Seeds of Wisdom RV and Economic Updates Friday Afternoon 11-15-24

Good Afternoon Dinar Recaps,

CRYPTO LEADERS UNITE FOR DESCI: A NEW ERA OF SCIENCE WITH BLOCKCHAIN

▪️DeSci movement seeks to make scientific research more open, fair, and accessible.

▪️Prominent figures like CZ, Vitalik, and Brian Armstrong are actively supporting DeSci's goals.

▪️DeSci can improve scientific funding, democratize research, and foster greater collaboration within the scientific community.

Decentralised Science is now one of the most sensational topics in the cryptocurrency world. Its goal is to make science more open, transparent, and accessible, while solving long-standing issues such as limited funding and lack of data-sharing in the scientific community.

Some of the biggest names in crypto, including Binance Co-Founder Changpeng Zhao, Ethereum Co-Founder Vitalik Buterin, and Coinbase CEO Brian Armstrong, have publicly supported DeSci.

Let’s explore what this movement is all about.

Crypto Leaders Back DeSci
Reports show that crypto leaders like Zhao, Buterin, and Armstrong believe that DeSci has the potential to transform the scientific world by tackling challenges such as funding shortages and restricted access to research data.

Changpeng Zhao: CZ is particularly interested in solving the funding issue for science. He is looking into how blockchain technology can be used to create new ways to fund research. Blockchain’s transparency and security could open up fresh opportunities for financing scientific projects.

Vitalik Buterin: According to reports, Vitalik is keen to make the environment of scientific research more democratic in nature. He is likely to promote the usage of tools like quadratic funding and DAOs.

Brian Armstrong: Coinbase CEO Brian Armstrong is also a strong advocate for DeSci. Recent reports reveal that Coinbase has backed ResearchHub, a decentralized platform that encourages open sharing and collaboration in science. Armstrong’s support highlights his commitment to making scientific research more open and accessible.

Changing the Future of Science
The DeSci movement could play a major role in overcoming some of the most pressing issues in science. From funding shortages and data-sharing problems to publishing challenges, DeSci offers innovative solutions that could improve how science is conducted and shared.

With support from influential crypto leaders, DeSci has the potential to transform how scientific research is funded and shared. This is certainly something to look forward to!

@ Newshounds News™

Source: Coinpedia 

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TRUMP NOMINATES FORMER SEC CHAIR AS SDNY ATTORNEY

Trump nominates Jay Clayton to lead the highly influential office.

A familiar figure who enforced securities regulations against the crypto industry under the previous Trump Administration may soon find himself back in power, this time as a chief federal prosecutor.

What’s the Scoop?

Presidential Appointment: 

In an announcement to Truth Social followers on November 14, President Elect Donald Trump made public his intention to nominate former Securities and Exchange Commission (SEC) chair Jay Clayton as U.S. Attorney for the Southern District of New York.

Key Enforcer:  

Notably, the SDNY jurisdiction encompasses Manhattan; the trial district has long been one of the most active in the United States and often decides matters related to American financial institutions and the prosecution of white-collar crime.

Bankless Take:
Trump presented himself as crypto’s champion on the campaign trail, but Clayton’s appointment as U.S. Attorney for a key federal prosecutorial district has offended many within the industry. 

While crypto participants remain optimistic for the impending Trump Administration embrace, Clayton’s appointment threatens to increase enforcement actions against blockchain-based issuers of unregistered security products.

This Newshound agrees with Bankless on this appointment!

@ Newshounds News™

Source:  Bankless

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US ATTORNEY'S OFFICE FOR THE SOUTHERN DISTRICT OF NEW YORK TO PARE BACK CRYPTO-RELATED CASES: REUTERS

▪️The U.S. Attorney’s Office for the Southern District of New York has brought a number of high-profile cases, including against former FTX CEO Sam Bankman-Fried.

▪️The news comes a day after President-elect Donald Trump tapped Jay Clayton to lead that office.

The U.S. Attorney's Office for the Southern District of New York, a prominent and powerful court that has brought numerous high-profile crypto-related cases, plans to cut back on cases related to crypto, according to one of its top prosecutors.

That doesn't mean prosecutors there will disregard crypto cases, but fewer people will be working on them compared to 2022, Scott Hartman, co-chief of the securities and commodities fraud task force at the Manhattan Court said during a Practising Law Institute conference on Friday, according to reporting from Reuters.

"You won't see as much crypto stuff coming out of at least the SDNY in the future," Hartman said at the conference.

Prosecutors in Manhattan brought several high-profile cases against crypto industry players including against former FTX CEO Sam Bankman Fried and Celsius founder Alexander Mashinsky. Both firms filed for bankruptcy in 2022.

Hartman's comments come a day after President-elect Donald Trump tapped Jay Clayton to lead that office as Attorney for the Southern District of New York.

Clayton previously served as chair of the U.S. Securities and Exchange Commission from 2017 to 2020 and led the agency through the initial coin offering boom of 2017-2018. During that time, his office filed several high-profile lawsuits against prominent and lowly crypto projects. Before leaving the SEC, charges were filed against Ripple. 

The SEC accused the firm of raising $1.3 billion through the sale of XRP, which the agency says is an unregistered security. The case is ongoing after a New York judge gave both parties a partial win and both have filed appeals.

SDNY's Hartman also said on Friday that SDNY knows that its "regulatory partners are very active in this space." Both the U.S. SEC and the Commodity Futures Trading Commission have brought numerous cases involving crypto over the years, including against FTX, Binance and other crypto entities.

@ Newshounds News™

Source:   The Block

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Iraq Economic News and Points to Ponder Friday Afternoon 11-15-24

New Decline In Gold In Iraq.. And Globally Records The Worst Week In 3 Years

Time: 2024/11/15 Read: 1,911 times  {Economic: Al Furat News} Gold prices in Iraq continued to decline today, Friday, along with its global decline.

The price of one mithqal in Baghdad of {21 carats} reached 545 thousand dinars after touching the 600 thousand dinars barrier in the past weeks.

Globally, gold prices declined in today's trading, Friday, with the rise of the dollar in global markets, heading towards recording the worst weekly performance in nearly 3 years.

By 11:10 Moscow time, December gold futures (Comex) fell by 0.10% to $2,569.70 per ounce.

Spot contracts for the precious metal fell by 0.07% to $2,563.10 per ounce, according to data from Bloomberg.   LINK

Rafidain Bank Announces A Plan To Include Other Branches In The Implementation Of The Comprehensive Banking System

Friday 15 November 2024 10:51 | Economic Number of readings: 257  Baghdad / NINA / Rafidain Bank announced today, Friday, a plan to include other branches in the application of the comprehensive banking system.

