Seeds of Wisdom RV and Economic Updates Friday Morning 7-18-25

GENIUS Act Heads to Trump’s Desk: Here’s What Will Change

The U.S. is on the verge of enacting its first comprehensive stablecoin regulation. The GENIUS Act—short for Guiding and Establishing National Innovation for US Stablecoins—has passed both chambers of Congress and now awaits President Donald Trump’s signature, expected Friday at 2:30 PM during a formal signing ceremony in Washington, DC.

The bill is poised to transform how stablecoins operate in the U.S., creating new rules for issuers, mandating transparency in reserves, and reshaping DeFi and yield offerings.

When Will the Law Take Effect?

• 18 months after Trump signs it, or

• 120 days after federal regulators (including the Treasury and Federal Reserve) publish final implementation rules

1. Stablecoin Issuers May Seek Banking Licenses

Legal experts say the bill creates strong incentives for stablecoin issuers to become banks.

“Pretty much every stablecoin issuer in the U.S. right now engages in activities outside the scope of the GENIUS license,” said Logan Payne, crypto attorney at Winston & Strawn.

The new GENIUS license permits only pure stablecoin issuance, pushing firms to seek national trust bank charters from the Office of the Comptroller of the Currency (OCC)—as Circle and Ripple have already done—allowing them broader operating authority without needing state-by-state money transmission licenses.

2. Stablecoin Interest and Yield Will Be Banned

One of the most controversial provisions of the bill is a ban on paying interest or yield to stablecoin holders—whether foreign or U.S.-regulated.

• This could eliminate rewards offered by stablecoins like USDC, which currently pays yield through platforms like Coinbase and Kraken

• Payne warns that many current reward models will be “modified or discontinued”

This change is expected to reshape user incentives across centralized platforms and impact DeFi integrations reliant on interest-bearing stablecoins.

3. DeFi Faces Uncertainty

The GENIUS Act leaves decentralized finance (DeFi) largely unaddressed—for now.

“How GENIUS will impact DeFi is intentionally a bit unaddressed,” Payne said, adding that further regulation will likely arrive alongside future bills like the CLARITY Act, which aims to define digital asset classes and regulatory jurisdiction.

Expect “a lot of uncertainty” for DeFi platforms as the legal landscape evolves over the next few years.

4. Mandatory Monthly Reserve Reports

All approved issuers must maintain 1:1 reserves backing their stablecoins, consisting of:

• U.S. dollars or equivalents (e.g., Treasury bills)

• Reserve composition must be publicly disclosed

• Reports must be audited by a registered public accounting firm

• Issuers must certify reserve accuracy to their regulators

These transparency requirements aim to prevent future collapses like TerraUSD by ensuring full backing and public accountability.

5. Ban on Unlicensed and Non-Compliant Stablecoins

Three years after enactment, the law will ban any stablecoin that:

• Is not issued by a federally or state-approved entity, or

• Cannot comply with GENIUS Act standards

Foreign-issued stablecoins will be exempt only if:

• Their home countries maintain comparable regulatory frameworks, and

• They register with the OCC and hold sufficient U.S. reserves to serve domestic customers

This provision tightens control over stablecoins entering the U.S. market while offering limited pathways to compliance for global players.

6. A New Federal-State Oversight Framework

The GENIUS Act establishes a multi-agency regulatory approach, authorizing banks, credit unions, and nonbanks to issue stablecoins.

Regulatory authority will depend on issuer type:

• Federal Reserve

• Treasury Department

• OCC

• FDIC

• National Credit Union Administration

Entities with under $10 billion in stablecoin circulation may choose state-level regulation—but states are not required to create a stablecoin regulator.

What’s Next?

With the GENIUS Act all but certain to become law, attention turns to the CLARITY Act, which now moves to the Senate. If passed, it would complement the GENIUS framework by defining digital asset classifications and clearly delineating SEC and CFTC oversight.

The passage of both bills would represent the most significant legislative advancement in U.S. crypto policy since the industry's inception.

@ Newshounds News™
Source: Cointelegraph   

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“Tidbits From TNT” Friday Morning 7-18-2025

TNT:

Tishwash:  Iraq announces resumption of Kurdistan oil exports after more than two years of halt

 The Iraqi government announced on Thursday an agreement to resume crude oil exports from the Kurdistan Region after a halt of more than two years.

The agreement stipulates that the regional government will immediately begin handing over all oil produced from the region's oil fields to the State Oil Marketing Organization (SOMO) for export, with the quantity delivered not being less than 230,000 barrels per day.

The federal Ministry of Finance will pay the regional government $16 per barrel, according to Agence France-Presse.

The Ministry of Oil announced last February the completion of all procedures for exporting oil produced in the Kurdistan Region via the Turkish port of Ceyhan, following a two-year halt due to disputes between Baghdad and Erbil. At the time, the ministry said in a statement that oil exports would be conducted "in accordance with the mechanisms outlined in the budget law and its amendments, and within Iraq's production ceiling set by OPEC."

Türkiye halted the pipeline in March 2023 after the International Chamber of Commerce ordered Ankara to pay $1.5 billion to Baghdad in compensation for unauthorized exports between 2014 and 2018. link

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Tishwash:  May salaries will be paid, and June salaries will be paid in the coming days. The Council of Ministers approves the memorandum of understanding with Kurdistan. 

The Iraqi Council of Ministers approved the memorandum of understanding signed between Erbil and Baghdad regarding the salaries of employees in the Kurdistan Region.

 Al-Jabal's correspondent in Baghdad reported on Thursday that the Iraqi Council of Ministers approved the memorandum of understanding signed with the Kurdistan Regional Government regarding employee salaries, directing the release of employee salaries for one month.

 The Iraqi Council of Ministers held an extraordinary session, chaired by Council Speaker Mohammed Shia al-Sudani, to discuss the agreement with Kurdistan on salaries.

According to information obtained by this correspondent, approval has been given to disburse salaries to Kurdistan Region employees for May as an initial phase, with June salaries to be disbursed in the coming days. 

He said the extraordinary session was dedicated to discussing this issue. The Kut mall fire was included in the meeting's agenda, and a three-day mourning period was declared in Iraq for the victims.  link

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Tishwash: Iraq Agrees Oil Plan With Kurdistan as Export Deal Nears

Iraq approved a plan for its semi-autonomous Kurdish region to transfer oil to Baghdad, a key step toward resuming exports that have been halted for more than two years.

The Kurdistan Regional Government will supply Iraq’s state oil marketer SOMO at least 230,000 barrels a day for export, the federal government said after a meeting of the cabinet. On receiving the crude at Turkey’s Mediterranean port of Ceyhan, the export point of Kurdish oil, Baghdad will release funds for salaries of Kurdistan government employees.

The move is the strongest signal yet that a resumption of shipments from Kurdistan to global markets through a pipeline that was halted in March 2023 is near. A final deal would still need contracts with companies in the Kurdish region, which have said exports can only kick off when there’s clarity on compensation, including future payments and past dues.

Also read: Oil Firms in Kurdistan Await Deals as Iraq Nears Export Restart

The Iraq-Kurdistan agreement is “an important milestone toward the resumption of oil exports through the Iraq-Turkey pipeline,” said Myles B. Caggins III, spokesman for the Association of the Petroleum Industry of Kurdistan. The group’s members anticipate additional discussions with the governments “to establish written agreements, prior to resuming exports,” he said.

The companies would also have to bring online fields that were shut this week following a barrage of drone attacks. About 200,000 barrels a day of output has been halted, according to an official in the Kurdistan Regional Government.

The latest steps come just as the Organization of the Petroleum Exporting Countries and its allies have started boosting production quotas, giving some members the room to raise exports. Additional shipments would likely add to a supply surplus forecast for later this year.

