
Seeds of Wisdom RV and Economic Updates Monday Evening 3-31-25
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TRUMP'S CRYPTO DEALINGS ARE MAKING REGULATION 'MORE COMPLICATED': HOUSE FINANCIAL SERVICES CHAIR
Rep. French Hill offered a rare rebuke of the president’s crypto dealings from within his own party, as multiple crypto bills make their way through Congress.
House Financial Services Committee Chair French Hill (R-AR) said Monday that the personal cryptocurrency dealings of President Donald Trump and his family have made drafting legislation for the novel sector “more complicated,” in a rare rebuke of the president’s personal activities by a key member of congressional Republican leadership.
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TRUMP'S CRYPTO DEALINGS ARE MAKING REGULATION 'MORE COMPLICATED': HOUSE FINANCIAL SERVICES CHAIR
Rep. French Hill offered a rare rebuke of the president’s crypto dealings from within his own party, as multiple crypto bills make their way through Congress.
House Financial Services Committee Chair French Hill (R-AR) said Monday that the personal cryptocurrency dealings of President Donald Trump and his family have made drafting legislation for the novel sector “more complicated,” in a rare rebuke of the president’s personal activities by a key member of congressional Republican leadership.
Hill specifically named the president’s meme coin and stablecoin projects as two endeavors that have negatively impacted the work of lawmakers racing to create rules for the digital assets industry.
“They have made our work more complicated,” Hill told reporters Monday, in reference to those projects.
Since returning to power, Trump and his inner circle have rapidly expanded their crypto portfolios at the same time that the president is determining policies with direct impact on those same assets and sectors.
In recent months, Trump and business partners have launched a Solana meme coin and an Ethereum decentralized finance platform called World Liberty Financial, which recently announced its own stablecoin.
Meme coins are speculative crypto assets that derive their value from cultural significance—and which the SEC recently likened to “collectibles”—while stablecoins are digital assets designed to keep a steady peg to the U.S. dollar.
Trump and his family have already netted hundreds of millions of dollars from such endeavors; unrealized earnings from the same projects number in the billions.
Trump’s existing businesses have also aggressively expanded their exposure to crypto in the same period. Last week, the company that runs the president’s Truth Social media platform announced a partnership with Crypto.com to offer crypto ETFs.
Just this morning, the president’s son, Eric and Don Jr, inked a deal to launch their own Bitcoin mining venture.
At the same time, the president has signed multiple executive orders with direct impact on the crypto industry. Further, White House officials are currently, at his direction, working with Republicans in Congress to help shape key pieces of legislation that will create, for the first time, an American crypto regulatory regime.
Earlier this month, the president’s AI and crypto czar, David Sacks, dismissed the president’s personal crypto endeavors as “irrelevant” to industry regulation.
But it appears patience among congressional Republicans over the scope of those lucrative schemes may be waning. The House Financial Services Committee is set to mark up its version of proposed stablecoin legislation, the STABLE Act, on Wednesday, and will soon consider a newer version of a market structure bill, according to comments made by Chair Hill Monday.
A parallel stablecoin bill is also currently making its way through the Senate. Such bills, if passed into law, would for the first time offer a clear path to legal certainty for a variety of crypto projects and companies, based on their compliance with new rules currently being ironed out.
Their passage is anticipated to bring with it a wave of investment and support for the crypto industry from traditional finance institutions that until now have been waiting on the sidelines.
Though those bills possess bipartisan support, Trump’s personal business dealings have offered resistant Democrats a convenient means to protest their passage.
Last week, Sen. Elizabeth Warren (D-MA) denounced the Trump-backed World Liberty Financial stablecoin, USD1, as a “grift,” and tied the project to pending crypto legislation.
“Congress should step up and fix the current stablecoin bill moving through the Senate that will make it easier for Trump—and Elon Musk—to take control of your money,” she said.
@ Newshounds News™
Source: Decrypt
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BRICS NATION TURNS TO NORTH KOREA: COULD MEMBERSHIP BE NEARING?
For the first three months of the year, the West and the Global South have been engaged in a notable faceoff. Moreover, with a variety of factors playing into this growing tension, one BRICS nation has turned to North Korea as an unlikely ally as a membership for the country could be nearing.
The alliance has been confronted with an increasingly aggressive US President, Donald Trump. Specifically, Trump has threatened 150% tariffs on the countries for their part in global de-dollarization efforts. Now, another aspect of those disagreements could see North Korea become an unlikely ally for the alliance.
BRICS Look to North Korea as Alliance Could Be Forming
The BRICS bloc and the United States have created the basis for a potential trade war in 2025. China has sought to issue reciprocal tariffs as the alliance is caught in the crossfire of the US administration’s aggressive economic policy. Moreover, the bloc has turned to Russia, threatening increased sanctions as a means to fast-track an end to the Ukraine War.
Now, those talks may be continuing to brew a rather surprising allegiance on the global scale. Specifically, the BRICS bloc has sought out help from North Korea, as rumors of potential membership continue to surface. Indeed, Russia has gone to the nation for help. It is seeking an end to the ongoing Ukraine war on its own terms.
Russian President Vladimir Putin recently suggested that Ukraine be placed under a “temporary administration,” according to reports. Moreover, he noted this would be done “under the auspices of the UN, the United States, European countries, and our partners.”
Moreover, Putin called on specific countries to be involved in the ongoing talks for peace.
“This is not only the United States but also the People’s Republic of China, India, Brazil, and South Africa—all BRICS countries,” he said. Moreover, he also noted that “the Democratic People’s Republic of Korea” would be included.
Putin’s relationship with the nation has been well documented. Additionally, in his inclusion of the nation, he used its official name. The move could be seen as an attempt to increase strategic cooperation. For Moscow, that may include seeking BRICS membership. However, there is still the belief that it would have a hard time getting full support from other bloc participants.
@ Newshounds News™
Source: Watcher Guru
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Economist’s “News and Views” Monday 3-31-2025
Gold Is Signaling The Endgame: Hyperinflation or Default? | Mario Innecco
Soar Financially: 3-31-2025
Global macro commentator and gold advocate Mario Innecco joins us for an eye-opening conversation on the accelerating unraveling of our monetary system.
From hyperinflation and default to the role of gold in a potential Bretton Woods 2.0, Mario shares unfiltered insights on what’s really driving global markets.
We discuss the collapse of fiat currency, central bank credibility, the real reason gold is surging, and how silver remains the “banker’s kryptonite.”
Gold Is Signaling The Endgame: Hyperinflation or Default? | Mario Innecco
Soar Financially: 3-31-2025
Global macro commentator and gold advocate Mario Innecco joins us for an eye-opening conversation on the accelerating unraveling of our monetary system.
