Seeds of Wisdom RV and Economic Updates Friday Morning 9-20-24

Good Morning Dinar Recaps,

AI NEWS: UN CALLS FOR GLOBAL AI GOVERNANCE AS META & OPENAI FACE CHALLENGES

AI News: UN advisory body proposes 7 recommendations for global AI governance to address risks, transparency, and unequal development.

▪️UN advisory urges global AI governance, highlighting risks of concentrated power among a few AI companies.
▪️Global AI fund proposed to aid developing nations, ensuring fair capacity and collaboration in AI deployment.
▪️OpenAI restructures safety oversight amid criticism, creating an independent body to oversee AI model safety.

AI News: The United Nations has issued seven recommendations for reducing the risks of artificial intelligence (AI) based on input from a UN advisory body. The final report of the council’s advisory body focuses on the importance of developing a unified approach to the regulation of AI and will be considered at a UN meeting scheduled for later this month.

AI News: UN Calls for Global AI Governance
The council of 39 experts noted that large multinational corporations have been able to dominate the development of AI technologies given the increasing rate of growth, which is a major concern.

The panel stressed that there is an ‘unavoidable’ need for the governance of artificial intelligence on a global scale, since the creation and use of artificial intelligence cannot be solely attributed to market mechanisms.

According to the UN report, to counter the lack of information between the AI labs and the rest of the world, it is suggested that a panel should be formed to disseminate accurate and independent information on artificial intelligence.

The recommendations include the creation of a global AI fund to address the capacity and collaboration differences especially in the developing countries that cannot afford to use AI.

The report also provides recommendations on how to establish a global artificial intelligencedata framework for the purpose of increasing transparency and accountability, and the establishment of a policy dialogue that would be aimed at addressing all the matters concerning the governance of artificial intelligence.

While the report did not propose a new International organization for the regulation, it pointed out that if risks associated with the new technology were to escalate then there may be the need for a more powerful global body with the mandate to enforce the regulation of the technology. The United Nation’s approach is different from that of some countries, including the United States, which has recently approved of ‘a blueprint for action’ to manage AI in military use – something China has not endorsed.

Calls for Regulatory Harmonization in Europe
Concurrent with the AI news, leaders, including Yann LeCun, Meta’s Chief AI Scientist and many CEOs and academics from Europe, have demanded to know how the regulation will work in Europe.

In an open letter, they stated that the EU has the potential to reap the economic benefits of AI if the rules do not hinder the freedom of research and ethical implementation of AI.

Meta’s upcoming multimodal artificial intelligence model, Llama, will not be released in the EU due to regulatory restrictions, which shows the conflict between innovation and regulation.

The open letter argues that excessively stringent rules can hinder the EU’s ability to advance in the field, and calls on the policymakers to implement the measures that will allow for the development of a robust artificial intelligence industry while addressing the risks. 

The letter emphasizes the need for coherent laws that can foster the advancement of AI while not hindering its growth like the warning on Apple iPhone OS as reported by CoinGape.

OpenAI Restructures Safety Oversight Amid Criticism
In addition, there are concerns about how OpenAI has positioned itself where the principles of safety and regulation of AI are concerned.

As a result of the criticism from the US politicians and the former employees, the CEO of the company, Sam Altman, stepped down from the company’s Safety and Security Committee.

This committee was formed in the first place to monitor the safety of the artificial intelligence technology and has now been reshaped into an independent authority that can hold back on new model releases until safety risks are addressed.

The new oversight group comprises individuals like Nicole Seligman, former US Army General Paul Nakasone, and Quora CEO Adam D’Angelo, whose role is to ensure that the safety measures put in place by OpenAI are in line with the organization’s objectives.

This United Nations AI news comes at the heels of allegations of internal strife, with former researchers claiming that OpenAI is more focused on profit-making than actual artificial intelligence governance

@ Newshounds News™

Source:  CoinGape

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CARDANO FOUNDER TO MEET ARGENTINA PRESIDENT, TALK CRYPTO ECONOMY

Cardano founder Charles Hoskinson is set to meet with Argentina president Javier Milei to discuss the role of crypto in the global economy. Milei is widely known for his belief in Bitcoin as an asset class. Subsequently, the two are set to discuss how blockchain can be used for the benefit of global infrastructure.

Both Hoskinson and Milei will meet at the Tech Forum Argentina on October 19th. Hoskinson said that the conversation will be surrounding the future of blockchain in economic and political systems throughout the world. Moreover, they will place an emphasis on what can benefit Argentina specifically.

Cardano Founder to Meet With Argentina’s Milei to Talk Blockchain Potential
In December of last year, Argentina opted to elect radical presidential candidate Javier Milei. With the country’s economy in a horrid state, citizens believed in the change that Milei could bring. His arrival came with a shift in perspective. For crypto, that has been a positive thing.

Now, the country could be looking to integrate crypto even more. Reports show that Cardano founder Charles Hoskinson is set to speak with Argentina’s president to talk about the game-changing power of blockchain technology and crypto. Specifically, how that technology can reform political and economic systems.

“We’ve had many discussions with his administration, and I’m going to meet him probably on the 19th, but at some point, if not then within that time frame,” Hoskinson told Cointelegraph. “We’ve been discussing with people that work with him and form what blockchain’s future is going to look like,” he added.

Additionally, Hoskinson noted that “it’s not a Cardano-only conversation, there’s a whole family of technologies.” This ensures that the talks will center more around blockchain, and less around Hoskinson’s singular developments.

Yet, that doesn’t change the positive sentiment Cardano has enjoyed recently. A recent poll saw ADA dominate both Ethereum and Solana, according to some traders. Specifically, those market participants prefer the technology of Cardanon as opposed to both ETH and SOL.

@ Newshounds News™

Source:  Watcher Guru

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RIPPLE’S BOLD CLAIM : THE U.S. CRYPTO MARKET IS FALLING BEHIND ASIA

Ripple’s APAC Managing Director, Fiona Murray, has expressed concerns that the United States is lagging behind regions like Singapore and the UAE in fostering a crypto-friendly environment.

During Token2049 in Singapore, Murray emphasized that while the U.S. has significant potential, it remains far behind in crypto regulation and innovation.

Much of Ripple’s growth and innovation has been driven by Singapore, a region that offers a “stable environment” with solid infrastructure, regulatory clarity, and active support from banks like DBS, Southeast Asia’s largest bank. This contrasts with the U.S., where a “lack of open-mindedness” has pushed many crypto founders to more supportive regions.

Elections Alone Won’t Fix U.S. Crypto Challenges
Murray believes that even though the U.S. is behind, there is still time to catch up, but it will require more than just favorable election outcomes.

She noted that true progress hinges on enabling U.S. banks to support Web3 and blockchain projects, something already happening in countries like Singapore.

Murray remains skeptical that the upcoming elections will provide a quick solution, emphasizing the need for regulatory and infrastructural clarity.

Despite recent high-profile events, such as former President Donald Trump purchasing a burger with Bitcoin and signs that some U.S. lawmakers are warming to crypto, Murray believes the election alone won’t solve the U.S.’s crypto challenges.

She stressed the need for a supportive banking community, adequate infrastructure, and a shift in regulatory attitudes to create a thriving environment for digital assets.

Ripple’s Resilience: Battling the SEC
Murray’s comments come against the backdrop of Ripple’s ongoing legal battle with the SEC. Ripple Labs was recently ordered to pay a $125 million fine for allegedly using its XRP cryptocurrency as an unregistered security.

Though the fine is substantial, Ripple CEO Brad Garlinghouse viewed the court’s decision as a win for both Ripple and the broader crypto industry, given that the original SEC proposal was reduced by 94%.

