Iraq Economic News and Points To Ponder Saturday AM 10-12-24

The Problem Of Fluctuation In The US Dollar Exchange Rate

Financial and Banking Advisor Samir Al-Nusairi  Samir Al-Nusairi   Once again, the fluctuation in the US dollar exchange rate has returned to the forefront, and this time it is due to speculators and traders of crises and wars, exploiting the war currently being waged by the Zionist entity against our Arab people in Palestine and Lebanon and the confusing security situation resulting from that.

The current level is above 1,500 dinars on the black market, and the continuation of this problem from time to time can be attributed to several reasons, including before 2023 the lack of control over the organization of trade financing and the lack of a clear trade policy, the entanglement of policies and the lack of an annual import program for the private sector in terms of quantities and amounts, but imports are open and without controls on external transfers.

In addition to "the lack of control over illegal imports and unofficial border crossings, as well as the presence of about 1,200 exchange offices spread across all governorates that are not licensed by the Central Bank and deal in cash dollars and about 12,000 outlets for disbursing pensioners' salaries and social care that deal with its trading at the exchange rate on the black market."

And that "most traders who obtain the US dollar at the official price from the Central Bank, but they sell their goods in the local market at the black market price, as well as the lack of global correspondent banks previously dealing with our banks and accounts were not opened for them in the currencies of countries with which we have extensive trade exchange such as China, India, Turkey and the Emirates." Also,

"the failure of traders and some Banks comply with international banking standards that guarantee that the dollar reaches the final beneficiary, so dollar transfers are manipulated and reach countries that are sanctioned by the US or are internationally besieged.

Therefore, the efforts of the Central Bank and the government in 2023 focused on drawing up a strategy for financial and banking reform in order to control the stability of the exchange rate.

“Among these strategies are organizing foreign trade financing, building new international understandings with global banks, and opening accounts for our banks in correspondent banks, as more than 30 accounts have been opened with American, Chinese, Emirati, Turkish, and Indian banks.

We expect that during the next two months the number of Iraqi banks that have accounts in correspondent banks will increase due to the efforts made by the Central Bank to provide aid and assistance to them and coordinate with the targeted correspondent banks.

“Opening dealings with local currencies such as the Chinese yuan, the European euro, the Emirati dirham, the Turkish lira, and the Indian rupee in foreign transfers with the aim of reducing the demand for the US dollar, in addition to taking measures in cooperation between the Central Bank and the government to expand the comprehensive digital transformation from the cash economy to the digital economy and stimulate the use of electronic payment tools.

 This strategy aims to “put pressure on speculators dealing in cash dollars in the black market and limit their activities that harm the national economy, which was discussed in last week’s meeting of the Prime Minister in the presence of the Minister of Finance, the Governor of the Central Bank, advisors, and directors of government banks.”

It should be noted here that "the availability of foreign exchange reserves for the Central Bank exceeding 100 billion dollars and a gold reserve exceeding 143 tons confirms that the Iraqi dinar will recover and is strong, as the local currency in circulation is covered by the foreign exchange reserve, in addition to the other executive measures to support and stimulate the local product and control the monetary market and the commercial market, which will control the exchange rate, as I expect, in the near future."   127 views 10/12/2024 - https://economy-news.net/content.php?id=48611

More than a billion dollars in sales from the Central Bank of Iraq during the week

Economy  | 12/10/2024  Mawazine News – The total sales of the Central Bank of Iraq of hard currency for the US dollar during the days in which the auction was opened last week exceeded one billion dollars.

The sources reported that the Central Bank sold during the past week and for the 5 days in which the auction was opened one billion, 309 million, 74 thousand, and 838 dollars, at a daily average of 261 million, 814 thousand, and 876 dollars, higher than the previous week, which amounted to one billion, 36 million, 172 thousand, and 839 dollars.

The highest sales of the dollar were on Tuesday, when sales amounted to 265 million, 549 thousand, and 741 dollars, while the lowest sales were on Sunday, when sales amounted to 257 million, 883 thousand, and 86 dollars.

Our correspondent indicated that foreign remittance sales during the past week amounted to 1 billion, 254 million, 458 thousand, and 363 dollars, an increase of 96% compared to cash sales, which amounted to 54 million, 616 thousand, and 20 dollars.  https://www.mawazin.net/Details.aspx?jimare=255894

Oil Posts Second Straight Weekly Gain Amid Supply Disruption Fears

Saturday 12 October 2024 10:42 | Economic number Of Readings: 214  Baghdad / NINA / Oil prices fell at the settlement at the end of Friday's sessions, but achieved weekly gains for the second consecutive time amid the contrast between the impact of Hurricane Milton on fuel demand in the US state of Florida and fears of a possible supply disruption in the Middle East.

Brent crude futures fell 36 cents, or 0.45%, to $79.04 a barrel at settlement, and US West Texas Intermediate crude futures lost 29 cents, or 0.38%, to $75.56 a barrel. Both benchmarks rose more than 1% during the week.

Crude oil prices rose this month after Iran fired more than 180 rockets at Israel on October 1, raising the possibility of Israel responding by striking Iranian oil facilities. Israel has not yet responded to the attack.

Israeli Defense Minister Yoav Galant said that any strike against Iran would be "deadly, targeted and surprising."

In the United States, Hurricane Milton barreled into the Atlantic Ocean on Thursday after making its way through Florida, killing at least 10 people and knocking out power to millions.

The state suffered from gasoline shortages earlier in the week as drivers stocked up ahead of the hurricane, with nearly a quarter of Florida’s gas stations running out of fuel by Wednesday morning.

Florida is the third-largest consumer of gasoline in the United States, but there are no refineries in the state, leaving it reliant on seaborne imports.

On the supply side, Libya’s National Oil Corporation said it had restored crude production to pre-central bank crisis levels of 1.25 million barrels on Friday. /End9 https://ninanews.com/Website/News/Details?key=1161486

Water Resources Begins Developing A Comprehensive Plan To Manage And Sustain Ecotourism In Basra Marshes

The marshes  Construction and reconstruction   Economy News – Baghdad  The Ministry of Water Resources announced, on Saturday, the start of developing a comprehensive plan to manage and sustain ecotourism in the Basra marshes, and stressed the need to ensure that tourism is practiced in a sustainable manner.

The Assistant Director of the Center for the Revitalization of Iraqi Marshes and Wetlands in Basra Governorate, Nazim Abdul Imam Fayez, said in a statement, which was reviewed by "Al-Eqtisad News", that "based on the recommendations of the World Heritage Committee in paragraph (11) in session (46) regarding the property of the marshes of southern Iraq, work has begun on developing a program and implementing a comprehensive plan for managing ecotourism in the marshlands areas.

" Fayez added that "the committee stressed ensuring the practice of tourism in a sustainable manner, and identifying environmental paths within the marshes," noting "the importance of tourism and its organization and the necessity of updating this study to improve the environment in the southern marshes."