From hyperinflation and default to the role of gold in a potential Bretton Woods 2.0, Mario shares unfiltered insights on what’s really driving global markets.
We discuss the collapse of fiat currency, central bank credibility, the real reason gold is surging, and how silver remains the “banker’s kryptonite.”
Whether by design or dysfunction, a new financial era is unfolding — and Mario breaks down what it means for investors navigating extreme macro volatility.
Timestamps (AI generated)
0:00 – Introduction & Guest Welcome
1:12 – Artificial Markets & Hidden Risks
5:10 – Is the Recession Deliberate?
10:35 – Hyperinflation vs. Default: What’s Coming?
14:30 – Currency Collapse & What You Can Do
20:45 – Tariffs, Trade Wars & the End of Globalization
24:50 – Why Gold Is Exploding Now
28:00 – Fort Knox: Where’s the Audit?
32:00 – Silver’s Role & the Coming Squeeze
35:00 – Bretton Woods 2.0 & the Return of Gold
38:00 – CBDCs and the Digital Trap
41:46 – Who Should Sit at the Monetary Reset Table?
Stock Market Crash, ‘Likely Recession’ After April 2 | Anthony Scaramucci
David Lin: 3-31-2025
Anthony Scaramucci, Former White House Communications Director and Founder of Skybridge Capital, discusses the impact of the trade wars on the economy, stocks, and Bitcoin.
0:00 - Intro
1:00 - Anthony’s White House experience
2:45 - Trade war
9:29 - TSMC and Taiwan-U.S. relations
12:35 - Bitcoin price prediction
14:10 - Economy vs. Bitcoin
17:35 - Skybridge asset allocation
19:02 - Anthony’s life advice
If Fort Knox Is Empty, What Happens to the Dollar?
Lynette Zang: 3-31-2025
In this video Lynette answers a question from our most recent live about Fort Knox not having the gold, and what that would mean for the dollar.
Seeds of Wisdom RV and Economic Updates Monday Afternoon 3-31-25
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STABLECOINS, TOKENIZED ASSETS GAIN AS TRUMP TARIFFS LOOM
Crypto investors shift into stablecoins and real-world assets as Trump’s April 2 trade tariffs spark volatility and macroeconomic uncertainty fears.
Cryptocurrency investors are increasingly moving capital into stablecoins and tokenized real-world assets (RWAs) in a bid to avoid volatility ahead of US President Donald Trump’s widely anticipated tariff announcement on April 2.
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STABLECOINS, TOKENIZED ASSETS GAIN AS TRUMP TARIFFS LOOM
Crypto investors shift into stablecoins and real-world assets as Trump’s April 2 trade tariffs spark volatility and macroeconomic uncertainty fears.
Cryptocurrency investors are increasingly moving capital into stablecoins and tokenized real-world assets (RWAs) in a bid to avoid volatility ahead of US President Donald Trump’s widely anticipated tariff announcement on April 2.
Increasingly, more capital is flowing into stablecoins and the real-world asset (RWA) tokenization sector, which refers to financial products and tangible assets such as real estate and fine art minted on the blockchain.
“Stablecoins and RWAs continue to see steady inflows of capital as safe havens in the current uncertain market,” crypto intelligence platform IntoTheBlock wrote in a March 31 X post.
“However, because these assets reside on-chain, even slight shifts in sentiment can trigger significant price movements, driven by the lower barriers to reallocating capital in real time,” the firm noted.
The flight to safety is mainly attributed to geopolitical tensions and global trade concerns, according to Juan Pellicer, senior research analyst at IntoTheBlock:
“Many investors were expecting economic tailwinds following Trump's inauguration as president, but increased geopolitical tensions, tariffs and general political uncertainty are making investors more cautious.”
“This is not unreasonable, as even though global growth forecasts remain positive, growth expectations have decreased globally in recent months,” he added.
The prospect of a global trade war has heightened inflation-related concerns, causing a significant decline in both cryptocurrency and traditional equity markets.
Bitcoin has fallen 19% and the S&P 500 (SPX) index has fallen over 7% in the two months since Trump announced import tariffs on Chinese goods on Jan. 20, the day of his inauguration as president.
The April 2 announcement is expected to detail reciprocal trade tariffs targeting top US trading partners. The measures aim to reduce the country’s estimated $1.2 trillion goods trade deficit and boost domestic manufacturing.
Investor sentiment pressured by April 2 Trump tariff announcement
Global tariff fears and uncertainty around the upcoming announcement continue to pressure investor sentiment in global markets.
“Risk appetite remains muted amid tariff threats from President Trump and ongoing macro uncertainty,” Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo, told Cointelegraph.
Meanwhile, RWAs reached a new cumulative all-time high of over $17 billion on Feb. 3, and are currently less than 0.5% away from surpassing the $20 billion milestone, according to data from RWA.xyz.
Some industry watchers said that Bitcoin’s lack of upside momentum may drive RWAs to a $50 billion all-time high before the end of 2025, as their increased liquidity will help RWAs attract a significant share of the $450 trillion global asset market.
@ Newshounds News™
Source: Cointelegraph
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RHODE ISLAND BILL WOULD ALLOW STATE RESIDENTS SPEND $10,000 MONTHLY IN BITCOIN TAX FREE
A bill introduced to the Rhode Island Senate would enable the state’s residents to spend or sell just under $1,000 in bitcoin 10 times per month without incurring state capital gains taxes.
Bill S. 0451, which was introduced to the Rhode Island Senate last month, permits the state’s residents and businesses to make up to 10 payments in bitcoin valued at less than $1,000 per month (or sell the equivalent amount) without being subject to state capital gains taxes.
The bill is an amendment to existing state income tax laws, and the exact language in the proposed legislation is as follows:
“Any sale of [b]itcoin by an individual or business in Rhode Island shall be exempt from state taxation if the total value of sales is less than one thousand dollars ($1,000) per diem. The limit of the state tax exempt [b]itcoin transaction shall not exceed ten (10) sales per a thirty (30) day cycle.”
And the bill defines a “sale of [b]itcoin” as “any transaction in which [b]itcoin is sold or exchanged for another form of value, such as fiat currency or other physical or digital assets.”
The bill also clarifies that this exemption only applies at the state level and that it doesn’t affect federal tax obligations.
Under the bill, individuals and businesses who engage with these types of tax-exempt bitcoin transactions are responsible for keeping records of these transactions, including the total value of sales per day, and should be prepared to provide these records to the Rhode Island’s department of revenue for audit or compliance purposes.
