Seeds of Wisdom RV and Economic Updates Monday Afternoon 11-4-24

Good Afternoon Dinar Recaps,

THE DAO DILEMMA: STRIVING FOR DECENTRALIZATION
The idea of a decentralized autonomous organization (DAO) is kind of incredible, when you really think about it.
What is a DAO?
A DAO is like a private company that is perfectly okay with hundreds of token (equity) holders debating publicly on an open forum about product and organizational strategy.

A private company where the core security underlying the company’s product (smart contracts) are fully viewable, where all the data you need to write a scathing data analysis on a company you don’t like is readily available.

In the non-Web3 world, markets would kill to have any clue as to what their competitors are thinking of launching, let alone detailed forum discussions of how that conversation is taking shape.

Having all that information out in the open would invite endless media and regulatory scrutiny, taking precious time away from actually building to fend off annoying lines of inquiry.

These are handicaps that no startup wants. And yet in Web3, $21.4 billion of value rests on these norms. In Web3, it’s par for the course.

Of course, most DAOs are actually only partially decentralized.

When Uniswap announced its plans around Unichain last month, Stanford Blockchain Club’s head of governance Billy Gao said the announcement left most DAO delegates “in the dark,” and excluded them via their lack of “a voice at any stage of the process — whether through forums, private discussions or any other means.”

It’s not just Uniswap either. Optimism DAO’s governance contracts are not controlled by its tokenholders, so voting with OP largely serves as an informal signal to the Optimism Foundation (for now).

And it’s widely known that most DAO treasuries or smart contracts are still controlled by a few trusted stakeholders via a multisig wallet.

So when we tout DAOs as decentralized autonomous organizations, in truth, there are many shades of gray within that spectrum of decentralization. The devil’s in the details.

When I asked Tally founder and CEO Dennison Bertram about it, he begrudgingly agreed that DAOs have a ways to go regarding decentralization, but also that partial transparency is still better than complete opaqueness, which would be “much more dangerous.”

Bertram pointed to how Twitter/X under Elon Musk could unilaterally turn off its API, or how Facebook choked off the wildly popular FarmVille game by Zynga from its platform.

Yet, despite the many shortcomings around DAOs, the real silver lining — I think — is the industry’s overarching commitment to the values of decentralization, which to me seems wildly underrated.

DAOs can hand-wave and virtue signal about decentralizing all they like, but the fact that they operate in an industry where “decentralization” is still held up as a beloved virtue is what allows the crypto industry to call out and question the centralization vectors that DAOs are still riddled with.

That informal institution has slowly been eroded and will only continue to do so as crypto continues to go “mainstream.” Cherish it while it still lasts.

@ Newshounds News™

Source:  Blockworks

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SINGAPORE ADVANCES ASSET TOKENIZATION WITH NEW MAS FRAMEWORKS

The Monetary Authority of Singapore is pulling together the projects and participants needed for the next step in its asset tokenization trials.

The Monetary Authority of Singapore (MAS) has announced a multipronged effort to advance the commercialization of asset tokenization. To achieve its goals, the MAS has drawn from various projects and produced new frameworks to provide guidance.

Scaling up successful tokenization tests
Speaking at the first MAS Layer One Summit, deputy managing director Leong Sing Chiong reviewed the successes of the large financial institutions participating in Project Guardian in demonstrating the potential for tokenization in foreign exchange and funds. More than 40 institutions have carried out more than 15 trials across seven jurisdictions using six currencies.

The central banker also identified the limitations of those trials:

“No one has really succeeded in achieving scale.  Many promising use cases have not yet gained industry wide traction.  Further, there is a need for supporting infrastructure to enable good use cases to scale beyond individual networks.”

To deploy tokenized assets at scale, liquidity, infrastructure, standardized frameworks and common settlement assets are needed, he said. The MAS is addressing each of those issues.

A masterplan for commercialization
Launched in 2022, Project Guardian already facilitates deepening liquidity through capital raising, secondary trading and asset servicing and settlement, the MAS said in a statement.

To address infrastructure needs, the MAS’s Global Layer One, launched in 2023 and developed by BNY, Citi, JPMorgan, MUFG and Societe Generale-FORGE, will expand its scope in the coming year. Euroclear and HSBC will join the initiative as it develops principles for use and its ecosystem.

The Project Guardian industry group created two frameworks for the implementation of tokenization that were also published on Nov. 4. The Guardian Fixed Income Framework integrates international organizations’ standards and principles into a guide to implementing tokenization in debt capital markets.

The Guardian Funds Framework recommends best practices for fund tokenization. This includes the Guardian Composable Token Taxonomy.

Finally, the SGD Testnet will be made available to facilitate access to mutually agreeable tokenized money for payments and securities settlements. Participants in Project Guardian and Project Orchid will participate using Singapore dollar wholesale central bank digital currency (CBDC).

Project Orchid developed use cases for retail CBDC and introduced the concept of purpose-bound money — a form of programmability — which will be implemented on the testnet.

Commercialization is the logical next step when a project achieves its goals. mBridge announced its launch as a minimum viable product in October 2023.

@ Newshounds News™

Source:  CoinTelegraph

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🌱 10 CRUCIAL QUESTIONS TO ASK WHEN VETTING A BANK FOR WEALTH MANAGEMENT  |  Youtube

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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Iraq Economic News and Points To Ponder Monday Afternoon 11-4-24

Imports And Dependence On Oil Are Two Obstacles To Iraq's Accession To The World Trade Organization
 
Economical 11/03/2024  Baghdad: the mainstay of the emirate   Membership in the World Trade Organization allows access to international trade policies, and despite the economic policies that Iraq has pursued during the last two decades in terms of international openness and the pursuit of establishing modern economic and legislative rules, attempts for the country to obtain a seat in the World Trade Organization have not succeeded so far, noting that Iraq became an observer member of the organization in 2004.

Financial Advisor to the Prime Minister, Dr. Mazhar Muhammad Salih, said:
 
The Iraqi economy lacks supervisory and regulatory regulations within the scope of trade relations and international requirements in accordance with internationally approved standards.
 
Supporters of joining the World Trade Organization believe that this path allows the organization’s member states to have wider access to global markets, while Membership in the World Trade Organization ensures access to international trade policies. Saleh stated that
 
there is a lack of some important economic legislation, especially related to the rights of workers in the private sector, and the field of social security and union organization. He touched on the presence of
 
two restrictions that weaken Iraq’s role in the international institution.

The  first is that Iraq is an importing country and does not have the competitive ability to export, and the
 
     second is semi-reliance. Total on oil.
 
For his part, academic Dr. Amr Hisham explained: 
Supporters of joining the World Trade Organization have a number of reasons that encourage joining, including that international trade agreements give broader vital access to global markets in the fields of goods and services, and the agreements and their rules create a trade climate that allows a reasonable amount of trade. Commercial forecasting, to achieve the goal of preparing marketing and export plans.

He explained that  trade agreements include obligations and rights, and the exercise of the rights contained in the agreements is limited to member states in the region alone, and resorting to the Trade Dispute Settlement Authority imposes seriousness in applying the rules to all parties, with the presence of a special mechanism to take punitive measures in the event of non-implementation.
 