Pipeline Closure Halted About 500,000 Barrels a Day of Iraqi Oil Flows

btc-pipeline

Iraq-Ceyhan pipeline​

​The amount of oil that will be handed over to SOMO is based on output of 280,000 barrels a day. Kurdistan will keep 50,000 barrels a day for its own requirements. Any increase in output will result in a higher share going to the federal government, Iraq said in the statement.

As part of the deal, the KRG will also pay 120 billion Iraqi dinar ($92 million) as an initial payment to the federal government as its share of non-oil revenues for May. A panel will be formed to determine the state’s future share.

Lost Revenue

Iraq is OPEC’s second-biggest oil producer, pumping the vast majority of its crude from the south. The country has been keen to increase output in the long-term and boost revenue after years of war and internal strife. The halted Kurdistan exports have resulted in about $25 billion in lost revenue, Kurdistan Regional Government Prime Minister Masrour Barzani said last month.

The pipeline saga started in early 2023 after Turkey halted the link that carried about half a million barrels of oil daily following an arbitration court’s order to pay Iraq $1.5 billion. Ankara had claimed the pipeline was shut because it needed repairs after two massive earthquakes in February that year, but later put the onus on Baghdad to restart operations. But financial and legal disagreements held back the resumption.

In February this year, Iraq’s parliament passed a plan to allow Baghdad to pay oil companies in Kurdistan an initial fee of $16 a barrel for production and transportation, which is higher than what it had proposed paying earlier.

Oil companies including DNO ASA, Genel Energy Plc and Gulf Keystone Petroleum Ltd. operate in the Kurdistan region. link

Mot:  Ooooh Goody!!! -- Get to go out fir Dinner with da Kids!!!!

Mot:  Is it Yet!!!??? -- Wellllllllll -- is it??? 

Seeds of Wisdom RV and Economic Updates Thursday Afternoon 7-17-25

Bank of America Eyes Stablecoins to Help Move Trillions in Client Transactions

Bank of America (BoA) has confirmed that it is actively exploring the use of stablecoins to modernize its payment infrastructure, potentially transforming the way trillions of dollars in client funds are transferred through its systems daily.

During BoA’s Q2 2025 earnings call, CEO Brian Moynihan discussed the bank’s initial strategy around stablecoin integration, revealing that the focus is currently on using stablecoins as a transactional mechanism—a notable shift for one of the world’s largest financial institutions.

“We believe that if they [clients] want to use stablecoins to move part of that money, they’ll move,” Moynihan said, referring to stablecoin rails that facilitate dollar- and euro-based transactions.

From Exploration to Execution

BoA has been researching stablecoin usage since early 2025, with Moynihan reiterating the bank’s readiness to move forward pending regulatory clarity. The institution has reportedly discussed the possibility of joint stablecoin issuance in partnership with JP Morgan and Citigroup.

“We’ve done a lot of work. We’re still trying to figure out how big or small it is… So you’d expect us all to move,” Moynihan noted.

Though the CEO emphasized the exploratory nature of the current effort, he acknowledged stablecoins' potential to streamline financial movement at scale, especially in areas where traditional rails underperform or lack efficiency.

Stablecoin Market Momentum Continues

BoA’s interest comes amid rapid market expansion and a regulatory push to formally define the role of fiat-pegged digital assets in the U.S. financial system:

• Stablecoin transaction volume exceeded those of Visa and Mastercard combined in 2024.

• Total market capitalization has soared to $257 billion, nearly doubling since early 2023.

• Tether (USDT) and Circle’s USDC together account for over 85% of that total.

Industry experts increasingly regard stablecoins as the "default settlement layer" for digital commerce and cross-border financial exchange.

Legislation as a Catalyst: GENIUS Act Faces Delay

The GENIUS Act, a sweeping bill that would establish a federal framework for stablecoin issuance and compliance, has been a key enabler for traditional banks like BoA to move forward. The bill passed the Senate in June with bipartisan support, but encountered a procedural roadblock in the House this week.

Despite the delay, House leadership has signaled that the GENIUS Act could receive a floor vote by Thursday, marking a potential turning point for U.S. banks seeking to enter the stablecoin sector under clear rules.

Mixed Q2 Earnings Amid Strategic Shift

BoA also reported mixed financial results for Q2:

• Net income rose 3% to $7.12 billion, beating expectations.

• Revenue increased 4% to $26.61 billion, though slightly below forecasts.

As competition heats up and stablecoins become central to next-gen finance, Bank of America’s cautious but deliberate entrance into the space signals that the tokenization of traditional banking services is no longer theoretical—it’s underway.

@ Newshounds News™
Source: Cointelegraph

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Tether in Trouble as GENIUS Act Targets USDT — Is a Market Collapse Ahead?

Crypto analyst Jacob King is raising alarms about what he describes as the potential “bloodiest event in Bitcoin’s modern history,” warning that the GENIUS Act could effectively lead to the ban of Tether (USDT) and spark a devastating collapse across the broader crypto market.

The GENIUS Act—currently gaining momentum in Congress—aims to regulate stablecoins, but King claims the legislation puts Tether directly in the crosshairs, threatening the entire structure of Bitcoin liquidity and trading volume.

Tether Printing Sparks Alarm

According to King, Tether’s recent minting of 160 billion USDT is a desperate attempt to inflate Bitcoin and crypto markets artificially. He argues that USDT is being “printed out of thin air” to prop up prices, a criticism that has long dogged Tether amid transparency concerns and accusations of insufficient reserves.

“Without Tether, people will realize how fake everything has been,” King stated.

King suggests that 85–90% of daily Bitcoin volume is dependent on USDT, a metric he argues underscores the fragility of the entire crypto ecosystem.

Institutional Outflows & Insider Moves

Further stoking fears, King cites a surge in ETF outflows this week as evidence that institutions are quietly exiting the market. He contends that major players are shedding Bitcoin positions while retail investors remain largely unaware of what’s happening behind the scenes.

King also accuses Tether insiders of dumping Bitcoin via OTC trades, insulating themselves ahead of what he claims is an inevitable collapse.

GENIUS Act: Regulation, Not a Ban

Despite the ominous outlook, the GENIUS Act does not outright ban Tether. Instead, it provides 18–36 months for existing stablecoin issuers to achieve compliance, offering a regulatory pathway rather than an immediate shutdown.

In fact, market data contradicts King’s thesis:

• ETF flows have shown net inflows, not the “mass exits” King suggests.

• Tether remains the dominant stablecoin, with over $100 billion in circulation, despite persistent scrutiny.

Ripple’s RLUSD and the Future of Stablecoins

As the GENIUS Act advances, new contenders like Ripple’s RLUSD may begin to take market share, particularly as regulatory clarity favors compliant, transparent issuers. If Tether falters under legislative pressure, Ripple’s offering could emerge as a leading alternative for institutional-grade stablecoin use.

Conclusion: Panic or Perspective?

While Jacob King's analysis has ignited debate, his claims—lacking concrete evidence—should be viewed as highly speculative. Still, his warnings highlight the precarious balance in a market heavily reliant on a few centralized stablecoin providers.

The GENIUS Act marks a turning point in U.S. crypto regulation. Whether it ushers in collapse or evolution depends on how both the industry and regulators respond in the months ahead.

@ Newshounds News™
Source: Coinpedia   

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Trump’s Economic Nationalism Escalates, Pressures India and BRICS

President Donald Trump’s aggressive tariff strategy is intensifying economic tensions between the U.S. and the BRICS bloc, particularly India. Trump has announced a blanket 10% tariff on all BRICS member imports, along with a potential 200% levy on pharmaceutical products—a move that could spark a U.S.-India trade war and severely disrupt global supply chains.