In conclusion, while the U.S. has significant potential to lead the crypto space, regions like APAC are currently setting the pace, and it may take more than elections to shift the tide.

@ Newshounds News™

Source: CoinPedia  

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US TREASURY SANCTIONS TWO BANKS FROM RUSSIA AND SOUTH OSSETIA

Inclusion in the sanctions list entails the freezing of assets in the US and a ban on American citizens and companies doing business with sanctioned persons and entities

WASHINGTON, September 19. /TASS/. The US Department of the Treasury has imposed sanctions against Russian citizen Dmitry Nikulin, as well Timer Bank PJSC and Stroytreyd LLC from Russia and as International Settlement Bank LLC from South Ossetia, according to a written statement by the financial department.

Inclusion in the sanctions list entails the freezing of assets in the US and a ban on American citizens and companies doing business with sanctioned persons and entities.

As Washington claims, the persons that came under restrictions "have enabled and supported ongoing efforts to establish illicit payment mechanisms between Russia and the Democratic People’s Republic of Korea (DPRK).

" They allegedly "have assisted DPRK and Russian sanctions evasion," and were involved in "the funding of the DPRK’s unlawful weapons of mass destruction (WMD) and ballistic missile programs" and support Russia’s special military operation in Ukraine.

"The growing financial cooperation between Russia and the Democratic People’s Republic of Korea (DPRK) directly threatens international security and the global financial system," Matthew Miller, spokesperson of the US Department of State said in a press statement.

Sanctions were also imposed on a number of legal entities that were already subject to American restrictions. These include the Russian Financial Corporation bank, Trans Kapital LLC, Center for International Settlements (CMRBank LLC) and the Pyongyang-based Korea Kwangson Banking Corp.

@ Newshounds News™

Source:  TASS

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THE EXACT TIMING OF THE GLOBAL CURRENCY RESET  |  Youtube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts  

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“Tidbits From TNT” Friday Morning 9-20-2024

TNT:

Tishwash:  Iraq participates in the "2024 Gastech" exhibition and conference in Houston, USA

The Ministry of Oil participated in the Gastech 2024 Exhibition and Conference in Houston, USA. The Ministry of Oil stated in a statement received by Al-Mutala'a that: "The Ministry of Oil participated in the "2024 Gastech" exhibition and conference held in the US state of Houston."

The Undersecretary of the Ministry for Gas Affairs, Ezzat Saber, who headed the Ministry’s participating delegation, said: “The exhibition and conference discussed the transition to clean energy and the optimal investment of gas and the uses of gas and nitrogen.”

According to the statement, the Undersecretary met with "delegations of some of the companies participating in the exhibition, where he visited the Baker Hughes and Shell pavilions." link

Tishwash:  Government Advisor: Move to Include Blockchain and Social Media Content Creators in Taxes

Advisor to the Prime Minister and Chairman of the Supreme Committee for Tax Reform, Abdul Hussein Al-Anbaky, announced today, Monday, the move to include blockchain and content creators on social media in taxes.

Al-Anbaky said, "The requirements of tax justice require imposing tax rates on high-income earners, raising the ceilings of tax allowances, and exempting groups whose incomes are below those ceilings."

He stressed the need for "low tax rates for low-income earners who are above those ceilings," noting that "we are in the process of targeting new segments of new professions that generate large incomes that were not subject to tax, including content creators on social media sites."

"The new income tax law, which we have completed drafting, will be business-friendly, achieve justice and stimulate development," he said.  link

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Tishwash:  Saudi Arabia opens consulate in Basra, trade office in Erbil

Saudi Ambassador to Iraq Abdul Aziz Al-Shammari said on Thursday that the Embassy of the Kingdom of Saudi Arabia in Iraq operates and moves under the umbrella of the Iraqi Ministry of Foreign Affairs and in coordination with it. While confirming the establishment of a commercial representation office in Erbil, he announced the imminent opening of a consulate in Basra.

Al-Shammari stated that "the embassy operates in all its movements under the umbrella of the Ministry of Foreign Affairs in Iraq, and any consulate must have coordination with the government," noting that "today the contract for establishing the embassy's commercial office in Erbil was signed, which will be part of the commercial consulate in Baghdad."

Al-Shammari added that "the Saudi consulate in Basra will soon be reopened, and commercial representation there will be at the highest level."
For his part, Muhammad Shukri, Chairman of the Kurdistan Investment Commission, confirmed that "there is coordination with the Saudi ambassador in Baghdad to open the commercial establishment office in Erbil, and that all mechanisms were carried out through coordination with the federal government."

He added that "all our commercial transactions with the Kingdom of Saudi Arabia will be carried out through Iraqi border crossings."

He continued, "Iraq is one market, not two divided markets, and there is coordination with Baghdad to open this office and the trade relations between Iraq and the Kurdistan Region on the one hand and Saudi Arabia and the rest of the Arab countries on the other hand will benefit all Iraqi provinces, and Dohuk will be of great benefit due to its industrial and agricultural nature and its great economic potential."

Today, Thursday, the signing ceremony of the contract for establishing the Saudi Trade Representation Office was held in Erbil Governorate, in the presence of the Ambassador of the Kingdom of Saudi Arabia, the representative of its trade office, the head of the Kurdistan Investment Commission, and the head of the Erbil Chamber of Commerce, according to the official agency.  link

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Tishwash:  PM invites Indian companies to invest in Iraq

Prime Minister Mohammed Shia al-Sudani called on Indian companies to invest in Iraq today, Thursday.

The Prime Minister's Media Office said in a statement received by the Iraqi News Agency (INA): "Prime Minister Mohammed Shia al-Sudani received today the Ambassador of the Republic of India to Iraq, Prashant Pisai, on the occasion of the end of his duties," indicating that "the overall bilateral relations between Iraq and India and ways to enhance and develop them in various fields were discussed, especially with the development and construction movement witnessed by Iraq, which provided many important investment opportunities.

" Al-Sudani stressed "the necessity of following up on the implementation of the outcomes of the meetings of the Iraqi-Indian Committee, which held its (18) session during the month of June of last year, and the importance of holding political consultations periodically and continuously between the two countries, regarding bilateral relations and regional and international issues," calling on "Indian companies to invest in Iraq."

He stressed, "The importance of India, as an important country in the region and the world, playing a role in seeking to stop the Zionist entity's war on the Palestinian people and prevent the expansion of the conflict arena, due to the risks it poses to international security and stability," expressing his thanks, "to Pisai, for what he has provided during his tenure in Iraq, and for his role in developing and strengthening cooperation to important levels, wishing him success in his upcoming missions."

For his part, Pisai conveyed "the greetings of the Indian Prime Minister to Al-Sudani," expressing "the desire of Indian companies to work in Iraq in the fields of health, hospital management and infrastructure, in addition to the desire of Indian technology companies to work in Iraq in the fields of electronic payment and digitization."  link

Mot:  Its Snowing in Yosemite, - Its Snowing in Yellowstone -sooooooo

Mot:  Practise Makes Perfect - they Say!!! 

Billionaire Investor Ray Dalio Warns Debt Is Being Devalued

Billionaire Investor Ray Dalio Warns Debt Is Being Devalued

Kelly Cloonan  Thu, September 19, 2024  Business Insider

Billionaire Investor Ray Dalio Warns Debt Is Being Devalued as governments pile it up and central banks keep rates artificially low.  Billionaire investor Ray Dalio says he is worried by global debt levels and central bank policy.

Returning to "artificial low real rates" could cause a depreciation in debt value, Dalio said.

The Federal Reserve made its first rate cut in over four years on Wednesday.