The bank stated in a statement: "The continuous expansion in the application of the comprehensive banking system will include more branches in the future within a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services." / End https://ninanews.com/Website/News/Details?key=1169195

Al-Sudani Discusses With Al-Hakim The Government's Efforts To Advance Its Economic And Service Files

Friday 15 November 2024 21:27 | Politics Number of readings: 112  Baghdad / NINA / Prime Minister Mohammed Shia Al-Sudani discussed, on Friday, with the head of the National Wisdom Movement, Ammar Al-Hakim, the government's efforts to proceed with its service and economic files.

The Prime Minister's media office said in a statement that "Prime Minister Mohammed Shia Al-Sudani met with the head of the National Wisdom Movement, Mr. Ammar Al-Hakim" and discussed with him the overall situation in the country, and the government's efforts to proceed with its service and economic files, especially after the election of the Speaker of Parliament, who will support the government's work in completing the implementation of its program and its basic goals. "

He added that "the meeting touched on the national entitlement represented by the general population census process that will be implemented this week, and its reflection on long-term development plans, in addition to discussing developments in the region and the tragedies that the Palestinian and Lebanese peoples are exposed to due to the continued crimes of the occupying entity, and Iraq's continuous calls to stop its repercussions." / End5   https://ninanews.com/Website/News/Details?key=1169256

Oil Falls Amid Fears Of Weekly Loss

Energy   Economy News - Follow-up  Oil prices fell early Friday, as concerns about oversupply offset a sharp drop in U.S. fuel inventories. Brent crude futures fell 30 cents, or 0.41 percent, to $72.26 a barrel by 0105 GMT.

U.S. West Texas Intermediate crude futures also fell 25 cents, or 0.36 percent, to $68.45.

Brent crude is set to fall 2.2 percent on the week, while WTI is set to fall 2.7 percent.

https://economy-news.net/content.php?id=49851

The House Of Representatives Will Resume Its Sessions Next Week After Completing The Population Census Operations In The Country

Friday 15 November 2024 20:40 | Politics    Baghdad / NINA / The Presidency of the Council of Representatives announced the resumption of parliament sessions next week after the completion of the population census operations in the country.

It affirmed in a statement its full support for conducting the general population and housing census 2024, and urged representatives to direct and encourage citizens in their areas to cooperate with the field teams of the Federal Ministry of Planning to accomplish their tasks with the aim of making the census operations that will be conducted on the 20th and 21st of this month a success. / End https://ninanews.com/Website/News/Details?key=1169247

Minister Of Commerce: The Government Has Developed A Roadmap To Develop The National Economy And Support The Private Sector

Minister of Trade, Athir Al-Ghurairi, confirmed today, Wednesday, that the government has developed a roadmap for developing the national economy, noting that the private sector is witnessing a remarkable recovery thanks to government support.

In press statements, Al-Ghurairi explained that "the government has begun implementing economic reforms through new legislation," noting that "many laws have been sent to the Council of Representatives for approval." He added that these reforms represent a "reform revolution" that the Iraqi people may not notice at the present time, but will soon appear clearly to citizens, businessmen and project owners.

The minister indicated that the government has begun practical steps to support important sectors such as the pharmaceutical industry, which has witnessed a remarkable recovery as a result of effective government policies, in addition to localizing other industries.

Al-Ghurairi also noted that the government has taken new regulatory steps through the Ministry of Trade Law, which allows for the issuance of accurate and clear data, which contributes to developing a roadmap for local and international businessmen and investors. He expressed his "optimism about the future of the Iraqi economy" in light of these reforms.

https://www.radionawa.com/all-detail.aspx?jimare=40229

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

BRICS Write-off $20 billion Debt of Africa and Shocked IMF

BRICS Write-off $20 billion Debt of Africa and Shocked IMF

Fastepo:  11-15-2024

In a bold move that has sent ripples through the global financial landscape, the BRICS nations—Brazil, Russia, India, China, and South Africa—have announced a write-off of $20 billion in African debt. This unprecedented decision is not just a gesture of goodwill; it represents a strategic shift in the geopolitical dynamics of international finance, one that has left the International Monetary Fund (IMF) and the World Bank reeling in shock.

But could this be the beginning of the end for these longstanding financial institutions?

BRICS was established as a counterweight to Western financial institutions like the IMF and World Bank, aiming to foster economic cooperation among emerging markets. Over the years, it has focused on creating a multipolar world order where financial decisions are not solely made in Western capitals. This debt write-off epitomizes the bloc’s commitment to supporting African nations, many of which have been crippled by the twin burdens of colonial legacy and crippling debt.

The BRICS nations are in a unique position to alleviate some of Africa’s financial woes. With abundant resources and significant economic diversification, they can provide a lifeline to nations grappling with the repercussions of the C***D-19 pandemic, climate change, and rising inflation. Cancelling a substantial amount of debt demonstrates not just a monetary gesture but a visionary approach to foster economic resilience in a continent rich with potential.

The IMF and World Bank have long been the arbiters of international finance, wielding significant influence over the economic policies of developing nations. Their involvement in African economies has been marked by a heavy reliance on austerity measures and strict loan conditions that many argue hinder long-term development.

The BRICS debt write-off raises serious questions about the relevance of these institutions. It invites scrutiny as to whether the established financial order that prioritizes conditional lending is becoming obsolete. If emerging economies start organizing their own frameworks for support, powered by alternatives like the New Development Bank (NDB) of BRICS, this could drastically reduce the influence of the IMF and World Bank.

This move by BRICS may signal the dawn of a new financial diplomacy where countries with shared interests collaborate on economic issues without strict conditionalities. Furthermore, BRICS is also capitalizing on the opportunity to strengthen its political ties with Africa, positioning itself as a more viable partner than traditional Western institutions.

China, in particular, has expanded its economic footprint in Africa with initiatives like the Belt and Road Initiative (BRI), aiming to foster infrastructure development while securing resource access. This creates a multi-layered aspect of economic diplomacy, one where the need for financial support and infrastructure development intertwines, allowing for a new paradigm that may stand in stark contrast to Western policies.

The pivotal question that arises is whether the IMF and World Bank can adapt to this changing landscape. Historically, they have faced criticism for their approach to lending, which some argue perpetuates cycles of dependence. In response to this growing pressure, both institutions need to rethink their strategies and engage constructively with borrowers, focusing more on sustainable development rather than strict austerity measures.

Reforming their engagement with African nations could be an avenue for the IMF and World Bank to regain credibility. Offering programs that respect the local economies and contribute to self-sufficiency could demonstrate a commitment to genuine partnership rather than control.