He  explained that "river field trips were conducted within the marshes of Al-Mashab and Al-Sallal, which are considered part of the eastern Hammar Marsh and within which the World Heritage Reserve is located, with an area of ​​​​(200) km2, starting from the boat dock in Al-Manzouri in the governorate; in order to identify environmental and river paths, accompanied by a joint committee from the Arab Regional Center for World Heritage, Basra Governorate and representatives of the relevant ministries and bodies."

He added, "The ministry has paid attention to the marshlands by developing an annual plan to purify the main and secondary nutrients and support and strengthen the payment to preserve the biodiversity, plant and water storage and improve its quality,

in addition to installing monitoring stations to identify the quality of water and discharges coming into the marshes on a daily basis in cooperation with the National Center for Water Resources Management in Basra Governorate." 65 views   10/12/2024 - https://economy-news.net/content.php?id=48613

Dollar Exchange Rate Drops In Baghdad

economy | 03:27 - 12/10/2024  Mawazine News - The US dollar exchange rate fell in Baghdad markets on Saturday morning.

The dollar exchange rate stabilized at the opening of the Al-Kifah and Al-Harithiya stock exchanges, recording 153,800 dinars per 100 dollars, the same prices recorded last Thursday.

The selling prices stabilized in exchange shops in local markets in Baghdad, where the selling price reached 154,750 dinars, while the purchase price reached 152,750 dinars per 100 dollars. https://www.mawazin.net/Details.aspx?jimare=255899

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

Will BRICS Ditch the Dollar for Gold?

Will BRICS Ditch the Dollar for Gold?

Liberty and Finance: 10-11-2024

In a recent episode of Liberty and Finance, Doomberg offered insightful commentary on the upcoming BRICS meeting and the implications of a potential gold-backed currency. The conversation not only examined the shift in global financial dynamics and diminishing reliance on the US dollar, but also grappling with the broader economic landscape shaped by strong data and shifting fiscal policies.

As the BRICS nations — Brazil, Russia, India, China, and South Africa — prepare for their forthcoming summit, discussions surrounding the potential launch of a gold-backed currency unit have taken center stage.

This proposal presents an intriguing vision: a monetary system where the value of currency is tied to a tangible asset, in this case, gold. Such a move could signify a monumental shift in the global financial order, challenging the longstanding dominance of the US dollar as the world’s reserve currency.

Doomberg astutely highlights the gravity of this potential development. The launch of a gold-backed currency by BRICS could reconfigure global trade dynamics, prompt a re-evaluation of currency values, and ultimately influence the pricing of gold itself.

 As countries begin to pivot away from the US dollar, the investment landscape may experience unprecedented volatility, prompting gold prices to rise as nations reconstitute their reserves.

Despite the prevailing narrative of economic decline, Doomberg remains skeptical about an imminent recession. Citing robust economic indicators and significant fiscal spending, they argue that the current economic environment does not align with the typical precursors of recession.

 This stance offers a refreshing perspective amidst the often alarmist financial commentary dominating headlines. The lack of recessionary signals may embolden nations to engage in ambitious projects—such as the gold-backed currency initiative—without the fear of impending economic downturns.

The discussion takes an intriguing turn as it broaches the topic of the Power of Siberia 2 pipeline, a critical infrastructure project that promises to reshape global energy distribution. By providing a direct route for natural gas from Russia to China, the pipeline establishes a formidable link between two of the world’s largest economies.

Doomberg emphasizes the strategic importance of this pipeline in the context of global energy realignment, particularly as Europe continues to seek alternatives to Russian gas.

Furthermore, as natural gas is increasingly seen as a bridging fuel in the transition to greener energy sources, its strategic significance cannot be understated. The availability and distribution of natural gas will play a pivotal role in global energy stability, further influencing economic dynamics and national policies.

Perhaps one of the most provocative elements of their conversation is the potential for a gold-backed currency from BRICS to elicit strategic responses from Western economies, particularly the G7. The launch of a BRICS currency could ignite a currency war, prompting the G7 nations to reassess their monetary policies, potentially leading to an accelerated shift toward more protective economic strategies. The implications could be far-reaching, resulting in tighter monetary controls, increased investment into gold reserves, and possibly the reinstatement of discussions around a gold standard.

Doomberg posits that the responses from G7 economies will be crucial in framing the narrative around the economic order and might trigger a realignment that hasn’t been seen for decades.

The discussions presented by Doomberg on Liberty and Finance encapsulate the multifaceted nature of today’s global economy. As the BRICS nations prepare for their meeting, the potential rollout of a gold-backed currency comes with both opportunities and challenges.

The shifting dynamics—whether through the lens of gold prices, energy distribution via pipelines, or the reactions from Western economies—could redefine economic relations as we know them.

https://youtu.be/tSOjAH177Ag

https://dinarchronicles.com/2024/10/11/liberty-and-finance-will-brics-ditch-the-dollar-for-gold/

“Tidbits From TNT” Saturday 10-12-2024

TNT:

Tishwash:  Economist: 2025 budget amendments pending, approval date before end of year

Former Director of the Financial Supervision Bureau, Salah Nouri, confirmed today, Saturday, that developments in the global economic situation and military operations will greatly affect the Ministry of Finance’s re-adjustment of the 2025 budget schedules.

 He added in his statement to {Al Furat News} that "the budget schedules are still with the executive authority (the government), and it is expected to be sent to the House of Representatives during the remainder of this October."

Nouri explained that "the House of Representatives must approve the budget before the end of December 2024, in accordance with Financial Management Law No. (6) of 2019."  link

Tishwash:  Iranian Foreign Minister to visit Baghdad tomorrow, Sunday

Iranian Foreign Minister Abbas Araghchi is scheduled to visit the Iraqi capital, Baghdad, tomorrow, Sunday.

Iranian diplomatic sources told Shafaq News Agency that Araghchi will head to Iraq tomorrow in continuation of his regional consultations.

According to the sources, the Iranian Foreign Minister will arrive in Baghdad tomorrow afternoon and during his visit, which will last a few hours, he will meet with: his Iraqi counterpart Fuad Hussein, President Abdul Latif Jamal Rashid, and Prime Minister Mohammed Shia al-Sudani.

Meanwhile, an Iraqi source told Shafaq News Agency that Araghchi's visit to Baghdad comes to discuss developments in the security situation in the region and to emphasize not expanding the circle of war.link

************

Tishwash:  Iraq and the region's oil exports on the table of Masrour Barzani and an American delegation

On Friday, Masrour Barzani, Prime Minister of the Kurdistan Regional Government, discussed with an American delegation headed by Congressman Seth Moulton the developments in Iraq and the Middle East.

A statement received by Shafaq News Agency stated that, "During the meeting, which was attended by the US Consul General to the Kurdistan Region, Tiff Bittner, we exchanged views on the latest developments in Iraq and the region, and discussed ways to strengthen relations between the Kurdistan Region and the United States."