In a slide deck prepared by the Rhode Island Blockchain Council that was shared with Bitcoin Magazine, Chris Perrotta, Chairman of the Council, wrote that the passing of Bill S. 0451 would help to reduce friction for digital asset payments.
He stated that “current tax implications of spending BTC hamper its utility for Rhode Island citizens and stifle economic activity.”
Perrotta also noted that the passing of this bill would stimulate blockchain-based economic activity in the state, making Rhode Island one of the states at the forefront of this technology.
What is more, he also proposed that small businesses accept bitcoin for products and services as a means to stimulate economic growth.
Thus far, no other U.S. states have introduced comparable bills.
At the federal level, the only bill that has proposed something similar is the Lummis-Gillibrand “Responsible Financial Innovation Act”, which provides a de minimus tax exemption on bitcoin transactions valued up to $200.
@ Newshounds News™
Source: Bitcoin Magazine
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Seeds of Wisdom RV and Economic Updates Monday Morning 3-31-25
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CALIFORNIA INTRODUCES ’BITCOIN RIGHTS’ IN AMENDED DIGITAL ASSETS BILL
California Democrat Avelino Valencia has amended a money transmission bill to make Bitcoin and crypto rights a major focus, potentially benefitting the state’s 39.4 million residents.
A Californian lawmaker has just added Bitcoin and crypto investor protections to a February-introduced money transmission bill aimed at securing crypto self-custody rights for the US state’s nearly 40 million residents.
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CALIFORNIA INTRODUCES ’BITCOIN RIGHTS’ IN AMENDED DIGITAL ASSETS BILL
California Democrat Avelino Valencia has amended a money transmission bill to make Bitcoin and crypto rights a major focus, potentially benefitting the state’s 39.4 million residents.
A Californian lawmaker has just added Bitcoin and crypto investor protections to a February-introduced money transmission bill aimed at securing crypto self-custody rights for the US state’s nearly 40 million residents.
California’s Assembly Bill 1052 was introduced as the Money Transmission Act on Feb. 20, 2025, but was amended by Democrat and Banking and Finance Committee chair Avelino Valencia on March 28 to include several Bitcoin and crypto-related investor protections.
The amendments remove the term “Money Transmission Act,” renaming the legislation to “Digital Assets.”
“California often sets the national blueprint for policy, and if Bitcoin Rights passes here, it can pass anywhere,” Satoshi Action Fund CEO Dennis Porter said in a March 30 statement.
“Once passed, this legislation will guarantee nearly 40 million Californians the right to self-custody their digital assets without fear of discrimination.”
The bill would also deem the use of a digital financial asset as a valid and legal form of payment in private transactions and would prohibit public entities from restricting or taxing digital assets solely based on their use as payment.
The bill would also expand the scope of California’s Political Reform Act of 1974 to prohibit a public official from issuing, sponsoring or promoting a digital asset, security or commodity.
“A public official shall not engage in any transaction or conduct related to a digital asset that creates a conflict of interest with their public duties,” one section of the AB 1052 states.
AB 1052 is now in the “desk process” — meaning the bill has been formally introduced and is awaiting its first reading.
A total of 99 merchants currently accept Bitcoin payments in California, BTC Maps data shows.
Ripple Labs, Solana Labs and Kraken are among the largest crypto firms based in California.
A stablecoin-related bill was also introduced in California on Feb. 2, 2025, which aims to provide more clarity over stablecoin collateral requirements, liquidation processes, redemption and settlement mechanisms requirements and security audits.
Bitcoin-related bills and measures near 100 at the US state level
According to Bitcoin Law, 95 Bitcoin-related bills or measures have been introduced at the state level in 35 states, including 36 Bitcoin reserve bills that are still live.
The Texas Senate passed a Bitcoin strategic reserve bill in a 25-5 vote on March 6, while Kentucky Governor Andy Beshear signed a Bitcoin Rights bill into law on March 24.
Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.
@ Newshounds News™
Source: Cointelegraph
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JAPAN EYES GIVING CRYPTO ASSETS LEGAL STATUS: REPORT
Japan plans to reclassify cryptocurrencies as financial products and implement insider trading restrictions similar to those for traditional financial markets, Nikkei reported Sunday.
For these changes, Japan's Financial Services Agency (FSA) is looking to submit legislation to its parliament as early as 2026, following closed-door consultations with industry experts.
The proposed changes would revise the Financial Instruments and Exchange Act, positioning digital assets differently from securities while acknowledging their investment characteristics.
While specific criteria on the restriction remain under consideration, Nikkei reports that those would likely "resemble" what's already in place for "conventional financial products."
Japan's Financial Instruments and Exchange Act regulates securities and financial instruments categorizing them as either traditional, "Paragraph I Securities" (like bonds and shares) or "Paragraph II Securities" (including trust interests and partnership stakes).
The Act establishes distinct regulatory requirements for public offerings versus private placements, with public offerings generally requiring securities registration statements and continuous reporting.
Meanwhile, collective investment schemes, which proof-of-stake chains could fall under, are used for real estate securitization in Japan. Those face operator registration requirements with specific exemptions only available for qualified institutional investors.
The regulatory shift comes as Japan opens up to crypto adoption, establishing new frameworks and acknowledging how crypto has expanded its use cases from payments to investments and more, urging regulators to redefine how they oversee the sector.
Crypto investments are taxed "up to 55%" in the country, while financial products such as ETFs "face only 20% capital gains tax," Tiger Research senior research analyst Jay Jo told Decrypt.
With better safety measures and if lowered alongside how financial products are treated, this could "attract more institutions to crypto investments," Jo said.
Late last year, Japanese lawmakers urged their regulators to pursue a National Bitcoin Reserve. The country is also home to Metaplanet, a Bitcoin treasury company that has acquired 3,350 BTC so far with plans to add more.
@ Newshounds News™
Source: Decrypt
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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 3-30-25
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UK FREEZES MILLIONS IN CRYPTO SINCE IMPLEMENTING NEW POWERS
According to an investigation by MailOnline, UK authorities have frozen approximately £6 million ($7.7 million) in crypto since new enforcement powers came into effect last year.
The measures, introduced in April 2024, allow police, law enforcement agencies, and HMRC to freeze suspicious cryptocurrency wallets for up to three years.
Court documents reviewed over the past six months reveal the largest single freezing order was for £1.5 million worth of cryptocurrency held in a wallet hosted by US-based exchange Coinbase.
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UK FREEZES MILLIONS IN CRYPTO SINCE IMPLEMENTING NEW POWERS
According to an investigation by MailOnline, UK authorities have frozen approximately £6 million ($7.7 million) in crypto since new enforcement powers came into effect last year.
The measures, introduced in April 2024, allow police, law enforcement agencies, and HMRC to freeze suspicious cryptocurrency wallets for up to three years.