 Yesterday, the Federal Reserve made a jumbo rate cut, its first cut in over four years as the central bank shifts its focus from fighting inflation to holding the job market together.

Yet, billionaire investor Ray Dalio isn't convinced that the Fed and other central banks' moves to lower rates will address the big problem: surging debt levels.

Dalio said the amount of debt held by governments around the world is historically unprecedented, and could lead to a depreciation of debt as central banks push borrowing costs lower.

Dalio is increasingly worried by "the enormous amount of debt that is being created by governments and monetized by central banks," particularly in the US, he said in an interview with CNBC's "Squawk Box Asia."

Global debt held by governments, companies, and individuals is estimated to be around $315 trillion, according to data from the Institute of International Finance.

"Those magnitudes have never existed in my lifetime," he said.

TO READ MORE: https://finance.yahoo.com/news/billionaire-investor-ray-dalio-warns-001310719.html     

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 9-19-24

Note From Recaps Team: We are very sorry this post did not make the intended 6 PM Newsletter – there was a delay in the delivery to the Team Leader that does them – We sincerely apologize  for the delay – Thank you for your understanding and devoted readership 

Good evening Dinar Recaps,

SEC BOSS ISSUES WARNING TO CRYPTO EXCHANGES

U.S. Securities and Exchange Commission Chairman Gary Gensler has warned so-called crypto exchanges that they must follow rules.

The SEC is currently engaged in legal battles with such major exchanges as Coinbase, Kraken, and Binance.  During a Wednesday interview with CNBC, Gensler stressed that the SEC would keep protecting the investing public.

"This is a field that is rife with fraudsters and scammers, and grifters," Gensler stressed.  

The SEC boss pointed to the fact that some of the biggest crypto figures from 2022 are now either in jail or awaiting extradition. Gensler, of course, was alluding to former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao, and Terra co-founder Do Kwon.  

The rules are clear  

Gensler has also stated that there was "nothing incompatible" about the field and basic protections in the securities laws.  

"If you store something on an accounting ledger…investors still need to have basic protections," he added.

While many industry leaders have been clamoring for regulatory clarity, Gensler is convinced that there is already enough regulatory clarity, arguing that the securities laws that have worked for 90 years.

The SEC's anti-crypto policies have been criticized by some lawmakers from both parties. However, the agency's approach also has some proponents on Capitol Hill. Case in point: Elizabeth Warren.

@ Newshounds News™

Source:  U Today

Visit, Like and Subscribe to Seeds of Wisdom Team Currency Facts

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US LAWMAKERS DEMAND ANSWERS FROM GARY GENSLER ON SEC’S POSITION THAT CRYPTO AIRDROPS ARE SECURITIES TRANSACTIONS

Two crypto-friendly US lawmakers want U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler to clarify the regulator’s position on airdrops.

In a public letter sent to Gensler this week, Representatives Patrick McHenry (R-North Carolina) and Tom Emmer (R-Minnesota) argue that the SEC’s regulatory approach inhibits decentralization in the crypto space.

“By creating a hostile regulatory environment, including making assertions about airdrops in various cases and increasing warnings for additional enforcement actions, the SEC is putting its thumb on the scale and precluding American citizens from shaping the next iteration of the internet.”

The lawmakers cited the SEC’s 2023 lawsuit against crypto mogul Justin Sun, the Tron Foundation, BitTorrent Foundation and Rainberry Inc (formerly known as BitTorrent). The regulator accused the defendants of offering and selling unregistered crypto securities, namely TRX and BitTorrent (BTT).

The SEC specifically claimed Sun, BitTorrent and Rainberry sold BTT in “unregistered monthly airdrops to investors,” which the regulator argued violated securities laws. The lawsuit is ongoing.

Emmer and McHenry want Gensler to clarify how airdrops fit in with the Howey Test, an assessment created by the Supreme Court more than 90 years ago to determine whether assets should be classified as securities.

“In recent court filings, the SEC has taken the position that digital assets, in and of themselves, are not securities. Does the SEC believe that giving away non-security digital assets for free implicates the Howey Test? If so, under what circumstances or arrangements?

Companies routinely offer rewards to customers through intangible representations of value, such as airline miles or credit card points, without implicating the Howey Test.

 These rewards are distributed freely to encourage engagement, just as airdrops aim to engage users and developers in the blockchain network’s growth and decentralization. How does the SEC distinguish between these rewards, given away for free, and digital assets airdropped to an individual?”

The Republican lawmakers asked for a response by September 30th.

@ Newshounds News™

Source:  DailyHodl

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LOUISIANA ACCEPTS FIRST CRYPTOCURRENCY PAYMENT FOR STATE SERVICES

Louisiana became the first U.S. state to accept cryptocurrency for government services on September 17, 2024, according to a press release from Louisiana State Treasurer John Fleming. Residents can now pay using bitcoin, BitcoinBitcoin +6.4% Lightning, and USD Coin from private crypto wallets.

The first cryptocurrency payment was processed on September 17, 2024 by the Louisiana Department of Wildlife and Fisheries. The state is partnering with Bead Pay, a cryptocurrency payment processor, to convert incoming crypto payments into U.S. dollars before depositing them into state accounts.

"By introducing cryptocurrency as a payment option, we're not just innovating; we're providing our citizens with flexibility and freedom in interacting with state services," Fleming said in a statement.

Key benefits of the new system, according to the state treasury, include:

▪️Reduced fraudulent transactions

▪️Protection from cryptocurrency price volatility

▪️Compatibility with any digital wallet supporting the accepted cryptocurrencies

▪️The state receives all payments in U.S. dollars


This development comes three months after Louisiana passed House Bill 488, which was signed into law on June 19, 2024. According to a Forbes article by Susie Violet Ward, HB 488 established legal protections for bitcoin users and miners, while banning the use of Central Bank Digital Currencies for state payments.

The bill included provisions for the right to self-custody digital assets, transactional freedom with bitcoin, support for bitcoin mining in industrial areas, and a ban on CBDCs. Representative Mark Wright, who sponsored the bill, told Ward, "It's important to me that we create a welcome economic environment for innovation and investment." 

The acceptance of cryptocurrency payments for state services appears to be a practical implementation of the pro-cryptocurrency stance Louisiana took with HB 488.

@ Newshounds News™

Read more:  Forbes

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LOUISIANA ISN'T THE ONLY US STATE TO ACCEPT BITCOIN PAYMENTS—HERE ARE THE OTHERS

The state has already received a fine paid to the Louisiana Department of Wildlife and Fisheries via the Bitcoin Lightning Network.

The government of Louisiana has officially begun accepting cryptocurrency payments, making it the latest U.S. state to embrace digital currencies for state services.

Louisiana State Treasurer John Fleming announced earlier this week that residents can now use a number of digital assets as payment for various state services. Residents can now pay using Bitcoin (BTC), the Bitcoin Lightning Network, and the U.S. dollar-pegged stablecoin USDC.

The state said its first cryptocurrency payment has already been processed—a fine paid to the Louisiana Department of Wildlife and Fisheries via the Bitcoin Lightning Network.

According to Fleming, this development results from a collaboration between the state, Bead Pay, and local integration partners. He stated that the initiative aims to modernize payment systems and reduce fraudulent transactions.

"In today’s digital age, government systems must evolve and embrace new technologies," Fleming said. "By introducing cryptocurrency as a payment option, we’re not just innovating; we’re providing our citizens with flexibility and freedom in interacting with state services."

Other U.S. States Accepting Crypto Payments
Louisiana joins a growing list of states exploring the integration of cryptocurrency into government operations.