The BRICS’ decision to write off $20 billion in African debt marks a turning point in international finance, challenging the traditional powers that have dominated the global economic landscape for decades. While it is too early to declare the demise of the IMF and World Bank, it is clear that their roles and methodologies are under intense scrutiny.

As we watch these unfolding events, one thing is certain: the era of financial dependency might be coming to an end, making way for a new blueprint of global economic cooperation. The world is changing, and how the IMF and World Bank respond could define their future relevance in this evolving geopolitical arena. In the meantime, the BRICS countries have opened a door to new possibilities, and it remains to be seen who will step through it next.

Watch the video below for more information.

https://youtu.be/CkYtnGUguXo

https://dinarchronicles.com/2024/11/15/fastepo-brics-write-off-20-billion-debt-of-africa-and-shocked-imf/

“Tidbits From TNT” Friday 11-15-2024

TNT:

Tishwash:  Rafidain: A plan to include other branches in the implementation of the comprehensive banking system

Rafidain Bank announced, today, Friday, a plan to include other branches in the implementation of the comprehensive banking system.

The bank stated in a statement received by the Iraqi News Agency (INA) that "the continuous expansion in implementing the comprehensive banking system will include more branches in the future within a well-thought-out plan aimed at providing a modern banking experience that contributes to supporting the national economy and meeting the needs of society with distinguished and comprehensive banking services." link

Tishwash:  The Oil and Gas Law Returns to the Forefront... Will Al-Sudani Be Able to Resolve the Disputes Over It?

Talk returns about the oil and gas bill that has been absent for two decades due to political differences, despite the fact that it represents the only solution to all the problems of the center and the region.

MP Ali Al-Mashkoor, a member of the Parliamentary Oil and Gas Committee, attributed the delay in approving the Oil and Gas Law to points of contention behind which the Kurdistan Region of Iraq stands.

It is noteworthy that the Oil and Gas Law has undergone 11 amendments and has never reached Parliament.

Al-Mashkoor said in a press statement, "The law has been in place since 2008 and was sent to the House of Representatives to regulate the financial and oil matters of the producing provinces," explaining that "this law cannot be passed except with political approvals from the blocs within Parliament."

He added, "The reason for the suspension of this law in the corridors of the House of Representatives is the failure to send its latest updates, as there are clear points of disagreement with the region," indicating that "the dialogues with the region resulted in reducing these articles from 9 to 7 points."

He explained that "dialogues are still ongoing between the federal government and the region in order to resolve these points," noting that "until now we have not reached solutions that can be accepted by both parties."

Yesterday, Wednesday, Prime Minister Mohammed Al-Sudani visited the Kurdistan Region of Iraq to discuss a number of important files, including the oil and gas law.

Iraq's oil and gas law, which has been awaiting legislation since 2005, stipulates that responsibility for managing the country's oil fields should be vested in a national oil company, overseen by a federal council specializing in this matter.

The Kurdistan Oil Law stipulates that the Ministry of Oil in the region or whoever it authorizes shall assume responsibility for organizing and supervising oil operations as well as all activities related to them, including marketing oil, as well as negotiating and concluding agreements and implementing all licenses, including oil contracts concluded by the regional government. The Iraqi government also has the right to participate in the management of fields discovered before 2005, but fields discovered after that are subject to the regional government.

On February 21, the Federal Supreme Court ruled that the federal government would be responsible for paying the salaries of Erbil government civil servants, with the amount paid at source in Baghdad deducted from the regional government’s share, and the KRG must submit monthly accounts detailing each salary paid. This is effectively a stricter reset of the original “budget payments for oil revenues” deal agreed between the KRG and the federal government in November 2014.

There are no government statistics on oil exported from the Kurdistan Region of Iraq, but the Iraqi Ministry of Oil published an analysis in May 2023, saying the regional government had committed “legal and procedural violations” in selling oil that caused significant losses.

The financial returns of the regional government constitute no more than 80 percent on average after deducting the production costs (the cost of producing a barrel of oil), while the financial returns of the first and second licensing rounds (held by Baghdad) constitute from 94.5 percent to 96.5 percent, and the cost of production is equivalent to (4) times the production costs in the licensing rounds of the federal Ministry of Oil, according to the Ministry of Oil.

Iraq exports an average of 3.3 million barrels of crude oil per day, and black gold constitutes more than 90 percent of the Iraqi treasury's resources.

In August 2023, the government formed a committee to draft the oil and gas law and present it to the government for voting and then passing it to the House of Representatives. The committee included the Minister of Oil, the Minister of Natural Resources in the Kurdistan Region of Iraq, the Director General of SOMO, and senior staff in the Federal Ministry of Oil, in addition to the producing governorates such as Basra, Dhi Qar, Maysan, and Kirkuk.

For years, the points of contention between Baghdad and Erbil have not been resolved, but Al-Sudani recently revealed that an agreement had been reached with Erbil on these points, in addition to including in his ministerial program the resolution of these items, most notably the enactment of the Oil and Gas Law and the implementation of Article 140 regarding the disputed areas.

In mid-February 2022, the Federal Court issued a decision declaring the oil and gas law in the Kurdistan Region of Iraq unconstitutional, and prevented it from exporting oil for its own benefit, with the export to be through Baghdad exclusively, based on a lawsuit filed by the Federal Ministry of Oil. link

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Tishwash:  New Mechanisms for Direct Trade Transfers.. Iraq and Turkey Discuss Enhancing Banking Cooperation

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, and his accompanying delegation met today, Thursday (November 14, 2024), with his Turkish counterpart, Fatih Karahan, in Istanbul.

A statement by the Central Bank of Iraq received by "Baghdad Today" stated that "the two parties discussed the launch of new direct mechanisms for trade transfers between Iraq and Turkey, marking the beginning of a new phase in strengthening banking relations between the two neighboring countries."

During the meeting, the governor stressed cooperation in the field of settlements for users of Iraqi cards in Turkey, and urged Turkish banks to open accounts for Iraqi banks to expand financing channels for importing goods and services from neighboring Turkey.

The statement added, quoting Al-Alaq, that "the Turkish Central Bank supports the steps of the Iraqi Central Bank in organizing financial operations between the two countries in a way that contributes to facilitating commercial transactions."

In a separate meeting, Governor Ali Mohsen Al-Alaq and his accompanying delegation met with the general administrations of the branches of Turkish banks operating in Iraq, stressing the need to expand fruitful trade options between the two countries, especially in the banking sector  link

Tishwash:  Swiss Ambassador Expresses His Country's Desire to Invest in Iraq

The Swiss Ambassador to Baghdad, Daniel Hahn, expressed his country's desire to invest in Iraq, especially in the construction, health, and agriculture sectors, stressing the presence of major Swiss companies specializing in these fields.