Hisham cautioned that membership in the World Trade Organization guarantees access to other trade policies and the measures they contain that would affect access to markets, the extent of their consistency with international agreements, and participation in future negotiations to ensure the defense of commercial interests that concern those countries, and the formulation of agreements.

New measures approved by ministerial meetings.
 
The World Trade Organization (WTO): An intergovernmental organization that regulates and facilitates international trade between nations.
 
Governments use the organization to establish, review and implement the rules governing international trade.
 

The organization officially began its operations on January 1, 1995 in accordance with the Marrakesh Agreement, thus replacing the GATT Agreement concluded in 1948.
 
The World Trade Organization is the largest international economic organization in the world.
 
It has 164 member states that account for more than 98 percent of global trade and global commercial GDP.

https://alsabaah.iq/105164-.html   

How Did Reducing Inflation Help Stabilize Commodity Prices In Iraq?
 
November 2, 2024  Baghdad/Iraq Observer    The Association of Private Banks confirmed on Saturday that the government's success in reducing the inflation rate to 3.8% helped stabilize commodity prices.
 
The Executive Director of the Association of Private Banks, Ali Tariq, told the official agency, followed by “Iraq Observer,” that
 
“the Association of Private Banks and the Central Bank of Iraq held a symposium entitled
(The Statistics Cycle in Drawing up Monetary Policy),” indicating that
 
“the use of statistical data and information is a methodology adopted by the Bank.” The Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of
     monetary policy or
     decisions that affect the economy in general.” He added,
 
 “The aim of the symposium is to
 
     clarify economic, financial and banking data to the public by specialists. To view the data published on the Central Bank of Iraq website: To
     clarify progress and shortcomings regarding the financial sector or monetary policy.” Tariq stressed that
 
 “one of the important indicators is related to the banking sector, the
     size of deposits, or the
     size of the monetary mass, and the
     distribution of deposits between the government and private banking sectors, in addition to the
     impact of credit and loans and on the gross domestic product,” explaining,

“On the other hand, as economic indicators, the most important of them was the inflation rates that It decreased significantly in the recent period to reach 3.8 percent,” noting,
 
“This is considered an excellent percentage that maintains the stability of commodity prices and
     thus the price increase is less for the citizen.”   https://observeriraq.net/كيف-ساعد-تخفيض-التضخم-باستقرار-أسعار-ا/   

Al-Sudani Directs Taking A Number Of Steps To Enhance And Develop Electronic Payment Systems And Services

Monday 04 , November 2024  | General Number of readings: 129  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani directed to take a number of steps to enhance and develop electronic payment systems and services.

The Prime Minister's Media Office stated in a statement: "In implementation of the financial and economic reform approach, which represents one of the most important priorities of the government, the Prime Minister directed to take a number of steps to enhance and develop electronic payment systems and services:

First: Work to localize the salaries of private sector employees, similar to the government sector, and assign both the Ministry of Labor and Social Affairs and the Central Bank of Iraq, with the participation of a number of private sector institutions, to prepare an appropriate mechanism for this purpose.

Second: Ministries and all government institutions to leave cash payments and use electronic payments in collection and other related transactions, through an integrated plan submitted by each ministry or government institution before December 31, 2024, with actual implementation to begin no later than July 1, 2025." / End7  https://ninanews.com/Website/News/Details?Key=1166212

The Governor Of The Central Bank Of Iraq Meets With Employees Of The Erbil Branch
 
November 03, 2024   His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, visited the bank’s branch in Erbil.
 
    His Excellency the Governor inspected some departments in the branch building, where he was briefed on the progress of their work and the achievements achieved by the branch.
 
His Excellency the Governor directed to the necessity of  cooperation and work on stimulating financial policies, to    improve the banking sector and the services that banks provide to citizens, in addition to making observations about the need to  intensify efforts to enhance the capabilities of banking work.

His Excellency urged the branch’s employees to   provide the best banking services to the residents of the geographical area supervised by the branch, directing the need to    strengthen the Central Bank’s supervisory and supervisory position over banks operating in the Kurdistan region of Iraq.  Central Bank of Iraq    Media office   November 3, 2024     https://cbi.iq/news/view/2705  

The Central Bank Organizes A Symposium On The Role Of Statistics In Formulating Monetary Policy
 
November 03, 2024      The Central Bank of Iraq and the Iraqi Private Banks Association organized a symposium entitled “The Role of Statistics in Drawing Monetary Policy,”
 
in the presence of the Deputy Governor of the Central Bank of Iraq, Dr. Ammar Hamad Khalaf, and the President of the Iraqi Private Banks Association, Mr. Wadih Al-Handal, along with a number of bank representatives and professors. Universities and economists.
 
    The symposium witnessed Dr. Samir Fakhri, Director General of the Department of Statistics and Research at the Central Bank of Iraq, giving a detailed presentation that included a set of data related to monetary policy, indicating that
 
monetary and banking indicators are witnessing remarkable growth, thanks to the policies of the Central Bank.
 
    It is noteworthy that this symposium comes within the framework of the Central Bank of Iraq’s keenness to enhance awareness of the role of statistics and data in supporting monetary and economic policies, in a way that serves the sustainable economic development of Iraq.
      
    Central Bank of Iraq   Media office  November 3, 2024    https://cbi.iq/news/view/2704   

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

Gold Telegraph: Conversations with Judy Shelton, Part 1

Gold Telegraph: Conversations with Judy Shelton, Part 1

Nov. 3, 2024

 “I want the United States to be the leader if there’s any kind of gold backing to a currency.” – @judyshel

Economic advisor to former President Donald Trump, Judy Shelton, joins me for a captivating conversation spanning a wide range of subjects.

Judy Shelton is a Senior Fellow at the Independent Institute and author of the book Good as Gold: How to Unleash the Power of Sound Money.

She is the former Chairman of the National Endowment for Democracy and former U.S. Director of the European Bank for Reconstruction and Development. She has testified before the U.S. Senate Banking, Senate Foreign Relations, House Banking, House Foreign Affairs, and Joint Economic Committee.

In our conversation, we explore a series of compelling topics, highlighted by Judy’s riveting career stories, including her interactions with figures like Alan Greenspan, Paul Volcker, and other influential central bankers.

One of the most powerful revelations she shared was Paul Volcker’s frank admission: he had always believed the United States would eventually return to the Bretton Woods system.

For those unfamiliar, Volcker was referencing the pivotal moment known as the Nixon Shock in 1971, when President Nixon abruptly suspended the U.S. dollar’s convertibility into gold, shattering the foundation of the Bretton Woods system.

At that historic moment in history, Volcker served as the Under Secretary of the Treasury for International Monetary Affairs.

This marked the transition to a pure fiat monetary system.

We get into a wide-ranging conversation that covers many topics, which include:

• The US Dollar
• The U.S. National Debt as a Security Threat
• Federal Reserve’s Role in America’s debt and Financial Instability
• Historical Perspectives on Monetary Policy
• Potential Return to a Gold-Backed System
• Comparisons Between Soviet Central Planning and Current Economic Policies
• BRICS Countries and Global Financial Shifts
• Treasury Bond Backed by Gold and the Potential for Gold Backed Stablecoins
+ much more.