Congressman Moulton pointed out that the Kurdistan Region is a reliable friend and ally of the United States in the region, and stressed the importance of supporting the Peshmerga and protecting the security of the Kurdistan Region.

Barzani expressed the regional government's gratitude to America for its support and assistance to the region, and stressed his keenness to strengthen the prospects of cooperation between the two sides in various fields.

He pointed out that the meeting focused on the progress made in the field of reforms related to the joints of the Ministry of Peshmerga, as we agreed on the importance of supporting, strengthening and accelerating the reform process in the ministry, in a way that ensures the unification of its forces.

The two sides discussed the necessity of exporting the Kurdistan Region's oil, and we discussed preparations for holding legislative elections in the region, as well as the US presidential elections, the tense situation, wars and escalation in the Middle East, and the efforts made to achieve security and stability in the region in general.  link

************

Tishwash:  Reasons for the rise in the dollar price in parallel markets.. a reaction extending for 30 years

Diyala Chamber of Commerce identified, today, Friday (October 11, 2024), the reasons for the rise of the dollar in the parallel market in the past days.

The head of the Diyala Chamber of Commerce, Mohammed Al-Tamimi, said in an interview with Baghdad Today, "There is no disagreement that the region is going through a very difficult and sensitive turning point with the drums of a comprehensive war beating that could happen at any moment in light of the escalation of statements between the various parties without any glimmer of hope on the horizon that things will move towards calm and fair containment at least."

He added, "Iraq is part of the Middle East region and the current tensions are directly putting pressure on the parallel market and leading to an increase in its prices compared to the dinar, especially with the existence of speculation and fear that has prompted many to be cautious in converting their dollars into Iraqi dinars in anticipation of any exceptional circumstances."

Al-Tamimi pointed out that "any future strike will inevitably raise the parallel market, but in return there are measures by the Central Bank to control the situation," stressing that "the situation is likely to undergo many developments, especially since the damage to the Iraqi markets is real."

He explained that "the rise in the prices of basic materials, even by small percentages, does not reflect the direct impact of the rise in the dollar, but rather the growing purchasing power of broad segments that have an accumulated reaction and fear of wars extending to 30 years, which pushes them to store some materials in anticipation of any emergency."

The exchange rate of the dollar against the Iraqi dinar witnessed a noticeable increase during the past few days, as the selling price exceeded 153 thousand for every 100 dollars.  link

Mot: should I throw it away 

Mot:  ... siigggghhhhhh !!!!! 

MilitiaMan: Iraq Dinar Update-#iqd news update-#iraqi currency-Minister of Finance Time Tables-To Monetary Reforms

Iraq Dinar Update-#iqd news update-#iraqi currency-Minister of Finance Time Tables-To Monetary Reforms

MilitiaMan and Crew:  10-11-2024

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=rKCD0D39Wr4

Seeds of Wisdom RV and Economic Updates Saturday Morning 10-12-24

Good Morning Dinar Recaps,

RIPPLE OFFERS ‘BANK-GRADE’ CUSTODY TECH TO CRYPTO FIRMS

Digital asset infrastructure firm Ripple has introduced new features and functionalities for its custody solution.

“Custody is a key entry point into the digital asset economy, and it’s only growing,” Ripple said in a Thursday (Oct. 10) press release.

The company notes that the amount of crypto assets custodied is projected to reach at least $16 trillion by 2030, by which time 10% of the world’s GDP is also expected to be tokenized.

“As such, companies need secure, compliant and flexible options to store their crypto,” the release added.

According to Ripple, the update includes a transaction screening service integration, added hardware security module options, an XRPL integration for tokenizing real world assets (RWA), pre-configured policy frameworks and upgrades to the platform’s usability and user interface.

In addition, Ripple Custody now supports XRP Ledger tokenization features, letting businesses to tokenize and manage assets including cryptocurrencies, fiat currencies, and real-world assets “while facilitating digital asset issuance and secure transfers directly from its platform,” the company added.

PYMNTS examined the tokenization of RWA earlier this year, noting that it was another component of blockchain that has gotten the attention of players in the payments, finance and commerce worlds: the ability for organizations to denote ownership rights of a real-world asset as a digital, on-chain token.

“Tokenized RWAs have the potential to make assets more liquid, accessible and efficient while enhancing transparency, security and global reach,” that report said.

“Representing RWAs on the blockchain — such as real estate, private equity and venture investments, fine art and collectibles, physical commodities like gold, fixed income instruments, intellectual property assets and even stocks and equities — can transform the way ownership of assets is recorded and enable new functions.”

In more recent tokenization news, PYMNTS spoke Thursday with Mastercard Chief Product Officer  Jorn Lambert about how the technology could improve any use case where the exchange of data is the norm.

It can boost more than commerce, he said, though the most obvious benefit is to merchants, issuers and customers.

“We’ve needed to rethink, from the ground up, how we architect security,” Lambert said.

In a world where credentials are stored on billions of mobile devices and could be stored on millions of servers globally, “you have to assume that the bad actors and the hackers will get their hands on that data, no matter how tall and thick the firewalls you build,” he added.

@ Newshounds News™

Source:  PYMNTS

~~~~~~~~~

RIPPLE CEO CRITICIZES U.S. SEC: IS SEC ABOVE THE LAW?

▪️Brad Garlinghouse slams SEC for ignoring the ruling that XRP isn’t a security.

▪️Bitnomial argues XRP futures should fall under CFTC, not SEC regulation.

▪️Stuart Alderoty questions SEC’s credibility, calling its actions unconstitutional.

In July 2023, U.S. District Judge Analisa Torres ruled that the XRP token is not a security, a decision seen as a partial win for Ripple Labs and the broader crypto industry. Yet, despite this ruling, the U.S. Securities and Exchange Commission (SEC) remains firm in insisting that XRP is a security.

Criticizing the SEC’s disregard for the court ruling, Ripple CEO Brad Garlinghouse lashed out at the regulator. His response follows Bitnomial’s lawsuit, challenging the SEC’s stance on XRP futures.

Brad Garlinghouse Slams SEC
In a recent tweet, Brad Garlinghouse voiced his frustration with the SEC, criticizing the agency for ignoring the court’s decision that XRP is not a security. He pointed out that the SEC’s actions show an attitude of acting above the law.

Garlinghouse’s disapproval comes as the SEC maintains its stance in the Bitnomial case, where the crypto derivatives exchange Bitnomial challenged the SEC’s classification of XRP futures as “security futures.”

Bitnomial argues that XRP futures should fall under the Commodity Futures Trading Commission (CFTC), as XRP itself has not been labeled security. In its court filing, Bitnomial accused the SEC of overstepping its authority and placing unnecessary regulatory burdens on the exchange.

Supporting Ripple’s stance, Bitnomial noted that the SEC’s position directly conflicts with the court’s ruling, which found that XRP is not a security.

Regulatory Body or Bully?
Meanwhile, Ripple’s Chief Legal Officer, Stuart Alderoty, also weighed in, questioning the credibility of a regulatory agency that disregards court rulings.

Alderoty highlighted that the SEC’s aggressive measures are unconstitutional, further damaging the agency’s credibility. He described the SEC’s behavior as an alarming example of a regulatory body pushing compliance through threats, despite being defeated in court.

SEC Pushing Its Authority Too Far
The SEC’s insistence on regulating XRP as a security has raised concerns within the crypto community. Meanwhile, pro-XRP lawyer Bill Morgan and legal expert John Deaton have both accused the SEC of overreach and questioned the agency’s motives.

Deaton pointed to a recent case involving Digital Licensing, where the SEC was sanctioned for misconduct, further fueling skepticism about the regulator’s approach.

@ Newshounds News™

Source:   Coinpedia  