Court documents reviewed over the past six months reveal the largest single freezing order was for £1.5 million worth of cryptocurrency held in a wallet hosted by US-based exchange Coinbase.
HMRC requested this order and issued it at Newcastle Upon Tyne Magistrates’ Court on March 18.
The total frozen amount could be higher, as court data from Courtsdesk only covers the past six months due to legal restrictions. The new powers were designed to address the growing use of digital currencies for money laundering, tax evasion, and terrorism financing.
Legal expert says £6 million is a modest amount
Legal experts offer differing perspectives on the importance of these seizures. Nick Barnard, a cryptocurrency legal specialist and partner at Corker Binning, described the £6 million figure as relatively modest “in the grand scheme.” Barnard noted that the new enforcement regime started from scratch last April and needs time to develop fully.
However, lawyer Siobhain Egan told MailOnline that the government is directing increased resources toward freezing cryptocurrency assets. This is part of an aggressive strategy to combat money laundering and terrorism financing, Egan adds.
The freezing process usually involves investigators applying for orders without notifying the alleged criminals. This prevents them from moving Bitcoin or other crypto.
“If police have a major investigation into organized criminals laundering money through crypto, they will go in and seize the assets before they finalize the investigation,” Egan explained.
The UK government is improving its cryptocurrency enforcement actions through the Crime and Policing Bill. The legislation includes provisions for valuing cryptocurrency, implementing procedures for courts to recover illicit funds, and granting the Crown Court expanded powers to issue seizure orders.
@ Newshounds News™
Source: Crypto News
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BRICS TO GREENLIGHT CROSS-BORDER PAYMENT SYSTEM TO COUNTER US DOLLAR?
One of the biggest storylines to develop this year has been the ongoing turmoil between the West and the global south. Since his arrival, US President Donald Trump has targeted the group in an effort to end its de-dollarization plans. However, those may be set to take a step forward as the BRICS are lining up a new cross-border payment system that could counter the US dollar.
The bloc has continued to stand by its hopes of diversifying global finance. Although it has not targeted the greenback directly, its moves have sought to lessen reliance on the currency as a global reserve asset. Now, their latest plan may be forwarding that effort, and Trump’s interpretation could have massive ramifications.
BRICS to Launch Cross-Border Payment System: How Will Trump Respond?
At the start of the year, US President Donald Trump threatened BRICS nations with 150% tariffs. Specifically, the move was seeking to counter its promotion of local currencies. This was primarily driven by that promotion, resulting in a lessening of the US dollar’s status.
Although the bloc has capitulated since the warning was issued, things may be changing. Indeed, the BRICS bloc may be nearing a green light for a cross-border payment system that could affect US dollar reliance. Now, all eyes are on what that could mean for the greenback and how Trump will respond.
According to a recent report, Russian Finance Minister Anton Siluanov discussed the development of the payment system on Friday. “At the BRICS platform, we are considering our various financial innovations,” he said.
Moreover, he added that this includes “a cross-border payment system, which can be based, in addition to bilateral settlements, on national currencies, taking into account digital technologies and digital financial assets.”
That highlights the system to be critically focused on alternative currencies to the US dollar. Moreover, that pursuit is nothing new to the BRICS members. It has long been subjected to harsh Western sanctions and has since sought to settle trades in alternative currencies. With the rising prominence of crypto, that could also be used in this new payment platform.
It will likely do what similar BRICS projects have done in the past: provide a key area of exploration for developing nations and align countries. It will threaten the US dollar, but not by much. The currency won’t be dethroned as the top global reserve asset. However, the question is now if President Trump will see it that way.
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Source: Watcher Guru
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Seeds of Wisdom RV and Economic Updates Sunday Morning 3-30-25
Seeds of Wisdom RV and Economic Updates Sunday Morning 3-30-25
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CFTC FREES CRYPTO DERIVATIVES FROM EXTRA SCRUTINY
Crypto advocates scored big as the CFTC scrapped a directive singling out digital asset derivatives, easing scrutiny and marking a sharp split among U.S. regulators.
Barriers Drop—CFTC’s Crypto Retreat Sets Stage for Relentless Upside
Another win for crypto supporters arrived March 28 when the Commodity Futures Trading Commission (CFTC) announced that its Division of Clearing and Risk (DCR) has withdrawn Staff Advisory No. 23-07, a directive that had previously signaled increased regulatory scrutiny for digital asset derivatives.
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CFTC FREES CRYPTO DERIVATIVES FROM EXTRA SCRUTINY
Crypto advocates scored big as the CFTC scrapped a directive singling out digital asset derivatives, easing scrutiny and marking a sharp split among U.S. regulators.
Barriers Drop—CFTC’s Crypto Retreat Sets Stage for Relentless Upside
Another win for crypto supporters arrived March 28 when the Commodity Futures Trading Commission (CFTC) announced that its Division of Clearing and Risk (DCR) has withdrawn Staff Advisory No. 23-07, a directive that had previously signaled increased regulatory scrutiny for digital asset derivatives.
The advisory, originally released May 30, 2023, had focused on the risks tied to the expansion of derivatives clearing organizations (DCOs) into digital asset markets, prompting concerns among industry stakeholders that crypto-based products would be singled out for tougher oversight.
The decision to pull the advisory took effect immediately. The CFTC explained the rationale behind its decision by referencing the accompanying withdrawal letter:
As stated in today’s withdrawal letter, DCR determined to withdraw the advisory to ensure that it does not suggest that its regulatory treatment of digital asset derivatives will vary from its treatment of other products.
Staff Advisory No. 23-07 had warned DCOs and applicants to anticipate closer scrutiny when introducing new business lines or clearing models involving digital assets. The advisory placed specific emphasis on compliance with system safeguards, management of operational risks, and rules surrounding the physical settlement of digital asset contracts.
Under the rescinded guidance, DCR had planned to focus reviews on areas such as cybersecurity, shared infrastructure between affiliated entities, and clear delineation of responsibilities in the case of physical delivery of digital assets.
The advisory also reminded DCOs to prepare for risk assessments tailored to the unique characteristics of digital products. While the withdrawal eliminates a standalone framework for digital asset clearing oversight, the CFTC noted it remains committed to maintaining robust standards while supporting “safe and sound, orderly, and fairly competitive clearing systems” through consistent regulation.
Meanwhile, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have rescinded prior guidance that required banks to obtain regulatory approval before engaging in crypto-related activities. These efforts reflect a broader trend among U.S. financial regulators to reduce barriers and encourage responsible innovation in the digital asset space.