This came during the reception of the Undersecretary of the Iraqi Ministry of Foreign Affairs for Political Planning Affairs, Ambassador Hisham Al-Alawi, today, Thursday, of the new Ambassador of the Swiss Confederation to Iraq, Daniel Hahn, to discuss a number of topics of common interest between the two countries.

A statement by the Iraqi Foreign Ministry stated that "the Undersecretary welcomed the reopening of the Swiss Embassy in Baghdad and the appointment of a resident ambassador," expressing "his hope that this would contribute to strengthening bilateral relations and joint cooperation between the two countries."

Al-Alawi reviewed with the Swiss ambassador the government's plans and vision to encourage investment, build a diversified economy based on solid foundations, and rebuild infrastructure and services, according to the statement.

He pointed out during this to "approving a three-year financial budget, which contributed to the completion of a number of vital service and investment projects in the capital and other Iraqi governorates, and the imminent completion of other projects such as the Grand Faw Port, and the completion of the designs of the Development Road Project, which is one of the largest projects in the region, with the participation of Türkiye, Qatar, and the United Arab Emirates."

Al-Alawi touched on the priorities of the government program of the Ministry of Foreign Affairs, and the achievements it has made to strengthen Iraq's relations with the international and regional community, and to activate Iraq's role in international organizations such as the United Nations, and regional organizations such as the League of Arab States and the Organization of Islamic Cooperation, according to the statement.

He pointed to "the economic cooperation between Iraq and some important European countries such as Germany, France, the Netherlands, and Italy, and the entry of major companies to invest in Iraq in various vital fields," stressing "the government's desire to revive the tourism sector and facilitate all necessary procedures for that."

According to the statement, the two sides discussed ways of joint cooperation in the field of water diplomacy, and Iraq's benefit from Swiss expertise in this field through the relevant institutions in Geneva, and developing joint work to activate the "Water for Peace and Development" initiative, which contributes to addressing pending water issues between Iraq and neighboring countries and mitigating the effects of global climate change.

The two sides also discussed encouraging major Swiss companies to invest in Iraq, as Hahn expressed his country's desire to invest, especially in the construction, health, and agriculture sectors, noting the presence of major Swiss companies specializing in these fields, according to the statement.

According to the statement, the two sides agreed to work together to organize visits by senior officials from the two countries during the coming year.

The statement quoted the Swiss ambassador as expressing his desire to "arrange meetings with a number of Iraqi officials in the ministries of water resources, electricity, and migration and displacement," while "the undersecretary expressed his readiness to cooperate in achieving these meetings," according to the statement.  link

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Mot:  Ever Feel this way – LOL 

Iraq Economic News and Points to Ponder Late Thursday Evening 11-13-24

The Iraqi Government Reveals The Reasons For The Lack Of Gold In Its Reserves Compared To Other  Currencies
 
Economy     Iraq     breaking     gold    2024-11-13 03:23   Shafaq News/ Mazhar Muhammad Saleh, the financial advisor to the Prime Minister, revealed on Wednesday the reasons for the lack of gold in the state’s reserves compared to other hard currencies. Saleh said in an interview with Shafaq News Agency,   “Some countries still only hold quantities of gold as part of their cash reserves, as the greatest  focus today is on other assets that can be quickly and easily converted into productive assets that generate returns in the long term.”

He added,  "Countries are moving away from using gold as the main store of their cash reserves for several reasons related to
 
     international economic developments and
     changes in the nature of modern financial systems, which are restricted by the following main reasons, including
     low returns compared to other assets such as:
     investing in deposits, or
     government bonds with a very high credit rating."
 
“And it is risk-free, so gold does not achieve fixed returns like government bonds.” Saleh continued, Therefore,saying:
 
“the majority of countries prefer to keep assets that generate a fixed and stable income, such as: American or European treasury bonds that can truly generate annual interest, and the difficulty of
 
dealing with gold in times of crises is difficult, as
it is difficult to convert gold into liquidity quickly.” Compared to other financial assets such as foreign currencies and bonds. He explained that
 
"the changes in the global financial system since World War II have imposed conditions in which most countries have come to rely on the US dollar as a major reserve, given that
 
it is the most accepted and used global currency in international transactions, which makes
 
keeping the dollar or assets associated with it a more flexible option."
 
The advisor to the Prime Minister pointed out that
 
“the cost of storing gold requires safe spaces to protect it from theft or damage, which may represent an additional burden compared to digital financial assets or liquidity.” He pointed out that
 
"countries are seeking to diversify their reserves to include different currencies and various financial assets to achieve greater stability, instead of relying solely on gold to avoid the cycle of gold assets and its problems.

Therefore, the standard rule is that gold should not exceed, on average, 10% of the total value of countries' reserves."
 
Iraq has a hard currency reserve of about 100 billion dollars, and 152 tons of gold in its reserves, which is equivalent to about 12 billion dollars.   https://shafaq.com/ar/اقتصـاد/الحكومة-العراقية-تكشف-سباب-قلة-الذهب-في-احتياطياتها-زا-العملات-الاخرى   

Prime Minister's Advisor Rules Out Oil Price Collapse: Trump's Policy Will Not Sacrifice Petrodollar

Time: 2024/11/14 12:16:46 Read: 1,352 times  {Politics: Al Furat News} The economic advisor to the Prime Minister, Mazhar Muhammad Salih, ruled out that the policy of US President-elect Donald Trump would “sacrifice” the petrodollar.

Saleh told Al Furat News Agency: "There are three restrictions that I find that prevent the deterioration of crude oil prices in the global market. The first is that the United States is still the largest oil producer in the world, and major American oil companies have invested in line with an oil price of no less than $70 per barrel, to cover the costs of producing shale oil at the break-even point."

He added, "As for the second restriction, President Trump's policy will not sacrifice the petrodollar to make the oil dollar a dollar supply that exceeds demand for it, at a time when the United States and its new foreign policy find themselves making the dollar the strongest currency in the world, within the framework of its dominance over the global economy.

Therefore, the new American administration is keen for the dollar to present itself again and for demand to exceed supply. Therefore, the weakness or deterioration of petrodollar revenues only means a weakening of the global oil currency and the basis of the dollar's dominance."

Saleh continued, "As for the third restriction, the deterioration of oil prices will allow China, the largest oil importer in the world, to obtain cheap energy resources, which is inconsistent with the economic competition between China and the United States in dominating the sources of growth and economic power in the world."