~~~~~~~~~

🌍 WHERE IS THE BEST PLACE TO EXCHANGE? HAVE YOU EVER HEARD OF IT? INTEL TO RATE CHATTER  |  Youtube

Listen to the LIVE CALL from last night from the Seeds of Wisdom Team.

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recap

Russia Calls For BRICS Gold Standard | Will It Be Launched This Month?

Russia Calls For BRICS Gold Standard | Will It Be Launched This Month?

Smart Silver Stackers:  10-11-2024

Russia's finance minister has just called for the creation of new Bretton Woods style institutions within the BRICS framework.

 An important detail of this call to action is that Bretton Woods put the world on a Gold Standard.

 The introduction of a Gold pegged currency will have massive implications for Gold, Silver, and anyone stacking physical precious metals, so let's dive into what is on the BRICS agenda!

00:00 Russia's Finance Minister Just Called For What Might Be A New Gold Standard

1:10 BRICS Finance Leaders Are Meeting In Moscow Ahead For The Annual BRICS Summit

3:24 We Are Due For A Change To The Global Monetary System

4:32 BRICS Has Been Pursuing Dedollarization & Regional Currencies

 5:18 New Bretton Woods Insitutions Could Center Around Gold, Just Like The First Time

 7:23 Why BRICS Wants A Gold Standard

 8:28 BRICS Members Stockpiling Gold

https://www.youtube.com/watch?v=6H8EuiTunC8

Seeds of Wisdom RV and Economic Updates Friday Afternoon 10-11-24

Good Afternoon Dinar Recaps,

RIPPLE’S XRP INVOLVED IN ANOTHER LAWSUIT AGAINST THE SEC: DETAILS

The SEC had warned Bitnomial that offering XRP Futures could violate securities laws without additional compliance.

Bitnomial has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its five commissioners, accusing the agency of overextending its jurisdiction.

The company’s case disputes the SEC’s classification of XRP as a security, which the agency claims qualifies as an investment contract under the Securities Exchange Act.

The Case Details
The Chicago-based exchange, regulated by the Commodity Futures Trading Commission (CFTC), had requested to offer XRP US Dollar Futures in August. This followed a federal ruling that XRP is not considered a security in the SEC’s lawsuit against Ripple.

Shortly after filing, the SEC warned the exchange that moving forward with the listing could violate federal securities laws unless the firm complied with additional requirements. This would include registering as a national securities exchange.

According to the court document, the regulatory body informed Bitnomial that listing XRP Futures would require compliance with securities laws, as they would be classified as “security futures” under joint SEC and CFTC jurisdiction. However, the exchange has objected to that interpretation:

“Bitnomial disagrees with the SEC’s view that XRP is an investment contract and, therefore, a security and that XRP Futures are thus security futures.”

The company also claims the SEC’s stance overextends its jurisdiction into areas typically overseen by the CFTC.

As such, it is seeking a court declaration that XRP Futures should not be classified as security futures. This would protect the exchange from SEC enforcement. The firm also aims to prevent the agency from asserting jurisdiction over XRP Futures or taking any enforcement action relating to their future listing.

Industry-Wide Implications
“Establishing this precedent is not just about XRP; it’s about all digital assets,” said Bitnomial CEO Luke Hoersten in an interview with FOX Business.

He added that the firm, unlike others involved in legal disputes with the SEC, has maintained a clean compliance record. According to him, this places them in a unique position to seek a court ruling on whether XRP futures should be classified as securities or commodities.

The case follows similar legal action by Crypto.com, which recently sued the SEC after receiving a Wells notice indicating potential enforcement action. The firm has also accused the agency of overstepping its authority by classifying most crypto assets as securities.

The SEC also just logged a notice of appeal in the Ripple lawsuit. Meanwhile, Investment firm Canary Capital filed on October 8 to launch a spot XRP exchange-traded fund (ETF). This follows a similar proposal made by Bitwise just days earlier.

@ Newshounds News™

Source:  CryptoPotato

~~~~~~~~~

BRICS News: 12 Countries Drop US Dollar, Conduct Majority of Trade in Local Currencies While Eyeing Crypto

▪️The members of the CIS alliance have started conducting trade settlements in local currencies.

▪️The goal remains to alleviate the strains from over-dependence on the US Dollar.

The Commonwealth of Independent States (CIS), consisting of 12 countries, now conducts most of its trades with local fiat currencies. This move aligns with the BRICS alliance’s de-dollarization efforts to dump the US dollar for trade settlement.

The CIS countries include Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Georgia, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

On the other hand, the BRICS nations initially include Brazil, Russia, India, China, and South Africa. This year, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have joined the bloc.

CIS Dumps US Dollar for Local Currencies
Russia, also a member of the BRICS bloc, persuaded the CIS to switch from using the US Dollar to national currencies for trade. The other current members concurred with Russia’s proposed trade policy since adopting local currencies would boost their economies. 

This year, the CIS bloc rarely utilized the US dollar for trade settlements. Instead, the alliance settled 85% of cross-border transactions in national currencies, adding pressure to the US Dollar.

Russian President Vladimir Putin revealed at the CIS summit that BRICS and CIS will collaborate to permanently eliminate reliance on the US dollar.

“The process of import phase-out is moving quickly, and thus the technology sovereignty of our country is being strengthened,” he said.

The de-dollarization initiatives 
Thus, the BRICS-specific de-dollarization goal is now being extended to the CIS alliance.

The de-dollarization initiatives promote regional economic collaboration and deliver higher financial independence for emerging countries. If the current trend persists, the dollar may lose its value, leading to massive deficits and hyperinflation in the US.

The CIS Eyeing Crypto
In the future, the CIS alliance intends to incorporate crypto for cross-border trade settlements. Cryptocurrencies have heralded a new shift to payment services in the last few years.

They promise faster, cheaper, and more transparent transactions, especially across borders due to their anonymity and decentralized framework.

As CNF noted in a previous report, Russia has approved crypto for international payments. This move is part of the country’s attempt to alleviate pressure from Western sanctions while reducing dependence on the US dollar. This development follows the government’s legalization of Bitcoin mining back in July.

Besides Bitcoin, XRP has become a major rival to the US dollar. Despite Ripple’s ongoing legal challenges with the US Securities and Exchange Commission (SEC), the BRICS bloc and Japan are pushing for XRP adoption. In a recent update CNF covered, Ripple’s CEO Brad Garlinghouse says XRP is at the heart of global financial systems.

It is important to note that BRICS has extended its investigation into using gold to challenge the US dollar. Nonetheless, BRICS and CIS have yet to name any digital asset as their official currency among member nations. As blockchain and the global financial system progress, many expect this will happen soon.

@ Newshounds News™

Source:  Crypto News Flash

 ~~~~~~~~~

A GUIDE TO BITCOIN MINING

The rise of cryptocurrency has captured people’s attention worldwide. It promises new possibilities for managing money outside traditional banking and financial systems. This post sheds some light on Bitcoin mining and how a person could get involved.