@ Newshounds News™
Source: Bitcoin News
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TRUMP PLANS WHITE HOUSE VISIT FOR EL SALVADOR’S PRO-BITCOIN BUKELE
President Donald Trump is set to host El Salvador’s President Nayib Bukele at the White House in April.
The visit, reported by Bloomberg, follows Bukele’s agreement to detain hundreds of alleged Venezuelan gang members deported from the U.S., a move that aligns with Trump’s immigration enforcement agenda.
If finalized, Bukele will be the first leader from the Western Hemisphere to receive a formal White House visit under Trump’s administration. While no official date has been set, discussions are ongoing, and plans could change.
Bukele has actively courted Trump in recent months, positioning himself as a key regional ally on security and migration.
Bukele has drawn international attention for his strict crime policies, particularly his crackdown on gang violence, which has significantly reduced crime rates in El Salvador. His administration’s cooperation with U.S. deportation policies could further solidify his standing with Trump, who has made border security a top priority.
Bukele’s Bitcoin bet
Beyond security and migration, Bukele has made headlines for El Salvador’s bold embrace of Bitcoin Bitcoin. In 2021, his government made Bitcoin legal tender, positioning the country as a global experiment in cryptocurrency adoption.
The move has drawn mixed reactions, with supporters praising it as financial innovation and critics pointing to volatility and IMF concerns.
Bukele has remained a strong advocate for Bitcoin, using it to attract foreign investment and promote economic independence.
It is unclear whether Bitcoin will be a topic of discussion during his visit, but his meeting with Trump could signal potential shifts in U.S.-El Salvador financial relations.
@ Newshounds News™
Source: Crypto News
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Gold in Hyperdrive in Hyper-Levered House of Cards
Greg Hunter (w/ Bill Holter): Gold in Hyperdrive in Hyper-Levered House of Cards
USA Watchdog: 2-29-2025
Precious metals expert and financial writer Bill Holter has long said there is a long list of financial trouble coming to America.
DOGE (Department of Government Accountability) has put the financial reckoning for massive debt and fraud into hyperdrive.
Gold smells big trouble with another new record high just last week. Gold is in hyperdrive in an economic hyper-levered house of cards. Holter explains, “Gold is now considered a Tier 1 asset, but more importantly, gold cannot bankrupt.
Greg Hunter (w/ Bill Holter): Gold in Hyperdrive in Hyper-Levered House of Cards
USA Watchdog: 2-29-2025
Precious metals expert and financial writer Bill Holter has long said there is a long list of financial trouble coming to America.
DOGE (Department of Government Accountability) has put the financial reckoning for massive debt and fraud into hyperdrive.
Gold smells big trouble with another new record high just last week. Gold is in hyperdrive in an economic hyper-levered house of cards. Holter explains, “Gold is now considered a Tier 1 asset, but more importantly, gold cannot bankrupt.
I think big money is looking at the financial system and understanding that it is a hyper-levered house of cards or Ponzi scheme. Sovereign Treasuries from across the world can and, highly likely, will default in some cases.
Gold and silver cannot default. Gold and silver are money.
This fiat experiment started off with dollars, European currencies, the yen, etcetera. They were derivatives of gold. . . . They have had several suppression schemes to keep the price down, and they desperately have to keep the price of silver down because if silver runs, gold is going to follow.
High and rising gold process are basically a vote of no confidence by the international community.”
Don’t underestimate how disruptive DOGE cutting fraud and waste will be on the economy. Holter points out, “The last time we interviewed, we talked about DOGE and all of this slush money being paid out. Look at the 14 magic money machines that Elon Musk has found.
All this money being spewed into the economy registers as GDP. So, if you shut those spigots off, you are shutting off the money, and the real economy slows down. There is less cash flow from that.
The real danger, and I am not so sure it is by accident, is this Trump’s idea of pulling the plug? I have to believe he understands that by cutting the spending or cutting the capital that is going into the system, with the system as leveraged as it is right now, it’s going to take everything down.
What you are doing is cutting off new money to the Ponzi scheme, and no Ponzi scheme can survive without continually getting new money coming into it.”
Holter also says, “The United States was considered for years and years the safe haven because of its pristine rule of law. When you pull the curtain back and everything is rotten, confidence breaks. You are not going to have money moving into the US for safe haven status. You are going to have money leaving the United States.
It’s not just the money that is not going to hit the streets because of DOGE, but mentally because of the corruption they are exposing. DOGE is basically exposing that the United States is corrupt and a s****y place to do business.”
In closing, Holter says, “DOGE revealing that they just pay money out of thin air is a huge problem. You can’t do the math if you don’t have good numbers. . . . If we can glean that they are going to cut $500 billion or $1 trillion or $2 trillion and we can figure out that is a problem for the real economy and the financial markets, don’t you think the people running the show know that?
That tells me they are purposely pulling the rug out from under the system. It’s game over.”
There is much more in the 53-minute interview.
https://usawatchdog.com/gold-in-hyperdrive-in-hyper-levered-house-of-cards-bill-holter/
Seeds of Wisdom RV and Economic Updates Saturday Afternoon 3-29-25
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XRP NEWS: SEC COULD DELAY ITS ANNOUNCEMENT UNTIL AUGUST 7? HINT XRP MEMBER!
▪️Ripple vs. SEC lawsuit nears conclusion, but delays raise uncertainty for XRP.
▪️XRP supporter claims SEC will stay silent on the case until August 7.
▪️Ripple’s legal chief suggests settlement paperwork is done, awaiting SEC’s final decision.
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XRP NEWS: SEC COULD DELAY ITS ANNOUNCEMENT UNTIL AUGUST 7? HINT XRP MEMBER!
▪️Ripple vs. SEC lawsuit nears conclusion, but delays raise uncertainty for XRP.
▪️XRP supporter claims SEC will stay silent on the case until August 7.
▪️Ripple’s legal chief suggests settlement paperwork is done, awaiting SEC’s final decision.
he long-running legal fight between Ripple and the U.S. Securities and Exchange Commission (SEC) is nearing its final chapter. With both sides dropping their respective appeals, attention has now turned to what comes next. ‘
However, a new claim from an XRP community member suggests that the SEC won’t make any official announcement on the case until August 7, raising questions about a potential delay.
Is a Settlement Really Happening?
Ripple’s legal chief, Stuart Alderoty, has hinted that all necessary paperwork for a settlement has already been prepared. The next step, however, lies in the hands of the SEC Commission, which is expected to vote on the matter within the next 30 days.
Once that vote is complete, the SEC will move to lift the injunction imposed on Ripple. If Ripple complies with the process, Judge Analisa Torres will then sign off on the motion, officially closing the case.
Will the SEC Remains Silent Until August 7?