Key Developments:

• Trump announces 10% tariff on all BRICS bloc imports

• 200% tariffs proposed on pharmaceutical imports, targeting India’s key export sector

• India exported $9.8 billion in pharmaceuticals to the U.S. in 2024–25, accounting for over 30% of Indian drug exports

• BRICS dollar trade initiatives face rising pressure from U.S. trade protectionism

• Indian copper exports and broader industrial sectors also threatened by tariff escalation

BRICS Under Economic Siege

Trump’s sweeping tariffs are not just economic measures—they represent a symbolic strike against the BRICS alliance, which has grown into a major counterbalance to U.S. economic hegemony. BRICS accounts for 32% of global GDP and over 40% of the world’s population. Many BRICS members are actively working to reduce dependency on the U.S. dollar, a shift that threatens longstanding U.S. advantages in global trade.

According to data from the Office of the United States Trade Representative (USTR), U.S. imports from BRICS nations totaled $886 billion in 2024. A 10% tariff across the board would impose $88 billion in additional duties, potentially slowing BRICS economic growth and disrupting dollar decoupling initiatives. India, a key BRICS member and strategic U.S. partner, is now caught between bloc solidarity and bilateral dependency.India’s Pharmaceutical Sector in the Crosshairs

The proposed 200% tariff on pharmaceutical imports directly targets India’s export strength. In 2024–25, India shipped $9.8 billion in pharmaceuticals to the U.S., a 21% increase year-over-year. These exports account for more than 30% of India’s total drug exports, supplying critical medications across various segments of the American healthcare system.

The tariffs could raise drug prices dramatically, impacting millions of Medicare and Medicaid recipients, especially in high-demand states like Texas, California, and Florida. This cost shock could reshape the political landscape, as vulnerable populations feel the squeeze of U.S. protectionism in the most sensitive area—healthcare.

Strategic Trade War Implications

Trump’s tariff escalation marks a turning point in global trade strategy, especially for India. A proposed 50% tariff on Indian copper exports threatens $360 million of industrial shipments to the U.S., undermining producers in states like Gujarat and Tamil Nadu. The broader $150–200 billion India–U.S. trade proposal now faces deep uncertainty.

India has made clear that it will not offer further concessions, signaling a hardened position in trade negotiations. The economic fallout from these tariffs could accelerate BRICS efforts to bypass the U.S. dollar and deepen intra-bloc cooperation in supply chains, technology, and trade infrastructure.

BRICS May Emerge More United

While the U.S. may be aiming to weaken BRICS influence through punitive trade measures, the effect could be the opposite. Instead of fracturing the alliance, Washington’s economic aggression may galvanize BRICS unity, especially on initiatives like alternative payment systems, blockchain integration, and currency de-dollarization.

India’s delicate position—balancing historic ties with Washington and its growing role within BRICS—could force major diplomatic recalibrations across Asia, Africa, and Latin America.

@ Newshounds News™
Source: Watcher Guru

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Massive Wealth Transfer Accelerates as They Inflate the Illusion

Massive Wealth Transfer Accelerates as They Inflate the Illusion

Taylor Kenny:  7-17-2025

The illusion of prosperity is wearing thin. As inflation quietly steals your purchasing power, the largest wealth transfer in modern history accelerates—by design.

This video exposes how government-backed “counterfeiting” inflates away your savings and enriches the elite.

 If you think the dollar’s collapse is a future threat, think again—it's already underway.

CHAPTERS:

0:00 Do Not Be Fooled

 1:58 What Has Government Done To Our Money?

4:15 Wealth Transfer

7:04 Crack-Up BOOM

9:06 Built to Endure

https://www.youtube.com/watch?v=l9KNcGD23ms

Some “Iraq News” Posted by Clare at KTFA 7-17-2025

KTFA:

Clare:  Iraq cabinet approves Baghdad-Erbil recent deal to resolve Kurdistan salary and oil disputes

7/17/2025

SULAIMANI, Kurdistan Region —The Iraqi Council of Ministers, in an extraordinary session on Thursday, approved a landmark understanding reached between Baghdad and Erbil to resolve the Kurdistan Region’s salary and oil disputes, and decided to release funds to cover public sector salaries for May.

Under the agreement, the Kurdistan Regional Government (KRG) will supply 230,000 barrels of oil per day to Baghdad, while retaining 50,000 barrels for domestic use. It will also transfer 120 billion dinars in monthly non-oil revenues. In return, the federal government will disburse salaries and financial entitlements to the Region.

A source from the KRG Council of Ministers told Zoom News that Thursday’s agreement is preliminary, with a final comprehensive deal expected within 90 days. Both governments aim to sign a broader accord to settle all outstanding issues.

The source added that the KRG will transfer 240 billion dinars to Baghdad for May and June non-oil revenues ealry next week, marking the first step in fulfilling its commitments under the deal.

Earlier on Wednesday, the KRG Cabinet approved the agreement and decided to implement its terms, including the federal government’s obligation to send the Region’s salaries and financial entitlements.

The dispute escalated after the Iraqi Ministry of Finance withheld funds in late May, citing that the KRG exceeded its federal budget share for 2023–2025. As a result, nearly 1.2 million civil servants, retirees, and security personnel in the Kurdistan Region have gone unpaid since May 14, exceeding 70 days.  LINK

Ryan1216:  Was A agreement reached on salaries and oil resumption. Seems like it was from reading the article.

Clare:  YES!   IMO

Ryan1216:  Thank you Clare. Looks to be officially done. Hopefully we can get the new rate quickly.

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Clare:  Masrour Barzani announces an agreement to pay salaries to Kurdistan Region employees.

7/17/2025

Kursistan Regional Government Prime Minister Masrour Barzani welcomed on Thursday the agreement reached with the federal government in Baghdad to pay the salaries of the region's employees, calling for the payment of the entitlements of the people of Kurdistan without any problems or disputes.

Barzani said in a statement received by Shafaq News Agency, "After the Kurdistan Regional Government, out of concern for the public interest and to ease the burden on the citizens of Kurdistan, showed the utmost flexibility and fully implemented all its obligations, and after long efforts and dialogues, the Federal Council of Ministers announced today the reaching of a joint agreement between the regional and federal governments."

Barzani continued, "We welcome this step and look forward to the federal government taking the initiative to send the region's salaries and financial dues." 

He added, "I have deep appreciation for the patience and steadfastness of the people of Kurdistan, and I thank all parties and entities that contributed and assisted in the efforts to resolve the salary crisis and have continued to support us."

He expressed his hope that "salaries and financial dues, which are a legitimate right of the people of Kurdistan, will be paid from now on without any problems or disputes, and that we will all work to resolve issues within the framework of the constitution and with full respect for the agreements concluded."

Regarding Kurdistan's security situation, Barzani called for "an end to attacks on the Kurdistan Region, especially those targeting oil fields. We hope the federal government will cooperate in identifying the perpetrators and taking the necessary legal action against them."

An informed source revealed details of a new financial agreement concluded between the federal government in Baghdad and the Kurdistan Regional Government on Wednesday, aiming to settle salaries, oil exports, and unify revenues.

The source told Shafaq News Agency that the agreement stipulates that the Kurdistan Regional Government will receive 240 billion dinars in revenues for May and June, at a rate of 120 billion dinars per month, in addition to delivering 230,000 barrels of oil per day to Baghdad, in exchange for the latter sending the salaries of the region's employees for those two months.

He indicated that the regional government will begin the process of handing over local revenues from border crossings, along with the agreed-upon amount of crude oil, as part of the implementation of the terms of the new agreement.