In 2018, Ohio started accepting cryptocurrency for tax payments through its now-defunct platform OhioCrypto.com. Businesses could pay 23 types of taxes using Bitcoin, which was converted to dollars via BitPay before reaching state coffers.

However, in 2019, the Ohio Attorney General declared that the state treasurer lacked the authority to operate the program without proper approval from the Board of Deposit and had not followed required bidding processes for payment processors. As a result, the initiative was shut down within a year, having been utilized by fewer than 10 companies.

Also 2018, the Seminole County Tax Office in Florida started accepting crypto payments through BitPay. The county tax collector was later found to have used public funds to finance his own blockchain company and was indicted by the Justice Department.

That was not the last initiative of this kind in the state. In March 2022, Florida Gov. Ron DeSantis promised that state agencies would allow businesses to make tax payments in cryptocurrency. This initiative aimed to promote Florida as a crypto-friendly state and encourage innovation in financial technology.

The same year, Colorado announced that it would begin accepting tax payments in cryptocurrency, requiring residents to “have the entire value of your invoice in a single cryptocurrency in your PayPal Cryptocurrencies Hub.”

Building on the 2022 momentum, in June 2024, Rep. Matt Gaetz (R-FL) introduced a bill that would permit Americans to settle their federal income tax obligations using Bitcoin.

Gaetz stated that modernizing the tax system to include cryptocurrency payments would promote innovation, increase efficiency, and help maintain the United States' leadership in technological advancement.

In 2022, Utah also passed a bill allowing state government agencies to accept cryptocurrency for tax payments starting in 2023. A 2022 Bloomberg report listed Arizona, California, Hawaii, Illinois, New York, Oklahoma, and Wyoming as legislatures that introduced similar proposals that never came into effect.

While not directly accepting cryptocurrency payments, California has also shown interest in blockchain technology. In early, 2023 the California Department of Motor Vehicles (DMV) began utilizing blockchain as an unfalsifiable database for its records. This move aimed to enhance the security and efficiency of record-keeping within the state's motor vehicle registry.

@ Newshounds News™

Source:  Decrypt

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Seeds of Wisdom RV and Economic Updates Thursday Evening 9-19-24

Good Evening Dinar Recaps,

LAWMAKER FLAGS CONCERNS OVER SEC'S CRYPTO APPROACH

Congressman French Hill has raised concerns over the U.S. Securities and Exchange Commission (SEC)’s handling of digital asset regulations, criticizing Chairman Gary Gensler’s leadership for creating legal uncertainty and a politicized approach.

The lawmaker highlighted his subcommittee’s legislative successes but expressed frustration with the SEC’s broad and unclear regulations, which he argued burden digital asset firms and stifle innovation.

Rep. Hill Criticizes SEC’s Approach to Digital Assets
Congressman French Hill (R-AR), chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, delivered remarks Wednesday at a hearing titled “Dazed and Confused: Breaking Down the U.S. Securities and Exchange Commission (SEC)’s Politicized Approach to Digital Assets.”

The hearing scrutinized the SEC’s regulatory actions on digital assets under Chairman Gary Gensler, focusing on its enforcement methods and legal uncertainty.

In his speech, Hill acknowledged the subcommittee’s legislative achievements, including the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act (FIT21) regulatory framework. However, he expressed concern about the SEC’s actions under Gensler’s leadership, stating:

Despite this legislative progress on a bipartisan basis, we’ve been troubled by the fact that the SEC as chaired by Chairman Gensler has instead chosen to front-end the work of Congress and insert politics instead of being an independent regulator.

Hill argued that the SEC’s approach has created confusion and uncertainty, particularly through broad, unclear regulations that impose heavy burdens on digital asset firms. “How is this protecting the public?” he questioned, noting that this strategy leaves market participants in a “lose-lose-lose” situation.

The lawmaker criticized the SEC’s handling of digital asset custody services, stating, “Nowhere has the SEC’s prejudice against digital assets been more apparent than in the Staff Accounting Bulletin 121, which upends decades of legal precedent in the custody business and creates an impenetrable hurdle for those financial institutions seeking to provide digital asset custody services for their clients—particularly banks and bank trust departments.”

He also highlighted that the SEC’s actions have driven blockchain developers out of the U.S. and condemned the approval process for bitcoin exchange-traded products (ETFs).

“Even the SEC’s approval of exchange-traded products for bitcoin and ether earlier this year only happened because Chairman Gensler tried to overplay his hand but could no longer explain to the courts why the SEC approved bitcoin futures ETFs but not the proposed spot Bitcoin products,” Hill said, concluding:

We’re against SEC enforcement abuse and making it hard for legitimate actors who are trying to follow the rules to do a fine job and bring innovation and technology to our markets.

@ Newshounds News™

Source:  Bitcoin News

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Turkey Sets New Standards to Safeguard Cryptocurrency Transactions

▪️Turkey's new rules aim to increase security in cryptocurrency trading.

▪️SPK outlines strict regulations for exchanges to protect customers.

▪️All exchanges must comply with these newly established standards.

This year, Turkey has enacted legislation establishing specific standards for cryptocurrency exchanges, prompting institutions to take action.

The Capital Markets Board (SPK) has outlined comprehensive rules and prohibitions within its jurisdiction concerning cryptocurrency exchanges. Following these new regulations, exchanges servicing Turkish citizens must comply with these rules.

SPK’s Cryptocurrency Rules
The Capital Markets Board (SPK) is the equivalent of the SEC in the United States for Turkey. Many regulations regarding cryptocurrency exchanges are implemented by this public institution.

Today, we can say that a significant step has been taken. The new rules and prohibitions can be summarized as follows.

▪️Customer cryptocurrency and cash assets must be kept separate from platform assets. It is stipulated that customer cash held in banks should be monitored in a separate account designated for platform clients, apart from the platform’s own cash assets.

▪️Accounts opened on behalf of customers will be explicitly defined as belonging to the respective platform clients and cannot be used for unintended purposes.

▪️Payments to customers can only be made through banks and authorized intermediaries. Cash cannot be received or given directly to customers.

▪️All orders from customers must be received through the platform’s registered websites, mobile applications, or authorized personnel. Customer orders cannot be taken through social media platforms (WhatsApp, Telegram, etc.). Proper and secure record-keeping of orders is required.

▪️As of November 8, 2024, customers’ order logs, phone order recordings, and request recordings must be preserved.

▪️NFTs can be opened to users with a warning message indicating that assets traded in this market are not subject to the listing principles of the Capital Markets Law and are not under the supervision of the SPK.

▪️Transactions made in a P2P marketplace on behalf of someone else will be considered unauthorized cryptocurrency service activities. Exchanges must terminate these activities by November 8.

▪️Promotional campaigns that promise specific returns or encourage investments in one or more cryptocurrencies cannot be organized. Such campaigns must end within 15 days.

▪️Cryptocurrency exchanges must integrate with the Central Registry Agency (MKK) system.

▪️Platforms may only sell as much cryptocurrency as they have in their wallets for customer transactions. The responsibility of ensuring that sufficient assets exist for transactions between customers lies with the platform.

▪️Platforms cannot utilize customer assets or engage in leveraged transactions, nor can they lend these assets to customers.

@ Newshounds News™

Source:  CoinTurk

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CRYPTO.COM RECEIVES FULL APPROVAL FROM THE KINGDOM OF BAHRAIN

Crypto.com can now offer payment services in Bahrain after the Central Bank approved its local subsidiary

Key Notes
▪️Digital currency trading firm Crypto.com has landed major Bahraini license.

▪️The license was secured through FORIS GFS BH B.S.C CLOSED, the exchange's local outfit.

▪️Crypto.com has maintained a major global expansion trend over the years.