I hope you all enjoy this conversation, and a big thank you to @judyshel for joining me for our first Gold Telegraph conversation.

TIMESTAMPS:

0:49 – How much does the US dollar’s global dominance depend on the upcoming election?

2:08 – Is debt a threat to U.S. national security?

3:20 – How responsible is the Federal Reserve for America’s current debt level?

7:54 – How has the Federal Reserve contributed to the financial instability we face today?

13:22 – How do you see today’s shifting global landscape, given your deep background in historical analysis?

19:46 – Are we on the verge of another major global monetary shift, and what might it look like?

29:13 – Was there a specific moment or event early in your career that sparked your interest in the study of gold?

34:09 – Memorable stories from your conversations with Alan Greenspan, Paul Volcker and Robert Mandel

39:22 – How do you define sound money?

46:14 – How interconnected are sound money, economic opportunity, stability, and global peace, especially in today’s polarized world?

49:51 – Why do you think so many policymakers dismiss and mock gold, even as global demand is at records and central banks are stockpiling?

54:13 – How does the Fed’s dual mandate open it to political vulnerabilities, and could a rules-based system address these issues?

59:37 – How does the Fed’s centralized control over interest rates affect what is supposed to be a market-based economy?

1:02:48 – Are central banks aggressive policies eroding or undermining capitalism and the concept of free markets?

1:06:23 – Are BRICS nations positioning gold to become a unit of account and medium of exchange, potentially bypassing the traditional financial system?

1:09:38 – Could imposing tariffs on countries that move away from the dollar actually help America maintain its financial muscle?

1:14:47 – What gives you hope for potential reforms that could create a monetary system supporting economic freedom and stability for everyone?

1:16:58 – Could we potentially see you in the next administration advocating for these policies?

https://twitter.com/i/status/1853109702248280206

Source(s):   https://x.com/GoldTelegraph_/status/1853109702248280206

https://dinarchronicles.com/2024/11/03/gold-telegraph-conversations-with-judy-shelton-part-1/

**

Gold Telegraph: Judy Shelton Says Debt is a National Security Threat

In my conversation with Judy Shelton, I asked whether debt poses a national security threat to the United States.

She responded, “It is a national security threat, and this has been developing over a long time…”

Watch the entire conversation, here:

The United States Treasury is spending roughly 3% of GDP on interest payments for the national debt, marking the highest ratio since 1996.

The national debt is now nearly $36 trillion.

Do people actually think this can go on forever?

Source(s):
https://x.com/GoldTelegraph_/status/1853175191108477104
https://x.com/GoldTelegraph_/status/1853173647680114982

https://dinarchronicles.com/2024/11/03/gold-telegraph-judy-shelton-says-debt-is-a-national-security-threat/

Seeds of Wisdom RV and Economic Updates Monday Morning 11-4-24

Good  Morning  Dinar Recaps,

PAKISTAN MOVES TO LEGALIZE CRYPTO AS GOVERNMENT SIGNALS SHIFT IN FINANCIAL POLICY

Pakistan moves to legalize crypto as the government proposes amendments to the SBP Act, signaling a shift in its financial policy.

According to a report by The Express Tribune, the amendments would allow the SBP to issue digital currency and manage the country’s money in both physical and digital forms.

The amendments also include the proposal to grant the SBP power to conduct “central bank digital currency” business, adding that CBDCs could operate as a legal tender. Moreover, the SBP plans to establish a subsidiary to develop and operate digital payment systems, the report reads.

Historically, Pakistan’s central bank has categorized cryptocurrencies like Bitcoin (BTC) as illegal tender, issuing warnings about the associated risks. The central bank specifically highlighted the lack of legal protections for financial losses resulting from the high volatility of cryptocurrencies.

The proposed amendments introduce penalties for the unauthorized issuance of digital currencies, imposing fines equal to twice the value of any illegal currency created, per the report.

While no specific timeline has been announced for federal cabinet approval of the amendments, these changes could shift the narrative toward regulatory oversight and the integration of digital currencies into Pakistan’s financial framework. The amendments would also expand the SBP board’s authority, enabling it to approve a wider range of financial reports and enhance governance processes.

@ Newshounds News™

Source:  Crypto News

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KRAKEN LAUNCHES LICENSED CRYPTO DERIVATIVES IN AUSTRALIA

Kraken expands into Australia’s crypto derivatives market with a regulated broker service for wholesale investors.

Kraken, a centralized cryptocurrency exchange, introduced a licensed brokerage service in Australia targeting wholesale clients and designed to meet the needs of institutional and large-scale investors.

The new service offers Australian clients crypto-based derivatives trading, a financial product tied to cryptocurrency prices without requiring direct ownership of digital assets.

Eligible clients have been able to trade crypto-based derivatives via Kraken’s platform since Nov. 3. Interested clients can apply or check their eligibility for the service through the Kraken Pro app.

The launch of Kraken’s new Australian-targeted broker service demonstrates the exchange’s move toward regulatory compliance, preparing it to handle potential institutional liquidity inflows.

New service offering details
Kraken’s new product, available through its Australian financial services-licensed broker, allows clients to access multiple crypto options with multi-collateral support.

The suite of derivatives includes features like collateral flexibility, supporting fiat, stablecoins and other cryptocurrencies, while offering risk management tools and trading strategies designed to enhance asset security.

Despite the new service’s potential advantages, Kraken warned investors of the high risks associated with some crypto derivatives in which losses can “substantially” exceed initial investments.

Kraken commitment to compliance
The exchange’s expansion into the Australian wholesale derivatives market is the latest step in aligning with local regulatory requirements.

In the launch announcement, Jonathan Miller, Kraken’s general manager for Australia, said that Australian wholesale clients are seeking an option “to execute advanced trading strategies using a licensed broker.”

Miller added that the country has been a “cornerstone” of the exchange’s global operation and expressed Kraken’s commitment to regulatory compliance while unlocking “institutional demand for crypto assets.”

Kraken to launch Ink blockchain in 2025
Kraken’s plans to launch its own blockchain in early 2025, dubbed “Ink,” were revealed in a Bloomberg report in Oct 24..
The report said that the new blockchain aims to allow users to trade, borrow and lend tokens without intermediaries while simplifying the decentralized finance (DeFi) process.

Ink signals Kraken’s step away from its current position in crypto and toward Web3 and decentralization principles as it bids to make DeFi more accessible and cost-effective for users.

@ Newshounds News™

Source:  CoinTelegraph

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🌱 WARREN BUFFETT PREFERS CASH AND WHY  |  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

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“Tidbits From TNT” Monday Morning 11-4-2024

TNT:

Tishwash:   The Special Representative of the Secretary-General of the United Nations arrives in Najaf to meet with Mr. Sistani

 The Special Representative of the Secretary-General of the United Nations, Mohammed Al-Hassan, arrived in Najaf today, Monday, to meet with the Grand Ayatollah, Sayyid Al-Sistani.