Adding more fuel to the speculation, an XRP supporter named Brett recently made a bold claim on social media. He stated that the SEC would not make any official announcement on the lawsuit until August 7, citing a court document as his source.
His post quickly gained traction, with some in the community seeing it as a significant development. However, not everyone agreed. Many pointed out that the document he referenced was from last year, casting doubt on its relevance to the current situation.
Former SEC lawyer Marc Fagel even dismissed the claim outright, calling it “stupid and wrong.” This conflicting information has left the XRP community divided on what to believe.
No Official Announcement From the SEC
Although both the SEC and Ripple have withdrawn their appeals, the agency has yet to make an official announcement, leading to speculation that the case may already be settled. However, legal complexities could be causing a delay.
Fox Business journalist Eleanor Terrett suggested that the SEC might be waiting to ask Judge Torres to remove the injunction—a step that is different from how other cases have been handled.
For now, XRP holders are eagerly waiting for clarity, with hopes that the lawsuit’s resolution will bring long-awaited regulatory certainty to Ripple and its token.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
BRICS: RUSSIA TO FOLLOW US, SEEK MAJOR UAE INVESTMENT DEAL?
The last several months have seen geopolitical tension hit a new high. Indeed, the United States has targeted the Global South with tariffs in an effort to secure the status of the dollar. Now, that has taken an interesting turn for BRICS, as Russia may be looking to follow the US and seek a major investment deal from the United Arab Emirates (UAE).
Both Moscow and the UAE are set to meet to discuss their strategic cooperation. Moreover, that meeting took place after the latter unveiled a monumental investment framework plan with the United States. With tensions still high, the development is one that may have massive implications.
BRICS See Russia UAE Talk Collaboration After Landmark US Deal
Since the start of the year, the BRICS bloc and the US have faced off. With his election win in late 2024, Donald Trump targeted the alliance with 150% tariffs. Specifically, he was seeking to deter their de-dollarization efforts and secure the global reserve status of the greenback.
However, the ongoing tension between both sides took a rather interesting turn this month. Now, they may be set to get even more complicated for BRICS, as Russia is set to meet with the UAE and may be seeking a deal similar to the one it struck with the US.
In a rather surprising development, the UAE announced a mammoth 10-year, $1.4 trillion investment framework in the United States. The move was going to inject increased capital into the US and fortify what is a rather fragile economic standing. Interestingly, the UAE is a BRICS nation, the same one that has been clearly in the crosshairs of the alliance.
Now, a new report highlights that Russian President Vladimir Putin and UAE President Mohamed bin Zayed Al Nahyan are set to hold a telephone meeting this week.
According to the report, both sides discussed the partnership between both nations and gave “a positive assessment” of the dealings so far. Time may tell if they come to an agreement similar to that of the US.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
TRUMP PARDONS BITMEX CO-FOUNDERS CONVICTED OF FINANCIAL CRIMES: REPORT
Former President Donald Trump has pardoned BitMEX co-founders Arthur Hayes, Benjamin Delo, and Samuel Reed.
The three had previously pleaded guilty to federal charges related to money laundering and regulatory violations, according to CNBC reporting.
The three executives were convicted for failing to implement anti-money laundering measures at BitMEX, which prosecutors labeled a “money laundering platform.”
Reed admitted to violating the Bank Secrecy Act in 2022 and agreed to pay a $10 million fine. Despite BitMEX’s claims of withdrawing from the U.S. market, authorities alleged that the move was a “sham.”
@ Newshounds News™
Source: Crypto News
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STABLECOIN LEGISLATION SHOULDN’T FORCE ISSUERS TO COMPLY WITH BANK SECRECY ACT: REP. TOM EMMER
House Majority Whip Tom Emmer thinks stablecoin bills under discussion on Capitol Hill should remove language forcing issuers to comply with stringent anti-money laundering laws.
In a potential sign of brewing tensions regarding key language in multiple stablecoin bills circulating in Congress, House Majority Whip Tom Emmer (R-MN) said this week he doesn’t believe stablecoin issuers like Tether should have to comply with the anti-money laundering Bank Secrecy Act—a major sticking point of both the Senate’s stablecoin-focused GENIUS Act, and the House’s parallel STABLE Act.
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STABLECOIN LEGISLATION SHOULDN’T FORCE ISSUERS TO COMPLY WITH BANK SECRECY ACT: REP. TOM EMMER
House Majority Whip Tom Emmer thinks stablecoin bills under discussion on Capitol Hill should remove language forcing issuers to comply with stringent anti-money laundering laws.
In a potential sign of brewing tensions regarding key language in multiple stablecoin bills circulating in Congress, House Majority Whip Tom Emmer (R-MN) said this week he doesn’t believe stablecoin issuers like Tether should have to comply with the anti-money laundering Bank Secrecy Act—a major sticking point of both the Senate’s stablecoin-focused GENIUS Act, and the House’s parallel STABLE Act.
Including such a provision in the legislation could box out foreign issuers while favoring U.S. companies, since U.S.-based entities are currently better equipped to meet stricter demands. The lawmaker believes stablecoin issuers, regardless of jurisdiction, should not be subject to the stringent anti-money laundering rules under the Bank Secrecy Act.
“The protections the so-called Bank Secrecy Act is supposed to provide were drafted for cash, and this is blockchain-driven,” Emmer told Decrypt Wednesday evening. “And guess what, everything on the blockchain is open and transparent to people who understand how to follow code.”
“It's pretty interesting to say that the Bank Secrecy Act—which doesn't even contemplate this type of technology, a digital asset—should be what we're using,” the congressman added.
Stablecoins are digital assets typically pegged to the U.S. dollar and designed to keep a steady price. They're used by cryptocurrency traders to enter and exit positions without the need for dollars, and used as dollar equivalents in markets where dollars are restricted or inaccessible.
The latest drafts of the GENIUS Act and STABLE Act treat all stablecoin issuers as financial institutions under the Bank Secrecy Act. The law, enacted in 1970, established a stringent set of proactive anti-money laundering rules that American banks must comply with in order to operate.
The Bank Secrecy Act, for example, obligates regulated institutions to engage in suspicious activity monitoring, undergo routine audits, hire compliance officers, and adopt a customer identification program mandated by the Patriot Act—the controversial law that expanded government surveillance powers shortly after the September 11, 2001, terrorist attacks.
Such requirements would pose quite a hurdle for existing foreign stablecoin issuers like Tether, the company behind USDT and the market’s undisputed leader. Tether, whose USDT stablecoin boasts a market capitalization in excess of $144 billion, is based in the U.S. Virgin Islands, and plans to move to El Salvador—but nonetheless is one of the world’s biggest purchasers of U.S. Treasuries, which it uses as collateral to back its U.S. dollar-pegged stablecoin.