The source added that the next phase will witness meetings between joint technical committees to review and audit figures and statistics related to oil exports and imports, as well as to discuss the region's share of the federal budget.

For his part, an Iraqi government source said that the federal cabinet is awaiting the implementation of the Kurdistan Regional Government's pledges to resolve the current crisis.

He explained that the federal government is awaiting an official letter from the Kurdistan Regional Government to begin implementing the agreement by the relevant committees.

The Kurdistan Regional Government's Council of Ministers approved the new understandings with Baghdad during its session held yesterday morning, Wednesday.

The roots of the recent salary crisis between the federal government in Baghdad and the Kurdistan Regional Government (KRG) lie in ongoing disagreements over oil export mechanisms and the unification of public revenues. This is a long-standing crisis that resurfaces from time to time, but it has significantly worsened since May 2025, when the federal government refused to send salaries to KRG employees.

Baghdad justified the delay in disbursement by Erbil's failure to deliver the agreed-upon quantities of crude oil (230,000 barrels per day) and its failure to transfer non-oil revenues from internal ports to the state treasury, which the federal government considered a violation of previous agreements included in the three-year federal budget law (2023-2025).

For its part, the regional government confirmed that it is facing technical and political difficulties in delivering the full amount of oil, especially given the ongoing suspension of oil exports via the Turkish Ceyhan pipeline since March 2023. This suspension stems from an international arbitration ruling against Turkey in the oil export dispute with Iraq. This has forced Erbil to rely on domestic exports to meet its financial needs.  LINK

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Clare:  Prime Minister's Advisor: Economic and disciplinary factors behind exchange rate stability and dollar decline

7/17/2025

 The Prime Minister's financial advisor, Mazhar Mohammed Salih, confirmed that the decline in the "dollarization" phenomenon and the stability of the Iraqi dinar exchange rate are due to a combination of crucial economic and disciplinary factors.

 Saleh explained, in a statement to Al Furat News Agency, that "the disciplinary factors were represented by tightening control over the circulation of the dollar in domestic transactions and completely prohibiting its use in local settlements and payments, in accordance with the law.

 He pointed out that these measures included bank deposit mechanisms for real estate transactions, which were previously the focus of demand for cash dollars, and the dinar replaced them with remarkable success.

He noted that this success is credited to the Central Bank of Iraq and its monetary policy, despite the criticism it faced. Saleh added that the exchange rates in the parallel market would have been in line with the official markets, had it not been for the recent geopolitical tensions in the Middle East, which caused a difference of 142 dinars per dollar." 

Foreign trade financing and monetary strengthening mechanisms

The financial advisor explained that "one of the most important success factors that led to the decline in the parallel market's strength is the direct financing of small traders' foreign trade from official dollar outlets at a rate of 1,320 dinars per dollar, without the need for intermediaries. He pointed out that small traders' imports constitute more than 50% of Iraq's total foreign market trade." 

Saleh did not fail to point out that the mechanisms for Iraqi banks' foreign currency cash consolidation with correspondent banks have become easier as an alternative to the Central Bank's window and previous platforms, which were abolished at the beginning of the year. He emphasized that these mechanisms have proven successful in ensuring the official exchange market dominates the entire market for foreign transfers at the fixed exchange rate of 1,320 dinars per dollar.

Trade Policy and the Use of Electronic Payment

Saleh also emphasized the role of trade policy, which intervened for the first time by opening giant shopping centers and expanding into this area (hypermarkets), describing it as a "price defense policy in favor of the official exchange rate," and weakened market demand for financing some of its trade from the parallel market, which had become "highly costly."

Finally, the financial advisor noted the growing public trend toward widespread use of electronic payment cards funded at the official exchange rate (1,320 dinars), which has become "one of the modern travel customs and traditions in Iraq." He added that travelers now receive a share of cash dollars when traveling, subject to very transparent and strict controls.

 From.. Raghad    LINK

Clare:  The Central Bank to Al-Maalouma: There are no concerns about salary disbursements, and cash liquidity is available.

7/17/2025  Information / Baghdad...

Financial expert and member of the Central Bank of Iraq's board of directors, Ahmed Brihi, confirmed on Thursday that media reports of a cash liquidity crisis affecting salary disbursements are inaccurate and contain significant exaggerations and misinformation. He emphasized that salary disbursements are safe and currently face no risks.

In a statement to Al-Maalouma, Brihi said, “The repeated talk on some satellite channels about the existence of a cash liquidity problem and its impact on salary delays is not based on reality, but rather includes unjustified exaggerations.” He pointed out that "salary delays - if they exist - are often due to technical and administrative reasons, and have nothing to do with a lack of liquidity."

He added that "the concept of cash liquidity is sometimes misunderstood," noting that "the issue is not a shortage of cash available to the government, but rather sometimes relates to providing new revenues to the federal budget or activating borrowing mechanisms, whether domestic or foreign."

Brihi pointed out that "government payment procedures are proceeding normally, and there are currently no concerns regarding the disbursement of salaries."   LINK

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Clare:  Al-Harki: The Baghdad-Erbil understandings may pave the way for the enforcement of an oil and gas law.

7/17/2025   Information / Baghdad..

Patriotic Union of Kurdistan (PUK) member Ahmed al-Harki affirmed on Thursday that reaching solutions to the outstanding disputes between the federal government and the Kurdistan Regional Government is in the interest of both parties and could pave the way for rebuilding trust and enacting a transparent and clear oil and gas law.

“Everyone, whether in Baghdad or Erbil, now realizes that resolving chronic disputes is the best option for both parties,” Al-Harki told Al-Maalouma. He noted that "the upcoming agreements could establish a relationship based on rights, duties, and transparency, even though past experience has proven that temporary solutions do not address the roots of crises."

He added, "Agreeing on these issues could be a starting point for lasting understandings, despite the difficulty of reaching radical solutions at this time."

He concluded by saying, “The period following the current parliamentary session may witness the drafting of a new oil and gas law, after everyone realized that mutual understanding is the best path, even if it begins with temporary solutions.”    LINK

Seeds of Wisdom RV and Economic Updates Thursday Morning 7-17-25

House Republicans Pass Crypto Bills After Record 10-Hour Vote

In a historic procedural showdown, House Republicans passed three major cryptocurrency bills late Wednesday night, following a record-breaking 10-hour vote. The final tally came in at 217-212, clearing a major hurdle for crypto regulation in the United States.

Key Highlights:

• Three major crypto bills advanced: the GENIUS Act (stablecoin regulation), the CLARITY Act (market structure), and the Anti-CBDC Surveillance Act

• Longest procedural vote in House history, lasting from 1:19 PM to 11:04 PM ET

• Final deal included a ban on Central Bank Digital Currencies (CBDCs) attached to the must-pass National Defense Authorization Act (NDAA)

• The GENIUS Act could reach President Trump’s desk by Thursday

• The CLARITY Act vote may happen next week, depending on scheduling

Procedural Drama and Compromise

The vote nearly failed to materialize.

Hardline Republicans from the House Freedom Caucus initially blocked the measure on Tuesday, arguing that the crypto bills didn’t go far enough to block a Federal Reserve-backed CBDC. Their concern centered on the GENIUS Act, which they feared might offer a “back door” for a CBDC—despite its explicit language restricting Fed authority.

House leadership reached a compromise on Wednesday by agreeing to attach the CBDC ban to the NDAA, a must-pass defense spending bill that routinely clears both chambers of Congress.

This shift allowed the more controversial CBDC issue to be separated from the GENIUS and CLARITY Acts, enabling the House to move both crypto-focused bills forward.

