects vaults, liquidity providers, and distributors, ensuring technical support for the product. It is seen as a step toward the digitization of the gold market.

The testing process is considered significant for establishing a robust technical infrastructure for the product. Additionally, fluctuations in the ZK token price are being closely monitored within the context of market volatility.

The trial provides important insights into the digitization in the fintech sector and the application of blockchain technology in finance. Various technical tests and applications can serve as a guide for the product’s integration into global markets.

@ Newshounds News™

Source:  CoinTurk

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TRUMP-IMPOSED TARIFFS TO BEGIN TUESDAY AS MEXICO, CANADA ANNOUNCE RETALIATORY RESPONSE

▪️President Trump on Saturday signed an executive order imposing 25% tariffs on imports from Canada and Mexico, with a 10% tariff on Canadian energy and oil, and an additional 10% tariff on China.

▪️The implementation of the tariffs was delayed to Tuesday at 12:01 am.

▪️Mexico’s President Sheinbaum announced the country would implement both tariff and non-tariff retaliatory measures, while Canadian PM Trudeau said Saturday night Canada would implement 25% tariffs on a swath of American goods in response.

President Trump on Saturday declared steep tariffs on all imported goods from Canada, Mexico, and China, setting the stage for a trade war with the U.S.'s largest trading partners.

Trump set the tariffs at 25% on Canada and Mexico, with a 10% carve-out for Canada's oil and energy exports, and a 10% tariff on all goods from China.

Though the tariffs were initially set to go into effect on Saturday, Feb. 1, the implementation was delayed to Tuesday, Feb 4, at 12:01 am. The tariffs will be imposed on top of any existing tariffs, and have been implemented in response to the flow of illegal drugs into the United States, according to the White House.

"The government of Mexico has afforded safe havens for the cartels to engage in the manufacturing and transportation of dangerous narcotics, which collectively have led to the overdose deaths of hundreds of thousands of American victims," a White House fact sheet states.

Mexico's President Claudia Sheinbaum was the first to announce retaliatory tariffs and non-tariff measures in response, in a post on X Saturday evening.

In the post, Sheinbaum proposed that the U.S. and Mexico establish a working group to combat criminal organizations, warned against using tariffs to solve problems, and forcefully denounced the White House's accusation that the Mexican government has alliances with drug cartels.

"I instruct the Secretary of Economy to implement Plan B that we have been working on, which includes tariff and non-tariff measures in defense of Mexico's interests," a translation of Sheinbaum's post reads.

The Canadian government will also levy counter-tariffs on American goods in response. Canadian Prime Minister Justin Trudeau said in an address to Canadians Saturday night that the country would implement 25% tariffs on a large swath of American goods. Trudeau also said that non-tariff responses affecting the energy sector were being considered.

The Canadian government's response may eventually include export tariffs on energy, Bloomberg reported Saturday, setting the stage for a critical trade war between the U.S. and its largest foreign energy supplier.

The price of energy factors heavily into the cost of mining Bitcoin in the U.S., which has an estimated 36% share of the global hashrate, according to mining firm Luxor.

The Block's GMCI 30 index of the top 30 crypto tokens by market cap is down about 4% over the past 24 hours as the market responds to Trump's executive order.