The UN Secretary-General had earlier announced the appointment of Mohammed Al-Hassan as his new Special Representative in Iraq and Head of the United Nations Assistance Mission in Iraq (UNAMI), succeeding his former Special Representative, Jeanine Hennis-Plasschaert.  link

Tishwash:  Extension of the legislative term of the Iraqi parliament for an additional month to pass laws

 Member of the Parliamentary Legal Committee, Mohammed Al-Khafaji, revealed on Monday that the current legislative session of the Council of Representatives ends on the 9th of this month, and that extending it for another month is subject to Article 58 of the Iraqi Constitution. 

He added in a statement to Shafaq News Agency that according to this article, the legislative term can be extended at the request of the President of the Republic, the Prime Minister, the Speaker of the House of Representatives, or 50 representatives, provided that the extension is approved by a vote of the majority of the members of the House.

Al-Khafaji explained that there is a trend to extend the legislative session from November 9 to December 9, in order to organize the work of Parliament and approve pending laws, as the past period witnessed repeated postponements in the Council’s sessions and the incomplete agenda.

Al-Khafaji pointed out that the extension will provide an additional opportunity for the government to submit the draft general budget law for 2025, which is supposed to be submitted before the end of this year. He stressed the importance of the government taking advantage of this time to avoid the delay that the budget witnessed this year. link

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Tishwash:  Al-Sudani receives a memorandum of understanding to establish a higher ministerial council between Iraq and the Netherlands

Prime Minister Mohammed Shia al-Sudani received, on Monday, a memorandum of understanding to establish a higher ministerial council between Iraq and the Netherlands for governmental cooperation in all fields.

Al-Sudani's office stated in a statement received by Shafaq News Agency that the latter received the new Dutch Ambassador to Iraq, Janet Alberda, and congratulated her on assuming her duties in Iraq, stressing the importance of strengthening bilateral relations in various fields, and working to develop them, in a way that achieves mutual benefit and common interests.

Al-Sudani received a draft memorandum of understanding to establish the Supreme Ministerial Council between the governments of Iraq and the Netherlands, for the purpose of working on ministerial cooperation in all fields, in addition to discussing the issue of the withdrawal of the coalition and entering into bilateral relations between the two countries.

During the meeting, the situation and developments in Lebanon and Gaza were discussed, and the importance of seeking to stop the war and deliver relief supplies to the affected areas and those afflicted by the aggression was emphasized  link

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

Tishwash:  Prime Minister: The necessity of strengthening Iraq's position to be at the forefront of the region's countries in the technological aspect

Prime Minister Mohammed Shia al-Sudani stressed, on Sunday, the necessity of strengthening Iraq's position to be at the forefront of the countries of the region in the technological aspect.

The Prime Minister's Media Office said in a statement, seen by "Al-Eqtisad News", that "Prime Minister Mohammed Shia Al-Sudani chaired the second meeting of the Supreme Committee for Artificial Intelligence."

He added that "Al-Sudani listened, at the beginning of the meeting, to the government plans related to developing aspects related to artificial intelligence for employees, educational and educational sectors, and the agriculture and water resources sector, in addition to reviewing the legislative policy; in order to prepare a draft law regulating the work of artificial intelligence applications."

He continued that "Al-Sudani reviewed the details and proposals related to introducing the subject of computers and artificial intelligence into the curricula of the Ministry of Education in the next academic year, stressing the need for every school to have a smart screen and an internet connection to establish a special laboratory for artificial intelligence, stressing the need to strengthen Iraq's position to be at the forefront of the countries of the region in the technological aspect, with its various capabilities and potentials in this field."

He explained that "Al-Sudani agreed to launch an initiative aimed at attracting competencies from abroad in the public and private sectors, including leaders and employees, by training 100 digital leaders as a first stage, and informing them of the latest experiences in this field, under the supervision of international experts, in order to create and implement policies in order to raise the quality of services provided to citizens." link

Mot: Remember when no one ever said… “Where’s my phone”!   

Mot: . Every Year bout This Time! - Where is My Catalog   

Seeds of Wisdom RV and Economic Updates Sunday Afternoon 11-3-24

Good Afternoon Dinar Recaps,

XRP LEDGER MAKES MAJOR LEAP FOR INSTITUTIONAL-GRADE DEFI AS THIS FEATURE LAUNCHES

According to an exciting announcement by the RippleX official X account, the XRPL oracle pricing amendment is now live. This amendment adds a "Price Oracle" feature to XRP Ledger, as defined in the XLS-47 specification. The XRPL price oracle is intended to store pricing information about asset pairs that exist outside of XRP Ledger, allowing smart contracts that rely on XRP Ledger to use this information.

A blockchain oracle is a system in which a service feeds information to the blockchain about the outside world, which may subsequently be accessed by decentralized apps (dApps) that run primarily on or with the blockchain.

Oracles provide a secure and efficient means of bringing real-world data onto a given blockchain system for smart contract use. This is particularly critical for institutional DeFi, which is central to XRPL.

XRPL’s Oracle is protocol-native, which means that it is built into the network itself and not a Layer 2, similar to XRPL’s AMM.

External oracles such as Band Protocol and DIA, which are currently integrated into XRPL, will also be able to connect and provide price feed data.

With the new XRPL price oracle and integrations with Band Protocol and DIA, XRPL's native oracles will be able to offer real-time data for key DeFi features like the AMM and lending protocols.

This represents a significant step forward for institutional-grade DeFi. The XRPL DID amendment went live last week, marking yet another significant milestone for XRP Ledger. DID is a unique, user-owned identifier that is not controlled by any central authority.

Use cases for XRP price oracle
Many upcoming XRPL protocols will require oracles, such as the XRPL Lending Protocol for lending rates and liquidation management, as well as the XRPL AMM and DEX for determining asset prices across all Web2 and Web3 marketplaces. The XRPL EVM Sidechain will also need it to support EVM smart contracts and quick data syncs between the mainnet and sidechain.

Tokenized assets would also require an XRP price oracle. In February, Ripple and Zoniqx announced a partnership that will bring Zoniqx's asset tokenization infrastructure to XRP Ledger. This would require that the prices of real-world assets be streamed on-chain in real time.

@ Newshounds News™

Source:  U Today

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CARDANO COMMUNITY DIVIDED ON CHARLES HOSKINSON’S ROLE AS BLOCKCHAIN EMBRACES DECENTRALIZATION

▪️Cardano has launched Node 10.11, a significant update that supports the Chang 2 hard fork.

▪️This upgrade empowers ADA holders and encourages active participation in Cardano's governance.

▪️Meanwhile, the Cardano community is divided on the role of the blockchain network's founder, Hoskinson.

Cardano has introduced Node 10.11, marking a major leap in the network’s journey toward decentralized governance.

On November 1, Intersect MBO, a Cardano-led member organization, launched Node 10.11 as the first mainnet release to support the Chang #2 inter-era hard fork. This upgrade transitions the network from its initial technical bootstrapping phase into a fully on-chain governance model.

Cardano’s Governance Evolution Continues with Chang #2
Node 10.11 includes features designed to empower governance within the Cardano ecosystem. 