He pointed out that, "In light of the above, I find that the three above-mentioned restrictions are what will prevent the collapse of the oil asset cycle if it is about to happen, taking into account not being overly optimistic, which requires fiscal and monetary policies within the framework of preventive policies that mitigate the impact of international factors on stability and economic growth in our country."

Economic analysts have warned of a sharp 40% drop in oil prices next year if the OPEC+ group abandons current oil production restrictions.  LINK

Oil Prices Stabilize After Hitting Their Lowest Levels This Month

Thursday 14 November 2024 09:01 | Economic Number of readings: 157  Baghdad / NINA / Oil prices stabilized on Thursday, after hitting their lowest level this month, as the rise in the US dollar put pressure on commodities, while concerns about demand growth raised uncertainty about price expectations.

Brent crude was traded near $72 a barrel, while West Texas Intermediate crude exceeded $68.

China's position in the global oil market declined this week, as the US Energy Information Administration said that India has now become the main source of demand growth in Asia, due to slowing Chinese consumption due to the economic slowdown and the increasing spread of electric cars.

More market analyses are expected to be issued on Thursday from the International Energy Agency. / End3   https://ninanews.com/Website/News/Details?key=1168980

IEA Raises Oil Demand Growth Forecast

Energy    Economy News - Follow-up   The International Energy Agency raised its forecast for global oil demand growth this year to 920,000 barrels per day from a previous forecast of 860,000 barrels per day.

It stated in its monthly report today that China is the main obstacle to the growth of global demand for oil, as Chinese demand shrank for the sixth consecutive month in September.

The agency kept its forecast for global oil demand growth in 2025 largely unchanged at 990,000 barrels per day, down from the previous forecast of one million barrels per day, according to Reuters.

She said that current balances indicate that even if OPEC Plus cuts continue, global supply will exceed demand by more than one million barrels per day in 2025.

The Organization of the Petroleum Exporting Countries (OPEC) has lowered its forecast for global oil demand growth in 2024 by 107,000 barrels per day to 1.8 million barrels per day, according to its monthly report issued two days ago.

The organization also reduced its expectations for growth in demand for OPEC+ oil by about 100,000 barrels to reach 0.5 million barrels per day in the same year.https://economy-news.net/content.php?id=49828

Gold Continues To Decline In Baghdad Markets

Stock Exchange  Economy News – Baghdad  The prices of "foreign and Iraqi" gold decreased in the local markets in the capital, Baghdad, today, Thursday.

Gold prices in the wholesale markets on Al-Nahr Street in Baghdad this morning recorded a selling price of one mithqal of 21 karat Gulf, Turkish and European gold of 532 thousand dinars, and a purchase price of 528 thousand dinars.

The selling price of one mithqal of 21-karat Iraqi gold was recorded at 502 thousand dinars, and the purchase price was 498 thousand.

As for gold prices in goldsmiths’ shops, the selling price of a mithqal of 21-karat Gulf gold ranges between 535,000 and 545,000 dinars, while the selling price of a mithqal of Iraqi gold ranges between 505,000 and 515,000 dinars.  https://economy-news.net/content.php?id=49820

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

Seeds of Wisdom RV and Economic Updates Friday Morning 11-15-24

Good Morning Dinar Recaps,

PRO-BITCOIN MATT GAETZ NOMINATED AS U.S. ATTORNEY GENERAL

Matt Gaetz, a Florida Representatives and American lawyer, has been nominated as Attorney General by President-elect Donald Trump. Gaetz was assigned due to his educational and career experience in law.

President-elect Donald Trump nominated Matt Gaetsz, pro-bitcoin and Florida representative, to be the next U.S. Attorney General. Following this nomination, he resigned from the House of Representative on Nov. 13, 2024.

ccording to the Nov. 13 X post, Trump praised Gaetz as a determined attorney committed to driving much-needed reform at the Department of Justice.

Gaetz expects to prioritize ending weaponized government, strengthening border security, dismantling criminal organizations, and exposing the potential of government corruption and weaponization.

“He is a champion for the constitution and the rule of law. Matt Gaetz will root out the systematic corruption at DOJ, and return the department to its true mission of fighting crime, and upholding our democracy and constitution.”

Elon Musk, recently appointed as head of Department of Government Efficiency (D.O.G.E), replied to his X post, congratulating Gaetz on his new role.

Matt Gaetz stances on crypto
Earlier this year, on June 25 as a member of Congress Gaetz introduced a bill advocating for Bitcoin to be accepted as payment for Americans for federal income tax. The bill was proposed after he visited El Salvador and aimed to modernize the U.S. tax system.

The aggressive move made would “promote innovation, increase efficiency, and offer more flexibility to American citizens.”

The proposal seeks to amend the Internal Revenue Code of 1986 to accept Bitcoin for tax payment and expand this payment option to other federal services.

Gaetz has also advocated for various crypto deregulations and pushed back against the federal agency’s oversight. He is arguing that the measure would stifle innovation and growth.

His appointment as an Attorney General highlights potential approaches to law enforcement and more flexible regulations within the crypto industry under the Trump presidency.

@ Newshounds News™

Source:  Crypto News

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CHINA COULD REASSESS CRYPTO BAN DUE TO TRUMP, HASHKEY CEO CLAIMS

HashKey Group Chairman and CEO Xiao Feng has indicated that China’s stringent stance on cryptocurrencies could soften within the next two years, influenced by the pro-crypto policies expected under US President-elect Donald Trump. Xiao believes that clear regulatory support in the United States could serve as a catalyst for China to reconsider its current ban.

Why China Could Reconsider Its Crypto Ban
“If the US Congress and the new president establish clear crypto policies and actively promote the industry, it would certainly be a driving force for China to accept cryptocurrencies,” Xiao stated in an interview with the South China Morning Post.

Xiao also pointed to geopolitical factors that might accelerate China’s acceptance of digital assets. The exclusion of Russia from the SWIFT financial messaging system by the US and its allies in 2022 has underscored the importance of alternative financial infrastructures.

 This move, part of sanctions related to the conflict in Ukraine, may prompt China to explore crypto more earnestly to safeguard its financial autonomy.

“Without these events, China might have needed five or six years to accept cryptocurrency businesses. Now, due to these factors, that timeframe could be shortened to two years,” Xiao explained.

Over the past several years, China has enforced a strict ban on initial coin offerings (ICOs), crypto trading, mining, and other related activities. Authorities have cited concerns over financial stability and the potential for illicit activities as primary reasons for the crackdown.

 Despite this, Hong Kong has been permitted to develop its digital asset industry, positioning itself as a potential bridge should mainland China relax its regulations.