Bitcoin Mining
Bitcoin is the first digital currency. It uses a decentralized computer network that tracks transactions with many individual users worldwide. A new Bitcoin is created through mining when miners validate a group of transactions.

The network rewards miners with a specific amount of Bitcoin to verify transactions. Blockchain technology underpins the whole Bitcoin operation. The verified transactions get bundled together periodically into blocks and stacked one after the other like links in a chain.

There has always been interest in knowing who owns the most Bitcoin. By most accounts, the single biggest Bitcoin account belongs to Satoshi Nakamoto, the mysterious founder who first launched the revolutionary Bitcoin network concept but has remained in the shadows ever since.

How Does Bitcoin Mining Work?
To add a new block, miners participate in a competitive calculation spree involving complex mathematical problems. Solving these computations requires powerful computer systems running and plenty of electricity.

The miners race to be the first to arrive at the single right response to the question (known as hash). The more guesses made per second, the higher the chances of solving the problem. With more miners joining over time, the difficulty continues to increase.

The potential for profit in Bitcoin mining depends on various factors. You must consider the significant upfront expenses of buying specialized, high-powered hardware for the job and your ongoing electricity bills.

Some people opt to join a mining pool. When participating in shared group efforts, everyone contributes their resources. However, miners in a pool must share the rewards. Additionally, since Bitcoin’s worth fluctuates greatly, it is challenging to precisely determine the financial return on the time and resources spent.

Getting Started in Bitcoin Mining
There are three things that you would need before starting Bitcoin mining

1.  A digital wallet: This stores and manages any Bitcoin or other digital money you obtain.
2.  Computer equipment: To help mine Bitcoin successfully.
3.  Mining software: To truly participate in generating new currency, specific computer programs are essential. Several mining software programs exist, many of which can be downloaded and used at no cost on common operating systems like Windows or Apple computers.

Common Scams
If you’re considering starting to mine for Bitcoin, you’ll want to be careful about what software, equipment, or groups of miners you join so you don’t get scammed. Here are a few of the most common types of scams:

1.  Cloud-Based Services
Some websites claim you can sign up with them and have them do the mining work for you using their computers. Not every service like this is a scam, but you must research before handing over any money.

2.  Fake Wallets and Exchanges
When storing your crypto, only use wallet providers with a good reputation in the community. Some scammers make fake wallet sites just to steal people’s private keys. Once they have your keys, your funds are gone for good. Scammers make fake trading sites and contact people through email or social media. Then, they pressure or deceive people into sending money or cryptocurrency to the fake sites.

Endnote
Bitcoin mining is certainly not for the faint of heart. It takes serious computational power, deep technical know-how, and nerves of steel to handle the fluctuating rewards. However, it could yield fascinating rewards for those up for the challenge.

@ Newshounds News™

Source:  Blockchain Reporter

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

Economist’s “News and Views” 10-11-2024

Forget $50 Silver, "$150 Is Appropriate": Mike Maloney's Bold Prediction

10-11-2024

Join Mike Maloney and Alan Hibbard as they dive deep into the ‘last great precious metals bull market’. Discover why Maloney believes silver is poised to break past $50 and soar to $150, driven by global economic factors and Russia’s strategic move to accumulate silver reserves.

They discuss the current silver chart patterns, why Mike believe’s this is the final bull market for gold & silver, the growing central bank interest in precious metals, and how the weaponization of the U.S. dollar is accelerating the decline of fiat currencies.

Don’t miss this urgent analysis as it's a must-watch for anyone looking to understand the future of silver and gold in a rapidly changing world.

https://www.youtube.com/watch?v=Bi2c2rEeLI0

Argentina's Decision Surprised the World: Will Argentina rejoin BRICS?

Fastepo:  10-11-2024

Argentine President Javier Milei's recent shift in his stance toward China highlights a practical adaptation in his political approach, potentially signaling implications for both his administration and the United States.

 Surprisingly, this statement comes from Javier Milei, Argentina’s well-known anarcho-capitalist, and not from a typical supporter of communism.

 Nearly a year into his presidency, Milei expressed unexpected appreciation for China in a recent TV interview with a local celebrity, noting his favorable impression of the country.

https://www.youtube.com/watch?v=BRtxGi78zOA

20% Of U.S. On Welfare; Household Bankruptcies Surging | Danielle DiMartino Booth

David Lin:  10-10-2024

Danielle DiMartino Booth, CEO of QI Research, discusses the state of the economy, outlook for monetary policy, and major risks to the markets today.

0:00 - Intro

0:50 - Geopolitical risks

2:45 - Reaction to Fed’s 50 bps cut

5:20 - Labor market cooling

10:31 - Foreign workers

11:33 - Bankruptcy cycle

12:50 - Fed monetary policy outlook

14:40 - Welfare

17:30 - Widening deficit

20:35 - Banks’ unrealized losses

22:30 - Declining liquidity

 26:00 - Soft vs. Hard landings

28:30 - Stocks vs. Yields

31:00 - Homes and natural disasters

32:10 - Major risks and asset allocation

https://www.youtube.com/watch?v=LUva_Lhg3xM

Seeds of Wisdom RV and Economic Updates Friday Morning 10-11-24

Good Morning Dinar Recaps,

XRP NEWS : RIPPLE CTO DROPS BOMBSHELL AMID RLUSD LAUNCH – IS XRP AT RISK?

▪️RLUSD launch raises questions about XRP’s significance in cross-border payments.

▪️XRP offers no counterparty risk, unlike stablecoins, strengthening its position on XRPL.

▪️Experts predict XRP could rise to $2.47-$10, pending favorable market and legal outcomes.

As Ripple prepares to launch its RLUSD stablecoin, some XRP community members are worried about its impact on XRP’s importance. RLUSD, currently in beta testing and set to launch soon, will be available on the XRP Ledger (XRPL) and Ethereum and may support Ripple’s On-Demand Liquidity (ODL) in some capacities.