The Central Bank of Bahrain has given Singapore-based cryptocurrency exchange Crypto.com full approval to provide payment service provider (PSP) services. The approval was secured through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”. This adds to the company’s significant regulatory milestones in the region.

This milestone comes barely one month after Crypto.com was named the official partner of the UEFA Champions League, one of the world’s most prestigious football tournaments.

Beyond Bahrain: Crypto.com Is Expanding Its Presence Globally
The full approval from Bahrain allows Crypto.com to expand its offerings of e-money and fiat-based payment services regionally. 

Some of these services include the launch of its world-renowned prepaid cards. H.E. Noor bint Ali Alkhulaif, the Minister of Sustainable Development and the Chief Executive of Bahrain Economic Development Board, acknowledged Crypto.com’s international presence and its earned reputation for regulatory compliance.

She noted that the decision to invest in the Kingdom of Bahrain will further bolster the nation’s ability to deliver on its vision of developing a digital-first, resilient economy that celebrates innovation and progress. The country already has an approach that fosters a streamlined investment environment that champions ease of doing business.

According to Alkhulaif, Bahrain is committed to building a world-class ecosystem to support the evolution of the fast-growing blockchain, crypto, and fintech industry.

The presence of robust regulations and a diverse pool of highly skilled and future-ready talent within the financial services and technology sectors puts Bahrain on the path to achieving its goal.

Crypto.com’s President and COO, Eric Anziani, highlighted the milestones that Bahrain has achieved over the years. He admitted to seeing Bahrain’s dedication to building an innovation-friendly crypto and fintech ecosystem. Over time, the nation has upheld a key factor: clear regulation that balances consumer protection with commercialization.

In the Gulf region, Crypto.com has successfully emerged as a leading hub for crypto services and fintech innovation. It prides itself on being one of the first Gulf Cooperation Council (GCC) nations to issue crypto-asset licenses.

Crypto.com is gradually expanding its presence to include regions like Singapore, France, the UK, and the US.

Crypto.com Bags More Exciting Deals
Apart from this approval from the Kingdom of Bahrain, Crypto.com has made headlines for different reasons in the past few weeks. Last month, it officially rolled out its Global Retail Services, a major step in expanding its offerings to users worldwide. This service was first launched in the UAE, with plans to expand to other regions in the future.

Similarly, the Singapore-based crypto exchange teamed up with the Telegram-based game Hamster Kombat to introduce a new metal card. The strategic partnership’s focus is to enhance payment flexibility for both in-game activities and real-life transactions. It will make crypto payment cards available for gamers and business owners worldwide.

@ Newshounds News™

Source:  CoinSpeaker

~~~~~~~~~

RIPPLE AND SEC: THE FINAL STAGES OF A HISTORIC BATTLE

▪️The Ripple and SEC case is approaching its final stages after a significant fine.
▪️October 7 is a critical date that may affect XRP Coin's volatility.
▪️Ripple is preparing for potential outcomes to expand the use of XRP Coin.

Following a $125 million fine, the struggle between Ripple and the SEC is nearing its conclusion. This pivotal process has been ongoing since the end of 2020, impacting all altcoins significantly. However, can we definitively say the case is over? Not quite, as there is still an upcoming appeal process to monitor.

As a result, the SEC’s arbitrary labeling of assets as securities, including SOL Coin and many other cryptocurrencies, has become widely disregarded. For instance, Coinbase continues to list assets likely viewed as securities by the SEC.

The legal battle between Ripple and the SEC stands as the largest legal conflict that the SEC has pursued as an institution. Other similar cases, such as that involving Telegram, have been resolved much more swiftly. Previous assessments noted that the Judge confirmed that institutional sales constituted securities, which led to Ripple’s $125 million fine.

Appeal and XRP Coin
However, the SEC remains unsatisfied with the outcome. It is expected to assess the appeal process that will conclude in October 2024. Ripple has set aside the $125 million fine in escrow, preparing for the potential appeal.

In summary, the critical date ahead is October 7, and it would not be surprising to see increased volatility in XRP Coin’s price as this date approaches. If the SEC does not appeal, Ripple officials anticipate relief by October 7, marking the process as complete. Nevertheless, if an appeal occurs, it could lead to a short-term decline and prolong the proceedings significantly.

Regardless of the outcome, Ripple is now seeing light at the end of the tunnel. Moving forward, the expansion of XRP Coin’s use cases and additional measures will likely enhance the value of this altcoin. However, the continuously rising circulation supply makes reaching $3 prices somewhat implausible.

@ Newshounds News™

Source:  CoinTurk

~~~~~~~~~

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Recession Is Next & Rate Cuts Won’t Help, Here’s Why the Fed Has It All Wrong – Steve Hanke

Recession Is Next & Rate Cuts Won’t Help, Here’s Why the Fed Has It All Wrong – Steve Hanke

Kitco News:  9-19-2024

Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, interviews Steve Hanke, Professor of Applied Economics at Johns Hopkins University.

 Hanke weighs in on the Federal Reserve’s aggressive move to lower its benchmark rate by 50 basis points – the first cut since 2020.

Hanke criticizes the Fed, stating that the U.S. central bank is flying blind by ignoring the M2 money supply metric. He sees the Fed’s continued shrinking of the balance sheet as a contradiction to its oversized rate cut.

Hanke warns that the U.S. economy will enter a recession later this year or at the start of next year. He also projects the timing when the Fed will kick off its quantitative easing cycle and breaks down what it will mean for the U.S. equity market and commodities, including gold.

00:00 Coming Up

01:15 Introduction: The Fed

03:06 Analysis of the Fed's Rate Cut

06:09 Monetary Policy and Money Supply

 08:11 Economic Outlook

10:36 Impact of Money Supply on Inflation Explained

17:21 Central Bank Policies

31:58 Fed's Actions

33:26 Economic Slowdown

34:59 Housing Market Trends

37:52 Equity Markets

39:56 Commodities & China

41:18 Gold Market Dynamics

43:58 Geopolitical Tensions and Market Implications

https://www.youtube.com/watch?v=rCnCSDuXWvE

Iraq News Highlights and Points To Ponder Thursday Afternoon 9-19-24

Market Monopoly Is In Danger... And The Parliamentary Economic Committee Leads The Correction Battle

September 18, 2024  Baghdad/Al-Masala:   The issue of ending monopolies in Iraq has become one of the pivotal issues that parliamentary bodies seek to address urgently, due to its direct impact on the local economy and market stability.

One of the most prominent of these efforts is the move led by the Parliamentary Committee on Economy, Industry and Trade to amend the Competition and Anti-Monopoly Law.

The Parliamentary Committee on Economy, Industry and Trade, headed by MP Ahmed Salim Al-Kanani, hosted the (Competition and Anti-Monopoly) Council to discuss amending the Competition and Anti-Monopoly Law in Iraq, in the presence of a number of economists, experts and legal professionals.

The head of the parliamentary economy, industry and trade committee, MP Ahmed Salim Al-Kanani, said in a statement that the main objective of the meeting was to highlight the need to update the competition and anti-monopoly law, in line with current economic challenges, as well as to address legal loopholes affecting the local market. The discussions addressed several key points that need to be amended.

Amending this law is an important step to ensure economic justice and improve the investment environment, as the monopoly of some parties on the market leads to narrowing competition and unjustified price increases, which negatively affects consumers and the economy in general.

The parliamentary committee seeks to address the legal loopholes that affect the local market, as some of these loopholes allow monopolists to escape punishment or manipulate the laws in a way that harms fair competition.

Analysts believe that tightening penalties on entities proven to be practicing monopoly and price manipulation is an urgent necessity to ensure effective implementation of the law and achieve the necessary deterrence.