In its current setup, Tether enjoys much less strict regulation than the Bank Secrecy Act would mandate, and the company's leadership has implied that moves to force all stablecoin issuers to comply with such rules would hurt the firm and aid its competitors.
By contrast, Circle, the issuer behind the market's second-largest stablecoin USDC, is already based in the United States. The company is regulated as a money transmitter by the New York Department of Financial Services and as such must already comply with the Bank Secrecy Act.
Circle is also already in compliance with the European Union's elaborate MiCA regulatory framework, a move Tether has resisted.
As stablecoin legislation in the U.S. nears a crescendo, questions have emerged regarding whether Tether would come to the United States if it had to comply with the Bank Secrecy Act—or, alternatively, what would happen if the stablecoin market’s top player was boxed out of American financial markets.
Emmer does not want to risk locking Tether, or any other foreign issuer, out of the burgeoning U.S. stablecoin sector.
“We've got to let everybody compete in this space,” he said.
That doesn’t mean Tether wouldn’t have to comply with certain rules in order to operate in the United States. To Emmer, the sticking point is proof of reserves—showing the government that your token is backed up with sufficient collateral to keep its value pegged to the dollar even in periods of market volatility.
To that end, Emmer believes Tether is, broadly speaking, doing well. In 2021, the company partnered with Wall Street firm Cantor Fitzgerald to help custody some of the $92 billion worth of U.S. Treasuries it claims to currently hold in reserve.
“Tether has done a great job straightening itself out in the last four years,” Emmer said.
The House Financial Services Committee is set to mark up the STABLE Act during a session next week. Meanwhile, the GENIUS Act already passed out of the Senate Banking Committee earlier this month with strong bipartisan support—Bank Secrecy language intact. It is likely to face a full vote on the Senate floor in the coming months.
@ Newshounds News™
Source: Decrypt
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US BANKS GAIN CRYPTO ACCESS AS FDIC REVOKES APPROVAL RULE
▪️The FDIC has reversed its 2022 policy requiring banks to get pre-approval for crypto activities.
▪️This policy shift, driven by new leadership and industry advocacy, signals a move towards clearer regulatory guidelines.
▪️The FDIC's action, along with similar moves by the OCC, reflects a broader regulatory adjustment in response to the maturing crypto industry.
The Federal Deposit Insurance Corporation (FDIC) has officially scrapped its 2022 rule that required banks to get approval before engaging in crypto activities. For years, banks interested in digital assets were stuck in limbo, waiting for approvals that never came. Now, that roadblock is gone.
With fewer regulatory hurdles, will banks finally embrace digital assets, or will caution still hold them back? Here’s what the new guidance means and why it matters.
FDIC Gives Banks the Go-Ahead for Crypto
In its updated guidance, the FDIC stated that banks under its supervision can engage in crypto-related activities as long as they properly manage the risks involved.
“FDIC-supervised institutions may engage in permissible activities, including activities involving new and emerging technologies such as crypto-assets and digital assets, provided that they adequately manage the associated risks.”
Like any financial activity, banks must assess potential risks, follow consumer protection and anti-money laundering rules, and consult with regulators when needed.
FDIC’s Role in the Crypto Banking Crackdown
The FDIC oversees many smaller banks and plays a key role in protecting the financial system. However, it was also involved in what many call a crypto banking crackdown. A lawsuit involving Coinbase revealed that the FDIC had quietly warned banks to avoid working with crypto companies while drafting new rules—but never actually put those rules in place.
A Shift Under Trump’s Administration
This policy change comes after President Trump appointed leaders who support the crypto industry and encouraged regulators to take a more open approach. FDIC Acting Chairman Travis Hill said this move corrects the agency’s flawed approach over the past three years.
“I expect this to be one of several steps the FDIC will take to lay out a new approach for how banks can engage in crypto- and blockchain-related activities in accordance with safety and soundness standards,” he noted.
Regulators Easing Restrictions on Crypto
Bo Hines, head of the White House’s Digital Assets Advisory Council, called the decision a “huge step forward” in a social media post. Previously, the FDIC, Federal Reserve, and Office of the Comptroller of the Currency (OCC) all required banks to get pre-approval before working with crypto.
The OCC recently reversed its 2022 guidance, which was introduced during a time of instability in the digital asset industry. That period saw major company failures and high-profile fraud cases, including the collapse of crypto exchange FTX. These recent regulatory changes signal a shift in how US regulators view the crypto industry, possibly paving the way for more mainstream adoption.
@ Newshounds News™
Source: Coinpedia
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Seeds of Wisdom RV and Economic Updates Friday Afternoon 3-28-25
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BRICS GOLD BET PAYING OFF AS TRUMP TARIFFS DRIVE VALUE SKY-HIGH
For much of 2024, the BRICS alliance saw its various central banks embracing gold and investing heavily in the asset. Now, that appears to be paying off in a big way as the slew of US President Trump’s tariffs are driving the haven asset’s value to heights it had never seen.
The metal has long been viewed as a priority investment in times of economic uncertainty and geopolitical conflict. With the United States seeking to balance trade, it has adopted an increasingly aggressive economic policy. Indeed, it has seen the beginnings of a trade war begin as gold is reaching record values this year.
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BRICS GOLD BET PAYING OFF AS TRUMP TARIFFS DRIVE VALUE SKY-HIGH
For much of 2024, the BRICS alliance saw its various central banks embracing gold and investing heavily in the asset. Now, that appears to be paying off in a big way as the slew of US President Trump’s tariffs are driving the haven asset’s value to heights it had never seen.
The metal has long been viewed as a priority investment in times of economic uncertainty and geopolitical conflict. With the United States seeking to balance trade, it has adopted an increasingly aggressive economic policy. Indeed, it has seen the beginnings of a trade war begin as gold is reaching record values this year.
BRICS Gold Buying Proving Smart as Trump Drives Value to New Heights
In late 2024, US President Donald Trump was clear in his intentions with the BRICS alliance. Specifically, he warned of impending 150% tariffs on the bloc if they continued to embrace de-dollarization efforts. What he wasn’t clear on was that a host of other nations would be subject to similar economic policies for reasons they had no way of being aware of.
That has thrown the global finance sector into a period of uncertainty and stagnation. However, it has led one asset to thrive and benefitted one interesting party. Indeed, the BRICS gold bet is paying off big in 2025 as the Trump tariffs are driving its value sky-high.
Gold has continued to shatter records throughout the year. It did so again this month, reaching a new landmark price of $3,035 per troy ounce. In early March, prices were already surpassing $2,980 per ounce, marking a 14% increase year-to-date.