Overview of the Bills

GENIUS Act

• Establishes a regulatory framework for stablecoins

• Expected to receive a final House vote on Thursday

• President Trump has indicated he may sign it into law before the weekend

CLARITY Act

• Focuses on market structure and regulatory clarity for digital assets

• Final vote anticipated next week, although Speaker Mike Johnson suggested it could occur as early as Friday

Anti-CBDC Surveillance Act

• Prohibits the Federal Reserve from issuing or piloting a retail CBDC

• Now incorporated into the NDAA, increasing its chances of passage

Internal Divisions and Political Positioning

Representative Marjorie Taylor Greene was the only Republican to vote with Democrats against the procedural rule, standing out in what was otherwise a party-line vote.

Representative Keith Self also voiced strong concerns, warning that the GENIUS Act could still enable a Federal Reserve CBDC despite language explicitly limiting such powers.

A letter circulated among House Democrats urged opposition to the package, questioning whether Republicans could properly implement the new policies and warning of legislative overreach.

What Comes Next

• The House is expected to vote on the GENIUS Act on Thursday. If it passes, it will proceed directly to President Trump’s desk for signature.

• The CLARITY Act could be voted on next week, though timing remains flexible.

• The NDAA, now containing the CBDC ban, will follow its usual path through Congress and is expected to pass later this session.

Conclusion

This week’s developments mark a significant moment in U.S. crypto policy. With stablecoin regulation, digital asset market structure, and CBDC limitations now moving through Congress, lawmakers are positioning the United States for a new era of financial innovation—while drawing firm boundaries around central bank authority.

@ Newshounds News™
Source: CoinCentral   

~~~~~~~~~

Citi and JP Morgan Confirm Strategic Shift Toward Stablecoins and Tokenized Deposits

The Q2 2025 earnings calls for Citi and JP Morgan offered a revealing look into how two of the world's largest financial institutions are positioning themselves within the evolving digital asset ecosystem—particularly in the areas of stablecoins and tokenized deposits.

While both banks expressed different tones on the future of these technologies, each confirmed a growing commitment to active participation, driven in part by regulatory clarity and competitive pressure from fintechs.

JP Morgan: Expanding Its Digital Footprint Despite Skepticism

During the call, JP Morgan CEO Jamie Dimon acknowledged growing customer demand and said the bank would remain “a player” in stablecoins and tokenized banking—even as he voiced skepticism about their necessity.

“We’re going to be involved in both JPMorgan deposit coin and stablecoins — to understand it, to be good at it,” said Dimon. “I think they’re real, but I don’t know why you’d want a stablecoin as opposed to just payment.”

Still, the bank is moving ahead with its plans:

• JPMD, its deposit token pilot on a public blockchain, is currently being tested with both direct clients and the clients of affiliated financial institutions.

• Kinexys Digital Payments (formerly JPM Coin/Onyx), JP Morgan’s permissioned blockchain-based platform, continues to process over $2 billion in daily transactions across global branches.

Dimon also hinted at the possibility of a joint bank-issued stablecoin, similar in spirit to Zelle, though he declined to confirm specifics.

“That’s a great question, and we’ll leave it remaining as a question,” he quipped, acknowledging the broader fintech pressure. “The way to be cognizant is to be involved.”

Citi: Emphasizing Tokenized Deposits and Custody Solutions

Citi CEO Jane Fraser offered a more structured and optimistic view, laying out four areas of focus as the bank deepens its digital asset capabilities:

1. Reserve management for stablecoins

2. On/off-ramping between fiat and digital coins

3. Exploring issuance of a Citi-branded stablecoin

4. Tokenized deposit infrastructure and crypto custody

Fraser confirmed that Citi Token Services, launched last year, is now live in four jurisdictions and has already processed billions in transactions. She described tokenized deposits as a core strategic pillar for the bank’s future positioning in digital finance.

“This is a good opportunity for us,” Fraser concluded, noting the potential for custodial services and new issuance models.

Legislative Catalyst: GENIUS Act Nearing Final Passage

A major driver behind the renewed interest from U.S. banks is the pending federal legislation on stablecoins. The GENIUS Act, which recently passed the Senate, is expected to be voted on in the House this week. The Act would create a legal framework for the issuance, regulation, and integration of stablecoins, giving banks and fintechs a clear path forward.

With regulatory uncertainty beginning to lift, both Citi and JP Morgan are racing to develop internal infrastructure, offerings, and services that will allow them to capitalize on the shift toward tokenized finance and on-chain banking.

@ Newshounds News™
Source: Ledger Insights

~~~~~~~~~

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Tidbits From TNT” Thursday Morning 7-17-2025

TNT:

Tishwash:  Kurdistan Region ratifies new financial agreement with Baghdad

 The Kurdistan Regional Government's Council of Ministers approved a new understanding with the federal government on Wednesday, which includes mechanisms for disbursing salaries and financial dues to the region's employees, in addition to mutual financial and oil commitments.

The council held its meeting, chaired by Prime Minister Masrour Barzani, with the participation of Deputy Prime Minister Qubad Talabani, according to an official statement issued by the regional government.

At the beginning of the meeting, the Council of Ministers condemned the terrorist attacks targeting the region's oil fields, which led to material losses in the energy sector, stressing that their aim was to harm the economic infrastructure. The Council called on the federal government to take firm legal measures to stop these attacks and hold those responsible accountable.

The meeting also discussed the negotiating process with the federal government regarding the financial situation and salaries of the region's employees, with the Prime Minister and his deputy providing a detailed explanation of the results of the talks held in Baghdad yesterday.

According to the statement, the understanding included the federal government sending salaries and financial dues to the region in accordance with the new agreement. The Council of Ministers welcomed these understandings and decided to proceed with their implementation.

In a related development, Ali Hama Salih, head of the "Mawqif" bloc in the Kurdistan Parliament, wrote in a Facebook post that the regional government, under the agreement, agreed to deliver 120 billion dinars per month in local revenues, in addition to 230,000 barrels of oil per day to Baghdad.  link

Tishwash:  Learn about the details of the new financial agreement between Baghdad and Erbil.

An informed source revealed details of a new financial agreement concluded between the federal government in Baghdad and the Kurdistan Regional Government on Wednesday, aiming to settle salaries, oil exports, and unify revenues .

The source told Al-Sa'a Network, "The agreement stipulates that the Kurdistan Regional Government will hand over 240 billion dinars in revenues for the months of May and June, at a rate of 120 billion dinars per month, in addition to handing over 230,000 barrels of oil per day to Baghdad, in exchange for the latter sending the salaries of the region's employees for those two months ."

He pointed out that "the regional government will actually begin the process of handing over local revenues from border crossings, along with the agreed-upon amount of crude oil, as part of implementing the terms of the new agreement ."

The source added, "The next phase will witness meetings between joint technical committees to review and audit figures and statistics related to oil exports and imports, as well as to discuss the region's share of the federal budget  link

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

Tishwash:  American companies seek investments in Iraq's gas sector.

ectNew tender issued for a floating liquefied natural gas (LNG) terminal pro

 With Iraq suffering from a severe gas and electricity shortage, especially in the summer, and insufficient domestic production, a large portion of which is flared as associated gas, and with gas imports from Iran having fallen by more than half, the country has re-tendered the construction of a floating storage and regasification unit (FSRU) to convert liquefied natural gas into gas for use in power plants.

The American company Accelerate Energy currently appears to be the favorite to implement this project. 

A report published on the American energy news website Oil Price indicates that Iraq's plan to begin importing liquefied natural gas (LNG) this summer has not been successful, prompting the government to urgently revise its ambitions for the floating terminal.

With electricity demand increasing and gas supplies scarce, the Ministry of Oil has re-tendered the FSRU in an attempt to secure regasification capacity in time for summer 2026. US-based Accelerate Energy is now the most likely supplier, after a previous agreement with the UAE's Breeze Investment failed to advance.