A key aspect of these efforts is price control to maintain market stability, as monopoly is one of the main causes of price fluctuations that affect citizens’ daily lives.

In the absence of real competition, it becomes easy for monopolistic companies to raise prices exaggeratedly, which increases the suffering of consumers and causes some to refrain from buying.

Iraq needs to activate laws that protect consumers from these unfair practices and ensure that products and services are available at reasonable and stable prices.

In addition to parliamentary efforts, economists and legal experts play an important role in amending the law to suit the Iraqi reality. The challenges facing the local market require innovative legal and economic solutions that ensure sustainable economic growth and fair distribution of economic opportunities.

The head of the committee, MP Ahmed Salim Al-Kanani, noted that the penalties on monopolists were discussed, as the parliamentary committee stressed the need to tighten penalties on parties proven to practice monopoly and price manipulation, stressing that the current penalties are not sufficient to deter violators, which makes it necessary to review these articles to impose strict penalties that contribute to achieving balance in the market.

Al-Kanani pointed out that the discussions included the importance of controlling prices to maintain market stability and protect consumers from price fluctuations resulting from monopoly.

They also included establishing stricter monitoring mechanisms to ensure that traders and importers adhere to the specified prices and avoid exploiting crises to raise prices unjustifiably.

 The committee chairman stressed the importance of establishing strict quality and control standards to ensure that consumers obtain goods with specifications that meet international standards.

The statement of the Parliamentary Committee on Economy, Industry and Trade stated that it was agreed to continue the dialogue between the committee and the Competition Council to reach a final formula for the amendments to the law, while stressing the importance of expediting the approval of the amendments to activate the role of the Council in improving the business environment and ensuring the rights of consumers.    https://almasalah.com/archives/101113

Oil Disappoints Hopes, Basra Crude Completes Two Weeks Of Decline: Interest Rate Cuts Backfired

2024-09-19 | 1,287 views  Alsumaria News – Economy    Global oil prices fell in today's trading , Thursday, frustrating the anticipated hopes for the results of the US Federal Reserve's 50-point reduction in interest rates, as the larger-than-expected reduction had the opposite effect and raised concerns about the US economy.

Brent crude futures for November delivery lostOctoberThe second contract fell 34 cents, or 0.46 percent, to $73.31 a barrel, while West Texas Intermediate crude futures for October delivery fellOctoberThe first to $70.49 a barrel, down 42 cents, or 0.59 percent.

The US Federal Reserve cut interest rates by half a percentage point on Wednesday, indicating that the central bank sees a slowdown inmarketWork, it seems.OpinionThe boost that a rate cut typically brings to economic activity outweighs the boost that a rate cut typically brings, according to Reuters.

“While a 50bp rate cut signals stiff economic headwinds ahead, bearish investors were left feeling unsatisfied after the Fed raised rates,” analysts at ANZ Bank said in a note.Federal Reserve Bank"His medium-term price forecasts."

In contrast, crude oil prices concludedBasraIts second week at its lowest level recorded in about 10 months, which lasted at that time about 50 days.   LINK

Gulf Central Banks Move Interest Rates After Fed Decision

Arabic and internationalEconomy News - Follow-up Central banks in the Gulf region have decided to raise interest rates, following the US Federal Reserve's decision to cut interest rates by half a percentage point on Wednesday.

The Central Bank of the UAE decided to reduce the base rate on the overnight deposit facility by 50 basis points, to reach 4.90 percent, from 5.40 percent, effective Thursday, September 19, 2024.

The Saudi Central Bank said in a statement that it decided to reduce the repurchase agreement (repo) rate by 50 basis points to 5.50 percent, and reduce the reverse repurchase agreement (reverse repo) rate by 50 basis points to five percent.

The Board of Directors of the Central Bank of Kuwait decided to reduce the discount rate by 25 basis points to 4.00 percent, instead of 4.25 percent, effective from September 19, 2024.

The Governor and Chairman of the Board of Directors of the Central Bank of Kuwait, Basel Ahmed Al-Haroun, said that the decision is based on developments in the local and global economic, monetary and banking conditions, noting the decline in inflationary pressures in the Kuwaiti economy, as the annual inflation rate slowed from about 4.71 percent in April 2022 to about 3 percent in July 2024.

The Central Bank of Bahrain said in a statement that it cut the overnight deposit rate by 50 basis points from 6 percent to 5.50 percent.

He added in the statement: "This decision comes within the measures taken by the bank to achieve monetary and financial stability in the Kingdom of Bahrain in light of the developments witnessed by international financial markets."

Qatar Central Bank also cut key interest rates by 55 basis points.

The Qatar Central Bank said in a statement posted on social media that the lending rate was reduced to 5.70 percent, deposit rates to 5.20 percent, and the repurchase rate to 5.45 percent.

The US Federal Reserve's Monetary Policy Committee decided to cut interest rates by 50 basis points, to a range of 4.75 to 5 percent.139 views  09/18/2024 - https://economy-news.net/content.php?id=4777

Al-Fatlawi: There Are Some Parties Trying To Overthrow Al-Sudani's Government

Policy   Information/Baghdad...  Al-Fatah Alliance member Ali Al-Fatlawi accused some parties, which he did not name, of working to try to overthrow the government of Prime Minister Mohammed Shia Al-Sudani.

Follow "Al-Maalouma" channel on Facebook.. News that does not need verification..

Al-Fatlawi told Al-Maalouma, "Al-Sudani tried to build a correct structure for a new phase, and tried to keep the weak-willed away from him, but they were present around him and they are the remnants of Mustafa Al-Kadhimi's government."

He added, "The spy network is the remnants of Mustafa Al-Kadhimi's government and Raed Juhi."

Promise, "The current time is right to remove all the class that is trying to obstruct the political process." End 25N   LINK

Urgent Measures To Address The Airlines File

Iraq  09/19/2024  The Ministry of Transport has taken urgent measures to resolve the problems that have recently plagued the work of the General Company for Airlines.

The Director of the Ministry’s Media Office, Maitham Al-Safi, told Al-Sabah: “The Minister of Transport, Razzaq Muhaibis Al-Saadawi, has begun managing the General Company for Airlines centrally, and has issued several directives to resolve all issues related to the company’s performance, especially the cancellation of pilgrims’ flights and their re-transportation from the Kingdom’s airports to local airports according to a regular schedule,

 in addition to launching a new smartphone application that allows travelers to book tickets and manage reservations easily, as well as the ability to switch to the lost baggage service in cooperation with the electronic platform (Aur), in addition to helping travelers stay up to date with the latest developments regarding the national carrier’s flights.”

He pointed out that the airlines have not cancelled any of the chartered flights for tourism companies, and are working hard to ensure the continuity of operating flights, improve the levels of service provided to passengers, and adhere to the instructions of the Civil Aviation Authority regarding flight hours, to ensure that the company is not exposed to any audit violations and disrupts the periodic inspections by the International Civil Aviation Organization.

Al-Safi explained that the ministry compensates passengers whose bags are damaged or delayed, and that flight prices are measured within the economic feasibility of the flights, which is the most suitable among other airlines.