Should China decide to re-engage with the digital asset market, Xiao suggests that regulated stablecoins could be the initial focus. “Stablecoins are currently the best solution for cross-border business-to-consumer trade,” he noted.

Supporting this view, HashKey conducted a survey in Yiwu, a major manufacturing and trade hub in mainland China. The survey revealed that nearly all merchants had received inquiries from international buyers about making payments using popular US dollar-based stablecoins such as USDT and USDC.

HashKey Group operates HashKey Exchange, one of Hong Kong’s three licensed crypto exchanges. The company plans to launch its own blockchain, the HashKey Chain, next month.

With over 300 employees in Hong Kong and additional teams in Singapore, Tokyo, Dubai, Bermuda, and Europe, HashKey is expanding its global footprint.

While the Chinese government has not indicated any immediate plans to relax its crypto ban, Xiao emphasized the importance of maintaining a strong presence in Hong Kong. “Only by staying in Hong Kong can we serve mainland China when that market opens up. We firmly believe that day will come,” he asserted.

@ Newshounds News™

Source:  Bitcoinist

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Source:  Seeds of Wisdom Team RV Currency Facts

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MilitiaMan & Crew News Update-Budget-Non Oil Resources-CBI-USFED-Cross Border Transfers-Oil & Gas-Trade Transfers

MilitiaMan & Crew News Update-Budget-Non Oil Resources-CBI-USFED-Cross Border Transfers-Oil & Gas-Trade Transfers

11-14-2024

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=W4k9JEJS9cs

Seeds of Wisdom RV and Economic Updates Thursday Evening 11-14-24

Good Evening Dinar Recaps,

18 GOP AGS SUE SEC AS GENSLER HINTS RESIGNATION

Donald Trump’s promise of a U.S. SEC without Gary Gensler may be realized ahead of schedule amid state lawsuits and resignation chatter.

Wall Street’s top cop-on-the-beat has been accused of “unconstitutional overreach” and “unfair persecution” of the $3 trillion cryptocurrency industry, according to a lawsuit signed by 18 Republican Attorneys Generals.

The lawsuit alleges that the United States Securities and Exchange Commission and its commissioners, led by chair Gary Gensler, overstepped their jurisdiction and disregarded state economic autonomy.

Litigation from GOP AGs and states has added to the existing scrutiny of Gensler’s SEC career. Top lawmakers have opened an investigation into the SEC’s hiring practices amid suspicions of politically biased recruitment, which has spurred the inquiry.

Several members of Congress have called for his resignation, and Donald Trump has promised the digital asset industry that he would dismiss Gensler.

Is Gary Gensler retiring?
Social media is buzzing with speculation that Gensler might be on his way out as SEC Chairman. His comments in a note on Nov. 14, calling his time at the SEC “a great honor” and praising his colleagues for their dedication, have fueled rumors of a possible imminent retirement.

The SEC is a remarkable agency. The staff and Commission are deeply mission-driven, focused on protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.

Gary Gensler, SEC chair

He added that it’s been a privilege to serve with the SEC “doing the people’s work and ensuring that our capital markets remain the best in the world.”

A firm stance on crypto regulation has marked Gensler’s tenure at the securities regulator. Blockchain industry players increasingly anticipate changes in leadership and policy enforcement from the SEC after years of grappling with Gensler’s regulatory approach.

The SEC has ongoing court cases against firms like Coinbase and Ripple. As such, Gensler’s potential departure has become a focal point for speculation on how regulatory policies might shift under new leadership.

@ Newshounds News™

Source:  Crypto News

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Senator Lummis Proposes Selling Fed’s Gold To Fund Strategic BTC Reserve: Bloomberg

According to a latest Bloomberg report, Republican Senator Cynthia Lummis of Wyoming has proposed to sell a part of the Federal Reserve’s gold holdings to purchase one million Bitcoins for the creation of a strategic bitcoin reserve. 

The Senator, an ally of Donald Trump, has a plan for filling up the president-elect’s proposed strategic Bitcoin stockpile without adding to the government deficit.

The bill calls for the US to acquire 1 million Bitcoin, representing nearly 5% of the outstanding tokens. Cynthia Lummis estimates this would cost around $90 billion based on current prices, but the sum could rise if the market anticipates the government’s involvement.

“We already have the financial assets in the form of gold certificates to convert to Bitcoin,” Lummis said in an interview with Bloomberg. “So the effect on the US balance sheet is pretty neutral.”

According to Lummis’ bill, the cryptocurrency would be held for a minimum of 20 years, and the presumed appreciation in value would help to reduce the national debt.

Uphill Battles To Be Faced
Despite the industry hopes that this will be the most crypto-friendly Congress ever, some market watchers believe that Lummis’ bill, which currently has no co-sponsors, faces an uphill battle.

“It’s still putting government money on the line, and Bitcoin has not shown itself to be a particularly stable asset,” noted Jennifer J. Schulp, director of financial regulation studies at the Cato Institute’s Center for Monetary and Financial Alternatives.

She further added that “the bill asks senators and members of Congress, who may not understand crypto that well, to make a much bigger leap of faith in terms of its long-term viability.”

Novogratz Doubtful Of US Creating Strategic BTC Reserve
Michael Novogratz, the CEO of Galaxy Digital, believes there is a low likelihood of US setting up a Bitcoin strategic reserve. However, if it does, Novogratz predicted that this would push its price to $500,000 since other nations would feel compelled to create similar stockpiles.

Lummis first unveiled her bill at the Bitcoin 2024 conference after Trump announced his ambition to create a government Bitcoin reserve. After a most anticipated Trump win, the crypto market has surged massively with Bitcoin making newer highs above $93,000.

Lummis is optimistic that her BITCOIN bill, short for Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide, will gain support in the next Congress.

She noted that Trump has already endorsed the idea of a reserve and his closest advisers include people who understand Bitcoin and its role in our future.

@ Newshounds News™

Source:  Coinpedia

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Economist’s “News and Views” 11-14-2024

How A Government Collapses Financially (Deficit Spending)

Lynette Zang:  11-14-2024

Today's video is about about deficit spending will cause the financial collapse of any economy or government and how the U.S is on its way there...

Lynette Zang is an economist that has been involved in the markets at some level since 1964, as a student, banker, stockbroker and precious metals and currency analyst.

 She has been studying currency lifecycles since 1987 and discovered similar social, economic, and financial patterns that occur throughout the stages of a currency’s lifetime.

She believes that recognizing these patterns enables people to see what’s coming and make well-informed choices that put their best interest first.

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

"Expect the Unexpected" Post-Election Market Moves: What It Means for Gold, Silver & Bitcoin

Mile Maloney:  11-14-2024

Dive into this insightful conversation with Mike Maloney and Alan Hibbard as they explore how the latest U.S. election might impact gold, silver, and other major asset classes.