The report states that timing is critical, as Baghdad faces another peak season without enough gas to stabilize the electricity grid, while US sanctions and fluctuating Iranian supplies are narrowing Iraq's fuel options.

 The FSRU project will not only provide a technical solution, but could also be a turning point in Iraq's foreign energy policy by opening a commercial channel for importing gas from the United States.

Initial plans to import LNG were drawn up in early 2024, when the Ministry of Oil issued a limited tender to lease an FSRU, which would dock at one of the southern ports (Khor al-Zubair or Umm Qasr) and feed a 1.2 GW power plant under construction near Basra. Officials had hoped to have the unit operational before the peak summer of 2025, but this goal has not been met.

According to a report by MEES on July 11, initial talks with Breeze Investment stalled in June after the company's vessels were reassigned. Ezzat Saber, the deputy oil minister for gas affairs, told reporters that the government had urgently re-tendered the contract and expected to sign it within 10 days. However, any new agreement would likely extend beyond the current summer window, as contract timing, permitting, offshore infrastructure preparation, and ship commissioning all take time. Even if a quick deal is signed in July, gas flows are unlikely before the second quarter of 2026.

Baghdad is currently in active talks with Accelerate, which participated in the tender with Breeze earlier this year and is now the only viable short-term supplier. Accelerate owns a global fleet of regasification vessels and has recorded successful operations in several other countries. Its Exemplar vessel is reportedly completing a short mission in the Mediterranean and could reposition to Iraq in early 2026 if contracted soon.

For this reason, LNG imports are Iraq's most visible response to the gas supply crisis that has affected the electricity sector for more than a decade. Associated gas collection and processing remain insufficient and often flared, while non-associated fields remain undeveloped. The deficit peaks in the summer, when electricity demand exceeds 30 gigawatts. Production is expected to fall by more than 6 gigawatts during peak periods this year.

Iraq has long relied on gas and electricity imports from Iran to bridge its deficit, but this lifeline is beginning to shrink. In March 2025, the Trump administration allowed the sanctions waiver that had allowed Iraq to import electricity from Iran to expire, halting those imports and triggering emergency measures.

 While the waiver allowing the import of Iranian gas remains in place, supplies have declined sharply. In early 2025, Iraq was receiving around 50 million cubic meters per day of Iranian gas, but by June, that figure had fallen to around 25 million cubic meters, according to government data.
The anticipated FSRU represents more than just a temporary solution; it will give Iraq its first access to international LNG markets and open a new, seamless supply channel.
From the United States' perspective, Accelerate's potential role as a supplier and operator presents an opportunity to strengthen strategic energy economic ties with Baghdad.

According to a Bloomberg report, with Iranian gas imports declining by about 25 million cubic meters per day, Iraq reported in early July a decrease in electricity generation capacity of about 3.8 gigawatts. link

Mot:  Sooooooo -- How Ya Get an old lady to Cuss!!!???

Mot:  Ya Know!!! -- It's all about priorities!!!!  

History’s Repeating, this Signal Crashed a Major Economy

History’s Repeating, this Signal Crashed a Major Economy

Steven Van Metre:   7-16-2025

The video presents a detailed analysis of a looming economic crisis centered on China’s economy, which investors increasingly believe is on the brink of collapse.

It highlights how the bond market, specifically long-term Chinese Treasury bond ETFs, is signaling expectations of a deep recession in China—contrary to misleading headlines suggesting investors are merely seeking safety.

The video uses U.S. economic data trends, particularly bond yields and GDP correlations, to illustrate how bond markets typically lead economic downturns.

Investors are speculating that China’s monetary easing efforts by the People’s Bank of China (PBOC) will fail to stimulate the economy effectively, prompting expectations of aggressive rate cuts and deflationary pressures.

The video emphasizes that monetary policy alone cannot revive growth if demand remains weak because new money creation depends on borrowing, and when borrowing contracts, money is effectively destroyed. This dynamic is reflected in falling commercial loan growth and weak consumer demand globally, including in the U.S.

China’s economic indicators show mixed signals: while GDP targets have been met, they mask fragile domestic demand and a housing market in steep decline.

Consumer retail sales, especially discretionary spending, have fallen sharply, signaling deeper economic pain. Despite government subsidies, the broader economy is deflating, with consumer price deflators in decline for nine consecutive quarters and real estate prices falling at their fastest pace in months.

The risks extend beyond China, with global spillover effects expected as Asian, European, and American economies face similar demand contractions.

U.S. data show slowing loan growth due to falling demand, weakening consumer spending power, and potential labor market vulnerabilities as manufacturers front-run tariff impacts with rising inventories but declining new orders.

The video concludes by warning that this bond-market-led signal resembles those preceding past financial crises, suggesting the global economy could be headed for another downturn.

 It contrasts this grim outlook with a brief promotion of Next NRG, a company pioneering AI-driven clean energy solutions, highlighting its growth potential amid the evolving energy landscape.

https://youtu.be/S-naHkVvXas

Seeds of Wisdom RV and Economic Updates Wednesday Afternoon 7-16-25

Federal Reserve, OCC, FDIC Outline Expectations for Bank Digital Asset Custody

In a major shift toward integrating traditional banking with digital assets, U.S. federal banking regulators have issued a formal statement clarifying expectations for banks offering crypto-asset custody services.

Released jointly by the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC), the statement highlights operational and compliance expectations—but emphasizes that it does not create new supervisory rules, only reiterates existing obligations and risk considerations.

Background: Trump-Era Regulatory Shift

This latest guidance comes amid broader regulatory reform under President Trump’s second administration, which has actively reversed prior restrictions on banks engaging in digital asset services.

One of the most notable reversals was the rescission of SEC Staff Accounting Bulletin (SAB) 121, just four days after Trump’s January 2025 inauguration. SAB 121, implemented during the Biden administration, had essentially prohibited banks from offering crypto custody services by imposing harsh capital treatment.

As a result, bank participation in digital asset custody was virtually nonexistent in 2023, according to data from the Basel Committee on Banking Supervision. However, by mid-2024, that figure surged to nearly $16 billion, signaling rapid institutional re-engagement with crypto safekeeping.

Core Focus: Risk Management and Staff Expertise

The statement places strong emphasis on staff competency and internal controls:

“Given the complexities of crypto-asset safekeeping, a banking organization’s board, officers, and employees should have the requisite knowledge and understanding... to establish adequate operational capacity and appropriate controls,” the regulators wrote.

Key areas of concern include:

• Management of cryptographic keys

• Third-party technology reliance

• Compliance with anti-money laundering (AML) obligations

• Adherence to the Bank Secrecy Act (BSA)

Even when custody is provided directly, the regulators note that most banks depend on third-party technology vendors, elevating operational and cybersecurity risks.

New OCC Head Has Crypto Background

In a related development, the Senate last week confirmed Jonathan Gould as the new head of the OCC, one of the three agencies issuing this guidance. Gould previously held a position at crypto mining and infrastructure firm Bitfury, alongside former acting Comptroller Brian Brooks, known for his crypto-forward stance during the Trump administration’s first term.

This unified federal statement signals a significant policy realignment, reinforcing the Trump administration’s intent to legitimize digital assets within the U.S. banking framework while ensuring regulators remain focused on safety, soundness, and compliance in a rapidly evolving financial ecosystem.