 He pointed out that work is ongoing to improve electronic services and focus on developing electronic reservation and payment systems to facilitate passenger procedures and reduce the time spent at airports, as well as providing the required crews to implement scheduled flights and reduce delays, in addition to launching comprehensive training programs to develop the skills of workers and raise the efficiency of technical and administrative crews.    https://alsabaah.iq/102913-.html

Iraq Dinar Update-#iraqi dinar-#xrp-Non-Oil Revenues-Central Bank Gov- Art. 140-Digital-Iraqs Reality

Iraq Dinar Update-#iraqi dinar-#xrp-Non-Oil Revenues-Central Bank Gov- Art. 140-Digital-Iraqs Reality

MilitiaMan and Crew:  9-19-2024

The Crew:  Samson, PompeyPeter, Petra, Daytrader, Sunkissed, GIGI and Militia Man

Be sure to listen to full video for all the news……..

https://www.youtube.com/watch?v=-Pk0SB4YLp4

Economist’s “News and Views” 9-19-2024

FED Powerless to Prevent Debt Trap with Alasdair Macleod

WTFinance:  8-19-2024

On this episode of the WTFinance podcast I had the pleasure of welcoming back Alasdair Macleod. Alasdair is the Head of Research for Goldmoney.

We spoke about the risk of a debt trap, commodities, whether the FED can cut out of a recession, japanificarion, gold and more.

0:00 - Introduction

1:43 - What is happening in the economy?

3:43 - Commodity crash linked to recession?

7:42 - Impact of low interest rates?

9:40 - Politicians to cut deficit?

14:45 - Private debt market to blow up?

 18:55 - Can US/UK go way of Japan?

 22:06 - Why is gold unloved?

23:26 - Flooding into precious metals?

31:56 - What does a building of a gold standard take?

39:20 - Only possible with commodity producing company?

42:11 - One message to takeaway from our conversation?

https://www.youtube.com/watch?v=G35n_umPimE

Fed’s 50-Point Panic CONFIRMS We’re in BIG Trouble

Taylor Kenny:  9-19-2024

The Fed’s emergency 50-point rate cut is a clear sign that inflation is here to stay, and your dollar is losing value. Learn why this could be just the beginning of more economic trouble.

https://www.youtube.com/watch?v=ASbZmt9PmTU

Massive Fed Rate Cut; Imminent Market Crash | Michael Oliver

Liberty and Finance:  8-19-2024

Michael Oliver discusses the Federal Reserve announcement of a 50 basis point rate cut. He discusses the promising upward momentum of gold and silver, even as the stock market appears to be nearing a dangerous peak.

 Drawing on historical trends, Michael highlights the challenges of stabilizing markets post-bubble and the role of precious metals as a safe haven.

INTERVIEW TIMELINE:

0:00 Intro

1:10 Fed massive rate cut

3:37 Silver & gold momentum levels

7:23 Stock market vs gold

12:30 Market crash

14:00 Gold’s new highs

https://www.youtube.com/watch?v=_HG0h_vEAHM

Iraq Economic News and Points To Ponder Thursday AM 9-19-24

Iraqi Banks...A Classic Mentality That Prevents Keeping Pace With Global Development By Preferring The "Government" Over The "National"
 
Reports and analyses     Central Bank     US sanctions    Iraqi banks     Private banks
2024-09-17 01:44  --  Shafaq News/ Iraq is moving towards restructuring government banks, after
 
this body has become unable to provide modern banking services and has become burdened with a deep legacy of accumulated burdens, credit defaults and other problems.
 
The restructuring demands came after years of pressure and demands from the International Monetary Fund to restructure the Iraqi government banks, which hold most of the country's deposits,
 
     to develop its banking system and be able
     to enter the global banking market and
     make it more compatible with the economy.

Acquisition of government banks
 
The Prime Minister’s Advisor for Economic Affairs, Mazhar Muhammad Saleh, said in an interview with Shafaq News Agency,
 
“The structuring of the banks came in accordance with the government curriculum that outlined the features of comprehensive banking reform, as government banks dominate 88% of the banking system’s investments, and only 12% remains for the private banking system.” Of these investments,
 
therefore, the competitive foundations of the banking market are considered incomplete unless government banks are placed on the rules of market operation in terms of efficiency, administrative governance, and developing levels of compliance similar to international banking,” noting that
 
“the reform will include private banks with the same standards.”  He added,
 
"The basics of reform in private banks are viewed from the perspective of what is called financial depth, and
 
one of the most important indicators of that depth is (the ratio of cash credit granted to the total deposits in private banks),
 
but in contrast, we find that the market share is no more than 63 private banks."
 
These credit and creative operations still only account for 15%, despite the government banking system’s acquisition of 85% of the credit activity, deposits, and investment banking operations, which indicates the dominance of its assets or assets over the total assets of the banking system.”  He pointed out that
 
"the time has come to reform the banking sector, both governmental and private, in a way that achieves harmony, unity and high competitiveness in the banking market, as well as its governance and digital integration with the banking market in the world.
 
This is what the banking reform policy that the government is currently adopting is working on, in coordination with the stakeholders included." “With the reform steps and its current program in the government and private banking sectors.”

The process of studying the structure of Iraqi banks began after Prime Minister Muhammad Shiaa Al-Sudani met with a delegation from the international company Ernst & Young, where he directed, on 1/27/2023, the implementation of a plan to develop the performance of Rafidain Bank extending for eight months, through the international company.
 
Difficulty in the structuring process
 
The former director of the Central Bank of Iraq, Mahmoud Dagher, said in an interview with Shafaq News Agency,
 
“Government banks and the process of restructuring and developing them and making them consistent with modern banking work is very difficult for several reasons, including that
 
these banks have become more like a treasury for distributing salaries to state employees than they are banks for carrying out a process.” Banking".
 
He continued that other reasons are that the technical level in these banks is almost non-existent.
 
Indeed, these banks, especially Al-Rafidain and Al-Rashid Banks, had it not been for the electronic payment companies that support them, they would not have been able to complete any work.
 
Therefore, they would not have worked without these companies, in addition to the huge number of their branches and the large number of employees present.
 
This makes it difficult to change the reality of these banks.”  He pointed out,
 
 “The presence of international sanctions and the presence of decisions of courts abroad, proving the creditors of some government banks, which are not resolved, and this is the reason for imposing international isolation on them, and therefore they cannot deal internationally,” stressing that
 
“it is absurd to spend huge sums of money that do not lead to decisive results, as All the costs spent on these banks will not lead to restructuring in order to coordinate the work of government banks, especially Al-Rafidain, Al-Rashid, and some specialized public banks, in a way that parallels the work of modernization and technological development that took place in banks such as the Iraqi Trade Bank.”
 
The Rafidain and Al-Rashid government banks were subjected to international sanctions during the nineties of the last century following the invasion of Kuwait by Saddam Hussein’s regime, and
 
they are still imposed on it in international dealings with them, especially with regard to the issue of financial transfers.

Old banking system
 
Economist Bassem Jamil Antoine said in an interview with Shafaq News Agency,
 
“Government banks have for a long time been operating within an old banking system without modernization, and
 
these banks must keep pace with international banks,” adding at the same time that
 
“these banks are the safety valve.”  He added,
 
"These banks remain in need of development, eliminating administrative routine, and having employees undergo training courses to keep pace with developments that have occurred in international banks," noting that
 
"banks are not stores of cash, but rather they must provide advanced credit banking services."  He stressed that
 
"the idea of ​​restructuring banks has been proposed for twenty years, and ideas and studies were presented, but they were not adopted," stressing that
 
"the bank needs security and administrative stability and independence in work."
 
The Ministry of Finance owns six government banks: Al-Rafidain Bank, Al-Rasheed Bank, Al-Nahrain Islamic Bank, Agricultural Bank, Industrial Bank, and Iraqi Trade Bank.
 
Al-Rafidain Bank is an Iraqi government bank, founded in Baghdad in 1941, as the first Iraqi commercial bank.
 
It has 146 branches inside Iraq, and some other branches are spread outside it in Jordan, Egypt, the United Arab Emirates, Lebanon, Bahrain, and Yemen.
 