Despite this promising application, some supporters wonder if RLUSD could reduce XRP’s importance, especially for cross-border payments.

Ripple’s CTO Stands Firm on XRP’s Role
David Schwartz, Ripple’s CTO, responded to these concerns, clarifying that XRP has special functions on the XRPL that RLUSD cannot replace. For instance, only XRP can pay for transaction fees on the XRPL, and each account on XRPL must hold some XRP as a reserve. He added that XRP’s biggest edge over stablecoins is its lack of counterparty risk and freedom from jurisdiction limits, unlike any stablecoin.

Schwartz also highlighted XRP’s “autobridging” feature, which automatically connects liquidity between different assets on the XRPL, making XRP an essential tool in the ecosystem.

Schwartz noted that XRP’s role is more than just a transaction token; it’s also a bridge asset, helping with transfers between digital assets.

Will RLUSD Compete with XRP?
Schwartz acknowledged that if RLUSD or other stablecoins become more efficient, XRP could face competition. However, he believes that XRP’s unique features make it difficult for stablecoins to fully take its place.

Community Suggestion On XRP
Some XRP community members suggested raising transaction fees or the minimum XRP balance on XRPL to increase XRP scarcity and boost its value. Ripple’s CTO, David Schwartz, explained that such changes would need community consensus & noted that the XRPL should prioritize usability over speculative value.

Ripple’s exploration of new features, like the EVM sidechain and smart contracts, aims to expand XRPL’s functionality while ensuring XRP’s critical role remains irreplaceable.

Will the XRP Price Surge?
As of now, XRP is trading at $0.53, down 0.8%, but there are mixed signals about its future. A bullish pennant pattern on the weekly chart suggests that XRP might break out soon.

However, the 14-day Relative Strength Index (RSI) is at 37.96, showing it is close to being oversold, which could lead to a small price increase. If legal challenges are resolved, some experts believe XRP could rise significantly, with price targets between $2.47 and $10 in a strong market.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

NEW INDUSTRY BILLIONAIRES: US REGULATORS RECEIVED OVER $32B FROM CRYPTO COMPANIES

U.S. regulators have imposed $32 billion in fines on crypto companies to resolve compliance disputes. Who did they make the most money from?

Of the total, a record $19.45 billion came in 2024. This is due to the $12.7 billion payment to FTX and Alameda Research. In August, Judge Peter Castel ruled that the firms must pay, jointly and severally, $8.7 billion in restitution to those who suffered losses. In addition, the agreement calls for a $4 billion fee to be paid in return for the ill-gotten gains.

The settlement with Terraform Labs brought regulators $4.5 billion in 2024. The firm will pay about $3.59 billion in interest and a fine of $420 million. Its founder, Do Kwon, will pay $204.3 million in interest, fines, and compensation and must accrue at least the same amount to the “bankruptcy estate,” which will be distributed among investors.

Among the most significant fines were Binance’s $4.3 billion and Celsius’s $4.7 billion, which occurred in 2023. As part of the case, the largest crypto exchange was ordered to pay a fine of $1.81 billion in a criminal case and will lose $2.51 billion in compensation.

“The leading global crypto exchange agreed to plead guilty in November 2023, to resolve lawsuits with multiple U.S. regulators including the Department of Justice (DOJ), Treasury Department and the Commodity Futures Trading Commission (CFTC).”      From the CoinGecko report

As for the Celsius fine, in 2023, the U.S. Federal Trade Commission announced a settlement against the Celsius Network. As part of the agreement, Celsius and its subsidiaries were prohibited from offering, selling, or promoting any product or service that may be “used to deposit, exchange, invest, or withdraw any asset.”

Terra was the catalyst for the bear market, followed by the bankruptcy of Celsius, and culminated in the collapse of FTX in November 2022. Of these crypto platforms, only Binance remains operational, remaining the largest centralized exchange by trading volume.

However, the sharp increase in recovery amounts occurred in 2023, when the total amount of settlements for claims by U.S. government agencies amounted to $10.87 billion across eight cases.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

UYEDA: SEC’S CRYPTO APPROACH A ‘DISASTER FOR THE WHOLE INDUSTRY’

In a candid interview on Fox Business’s Mornings with Maria, SEC Commissioner Mark Uyeda sharply criticized the agency’s handling of crypto, acknowledging that its current strategy has been “a disaster for the whole industry.”

Uyeda’s remarks come amid mounting legal challenges, including a fresh lawsuit filed by Crypto.com against the U.S. Securities and Exchange Commission following the issuance of a Wells notice.

Crypto.com’s lawsuit alleges that the SEC has overstepped its jurisdiction by enforcing regulations on the cryptocurrency market without issuing clear regulatory guidance. The Wells notice — a formal communication from the SEC indicating that enforcement action is likely — accused Crypto.com of operating as an unregistered broker-dealer and securities clearing agency due to its handling of tokens that the SEC deems securities.

Uyeda’s critique of the SEC’s approach highlights a growing frustration within the agency and the wider crypto industry.

“We have been sending this ‘policy through enforcement,’” Uyeda stated, referring to the SEC’s practice of targeting companies with legal actions without offering explicit guidance on how they should operate within existing regulations. “We’ve done nothing to provide guidance on it,” he continued. “And as a result, this has been shaped by the courts. And different courts have ruled in different ways.”

Indeed, the SEC’s reliance on enforcement has led to legal battles, including a high-profile case against Ripple Labs.

The courts have often delivered mixed rulings, adding to the uncertainty for crypto firms. While the SEC recently lost a major ruling to Ripple XRP regarding the classification of XRP tokens, the agency has already filed an appeal, signaling that these legal struggles are far from over.

Crypto firms are fighting back
Crypto.com’s lawsuit is just the latest in a series of legal confrontations between the crypto industry and the SEC. The lawsuit, sparked by the Wells notice, argues that the agency has been regulating beyond its mandate. Crypto.com’s leadership insists that legal action is necessary to protect the future of cryptocurrency innovation in the United States.

Mark Uyeda refrained from commenting directly on the Crypto.com litigation, but he emphasized the broader issue of the SEC’s failure to offer clarity. “We have not provided interpretive guidance as to what you can and cannot do,” Uyeda said, adding that the lack of clear rules has left companies guessing about how to comply with securities laws.

Uyeda’s comments also touched on the SEC’s broader regulatory philosophy, particularly in relation to environmental, social, and governance mandates. He criticized the agency’s focus on ESG issues, suggesting that such efforts often stray from financial relevance.

“It is about micromanaging a lot of what corporations are doing on things that have absolutely no financial purpose,” he said, adding that financial regulators should not be vehicles for social change.