@ Newshounds News™

Source:  The Block

~~~~~~~~~

ARGENTINA DESIGNS FORENSIC PROTOCOLS TO FIGHT CRYPTO CRIME

Argentina has designed and established identification and forensic protocols to guide security and police forces in standardizing their actions to fight crypto crime.

Argentina Establishes Forensic, Identification, and Seizing Protocols for Crypto Crimes

Argentina has taken another step toward empowering its public servants to fight crypto crime.

The Nation’s Security Ministry recently issued Resolution 117/2025, which describes the procedures that public servants, including police and federal security forces, must follow when dealing with digital assets possibly linked to crime.

The protocol, which Argentine authorities must now follow, seeks to standardize the necessary processes to prevent the loss or alteration of digital assets in official procedures.

In the same way, the resolution recognizes and identifies that cryptocurrencies are tools that are being used in money laundering and terrorism financing schemes.

Because of this, the Security Ministry has established the need to strengthen the research and tracking of these assets when they are involved in criminal activities.

With this move, Argentina jumps to the forefront of Latam regarding the treatment of crypto-related crime and recognizes the relevance of digital assets as money proxies.

And with a good reason: the country has been home to several high-profile crypto frauds affecting thousands, mostly related to investment fraud and Ponzi schemes.

The Security Ministry is aware of this crypto crime wave and has been preparing a suite of tools to combat it. In December, the ministry established that the security forces should prevent “unauthorized financial intermediation through the use of cryptoassets,” vowing to preemptively track possibly criminal behavior derived from their usage.

Argentine authorities scored major wins in crypto crime cases last year. In September, one of the first crypto seizures was executed in a money laundering operation that mixed phone smuggling activities and illegal online casinos.

Also, In December, Argentine law enforcement agencies requested the freezing of 3.5 million USDT linked to Rainbowex, an alleged Ponzi scheme. This marked the first time Argentine law authorities interacted directly with Tether in a criminal case, issuing an order for this objective.

@ Newshounds News™

Source:  Bitcoin News

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 2-1-25

Good Afternoon Dinar Recaps,

BRICS CURRENCY: KREMLIN SAYS NO PLANS FOR A COMMON CURRENCY

According to the Kremlin, Russia and BRICS do not have plans for a common currency, contrary to previous reports. Following threats from US President Donald Trump to impose tariffs on the BRICS nation for creating such a currency, the bloc insists that no such plans exist.

Trump on Thursday warned BRICS member countries about replacing the U.S. dollar as a reserve currency by repeating a threat of 100% tariffs he had made weeks after winning the November presidential election. 

“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” the President said on Truth Social. 

“We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.“

Kremlin Denies BRICS Currency Developments

However, Kremlin spokesman Dmitry Peskov says BRICS, of which Russia is a founder, was not talking about setting up its own currency, but merely about creating joint investment platforms. He added U.S. experts should brief Trump in more detail about what BRICS is doing.

BRICS has been in active discussions about developing its own common currency for years. The talks have become more concrete in the last year, with more nations joining in and interest in the bloc growing.

Despite the story of BRICS looking to overthrow the greenback, the bloc recently insisted it’s not pursuing de-dollarization. Peskov’s statement doubles down on this, saying that the bloc never wanted to abandon the USD altogether, simply providing an alternative for countries who have lost trust in the US currency.

More countries are ditching the US dollar for local currency alternatives as the greenback faces continuous pressure. Donald Trump’s tariff plan also stands to put the greenback in more jeopardy, isolating it from countries out East. While Trump is looking to save the US dollar from opposition, he could in turn be adding to the nation’s current economic rivals.

@ Newshounds News™

Source:  Watcher Guru

~~~~~~~~~

XRP LAWSUIT NEWS: CAN ACTING SEC CHAIR MARK UYEDA DROP THE RIPPLE CASE?

▪️Ripple CEO Talks to Trump – Discussions heat up over XRP as a potential U.S. national digital asset reserve.

▪️Ripple Case Removed from SEC Website – What does this move indicate? Settlement rumors spark speculation.

▪️Acting SEC Chair's Role – Why it's unusual for an Acting Chair to drop Ripple's high-profile case.

The ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) has fueled widespread speculation about a potential settlement. Recent developments suggest that the resolution of this case could be closer than expected, with some pointing to key signs indicating a possible outcome.

Ripple’s CEO Talks to Trump About XRP as National Digital Reserve

One factor intensifying speculation is the revelation that Ripple’s CEO, Brad Garlinghouse, has had direct discussions with President Donald Trump regarding XRP as a potential U.S. national digital asset reserve. While the idea of XRP becoming a national reserve asset remains uncertain, the fact that such discussions are happening is seen as a major development.

Ripple Case Removed from SEC Website: What Does It Mean?

The recent removal of the Ripple case from the SEC’s website is also being widely discussed. While this move has sparked rumors about an imminent settlement, experts warn against reading too much into it.

Sherrie, a well-known expert in the XRP community, said that the SEC didn’t move the case; it’s actually been concluded and is now listed under Award Claims. Once the case was appealed, it received a new case number and can be found on the Court of Appeals website.

Challenges in Dropping the Case: Acting SEC Chair’s Role

When a user enquired about why acting Chairman Mark Uyeda has not yet dropped the case, she explained that it would be unusual for an acting SEC Chair to drop a high-profile case like Ripple’s. Normally, these big cases are handled by the official Chairman

It would be unusual for an Acting Chair to take such a liberty as to drop a high profile case such as Ripple’s. Generally these big cases are dealt with by the actual Chairman. Atkins has an estimated time of getting approved by the Senate around April, 
She Wrote.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

CIRCLE’S USDC STABLECOIN OFFICIALLY GOES LIVE ON LAYER-1 CHAIN APTOS (APT)

Circle’s dollar-pegged stablecoin USDC has officially gone live on the layer-1 chain Aptos (APT).

Aptos’ native token, APT, is up on the news, surging by 5.5% in the past 24 hours.

The 38th-ranked crypto asset by market cap is trading at $7.91 at time of writing.

Coinbase, the top US crypto exchange, has already added Aptos-native USDC to its listing roadmap.

In November, Aptos first announced that it planned to integrate USDC, as well as the fintech giant Stripe’s payment services.

Stripe will provide a fiat on-ramp for the Aptos network. The payments firm reemerged in the crypto sector in October when it rolled out support for USDC settlements. It had previously enabled payments made using Bitcoin (BTC) until 2018, when the firm discontinued its support, citing BTC’s lack of utility as a payments rail.