Stake Pool Operators (SPOs) can now delegate their votes to preset options, and Delegated Representatives (DReps) gain an auto-abstain feature.

The update also enhances Cardano’s ledger, command-line interface (CLI), API, and networking code, creating a more robust foundation for governance and user interaction.

Intersect highlights the Chang 2 upgrade as the completion of Cardano’s move to fully on-chain governance, an evolution from the initial bootstrap model introduced in the first Chang upgrade.

This shift allows ADA holders—who since the Chang 1 update on September 1, have been able to delegate governance responsibilities to DReps or represent themselves—to play a more active role in the network’s decision-making processes.

Under the new Chang 2 framework, ADA holders must delegate to a DRep to withdraw staking rewards, although rewards will continue to accrue regardless of delegation status. Withdrawals will be possible only after delegating to a DRep or selecting the auto-abstain or no-confidence options. 

This would encourage active participation in Cardano’s governance structure as it moves closer to its decentralized vision.

“Following a successful Chang #2 hard fork, decisions on the Cardano blockchain will be shaped and voted on via fully decentralized governance, as detailed in CIP-1694,” Intersect stated.

Meanwhile, as Cardano enters this new phase, its founder, Charles Hoskinson, has engaged the community in a unique way. Following some recent public criticism, Hoskinson launched a poll on X (formerly Twitter) asking, “Is Charles Hoskinson a cancer for Cardano?”

As of now, the vote is nearly split, with the “no” responses holding a narrow majority at 51% to 49%. However, the poll has sparked diverse reactions across the community. Some prominent ADA supporters have defended Hoskinson and suggested the poll results might be influenced by bots or external factors.

Indeed, with six days remaining, the poll reflects the community’s mixed perspectives on Hoskinson’s role and influence within Cardano.