 From short-term reactions to the election, to a broader analysis of the forces driving today’s gold and silver markets, Mike and Alan cover it all.

 Discover why they believe negative real interest rates could keep precious metals on a bullish path, regardless of political changes.

Will the Federal Reserve's policies spark inflation and support gold’s growth? What role might Bitcoin play? Learn how to prepare for the unexpected in this era of economic uncertainty and market unpredictability.

https://www.youtube.com/watch?v=RSEokY2R23g

LIVE! Lions... Something BIG, (GOOD FOR ALL OF US), Is Happening. WATCH THIS ONE Closely.

Greg Mannarino:  11-14-2024

https://www.youtube.com/watch?v=vNDa3MZLEno

Some Iraq News Posted by Clare at KTFA 11-14-2024

 KTFA:

Clare:  Spain confirms cooperation with Iraq to establish Basra-Sharm El-Sheikh railway line

11/14/2024  Baghdad

Spain confirmed, on Thursday, its strong support for Iraq's strong return to the World Trade Organization and its efforts to do so, while indicating that cooperation with Iraq is not limited to railways, but rather in other fields and there are joint projects.

The Director General of International Trade and Investment in the Kingdom of Spain, Elisa Varela, said in a statement reported by the official news agency, and seen by "Al-Eqtisad News", that "there are very good companies in the field of railways, and we are cooperating with Iraq to extend the railway from Basra to Sharm El-Sheikh", noting that "we have a company working on connecting the railway between Najaf and Karbala, and we also have a company working in China that will carry out railway projects in other areas of Iraq in the near future".

She explained that "some of these projects are proposals, and there are signed agreements and cooperation in other areas, including facilitating transportation operations within Iraqi cities and facilitating the traffic situation in a good way so that it runs very smoothly".

She explained that "there are agreements to train Iraqis and sign other agreements that facilitate this aspect", noting that "we strongly support and promote Iraq's return to the World Trade Organization and we seek to do so".   LINK

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Clare:  Kurdistan Minister of Planning: The census that will decide the region’s share of the budget should not be politicized

11/14/2024

The Minister of Planning in the Kurdistan Regional Government, Dara Rashid, stressed on Thursday the necessity of not politicizing the population census scheduled to be conducted in all of Iraq on November 20 and 21, considering that this census will decide the region's share of the budget.

Rashid said in a press conference held today in Erbil, attended by Shafaq News Agency correspondent, that "the population census should not be politicized, and the rights of all other components in Iraq should be preserved," adding, "The decision of the Federal Council of Ministers regarding the census was not in accordance with what we demanded."

He added, "In the shortest time and with the least budget, we completed the necessary preparations to conduct the census," describing the Kurdistan Region's concerns about the census as "constitutional and legal."

Rashid also pointed out that the 1957 census will be the basis for the 2024 census, noting that the 1957 census will preserve the rights of all components.

The Minister called on the people of the region to cooperate in conducting the census, stressing that after the 21st of this month, no one can be registered in the census.

Rashid urged the residents of the areas covered by Article 140 of the Constitution (disputed) to go there and be present during the population census, noting that the Kurdistan Regional Government is providing facilities for the return of the residents of those areas to them during the census.

He went on to say that the population census will determine the region's share of the budget, which was reduced from 17% to nearly 12%, and that the population of the region, which has increased like the rest of Iraq, will become clear, noting that the census will increase Kurdistan's representation in parliament and the rest of the federal institutions and ministries.   LINK

Clare:  The Governor of the Central Bank meets his Turkish counterpart and the directors of some Turkish banks in Istanbul

November 14, 2024

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, and his accompanying delegation met with his counterpart, the Governor of the Central Bank of Turkey, Mr. Fatih Karahan, in Istanbul.

The two parties discussed the launch of new direct mechanisms for trade transfers between Iraq and Turkey, marking the beginning of a new phase in strengthening banking relations between the two neighboring countries.
During the meeting, His Excellency the Governor stressed cooperation in the field of settlements for users of Iraqi cards in Turkey, and urged Turkish banks to open accounts for Iraqi banks to expand financing channels for importing goods and services from neighboring Turkey.

His Excellency added that the Turkish Central Bank supports the steps of the Central Bank of Iraq in organizing financial operations between the two countries in a way that contributes to facilitating trade transactions.

In a separate meeting, His Excellency the Governor Ali Mohsen Al-Alaq and his accompanying delegation met with the general administrations of branches of Turkish banks operating in Iraq, stressing the need to expand fruitful trade options between the two countries, especially in the banking sector.

Central Bank of Iraq
Media Office
November 14, 2024

https://cbi.iq/news/view/2711

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Clare:  Al-Alaq urges Türkiye to open accounts for Iraqi banks

11/14/2024

The Governor of the Central Bank of Iraq, Ali Mohsen Al-Alaq, urged, on Wednesday, Turkish banks to open accounts for Iraqi banks to expand financing channels for importing goods and services between the two countries, stressing cooperation in the field of settlements for users of Iraqi cards in Türkiye.

This came during a meeting between Al-Alaq and the accompanying delegation with his counterpart, the Governor of the Central Bank of Turkey, Fatih Karahan, in Istanbul, according to a statement issued by the Central Bank of Iraq.

The statement said that the two parties discussed the launch of new direct mechanisms for trade transfers between Iraq and Turkey, marking the beginning of a new phase in strengthening banking relations between the two neighboring countries.

The statement quoted Al-Alaq as saying that the Turkish Central Bank supports the steps of the Iraqi Central Bank in regulating financial operations between the two countries in a way that contributes to facilitating commercial transactions.

In a separate meeting, Governor Ali Mohsen Al-Alaq and his accompanying delegation met with the general administrations of the branches of Turkish banks operating in Iraq, stressing the need to expand fruitful trade options between the two countries, especially in the banking sector.  LINK

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 11-14-24

Good Afternoon Dinar Recaps,

MARKET PARTICIPANTS URGE ECB TO EXTEND WHOLESALE DLT TRIALS

For the last six months the European Central Bank (ECB) has been orchestrating wholesale DLT settlement trials using central bank money. More than 70 institutions have taken part, with three different payment options available.

 Today three of the most active participants – Deutsche Börse’s Clearstream, DekaBank and Union Investment – shared their lessons as part of a Frankfurt School Blockchain Center event.

One of the three payment options was the Bundesbank’s Trigger solution, which has its own blockchain that triggers a payment on the Target2 payment system. The Banque de France has its DL3S blockchain that tokenizes central bank cash as a pilot wholesale CBDC.