@ Newshounds News™

Source:   Crypto News

 ~~~~~~~~~

🌍 THE CONSTITUTION FRIDAY NIGHT CALL WITH SEEDS OF WISDOM TEAM  |  Youtube

Join us for a LIVE CALL tonight in the Constitution room at 8 pm ET, 7 pm CT

Find previous calls on our Youtube Channel here:  The Constitution on Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps

“Tidbits From TNT” Friday Morning 10-11-2024

TNT:

Tishwash:  We will not wait for companies, we will act

Baghdad reaches an understanding with the Doha Stock Exchange: Iraqi shares will be able to be traded in Qatar as well

The Iraqi Securities Commission revealed a project with the Qatar Stock Exchange that will allow for the joint establishment of companies, leading to “dual listing” that will allow the listing of Iraqi shares in both the Iraqi and Qatari markets.

The commission member, Wadah Al-Taha, said that it will not wait for major and promising companies to list their shares on the Iraqi Stock Exchange, but will form a committee to encourage those companies. He pointed out that expanding the Iraqi Stock Exchange requires the listing of government sector companies on the stock exchange.

Waddah Al-Taha - Member of the Board of the Securities Commission, in an interview with the media figure, Dhikrayat Muhammad:

Expanding the work of the Iraq Stock Exchange requires restructuring mixed companies, through the government sector relinquishing its shares and listing and offering them for investment, while we work on listing public government companies.

Usually, stock markets around the world represent a mirror of a country’s economy, but in Iraq, the stock market does not reflect the economy, for several reasons, including the weakness of the investment culture, the decline in government support and understanding, in addition to the fact that the importance of listing and initial public offerings is unclear to private sector companies.

We seek to “deepen” the Iraqi Stock Exchange, meaning diversify its sectors participating in the subscription, with the aim of reducing the ceiling of investment risks and creating relative attractiveness for investors. We are currently working on merging our governance draft with the draft of the International Finance Corporation to give a global character to our investment environment and send reassuring messages to foreign investors.

Instead of waiting for promising emerging companies to come to the Iraqi market for listing, we are currently working on forming a specialized committee to move towards such companies and reach an understanding with them in order to list their shares in the market. The criteria for selecting the targeted companies revolve around performance, financial efficiency, company history, sector quality, and management nature.

We have a memorandum of understanding with the Qatari side, and we hope to approve it during the coming period. It has very good content, as it allows us to establish companies jointly, and we aspire to reach the stage of “dual listing” where the Iraqi stock can trade in the Iraqi and Qatari markets, in addition to applying the regulatory standards in effect there.

We apply a high level of “global standard” procedures in terms of combating money laundering. The market is very safe in this regard. Our standards are sometimes harsh and restrictive for investors, but they ensure that there are no illegal financial activities.  link

************

Tishwash:  Trade Bank of Iraq announces the number of transfers completed since the launch of the Central Bank platform

The Trade Bank of Iraq announced today, Thursday, that it has transferred more than 4,000 remittances since the launch of the Central Bank platform.

The bank's media advisor, Aqil Al-Shuwaili, said in a statement to the Iraqi News Agency (INA): "More than four thousand various transfers have been transferred to companies and individuals since the launch of the Central Bank of Iraq platform until today, October 10, 2024."

He added, "250 transfers were transferred from the Iraqi bank to the relevant authorities, including commercial, industrial, and even educational transfers  link

************

Tishwash:  Minister of Finance stresses the need to adhere to timetables to achieve economic reforms

 Finance Minister Taif Sami Mohammed stressed, on Thursday, the need to adhere to timetables to achieve economic reforms.

A statement by the ministry, seen by Al-Eqtisad News, stated that "Minister of Finance Taif Sami Mohammed chaired a meeting to follow up on the implementation of the government program related to financial, economic and digital affairs, where she reviewed the latest developments in the plans and procedures adopted by the government to achieve economic and financial reforms and discussed the challenges facing the implementation of the program."

The minister stressed, according to the statement, "the importance of adhering to the specified timetables and achieving the desired goals in enhancing economic stability."

The statement added that "the meeting addressed the most prominent economic and financial indicators, and reviewed the results of the reforms that have been completed so far, in addition to discussing ways to accelerate the pace of reform in vital sectors. Sami stressed the need for cooperation between all parties to achieve sustainable development and improve the standard of living for citizens."

The statement concluded by saying that "the minister urged the concerned parties to continue working hard and intensifying efforts to ensure the success of the reform program and achieve sustainable economic growth   link

************

Tishwash:  Very frank” talk from Al-Sudani’s advisor: They will bomb us and we will be strategically patient like Iran

"A new map is coming, whether we like it or not."

Ibrahim al-Sumaidaie, advisor to Prime Minister Mohammed Shia al-Sudani, said that the new regional map in the region “is happening, whether we like it or not,” and therefore it is necessary to invest in Iraq’s role, as it ranks second in the United States’ interests after Israel, warning that “the one who falls will fall, and do not let us fall.”

The advisor pointed out that Tel Aviv launching a strike inside Iraq instead of Iran is possible and is the most likely scenario, especially if it fails to reach an understanding with Tehran. He said that Iraq is an unarmed country and cannot do anything other than political diplomatic options due to the clear Western superiority, “even the Russian S-400 anti-aircraft missiles were unable to repel the Kremlin’s missiles.”

He criticized the actions of “some brothers who are gnawing at al-Sudani’s flanks, even though he defends them before the United States and tries to prevent a strike against Iraq.” He called for Iraq to adopt the Turkish method in dealing with the risks of war, as well as the Iranian method “which invented the policy of strategic patience.”

He concluded by saying, “The West sees us as a successful country (..) All the Americans want is for us to be an economic zone not subject to Russian military influence, or Chinese economic influence, without the existence of (sub-state) as this world is ruled by states and not armed groups, and the majority of the political forces supported by the reference are with this trend.”  link

Mot: Folks on da INternet can beee soooo Helpful at times!! – LOL

Mot: ... Finally 

Seeds of Wisdom RV and Economic Updates Thursday Evening 10-10-24

Good Evening Dinar Recaps,

SEN. HAGERTY'S STABLECOIN REGULATION DRAFT AIMS FOR CLARITY, ECHOES HOUSE BILL FRAMEWORK

▪️The draft closely resembles the Clarity for Stablecoins Act worked on in the House of Representatives by Rep. Patrick McHenry, R-N.C., and Maxine Waters, D-Calif.

▪️“It is Senator Hagerty’s version of McHenry-Waters,” spokespeople for Sen. Hagerty said in an emailed statement to The Block.

Crypto-friendly Sen. Bill Hagerty unveiled a discussion draft of legislation to create a regulatory framework for stablecoins that is very similar to work being done in the House of Representatives.

The Tennessee Republican said his draft legislation "provides much-needed clarity" in a statement on Thursday. The draft closely resembles the Clarity for Payment Stablecoins Act worked on in the House of Representatives by Rep. Patrick McHenry, R-N.C., and Maxine Waters, D-Calif.

“It is Senator Hagerty’s version of McHenry-Waters," spokespeople for Sen. Hagerty said in an emailed statement to The Block. Hagerty also is a member of the Senate Banking Committee, which has jurisdiction over key agencies, including the U.S. Securities and Exchange Commission.

Sen. Hagerty's draft bill takes the structure of the House bill while also splitting federal supervision between the Federal Reserve for banks and the Office of the Comptroller of the Currency for non-banks, his spokespeople said.

Hagerty's draft bill would include a provision that says issuers that go over a $10 billion threshold may get a waiver from their federal regulator to then stay under their state's jurisdiction. 

The draft legislation also includes language around maintaining reserves on a one-to-one basis with reserves that have U.S currency.

“Stablecoins have the potential not only to enhance transactions and payment systems, but also to help create new demand for U.S. Treasuries as we work to address our unsustainable deficit,” Sen. Hagerty said in the statement. “For too long, these benefits and the broader promise of stablecoins have been hindered by the lack of clear regulations."

Negotiations around passing a stablecoin bill have been complicated over the last few years on Capitol Hill. House Financial Services Chair McHenry and the top Democrat of that committee, Rep. Waters, have been working on their bill to create a regulatory framework for stablecoins since 2022. 

The bill advanced out of the Republican-led committee last year but has not gained much traction. At the time, Waters called the bill "deeply problematic" due to a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input.

However, tables might have turned last month during a congressional hearing when Rep. Waters said she wants to "strike a grand bargain on stablecoins" before the end of the year.

Waters said the bill needs to place the Federal Reserve in a "dominant role" and that stablecoins must be backed by safe reserves, such as short-term Treasury bills.

"I've made a public statement to you about bipartisanship — let's see what you do with it," Waters told McHenry in late September.

Cody Carbone, president at The Digital Chamber said the advocacy group was “encouraged” by the release of the draft legislation.

“While the window for passage in this Congress is limited, Senator Hagerty’s efforts have revitalized the discussion,” Carbone said in a statement to The Block.

“The push for a U.S. stablecoin regulatory framework is bipartisan, and we urge lawmakers to prioritize this important, common-sense legislation through the end of the year.”

Ron Hammond, director of government relations at the Blockchain Association said Sen. Hagerty’s draft was “an important development” especially after comments made by McHenry and Waters to move forward stablecoin legislation before the end of the year.

“While the election results will largely determine what is in the realm of possible for the lame duck, it is likely the Republicans will take back the Senate and this effort from Sen Hagerty could be the starting point for a Republican led Senate Banking Committee in 2025 should stablecoins not get addressed in the lame duck,” Hammond said in a statement to The Block.

Update: Oct. 10 , 10:15  p.m. UTC to include comments from Carbone and Hammond

@ Newshounds News™

Source:  The Block