@ Newshounds News™

Source:  Be In Crypto

~~~~~~~~~

🌱 LAYERS OF THE GLOBAL CURRENCY RESET & REVALUATION: WHAT YOU NEED TO KNOW!  |  YOUTUBE

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Source:  Seeds of Wisdom Team RV Currency Facts

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BRICS Unit Backed by Gold to Shutdown US Financial Control

BRICS Unit Backed by Gold to Shutdown US Financial Control

Sean Foo:  11-2-2024

In a time of unprecedented financial evolution, today’s conversation between Sean Foo and Andy Schectman offers deep insights into the growing influence of BRICS nations (Brazil, Russia, India, China, and South Africa) and their potential to disrupt the Western-dominated financial landscape.

 As globalization reshapes the way economies interact, the global South is pivoting to establish a more autonomous payment platform, directly challenging the traditional supremacy of the US dollar.

The implications of these developments cannot be overstated, especially with the prospect of a new monetary unit that could be backed by gold.

BRICS has long been considered a coalition with aspirations extending beyond mere economic cooperation. As its members account for a significant portion of the world’s population and economic output, BRICS aims not just to enhance trade among its members but also to create an alternative financial ecosystem.

The recent push to develop a payment platform allows these nations to bypass Western-controlled payment systems, fostering greater financial autonomy and efficiency.

The establishment of an independent payments platform by the global South marks a pivotal shift in global trade dynamics. By creating a robust infrastructure for monetary transactions that does not rely on traditional Western mechanisms—like the SWIFT system—nations within BRICS and beyond can enhance their economic sovereignty.

This move is essential as countries increasingly seek to insulate themselves from external economic pressures and sanctions often wielded by Western powers.

In the discussion, Sean Foo and Andy Schectman emphasize the potential economic advantages of this platform. Nations within the alliance can expect reduced transaction costs, improved efficiency, and the opportunity to expand trade relations without the constraints imposed by Western financial institutions. Moreover, this initiative aligns with the broader geopolitical strategy of asserting financial independence and fostering regional ties.

Yet, the most compelling aspect of this conversation is the prospect of a new monetary unit, potentially backed by gold. As Andy Schectman points out, this represents a significant challenge to the existing Western financial systems. A gold-backed currency brings historic worth and inherent value, essentially revitalizing a time-tested standard that offers a hedge against inflation and currency devaluation.

The introduction of a gold-backed monetary unit would serve to stabilize currencies of the BRICS nations, potentially attracting other countries disillusioned with the volatility of the US dollar. It’s a strategic move that could reshape global power dynamics, leading to a shift away from a singular reliance on the dollar and creating a multipolar financial world.

The implications of these developments could be profound for the Western financial system. If countries are able to transact in an alternative currency that is stable and dependable, it undermines the dollar’s role as the world’s reserve currency. Given that the US and, by extension, its allies have relied heavily on dollar dominance to impose financial sanctions and leverage economic power, the emergence of a gold-backed unit poses a direct challenge to their authority.

As global economic interdependence shifts, we may witness a recalibration of how financial transactions are conducted, which could lead to greater economic resilience among nations within the BRICS framework.

In their timely discussion, Sean Foo and Andy Schectman shed light on the transformative journey of the global South as it seeks financial independence and reshapes the existing monetary order. The establishment of a payments platform among BRICS nations and the viability of a gold-backed currency highlight a strategic pivot that could disrupt the hegemony of the US dollar.

As we move into an era characterized by economic uncertainty and geopolitical tension, keeping an eye on the developments among BRICS nations is more essential than ever.

This emerging financial landscape may not only redefine trade relations but also signify a broader shift toward a multipolar world. The unfolding narrative of finance in the 21st century is far from complete, and the outcomes of these transformative changes will undoubtedly echo in global markets for years to come.

https://youtu.be/6eUca44ILm8

US Debt Default Inevitable, Only One Way to Stop it

US Debt Default Inevitable, Only One Way to Stop it

David Lin:  11-3-2024

In the ever-evolving landscape of the U.S. economy, one topic looms over discussions like a dark cloud: the potential for a debt default. According to John Deaton, Managing Partner of Deaton Law Firm and Senate Candidate for Massachusetts, this scenario is not only possible—it’s becoming increasingly inevitable unless decisive action is taken.

In a recent conversation with financial journalist David Lin, Deaton outlined the gravity of the situation and proposed solutions to avoid what could be one of the most significant financial crises in American history.

To fully grasp the seriousness of the impending default, we must first understand what the debt ceiling is and why it poses such a threat. The debt ceiling refers to the maximum amount of money that the U.S. Treasury can borrow to cover expenses that Congress has already approved. When this limit is reached, the government must either raise the ceiling or face the consequences of not being able to fund its obligations.

In recent years, political gridlock has made raising the debt ceiling a contentious issue. As the national debt climbs over $31 trillion, each new debate about raising the ceiling seems to bring us closer to the brink of default. According to Deaton, the stakes have never been higher; the nation faces the painful prospect of a fallout that could affect not only the economy but the lives of millions of Americans.

A U.S. debt default would send shockwaves through the global economy, destabilizing financial markets and eroding trust in America’s creditworthiness. The domino effect could cause interest rates to spike, investments to plummet, and create uncertainty in households and businesses alike.

Deaton points out that a default would not only harm economic growth but also impact critical programs like Social Security and Medicare. With so many lives at stake, the question arises: how do we avoid such a catastrophic scenario?

According to Deaton, the route to averting a debt default lies in bipartisan cooperation and fiscal responsibility. Leaders from both sides of the aisle must recognize that putting politics aside in favor of a long-term solution is essential. The U.S. government must adopt a more disciplined approach to budgeting, focusing not just on cutting spending but also on finding new sources of revenue.

Additionally, Deaton emphasizes the importance of restructuring how we think about the national debt. Instead of viewing it solely as a burden, he advocates for strategies that leverage the debt to stimulate economic growth. This includes investment in infrastructure, technology, and education, which could ultimately yield higher returns for the country.

To truly address the looming crisis, Deaton believes we need a paradigm shift in how we approach fiscal policy. This requires transparency in government spending and a commitment to addressing the root causes of our national debt. Politicians must be held accountable for their decisions, and the public must become more engaged in the conversation around economic policy.

The potential for a U.S. debt default is a pressing issue that cannot be ignored. As John Deaton eloquently pointed out in his discussion with David Lin, the only way to stop this impending crisis is through bipartisan leadership and a commitment to fostering a robust economy.

By rethinking our approach to national debt and focusing on long-term growth, we can safeguard the future of the American economy and avoid the disastrous consequences of default.

The time for action is now. It’s up to our leaders and citizens alike to advocate for responsible fiscal policies to ensure that the U.S. remains a pillar of economic stability on the global stage.

The road ahead may be challenging, but with collective effort and sound decision-making, it is one we can travel together.

https://youtu.be/WOSd6Qwa4JM

Iraq Economic News and Points To Ponder Sunday AM 11---3-24

Banking Association: Reducing Inflation Helped Stabilize Commodity Prices

Political | 02/11/2024  Mawazine News – Baghdad  The Private Banks Association confirmed today, Saturday, that the government's success in reducing the inflation rate to 3.8% helped stabilize commodity prices.

The Executive Director of the Private Banks Association, Ali Tariq, told Mawazine News Agency: "The Private Banks Association and the Central Bank of Iraq held a symposium entitled (The Statistics Cycle in Formulating Monetary Policy)," indicating that "the use of statistical data and information is a methodology adopted by the Central Bank of Iraq, especially in the recent period in making decisions, whether at the level of monetary policy or decisions that affect the economy in general."

He added that "the aim of the symposium is to clarify economic, financial and banking data to the public by specialists; to view the data published on the website of the Central Bank of Iraq; to clarify progress and shortcomings related to the financial sector or monetary policy."

Tarek stressed that “one of the important indicators is related to the banking sector, the size of deposits, or the size of the monetary mass and the distribution of deposits between the government and private banking sectors, in addition to the impact of credit and loans on the gross domestic product,” explaining that “

on the other hand, as economic indicators, the most important of which were inflation rates, which decreased significantly in the recent period to reach 3.8 percent,” noting that “this is considered an excellent rate that maintains the stability of commodity prices, and thus the price increase is less for the citizen.”  https://www.mawazin.net/Details.aspx?jimare=256297

Within A Week.. More Than One Billion Dollars In Sales From The Central Bank Of Iraq

Saturday 02 November 2024 15:22 | Economic Number of readings: 188  Baghdad/ NINA / The Central Bank of Iraq's total sales of hard currency for the dollar during the days in which the auction was opened last week exceeded one billion dollars.

The Central Bank sold, during the past week and for the 5 days in which the auction was opened, one billion, 396 million, 679 thousand, and 657 dollars, at a daily average of 279 million, 335 thousand, and 931 dollars, higher than the previous week, which amounted to one billion, 338 million, 650 thousand, and 762 dollars.

The highest sales of the dollar were last Tuesday, when sales amounted to 299 million, 165 thousand, and 952 dollars, while the lowest sales were on Monday, when sales amounted to 266 million, 165 thousand, and 952 dollars.

Foreign remittance sales during the past week amounted to 1 billion, 349 million, 829 thousand, and 657 dollars, an increase of 97% compared to cash sales, which amounted to 46 million, 850 thousand dollars. / End 7   https://ninanews.com/Website/News/Details?key=1165782    

$282 Million Is The Volume Of Sales Of The Central Bank Of Iraq In The Currency Auction

Banks  Economy News – Baghdad  The Central Bank of Iraq announced today, Sunday, its sales of hard currency, which amounted to more than 282 million dollars in today's transactions, according to the official price of 1310.

The bank's data showed that the total internal cash withdrawals amounted to $2,650,000, while the total amounts of transfers abroad, including remittances and credits, amounted to $279,414,798, while the total sales amounted to $282,064,798.   https://economy-news.net/content.php?id=49435

Iraq's Oil Exports To America Decline During The Week

Energy  Economy News – Baghdad  The US Energy Information Administration announced, today, Sunday, that Iraq's oil exports to the United States decreased during the past week.

The administration stated, in a table reviewed by "Al-Eqtisad News", that "the average US imports of crude oil during the past week from 10 major countries amounted to 5.299 million barrels per day, down by 348 thousand barrels per day from the previous week, which amounted to 5.647 million barrels per day."

She added that "Iraq's oil exports to America amounted to 216 thousand barrels per day last week, down by 21 thousand barrels per day from the previous week, which amounted to 237 thousand barrels per day."

The administration indicated that "the largest oil revenues for America during the past week came from Canada at a rate of 3.660 million barrels per day, followed by Mexico at an average of 621 thousand barrels per day, then Venezuela at an average of 250 thousand barrels per day, and Colombia at an average of 150 thousand barrels per day."