@ Newshounds News™
Source: Ledger Insights

~~~~~~~~~

China Settles $855 Billion in Trade With BRICS Countries in First Half of 2025

China has recorded a massive $855 billion in trade with BRICS member countries during the first half of 2025, signaling the continued realignment of global trade dynamics away from traditional Western dominance.

According to Lu Daliang, Director of the Statistics and Analysis Department at the General Administration of Customs, this total—equivalent to 6.11 trillion yuan—reflects a 3.9% year-on-year increase compared to the same period in 2024. Daliang confirmed the figures during a press conference, emphasizing the growing strength of the BRICS economic alliance.

BRICS Gaining Momentum in Cross-Border Trade

This surge in trade reinforces the broader strategy of BRICS to foster intra-bloc economic cooperation and reduce reliance on Western financial systems. In the first six months of 2025 alone, BRICS and partner countries accounted for 28% of China’s total foreign trade, showcasing a significant shift toward South-South collaboration.

China’s $855 billion trade with BRICS members was primarily driven by:

• Chemicals and metallurgical products

• Electronic components and industry goods

• Petrochemical equipment

• Metalworking machines

• Agricultural equipment, including cotton harvesters and combines

This diverse portfolio of industrial trade underscores BRICS' growing independence and mutual interdependence in key supply chains.

China-SCO Digital Trade Platform: A Challenge to the USD?

In a parallel development, China proposed a new digital trading platform to enhance commerce with member states of the Shanghai Cooperation Organization (SCO). The proposal, announced during the SCO Global Mayors Dialogue held in Tianjin, hints at the possibility of bypassing the U.S. dollar in future transactions.

If implemented, such a platform could significantly impact the USD’s global dominance in international settlements, further supporting ongoing de-dollarization trends within the BRICS and SCO alliances.

Conclusion

As geopolitical and economic alliances deepen between China and its BRICS counterparts, the global financial order continues to evolve. With $855 billion in trade already settled in the first half of 2025, China’s strategy reflects a clear pivot toward a multipolar, non-dollar-dominated global trade structure—a development that will have lasting implications for global markets, monetary policy, and cross-border commerce.

@ Newshounds News™
Source: Watcher.Guru

~~~~~~~~~

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Seeds of Wisdom RV and Economic Updates Wednesday Morning 7-16-25

House Republicans Block Epstein Files Amendment to Landmark Crypto Bill

As “Crypto Week” begins in Washington, House Republicans have voted to block a controversial amendment to one of the most important crypto bills under consideration—one that would have compelled the Department of Justice (DOJ) to release the highly scrutinized Epstein files.

Democrats Propose Epstein Amendment to GENIUS Act

On Monday, the House Rules Committee rejected an amendment to the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, introduced by Representative Ro Khanna. The amendment sought to mandate that Attorney General Pam Bondi release and publish records related to investigations, prosecutions, or the incarceration of Jeffrey Epstein within 30 days of the bill becoming law.

This effort came amid renewed Democratic pressure following criticism of how the Trump administration's DOJ handled the Epstein case, including its conclusion that Epstein’s death was a suicide and that no client list existed.

Democrats viewed the amendment as a way to leverage internal GOP tensions and force a vote that could place Republicans in a politically vulnerable position. Representative Marc Veasey also announced a resolution pushing for the full release of all Epstein-related DOJ files.

Rules Committee Prioritizes Crypto, Not Epstein Files

On July 14, the House Rules Committee voted 6-5 against including Khanna’s amendment. Republicans argued that the proposal was not relevant to the GENIUS Act, which is focused on stablecoin regulation, not criminal investigations.

The GENIUS Act—originally introduced by Senator Bill Hagerty—seeks to create a clear regulatory framework for stablecoins like USDT and USDC, placing them under Federal Reserve oversight. Supporters say it will “unleash innovation” and support President Trump’s vision of making the U.S. a global crypto leader.

Interestingly, Republican Representative Ralph Norman broke ranks to vote with Democrats in favor of the amendment, stating that “the public’s been asking for it.” However, Norman later opposed Representative Veasey’s separate resolution on procedural grounds, saying, “We’re talking about crypto, Jim. We’re talking about regulations.”

GENIUS and CLARITY Acts May Merge Ahead of August Deadline

The GENIUS Act already passed a full Senate vote in mid-June and is currently moving through the House of Representatives. Lawmakers have since discussed combining the bill with the CLARITY Act, another cornerstone crypto regulation proposal, to improve their chances of passing before the August recess.

However, Senate Banking Committee Chair Tim Scott has since signaled a new timeline, suggesting that GENIUS and CLARITY could advance independently to avoid procedural delays.

While the Epstein-related efforts were blocked, the broader legislative push around crypto regulation remains on track, with lawmakers aiming to finalize a framework that could reshape U.S. digital asset policy.

@ Newshounds News™
Source: Bitcoinist

~~~~~~~~~

Trump Cuts Deal to End Republican Revolt on Crypto Bills

President Donald Trump has intervened to restore Republican support for a suite of major cryptocurrency bills after a GOP revolt temporarily derailed progress over concerns about central bank digital currencies (CBDCs).

On Tuesday evening, Trump announced on his Truth Social platform that he had met with 11 of the 12 Republican holdouts in the Oval Office and secured their commitment to vote in favor of the bills when the House reconvenes.

“I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” Trump wrote.

Crypto Bills Delayed Over CBDC Concerns

The Republican standoff halted Tuesday’s expected vote on three key crypto bills:

• The GENIUS Act, which sets rules for stablecoin issuance

• The Anti-CBDC Surveillance Act, which bans a Federal Reserve–issued CBDC

• The CLARITY Act, a broader crypto market structure framework

Thirteen Republican lawmakers, including high-profile names like Marjorie Taylor Greene, Andy Biggs, and Anna Paulina Luna, opposed moving forward without an explicit ban on CBDCs included in the GENIUS Act.

Some wanted the three bills to be bundled into a single legislative package, while others sought amendments to further guarantee self-custody rights and block any indirect pathways to a government-backed digital currency.

“I just voted NO on the Rule for the GENIUS Act because it does not include a ban on central bank digital currency,” said Rep. Greene.

“The bill doesn’t guarantee self-custody,” added Rep. Biggs, calling for an open amendment process.

Trump's Executive Order Already Opposes CBDCs

Trump's re-engagement with crypto comes after he issued an executive order in January barring the Federal Reserve from developing a retail CBDC, a move that aligned him with the industry’s call for decentralized digital finance.

House Speaker Mike Johnson credited Trump’s influence for restoring momentum:

“I’m thankful for President Trump getting involved tonight to ensure that we can pass the GENIUS Act tomorrow,” Johnson posted on X.

Still, the bill’s language already prohibits the Fed from offering public-facing digital accounts, according to Eleanor Terrett, host of the Crypto in America podcast.

“The bill shall not be construed as expanding the Fed’s authority to offer services directly to the public—meaning it cannot authorize digital wallets, personal accounts, or anything CBDC-related,” she explained.

Procedural Challenges and Strategy Shifts

Tensions also arose over how the bills should be passed. Some Republicans wanted them voted on as a single package, while Speaker Johnson argued they should advance in succession to avoid procedural issues in the Senate.

“It’s a priority of the White House, the Senate, and the House to do all of these crypto bills,” Johnson told Politico, but added, “We have to do them in succession.”

Despite the delay, industry insiders remain optimistic. Caitlin Long, CEO of Custodia Bank, urged calm, pointing out that the GENIUS Act initially failed in the Senate before passing 11 days later.

House Reconvenes Wednesday

The House is scheduled to meet again on Wednesday to resume debate and move the crypto bills forward. If successful, it could mark a turning point in the legislative effort to establish clear U.S. digital asset regulation before the August recess.

The GENIUS Act passed the Senate in June with bipartisan support, but Democratic opposition to Trump’s rising alignment with the crypto industry remains a factor heading into final negotiations.

@ Newshounds News™
Source: Cointelegraph

~~~~~~~~~

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“Tidbits From TNT” Wednesday Morning 7-16-2025

TNT:

Tishwash:  The Minister of Finance reveals the reason for the delay in approving the budget.