~~~~~~~~~

RIPPLE NEWS: COULD GARY GENSLER’S RESIGNATION OR REMOVAL LEAD TO A DISMISSAL OF THE RIPPLE-SEC LAWSUIT?

The U.S. SEC has filed an appeal in its case against Ripple, after a federal judge ruled that the SEC did not prove Ripple violated securities laws by selling XRP to retail customers.

The SEC’s appeal, submitted to the Second Circuit Court of Appeals, argues that the judge’s decision contradicts established Supreme Court precedents and securities laws.

As we look ahead, several factors could influence the ongoing legal battles in the crypto space. With an election approaching, potential changes in leadership could  impact the SEC’s direction. If Donald Trump wins, the current dynamics could shift dramatically.

There’s widespread concern about how ongoing litigation is driving innovation out of the United States. According to James Murphy aka MetaLawMan, this situation could lead to one of two outcomes: either Gary Gensler resigns or is removed from his position, replaced by someone less hostile towards crypto. A new leader might prioritize settling or dismissing cases rather than pursuing aggressive actions against the industry.

James said that the upcoming presidential election’s importance for cryptocurrency regulation. He noted that Kamala Harris recently couldn’t identify any mistakes the Biden Administration made regarding crypto, despite ongoing efforts—dubbed “Operation Choke Point 2.0″—to restrict the industry.

It’s also worth noting that there’s legislation in the works that could clarify jurisdiction over cryptocurrency, suggesting that it might be impractical for judges to decide these matters without clear guidelines from Congress. Given this landscape, there’s a greater than 50% chance that we could see changes that alter the course of these cases.

He added that influential figures like Mark Cuban and Anthony Scaramucci suggest changes might be on the horizon, but he’s doubtful. With the election just weeks away, he pointed out that the administration could easily request Gary Gensler’s resignation, and typically, such requests are complied with. However, he expressed frustration that no actions have been taken yet.

@ Newshounds News™

Source:  Coinpedia

~~~~~~~~~

BRAZILIAN AUTHORITIES LAUNCH OPERATION TARGETING ENTITIES FACILITATING CRYPTO MONEY LAUNDERING

The Brazilian Federal Police launched Operation Alcacaria this Wednesday, aiming to thwart the action of a network focused on providing money laundering services using cryptocurrency. The operation involved 62 search warrants, 13 arrest warrants, and the seizure of funds of the involved entities in banks.

**********

Brazilian Authorities Execute Operation Alcacaria Against Crypto Money Laundering Actors
Brazil is strengthening measures against institutions leveraging crypto to complete financial crimes.

Local media reported that the Brazilian Federal Police launched Operation Alcacaria on Wednesday, targeting several financial operators that provided money laundering services to criminal organizations nationwide.

The operation was executed jointly with the Federal Revenue Service. The still unnamed organizations targeted by the police are being investigated for their involvement in money laundering, currency evasion, the operation of an illegal financial institution, and the use of false documents.

In addition, the police are also tracking and investigating exchanges that would also be working with these operators, providing them with digital asset liquidity for money laundering activities. However, no names have been shared publicly.

On this, the Federal Police stated:

These money launderers are allegedly responsible for currency evasion and money laundering for a variety of crimes throughout Brazil, in a practice known as crypto-cable.

The operation was launched simultaneously with a similar initiative called Operation Privilege, which also shared some suspects with this one. 13 preventive arrest warrants and 20 search warrants were issued as part of Privilege, which has a regional anti-crime force at its helm, the Rio Grande do Sul Organized Crime Task Force.

Last month, Brazil also executed Operation Niflheim, a high-level crackdown on three organizations that had laundered almost $10 billion using crypto, sending these funds to countries like the U.S., the United Arab Emirates (UAE), Hong Kong, and China. This makes Alcacaria the last of three actions launched against cryptocurrency-based money laundering crime in Brazil in less than one month.

@ Newshounds News™

Source:  Bitcoin News   

~~~~~~~~~

Seeds of Wisdom Team RV Currency Facts Youtube and Rumble

Newshound's Podcast Link

Newshound's News Telegram Room Link

Q & A Classroom Link  

Follow the Roadmap

Follow the Timeline 

Seeds of Wisdom Team™ Website

Subscribe to Newsletter

Thank you Dinar Recaps