Al-Rasheed Bank is an Iraqi government bank, founded in Baghdad in 1988, as an Iraqi commercial bank, with 162 branches spread inside Iraq.   https://shafaq.com/ar/تقارير-وتحليلات/المصارف-العراقية-عقلية-كلاسيكية-تصد-مواكبة-التطور-العالمي-بتفضيل-الحكومي-على-ال-هلي 

Warnings Against Relying On The “Rentier Economy”: Use Effective Systems And Digital Infrastructure - Urgent

 Economy | Yesterday, 14:59 | Baghdad today – Baghdad  Today, Wednesday (September 18, 2024), the specialist in economic and financial affairs, Nawar Al-Saadi,

 warned of the danger of Iraq’s continuation of the rentier economy, while giving solutions to overcome the danger of this matter.  Al-Saadi told “Baghdad Today” that

 “the Iraqi economy is considered a rentier economy par excellence, as

the state depends up to 90% on oil revenues to finance its general budget,” noting that

 “this type of economy is very natural and is exposed to severe danger when oil prices decline.” In global markets,

 which prompts the government to search for additional sources of income to avoid future financial crises, and imposing taxes is considered a step within the government’s attempts to create new sources of income from non-oil sectors, and

 this is in line with the reforms proposed by the government in the recent period with the aim of diversifying the Iraqi economy.”.  He added,

 "The government's success in implementing these policies remains dependent on the ability to confront the main challenges that hinder economic reforms,

 the most important of which is the widespread corruption in many government sectors, and the bureaucracy that burdens the reform process," stressing that

 "the government needs to develop effective systems for collecting taxes from sectors." New, in addition to providing the digital infrastructure necessary to support this transformation.” Al-Saadi stated,

  “In the long term, if the government succeeds in

      overcoming these challenges and

     develops effective and sustainable strategies to collect taxes from various sectors,

 it may be able to create sustainable sources of income that help reduce excessive dependence on oil,

 which contributes to the stability of the Iraqi economy, but the matter is

“It requires strong political commitment and comprehensive institutional reforms to achieve this.”

Economist Nabil Al-Marsoumi confirmed on Wednesday (September 11, 2024) that the

fair price of oil is the one that achieves the interests of producers and consumers together.

 Al-Marsoumi said on his Facebook platform, followed by “Baghdad Today”, that

 “the fair price for oil is the one that achieves the interests of producers and consumers together, that is, the price that achieves good financial revenues for producers that enable them to return part of it to renew and increase oil production capacities.” He added:

  “It also enables consumers to obtain oil at reasonable costs that facilitate economic growth,” explaining:

 “The price can be set in the seventies as the fair price for both parties,

 but when the price falls below $70, it fulfills the interests of consumers because it enables them to obtain energy at a cost.” Cheap, thus reducing the prices of production inputs and increasing the competitiveness of their produced goods.” He continued:

  “But on the other hand, it is harmful to producing countries because it reduces their oil revenues and frustrates investment in developing oil production, and vice versa, when the price is $80 and rising, this price is harmful to economic growth in consuming countries.

 It also reduces demand for oil in the long term, even though it achieves large revenues.” For oil producing countries.

Oil prices are witnessing a noticeable decline, especially in futures contracts, which specialists believe may affect Iraq's rentier economy and thus the state and the citizen.    https://baghdadtoday.news/258110-تحذيرات-من-الاعتماد-على-الاقتصاد-الريعي-استخدموا-أنظمة-فعالة-وبُنى-تحتية-رقمية-عاجل.html   

For current and reliable Iraqi news please visit:  https://www.bondladyscorner.com/ 

Seeds of Wisdom RV and Economic Updates Thursday Morning 9-19-24

Good Morning Dinar Recaps,

Lawmaker Flags Concerns Over SEC's Crypto Approach

Congressman French Hill has raised concerns over the U.S. Securities and Exchange Commission (SEC)’s handling of digital asset regulations, criticizing Chairman Gary Gensler’s leadership for creating legal uncertainty and a politicized approach.

The lawmaker highlighted his subcommittee’s legislative successes but expressed frustration with the SEC’s broad and unclear regulations, which he argued burden digital asset firms and stifle innovation.

Rep. Hill Criticizes SEC’s Approach to Digital Assets
Congressman French Hill (R-AR), chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, delivered remarks Wednesday at a hearing titled “Dazed and Confused: Breaking Down the U.S. Securities and Exchange Commission (SEC)’s Politicized Approach to Digital Assets.”

The hearing scrutinized the SEC’s regulatory actions on digital assets under Chairman Gary Gensler, focusing on its enforcement methods and legal uncertainty.

In his speech, Hill acknowledged the subcommittee’s legislative achievements, including the Clarity for Payment Stablecoins Act and the Financial Innovation and Technology for the 21st Century Act (FIT21) regulatory framework. However, he expressed concern about the SEC’s actions under Gensler’s leadership, stating:

Despite this legislative progress on a bipartisan basis, we’ve been troubled by the fact that the SEC as chaired by Chairman Gensler has instead chosen to front-end the work of Congress and insert politics instead of being an independent regulator.

Hill argued that the SEC’s approach has created confusion and uncertainty, particularly through broad, unclear regulations that impose heavy burdens on digital asset firms. 

“How is this protecting the public?” he questioned, noting that this strategy leaves market participants in a “lose-lose-lose” situation.

The lawmaker criticized the SEC’s handling of digital asset custody services, stating, “Nowhere has the SEC’s prejudice against digital assets been more apparent than in the Staff Accounting Bulletin 121, which upends decades of legal precedent in the custody business and creates an impenetrable hurdle for those financial institutions seeking to provide digital asset custody services for their clients—particularly banks and bank trust departments.”

He also highlighted that the SEC’s actions have driven blockchain developers out of the U.S. and condemned the approval process for bitcoin exchange-traded products (ETFs).

“Even the SEC’s approval of exchange-traded products for bitcoin and ether earlier this year only happened because Chairman Gensler tried to overplay his hand but could no longer explain to the courts why the SEC approved bitcoin futures ETFs but not the proposed spot Bitcoin products,” Hill said, concluding:

We’re against SEC enforcement abuse and making it hard for legitimate actors who are trying to follow the rules to do a fine job and bring innovation and technology to our markets.

@ Newshounds News™

Source:  Bitcoin News

~~~~~~~~~

SEC Charges Defi Platform Rari Capital and Founders

The U.S. Securities and Exchange Commission (SEC) has announced charges against decentralized finance (defi) platform Rari Capital and its co-founders for misleading investors and operating as unregistered brokers. The settlement involves penalties, injunctions, and bars against the individuals involved, with violations stemming from unregistered securities offerings and deceptive practices.

SEC Charges Defi Platform Rari Capital Over Securities Law Violations

According to the announcement, the SEC’s investigation revealed that Rari Capital, through its Earn and Fuse pools, allowed investors to deposit crypto assets into lending pools while reportedly misleading them about the functionality and profitability of the investment products.

As stated by the SEC, the platform falsely claimed that its Earn pools autonomously rebalanced crypto assets, when in fact, manual intervention was often required.

This, along with hidden fees, resulted in substantial losses for a significant portion of investors. In addition to the deceptive practices, the securities regulator insists that Rari Capital and its co-founders, Jai Bhavnani, Jack Lipstone, and David Lucid, allegedly engaged in unregistered broker activity.

The SEC stated that the founders violated securities laws by selling interests in these pools and the Rari Governance Token (RGT) without proper registration. The complaint further alleges that the firm misrepresented the potential returns and failed to account for significant fees and risks, ultimately causing investor harm.

@ Newshounds News™

Source:  News Bitcoin   

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