That is set to benefit the economic bloc that Trump was looking to originally target with tariffs. Indeed, the BRICS economic alliance holds a collective 4,800 metric tons after a buying spree throughout 2024. The collective had sought the metal as a key hedge against the US dollar’s dominance.
In effect, gold was a key de-dollarization tool that the bloc is still utilizing to this day. Its presence allows the group to facilitate economic dealings outside of the greenback.
Moreover, there are talks about the bloc welcoming a gold-backed stablecoin. Altogether, Trump’s economic policy may fuel the very de-dollarization efforts he was hoping to halt.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
New Isaac Post in his Telegram Room Link
Isaac is in the process of redeeming bonds.
Keep checking for Isaac's post of VICTORY. We will be posting here in The Dinar Recaps Blog too. It is getting exciting!
The Seeds of Wisdom Team
@ Newshounds News™
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Seeds of Wisdom RV and Economic Updates Friday Morning 3-28-25
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XRP NEWS: CAN RIPPLE SELL TO INSTITUTIONAL INVESTORS AS SEC DROPS CASE? LEGAL ISSUES EXPLAINED
The U.S. SEC has officially dropped its appeal in the ongoing legal case with Ripple, bringing an end to a four-year legal battle. However, the SEC has yet to confirm the latest developments. There’s been a lot of talk about what will happen to XRP once the SEC clears the legal issues. Some experts think that when the SEC removes the injunction, Ripple will be able to sell XRP to institutional investors without any problems. However, Marc Fagel, a former SEC lawyer, explained why that’s not exactly true.
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XRP NEWS: CAN RIPPLE SELL TO INSTITUTIONAL INVESTORS AS SEC DROPS CASE? LEGAL ISSUES EXPLAINED
The U.S. SEC has officially dropped its appeal in the ongoing legal case with Ripple, bringing an end to a four-year legal battle. However, the SEC has yet to confirm the latest developments. There’s been a lot of talk about what will happen to XRP once the SEC clears the legal issues. Some experts think that when the SEC removes the injunction, Ripple will be able to sell XRP to institutional investors without any problems. However, Marc Fagel, a former SEC lawyer, explained why that’s not exactly true.
What Fagel Says About XRP Sales
Fagel pointed out that even if the SEC clears the injunction, the court’s original ruling still stands. The court had previously ruled that Ripple’s sales of XRP to institutional investors were against the law. This means that selling XRP in the same way as before would still be illegal, regardless of the injunction.
He explained that the issue is not just about specific contracts or agreements, but about how Ripple sold XRP to institutional investors. The court found that the way these sales were made made XRP an unregistered security, meaning any future sales made in a similar way could still be illegal.
Room for Legal Flexibility
Despite the legal concerns, Fagel mentioned that not all sales to institutional investors would require registration. Some sales might be allowed under special exemptions. It all depends on the details of the transactions and whether they are similar to the ones that were previously found illegal.
However, Fagel also pointed out that the SEC has been less focused on regulating the crypto market recently. This means that Ripple might not face strict consequences for its future sales of XRP, even if they are similar to previous ones.
What’s Next for Ripple and XRP?
As for Ripple, Fagel said the company’s legal team will need to carefully consider any future sales. If they follow the same pattern as the past sales, they could face legal issues. But since the SEC is less involved in crypto regulation now, Ripple may be able to move forward with fewer legal concerns.
Will Judge Torres Clarify the Ruling?
Some people asked if Judge Torres would provide more clarity on the past XRP sales to institutional investors. Fagel believes she probably won’t. The judge has already made her decision, and Ripple is likely to request that she remove the injunction entirely. The attorney thinks there’s little chance that the judge will change her ruling, as she was previously reluctant to make it more specific.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
SOUTH CAROLINA DISMISSES ITS STAKING LAWSUIT AGAINST COINBASE, JOINING VERMONT
South Carolina has dismissed its lawsuit against Coinbase related to its staking services — joining Vermont in a move described by the firm as a victory for American consumers.
South Carolina has become the latest US state to dismiss its lawsuit against crypto exchange Coinbase over its staking services, which had accused the crypto exchange of offering unregistered securities.
The lawsuit was officially dismissed in a joint stipulation between the crypto exchange and the South Carolina Attorney General’s securities division on March 27.
“South Carolina just joined Vermont to dismiss its unfounded staking lawsuit against Coinbase,” the firm’s chief legal officer, Paul Grewal, said in a March 27 X post.
“This is not just a victory for us, but for American consumers and we hope it's a sign of things to come in the few states left that restrict staking.”
South Carolina and Vermont were two of 10 US states that took legal action against Coinbase's staking services on June 6, 2023 — the same day that the federal securities regulator filed its lawsuit against the crypto exchange.
The Securities and Exchange Commission officially dismissed that lawsuit on Feb. 27, 2025.
The other eight US states that filed enforcement action similar to South Carolina were Alabama, California, Illinois, Kentucky, Maryland, New Jersey, Washington and Wisconsin.
Grewal said he hoped to see other states follow suit and that South Carolina residents lost an estimated $2 million in staking rewards as a result of the lawsuit.
“The 52 million Americans who own crypto deserve commonsense consumer protections and clear rules,” he said. “We applaud South Carolina for standing up for justice and hope the remaining states with bans on staking will take notice.”
South Carolina introduces Bitcoin reserve bill
Meanwhile, a state lawmaker has just introduced the “Strategic Digital Assets Reserve Act of South Carolina” on March 27, which could see the state treasurer allocate up to 10% of certain state funds to cryptocurrencies such as Bitcoin.
Unlike most US state crypto reserve bills, South Carolina’s House Bill 4256, introduced by Rep. Jordan Pace, mentioned Bitcoin on several occasions for the Strategic Digital Assets Reserve that the bill seeks to establish.
The bill allows South Carolina’s treasurer, currently Curtis Loftis, to establish a Bitcoin reserve that exceeds no more than 1 million Bitcoin — a high ceiling that the US federal government is also looking to reach or exceed with its recently established Strategic Bitcoin Reserve.
The treasurer would be able to add Bitcoin to South Carolina’s General Fund, the Budget Stabilization Reserve Fund any other investment fund that they manage.
While no mention of stablecoins, non-fungible tokens, Ether or any other crypto tokens was made, the House bill said the Strategic Digital Assets Reserve wouldn’t be limited to Bitcoin.
According to Bitcoin Law, 42 Bitcoin reserve bills have been introduced at the state level in 19 states, and 36 of those 42 bills remain live.
Earlier this month, US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile, both of which will initially use cryptocurrency forfeited in government criminal cases.
@ Newshounds News™
Source: Cointelegraph
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