According to the table, "the amount of US imports of crude oil from Nigeria amounted to 145 thousand barrels per day, from Libya 89 thousand barrels per day, from Brazil 88 thousand barrels per day, from Ecuador 67 thousand barrels per day, and from Saudi Arabia at a rate of 13 thousand barrels per day. https://economy-news.net/content.php?id=49417

Parliamentary Investment And Development Committee Calls For Commitment To The “Investment Law”

Money and business  Economy News - Follow-up  The Parliamentary Investment and Development Committee called on the National Investment Commission and investment authorities in the governorates to oblige investors and developers to abide by the Investment Law, stressing the endeavor to amend its provisions to appear in the form of an integrated draft law that guarantees the investor's right and at the same time guarantees the state's right.

The committee stressed the importance of attracting real estate developers to contribute to the development of residential lands, in implementation of an item in the budget stipulating the necessity of distributing government lands after preparing them for housing. Committee member, Diaa Al-Hindi, explained in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "this item gives developers the opportunity to develop areas by paving roads and providing basic services, which makes them ready to receive residents, provided that the collection of revenues is allocated to them after the development process."

He pointed out that "current housing projects focus on building complexes that aim to achieve quick profits without paying full attention to the quality of infrastructure or services," noting that "most countries in the world are currently moving towards resorting to real estate developers to ensure an appropriate housing level that meets the needs of citizens and achieves sustainable development."

Regarding the laws that the Parliamentary Investment Committee is working on, Al-Hindi revealed that the committee has completed the "Industrial Investment" law, which is now ready for voting in Parliament, and has also completed discussing the "Investment Law Amendment" to present it as an integrated project that supports investment efforts in the country and encourages attracting local and international investors.

In turn, committee member Susan Mansour said, "The investment law exists and is legislated, and although it is relatively solid, some of its provisions are elastic and need to be amended, as it is one of the most important laws, especially at this stage when Iraq needs to open up to the economic world," indicating that "the investment law is the tool that properly regulates the investment process in the country."

She added, "Most investors do not adhere to the current investment law, calling on the National Investment Commission to adhere to the standards of the law and implement its provisions on investors in a real manner, so that investment in Iraq can rise and become an attractive international environment for investment."   https://economy-news.net/content.php?id=49415

Iraqi Post Makes Progress In Digital Transformation

November 2, 2024  Baghdad - Ibtihal Al Arabi  The General Post and Savings Company, affiliated with the Ministry of Communications, is developing its work on the digital transformation of financial transactions, by converting postal books into electronic cards.

The ministry’s spokesman, Omar Abdul Razzaq, said in a statement yesterday that (the company seeks to enhance the postal service and facilitate the use of postal books electronically, which allows citizens to view their balance and know all movements in their account through the electronic application), according to his expression,

noting that (the digital transformation operations achieved their desired goals of reducing corruption and manipulation of citizens’ deposits), Abdul Razzaq added that (this activity contributed to enhancing citizens’ confidence in the procedures adopted by the Post and Savings Company, within the framework of commitment to the directives of the government program that emphasize the importance of activating digital transformation and electronic payment instead of cash circulation of currency).

The Minister of Communications, Hiyam Al-Yasiri, discussed a package of issues related to the cybersecurity file, as a basic pillar of digital transformation, and how to protect electronic systems and personal data from digital hacking.

 A statement received by Al-Zaman yesterday stated that (a meeting was held between Al-Yasiri and the Information Technology and Cyber ​​Security departments, to review the ideas and opinions presented by the specialized technical teams, to reach a clear vision in preparing applicable analytical studies, keeping pace with the technological development that the countries of the world have reached).

Overcoming obstacles

Al-Yasiri stressed the "necessity of accelerating the pace of work, overcoming obstacles by the competent authorities in the ministry and its formations, and working to prepare professional cadres, in coordination with international companies." In a related context, the Supreme Judicial Council began activating electronic services in all appellate court presidencies.

A statement received by (Al-Zaman) yesterday stated that "it was decided to activate electronic services in all appellate court presidencies, for the systems of oaths and legal arguments, in a manner that ensures the framework of digital transformation adopted by the Council,"

indicating that "this step comes to enhance efforts to digitize judicial procedures," and the statement added that "digital transformation serves to improve the speed of completing transactions, facilitate communication between citizens and judicial authorities, abandon paper records, enhance operational efficiency in time and effort, enable quick and secure access to data and information, and ensure transparency and credibility in litigation procedures and judicial transactions."

Modern techniques

For its part, the Ministry of Interior is moving towards enhancing communications security, relying on modern technologies. Thamer Al-Hussaini, commander of the ministry's Rapid Response Division, said in a statement yesterday that (the Military Industrialization Authority is working to equip the Rapid Response Division with modern technical equipment that contributes in a way to supporting communications security), according to his expression,

stressing that (mutual support is essential for the development witnessed by security institutions). Al-Hussaini explained that (cooperation between ministries and government agencies serves to improve security performance and raise the capabilities of combat units, which enhances their readiness), pointing to (the provision of modern technical equipment by the Manufacturing Authority to improve the Ministry's communications security). LINK

Iraqi National Security Adviser Discusses Strengthening Cooperation With NATO Mission In Iraq

Iraqi National Security Advisor Qasim Al-Araji received today, Saturday, the Commander of the NATO Mission in Iraq, Lieutenant General Lukas Schroers, where the meeting discussed enhancing cooperation between Iraq and the NATO Mission and the importance of exchanging expertise and information between the two sides, with a focus on supporting and training the Iraqi security forces.

Al-Araji reiterated Iraq's keenness to work with the NATO Mission, stressing the importance of the mission's role in supporting the Iraqi forces as an advisory and training mission, not a combat one.

For his part, the Commander of the NATO Mission stressed the continued need to exchange expertise and mutual benefit, pointing to Iraq's long and accumulated experience in the security field, which enhances the opportunities for successful cooperation between the two sides. https://www.radionawa.com/all-detail.aspx?jimare=40042

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

Seeds of Wisdom RV and Economic Updates Sunday Morning 11-3-24

Good  Morning  Dinar Recaps,

COINBASE EXPANDS CFTC-REGULATED FUTURES WITH SILVER AND STELLAR (XLM) CONTRACTS

▪️Coinbase recently announced the launch of futures contracts for silver (SLR) and stellar lumens (XLM) through its Coinbase derivatives exchange.

▪️Coinbase’s futures contracts for these assets align with its mission to offer secure, accessible and regulated financial products.

Coinbase Derivatives’ primary goal in launching new cryptocurrency futures contracts is to create markets that offer retail traders diversification, price discovery, risk management and margin.

It has taken a significant step toward its goals with the launch of new futures contracts for silver (SLR) and Stellar (XLM).

These join the list of products already regulated by the CFTC, which includes LTC, DOGE, SHIB, AVAX, DOT, LINK, Gold, BTC, ETH, BCH and Oil. In its official account X announced that the contracts will be launched on November 11, 2024.

Coinbase Derivatives is a Commodity Futures Trading Commission (CFTC) registered contract marketplace that allows users to trade and hedge the price of digital assets. 

Derivatives are contracts that derive their value from an underlying asset or commodity, allowing you to gain exposure to an underlying asset without buying it.

The impact of Coinbase’s silver futures and XLMs
Coinbase’s official statement suggests that by combining traditional commodities such as Silver with cryptocurrencies such as Stellar, they aim to create a more comprehensive trading platform.

This approach aims to diversify opportunities, allowing investors to manage risk across different asset classes. The futures contracts they offer support effective pricing, meaning they help establish fair market prices and allow traders to respond with confidence to market changes.

The Stellar and Silver contracts are designed to increase market accessibility and are structured for retail trading with smaller contract sizes. 

Specifically, each Silver contract represents 50 troy ounces, while each Stellar Lumens contract is 5,000 tokens. With the introduction of these retail-sized contracts, Coinbase aims to encourage broader participation among retail traders who may be looking for affordable ways to enter the futures markets.

With silver being a new tradable asset for Coinbase, it reflects a push into the commodity markets. Silver futures offer users a means of hedging against inflation or other economic changes, as silver remains a traditionally stable asset in times of market volatility.

On the other hand, XLM is a decentralized open source network that allows for low-cost cross-border transactions between any cryptocurrency pair.

In addition, Stellar has a decentralized exchange (DEX) that allows users to trade assets on the network. In addition to its low-cost trading capabilities, Stellar uses a unique system, the Stellar Consensus Protocol (SCP), to process transactions faster and more reliably than many traditional networks.

In other developments, CNF reported that Robinhood announced its support for Stellar on its official X account on October 23. This allows EU users to deposit and withdraw XLM on the Robinhood app.

This is an important move for Robinhood and XLM, as flexibility in handling the currency can benefit both ecosystems. Despite a 1.94% drop in XLM’s price to $0.0914 in the last 24 hours, trading volume increased 10.74% to $54.29 million, indicating continued investor interest in XLM’s various use cases.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

METAMASK DEV CONSENSYS: SEC CLAIMS UNSUPPORTED IN LAW

Ethereum infrastructure developer Consensys has filed its response to the U.S. Securities and Exchange Commission’s claims of federal securities law violations, adding to its lawsuits against the agency.

The SEC previously accused Consensys’ crypto wallet, MetaMask, of operating as an unregistered broker and securities issuer.

Consensys fully refuted the SEC’s allegations, criticizing the agency and its chair, Gary Gensler, for what it described as an unconstitutional attack on the decentralized finance ecosystem. Its court-submitted reply reaffirmed its stance and dissatisfaction with the SEC’s lawsuit.

This action is just the latest step in the SEC’s recent campaign to seize control over the future of blockchains and cryptocurrency, one of the fastest-growing and most innovative technologies in the world… The SEC’s attempt to impose its regulatory authority on this technology and insert itself into this crypto architecture is unsupported in the law — its claims must fail.

Consensys response to SEC suit

Before becoming the subject of an SEC probe, Lubin’s firm had sued the SEC over its Ethereum investigation. Agency prosecutors closed the inquiry and promptly filed a complaint against MetaMask’s creator. The SEC alleges that MetaMask facilitated illegal securities trading and that its staking service violated financial regulations.

Consensys countersued the regulator to determine whether the law grants the SEC regulatory oversight. Bill Hughes, a lawyer for Consensys, revealed that U.S. Judge O’Connor granted an expedited calendar for the case.

Meanwhile, CEO Joseph Lubin announced staff layoffs attributed to regulatory battles and macroeconomic factors, with Consensys reducing its workforce by 20%.

Several firms under pressure from SEC litigation may see the approaching U.S. general elections as a potential advantage. Digital asset companies have donated over $190 million to crypto-focused super PACs like Fairshake, outspending all other industries.

@ Newshounds News™

Source:  Crypto News