And the Bank of Italy provided its TIPS Hashlink solution, a lightweight escrow smart contract for the TIPS payment system which requires little infrastructure investment.

All the participants were extremely positive about the trials and keen to see them continue.

The combination of tokenization and central bank money can cut costs, reduce risks and yield efficiencies. Several times they mentioned the potential for a digital capital markets union, as recently discussed by ECB Director Piero Cipollone.

Another consensus was the desire to hear the ECB’s roadmap for next steps before the settlement trials finish at the end of this month.

Calls for the wholesale DLT settlement trials to continue

Clearstream’s Thilo Derenbach and Dekabank’s Michael Cyrus want to avoid losing momentum. Hence, they are both keen to keep the settlement solutions available.

“We would strongly recommend that the ECB does not now close the trial period and wait for many months or possibly years to then proceed with scalable BAU (business as usual) sort of implementation of the payment rails,” said Mr Derenbach.

 “Rather communicate soon to the market how the continued ongoing usage of one, two or three or other payment solutions would be made available. The market is ready.”

Mr Cyrus expressed a similar sentiment, noting that the Bundesbank’s Trigger solution had been around for two years before the trials started. “Now if we have to wait another two or three years, this would be a clear sign that innovation is not coming to the market as quick as we like and I think as quick as the market is ready for,” said Mr Cyrus.

That kind of continuity would allow market players to focus on building out other aspects of the ecosystem, such as secondary markets. He noted that relatively few asset managers were buying the tokenized issuance because of a lack of secondary markets and the need for digital securities to be eligible as collateral for central bank activities. Digital securities should be treated the same as conventional securities.

Ideally he would like to see the Trigger solution remain available. Experimentation with tokenized commercial bank money would also be desirable.

We previously highlighted that German firms dominated the trials which works in favor of the Trigger solution, as opposed to a decision purely on the merits of each option.

Wholesale CBDC in medium term
While all three participants were reluctant to select one solution over others, the Trigger solution came to the fore. Arguably, for a digital capital markets union, broadening the options could be on the cards. We’d note that the Bank of Spain is also developing a solution. Spain’s developer is the technology partner for Fnality, the wholesale tokenized payment solution that is already in production.

All three institutions seemed to envision a wholesale CBDC as the ultimate solution, with the use of existing payment rail integrations such as the Trigger and TIPS Hashlink solutions, seen as more important in the short term.

Union Investment’s Christoph Hock said he’d heard that it would take at least two years for the Banque de France’s wholesale CBDC to go into production.

 “Stablecoins could come into production already in 2025. I think a wholesale CBDC solution by the ECB somewhere in 27/28 potentially wouldn’t be helpful for the market,” he said. 

Hence he suggested a production version of the Trigger solution could be ready in late 2025 or early 2026 and in the meantime work could progress on the wholesale CBDC with the Banque de France.

Mr Hock also observed the important role that the central banks in Switzerland and Singapore have played in making their countries leaders in the tokenization space. 

Switzerland has extended its six month wholesale CBDC pilot for a further two years. He envisions that the Bundesbank in combination with the ECB could launch a world first with a production Trigger solution.

@ Newshounds News™

Source:  Ledger Insights

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RIPPLE VS SEC UPDATE: XRP LAWSUIT TAKES POSITIVE TURN AHEAD OF 2025 TRIAL

▪️XRP News Today: Ripple scores a significant legal victory as a US court rules in favor of Ripple Labs in the ongoing XRP lawsuit, narrowing the scope of class claims.

▪️Ripple Lawsuit Update: Judge Phyllis Hamilton grants Ripple’s motion for final judgment on settled class claims, limiting the case and setting a trial date for January 2025.

▪️The news of Ripple's legal win boosts XRP sentiment, with potential positive effects on XRP price action in the coming months

In the latest development, Ripple has scored a legal victory. In the ongoing In re Ripple Labs Inc. litigation, a US court has ruled in favor of Ripple Labs, XRP II LLC and Brad Garlinghouse.

This is a huge win for Ripple in the long-running case over unregistered securities sales. Judge Phyllis Hamilton granted Ripple’s motion for final judgment on certain class claims, which limits the case and sets up a trial in January 2025.

Key Lawsuit Details
Ripple and the plaintiffs jointly filed a motion seeking final judgment on settled class claims and a pause on remaining claims while appeals are pending. 

Judge Phyllis Hamilton’s order specifically addresses the class action claims related to unregistered securities sales, Ripple’s potential liability as a “control person,” and alleged California securities law violations.

With this ruling, the court has scheduled a trial for January 21, 2025, while pausing previous pretrial deadlines until appeals of the class claims are resolved.

Ripple’s Push for Clarity

Ripple’s request for this final judgment aims to streamline the legal process, clarify remaining claims, and shorten the case’s timeline. The court has also encouraged both sides to consider alternative dispute resolutions, hinting that settlement discussions may be on the horizon in the coming months.

Implications of the Ripple vs SEC Case
The Ripple case has implications for the SEC v. Ripple Labs case where the U.S. SEC is accusing Ripple of violating federal securities laws. Ripple’s win could further enhance the confidence in their stance against the SEC.

Especially after Trump has hinted towards regulatory clarity in the industry, and promised to fire Gary Gensler, the market anxiously awaits an action from the administration. Legal experts and Ripple CTO David Schwartz believe that a dismissal or settlement is possible. Attorney Fred Rispoli had stated that while a settlement appears more realistic, however, a full dismissal might be unlikely.

Gary Gensler To Exit Soon?
While Trump’s inauguration is set for January 20, the pro-XRP attorney James Murphy (MetaLawMan on X) believes Gensler may vacate his post as early as this month. Gensler’s potential resignation and a pro-crypto replacement could fuel a significant market resurgence.

XRP’s price remains closely tied to the regulatory clarity surrounding the token. Attorney Case Darwin agreed with a trader who noted that ‘not owning XRP during this run will be one of the biggest mistakes many will make’. 

He shared that people will not buy it, as the SEC appealed the district court’s decision, in which Ripple won a resounding victory. He emphasized that the BTC hype and its appeal will keep them away. XRP is currently trading at $0.7263, up over 3% in the last 24 hours.

With the stakes higher than ever, Ripple’s victory is more than a win—it’s a turning point for crypto.

@ Newshounds News™

Source:  Coinpedia

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🌱LAND PATENT ALLODIUM #CONSTITUTION #SOVEREIGN  |  Youtube

With Mason --  Ask questions here:  The Constitution Intel history and more

@ Newshounds News™

Source:  Seeds of Wisdom Team RV Currency Facts

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