Native USDC stablecoins are officially issued by Circle and are redeemable 1:1 for US dollars. USDC is the second-largest stablecoin with a market cap of more than $53 billion, second only to Tether’s USDT, which has a market cap of nearly $140 billion.

Despite its gains in the past day, APT remains down by more than 5% in the past seven days and more than 10% in the past month.

@ Newshounds News™

Source:  DailyHodl

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ARGENTINA WELCOMES COINBASE: A NEW ERA FOR CRYPTO IN LATIN AMERICA!

Coinbase receives regulatory approval to operate in Argentina, expanding its presence in Latin America.

Argentina's increasing crypto adoption and planned currency liberalization create a favorable environment for Coinbase's entry.

Coinbase's expansion aligns with international crypto collaborations.

In a major move, Coinbase has just secured approval from Argentina’s National Securities Commission (CNV) to operate as a Virtual Asset Service Provider (VASP). This marks a significant milestone in the exchange’s ongoing expansion efforts across Latin America.

Following its 2023 launch in Brazil, coinbase entry into Argentina signals a bigger push to cater to the growing demand for crypto solutions in the region. The goal is to strengthen user protection while complying with local regulations.

Argentina’s Growing Crypto Adoption

Coinbase reports that nearly 5 million Argentinians use cryptocurrency daily, with 76% of adults viewing it as a solution to issues like inflation and high transaction fees. Matías Alberti, a former fintech executive from Buenbit and Clara, will lead Coinbase’s operations in Argentina, helping to guide the company’s growth in the country.

With this approval, Coinbase is now able to offer a full range of services, such as buying, selling, transferring, and storing cryptocurrencies. This expansion strengthens Coinbase’s presence in Latin America, particularly in one of the region’s largest economies, further expanding its global reach.

Markets Get Competitive

Coinbase’s move into Argentina comes as the local market becomes increasingly competitive. Binance also registered in the country in October, while Argentina is preparing for significant changes. By 2025, the country plans to allow free currency circulation, which would include cryptocurrencies like Bitcoin for everyday transactions.

Coinbase’s launch in Argentina coincides with growing international crypto collaboration. In December 2024, Argentina and El Salvador signed an agreement to boost the crypto industry, paving the way for Argentina to become a key player in the global digital asset market.

As more countries open their doors to crypto, digital assets continue to be the buzz of the market. We’ll keep you updated!

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

EL SALVADOR PASSES NEW BITCOIN (BTC) LEGISLATION TIED TO NEW IMF $1,400,000,000 FUNDING DEAL: REPORT

The first country to use Bitcoin (BTC) as a legal tender has reportedly passed a new law that will scale back its crypto efforts.

Reuters reports that awmakers in El Salvador approved a bill to amend the nation’s Bitcoin law in compliance with a deal that the government struck with the International Monetary Fund (IMF).

In December, the government of El Salvador and a staff team from the IMF reached a deal for a $1.4 billion loan facility after agreeing that the Central American nation would allow businesses to decide whether they want to accept cryptocurrency payments.

El Salvador intends to use the fund to support economic reforms. The IMF says the arrangement under the Extended Fund Facility (EFF) will mitigate the country’s Bitcoin-related risks.

“The potential risks of the Bitcoin project will be diminished significantly in line with Fund policies. Legal reforms will make acceptance of Bitcoin by the private sector voluntary. For the public sector, engagement in Bitcoin-related economic activities and transactions in and purchases of Bitcoin will be confined.”

El Salvador’s congress, which is dominated by President Nayib Bukele’s New Ideas Party, approved the reform with 55 votes in favor and two against.

The agreement is still subject to the approval of the IMF Executive Board and conditioned on EL Salvador’s fulfillment of the terms.

@ Newshounds News™

Source:  DailyHodl

~~~~~~~~~

UTAH HOUSE COMMITTEE PASSES BILL FOR STATE TO BUY CRYPTO

The bill now needs to pass by majority vote in Utah’s House and Senate before being approved by state governor Spencer Cox, who appears to be pro-crypto.

A Utah House committee has passed a bill that would allow the state to invest a portion of public funds into crypto, with the measure now heading to the House for a vote.

@ Newshounds News™

Read more:   CoinTelegraph

~~~~~~~~~

SOUTH DAKOTA REPRESENTATIVE PROPOSES BITCOIN RESERVE BILLS

In what is a continuation of the ongoing trend in the United States, one South Dakota representative has proposed not one but two Bitcoin reserve bills. Indeed, state lawmaker Logan Manhart is seeking to make South Dakota one of many hoping to establish a strategic BTC reserve in their state.

The move has made South Dakota the 15th state to introduce a bill that would establish such a reserve, according to Dennis Porter. Moreover, one of the introduced laws would see the state allocate 10% of public funds to acquiring Bitcoin. Additionally, the state is looking to explore the leading cryptocurrency as a hedge against potential inflation.

@ Newshounds News™

Read more:  Watcher Guru

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