~~~~~~~~~

🌱 WARREN BUFFETT PREFERS CASH AND WHY  | YOUTUBE

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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“Tidbits From TNT” Sunday Morning 11-3-2024

TNT:

Suspended laws await Al-Mashhadani’s “hammer”... Parliament Speakerfaces “complex” files and short time

The head of the Iraqi Center for Strategic Studies, Ghazi Faisal, believed that the suspended laws and draft laws that are still in the drawers of the House of Representatives will constitute a burden on the remainder of the current session under the leadership of the new Speaker of the House of Representatives, Mahmoud Al-Mashhadani.

Faisal said in an interview with Al-Mada, “Some laws will be postponed to the next session due to the selective approach followed by parties or blocs in the House of Representatives in legislating laws.”

He stressed that "there are about 50 laws referred to in the constitutional articles, and they are extremely important laws related to the implementation of the constitution. When they are not enacted, the constitutional articles related to them remain frozen and inactive."

Dozens of laws are still pending in the halls of the House of Representatives, awaiting approval for months, and some of them have been frozen for years due to disagreements between political blocs over them or proposals to amend them.

For his part, political analyst Omar Al-Nasser said in an interview with Al-Mada, “Mashhadani will face multiple challenges, most notably unifying the Sunni ranks and unifying his discourse, in addition to dealing with the file of ministerial amendments that Al- Sudani intends to propose, which is a complex path that requires consensus between the forces and parties.”

Al-Nasser explained to Al-Mada that “Al-Mashhadani will face a number of challenges, most notably the suspended laws, the relationship between Baghdad and Erbil, and regional tensions. If he is able to deal with these files in a positive way , he may contribute to restoring confidence between the citizen and the political class.” link

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

Tishwash:  Parliamentary Finance to NINA: Approval of 2025 general budget schedules after legislative recess

The Parliamentary Finance Committee revealed the date for approving the schedules of the Federal General Budget Law for the new year 2025.

Committee member, MP Moeen Al-Kazemi, stated in a statement to the National Iraqi News Agency / NINA /, that "the Council of Representatives will enter the legislative recess on the ninth of this month, and there is a trend to extend the work of the sessions for only one month, after which the schedules of the General Budget Law 2025 will be approved."

He added, "After settling the issue of electing the Speaker of Parliament, the conditions are now ready and favorable for approving the four laws: the draft amendment to the General Amnesty Law, the proposed Personal Status Law, the draft law on military service and retirement for the Mujahideen of the Popular Mobilization Forces, and the draft law to return the properties covered by the decisions of the dissolved Revolutionary Command Council to their owners."

He continued, "There is an expected ministerial change, and this places the parliamentary committees before an important and great responsibility to activate their role in following up on the work of the government. It also requires more understanding and harmony in the State Administration Coalition to approve the change of some ministers.  link

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

Tishwash:  Parliamentary Investment and Development Committee calls for commitment to the “Investment Law”

The Parliamentary Investment and Development Committee called on the National Investment Commission and investment authorities in the governorates to oblige investors and developers to abide by the Investment Law, stressing the endeavor to amend its provisions to appear in the form of an integrated draft law that guarantees the investor's right and at the same time guarantees the state's right.

The committee stressed the importance of attracting real estate developers to contribute to the development of residential lands, in implementation of an item in the budget stipulating the necessity of distributing government lands after preparing them for housing. Committee member, Diaa Al-Hindi, explained in an interview with "Al-Sabah", followed by "Al-Eqtisad News", that "this item gives developers the opportunity to develop areas by paving roads and providing basic services, which makes them ready to receive residents, provided that the collection of revenues is allocated to them after the development process."

He pointed out that "current housing projects focus on building complexes that aim to achieve quick profits without paying full attention to the quality of infrastructure or services," noting that "most countries in the world are currently moving towards resorting to real estate developers to ensure an appropriate housing level that meets the needs of citizens and achieves sustainable development."

Regarding the laws that the Parliamentary Investment Committee is working on, Al-Hindi revealed that the committee has completed the “Industrial Investment” law, which is now ready for a vote in Parliament, and has also completed discussing the “Investment Law Amendment” to present it as an integrated project that supports investment efforts in the country and encourages attracting local and international investors.

In turn, committee member Susan Mansour said, “The investment law exists and is legislated, and although it is relatively solid, some of its provisions are elastic and need to be amended, as it is one of the most important laws, especially at this stage when Iraq needs to open up to the economic world,” indicating that “the investment law is the tool that properly regulates the investment process in the country 

She added, “Most investors do not adhere to the current investment law, calling on the National Investment Commission to adhere to the standards of the law and implement its provisions on investors in a real manner, so that investment in Iraq can rise and become an attractive international environment for investment.”link

Mot: .. Extra Sleep there is -- unless ---

Mot: Gunna be Interesting I Thinks!!!! 

Mot: ...... Getting Ready she is!!!