 Finance Minister Taif Sami revealed the reason for the federal government's failure to approve the budget and the delay in submitting it to parliament, according to a statement by MP Rashid Al-Maliki on Wednesday.

Al-Maliki said in a statement today, "Finance Minister Taif Sami informed us today during her meeting at the ministry's headquarters that a committee in the Council of Ministers is working to complete the budget schedules."

Sami was also quoted as saying: "The reason for the delay is due to efforts to maximize non-oil revenues and find financial sources to cover the budget deficit from fees, taxes, service charges, etc., and that the government is committed to submitting the budget schedules."   link

Tishwash:  News reveals details of the new agreement between Baghdad and Kurdistan.

An informed source revealed details on Wednesday of a new financial agreement concluded between the federal government in Baghdad and the Kurdistan Regional Government (KRG), aimed at settling salaries, oil exports, and unifying revenues.

The source told Shafaq News Agency that the agreement stipulates that the Kurdistan Regional Government will receive 240 billion dinars in revenues for May and June, at a rate of 120 billion dinars per month, in addition to delivering 230,000 barrels of oil per day to Baghdad, in exchange for the latter sending the salaries of the region's employees for those two months.

He indicated that the regional government will begin the process of disbursing local revenues from border crossings, along with the agreed-upon amount of crude oil, as part of the implementation of the terms of the new agreement.

The source added that the next phase will witness meetings between joint technical committees to review and audit figures and statistics related to oil exports and imports, as well as to discuss the region's share of the federal budget.

For his part, an Iraqi government source said that the federal cabinet is awaiting the implementation of the Kurdistan Regional Government's pledges to resolve the current crisis.

He explained that the federal government is awaiting an official letter from the Kurdistan Regional Government to begin implementing the agreement by the relevant committees.

The Kurdistan Regional Government's Council of Ministers approved the new understandings with Baghdad during its session held this morning.

The roots of the recent salary crisis between the federal government in Baghdad and the Kurdistan Regional Government (KRG) lie in ongoing disagreements over oil export mechanisms and the unification of public revenues. This is a long-standing crisis that resurfaces from time to time, but it has significantly worsened since May 2025, when the federal government refused to send salaries to KRG employees.

Baghdad justified the delay in disbursement by Erbil's failure to deliver the agreed-upon quantities of crude oil (230,000 barrels per day) and its failure to transfer non-oil revenues from internal ports to the state treasury, which the federal government considered a violation of previous agreements included in the three-year federal budget law (2023-2025).

For its part, the regional government confirmed that it is facing technical and political difficulties in delivering the full amount of oil, especially given the ongoing suspension of oil exports via the Turkish Ceyhan pipeline since March 2023. This suspension stems from an international arbitration ruling against Turkey in the oil export dispute with Iraq. This has forced Erbil to rely on domestic exports to meet its financial needs.  link

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Tishwash:  Financial Sovereignty": Why Has Iraq Not Emancipated Financially from the Grip of the US Federal Reserve?

that is witnessing Iraq Increasing American pressure regarding a set of demands that it considers Washington Essential, foremost among them the issue of armed factions.

These pressures have become more prominent recently when salaries were paid to members of the Popular Mobilization Forces, with Iraqi MPs asserting that the reason is due to American pressure exerted on Iraqi government There are also reports that Washington intends to restrict the flow of dollars into Iraq to limit their smuggling.

While negotiations are taking place betweenBaghdadAnd Washington, regarding these files, observers believe thatUSStill holding one of the strongest cards on the table.IraqControlling its financial revenues from oil exports by keeping them in US Federal Reserve accounts since 2003.

 So why is Baghdad still subject to this financial arrangement two decades after the invasion? Why can't it receive its oil revenues directly, as other oil-producing countries do? And why have successive governments failed to free themselves from American financial hegemony?

Historical Background to Financial Hegemony
In May 2003,Security CouncilResolution No. 1483, which stipulated that revenues from Iraq’s oil and gas exports be deposited in a special account at the US Federal Reserve under the name “fundIraq's development.

A portion of these revenues - 5% of total oil and gas exports - was allocated to compensateKuwaitRegarding the damages resulting from the 1990 invasion, which continued until 2022 when Iraq completed paying its compensation, which amounted to approximately $52.4 billion.

According to MazharMohammed Saleh, the economic advisor to the Iraqi Prime Minister, the rest of the money was transferred to the accountCentral Bank of Iraq, which is responsible for financing the government and the Ministry of Finance with liquidity, given that the Iraqi dinar is priced in dollars.

Saleh adds thatUnited NationsLegal protection for these assets was provided under Resolution 1483, until it expired in 2011, following the implementation of Security Council Resolution 1956. In parallel, the US president issued Executive Order 13303 to protect Iraqi assets, a decision that remains in effect today despite some amendments.

According to Saleh, the goals of US protection of Iraqi assets are to ensure Iraq's reconstruction, protect its assets from compensation claims from companies and individuals, and avoid judicial seizure of Iraqi assets in cases filed since the 1990s.

Current US pressure
: Experts believe that Iraq, despite the expiration of many of the legal reasons that imposed this financial arrangement, remains subject to strict financial oversight by theWashington, differs from the usual procedures in the international banking system.

Dr.Abdulrahman Al-MashhadaniA professor of economics at the University of Iraq in Baghdad, Al-Mashhadani said that Iraq is facing unprecedented tightening of financial audits due to US concerns about money laundering, terrorist financing, and dollar smuggling, especially since Baghdad has not adhered to financial oversight controls in recent years.

Al-Mashhadani asserts that this audit has led to a significant decline in money laundering operations in recent months, citing the incident of "theftcentury"In 2022, more than $2.5 billion was smuggled, 70% of which was through Iraqi banks.

For his part, a member of theFinance CommitteeMP Jamal Kocher points out that most oil-producing countries deposit their money in the US Federal Reserve because oil is sold in dollars, but Iraq suffers from complete dependence on oil revenues without any significant alternative resources.

Kocher stresses that US pressure is not always exerted directly, but rather focuses on two issues:
- The use of US weapons outside the authority of the state.
- The smuggling of dollars to parties hostile to the United States.

In the same context, Al-Mashhadani explains that Iraq does not enjoy the same ease as other countries in disposing of its revenues, and suffers from a deficit inLibraCommercial interests, in addition to restrictions on the use of other currencies or an equal exchange system with other countries, weaken its ability to be financially independent.

Al-Mashhadani warns that the imposition of US economic sanctions on Iraq is not unlikely, noting that 32 Iraqi banks are currently subject to US sanctions, and Baghdad has not been able to lift any of them despite the passage of years.

Iraqi Voices
Economic researcher AnmarAl-ObaidiThe problem is not with depositing funds at the US Federal Reserve, but rather with the restrictions imposed on their free use, unlike other countries.

Al-Obaidi says that Iraq's political fragility and continued instability have prevented successive governments from settling the outstanding compensation issue, emphasizing that addressing this issue will enable Iraq to gradually achieve financial liberalization.

Al-Obaidi notes that the government's measures to combat money laundering and currency smuggling have achieved significant improvement over the past two years, but the country still needs banking reforms and comprehensive automation of its systems to bolster international confidence.

 For his part, economic advisor Mazhar Muhammad Salih believes that getting rid of US oversight is possible in the future, but it requires gradual political and economic measures, beginning with restoring international confidence.

Economic analyst Saman Shali agrees, believing that ending US tutelage requires a courageous political decision from various blocs, in addition to working to rationalize spending and settle debts related to compensation from international companies.

Shali suggests using international law firms to negotiate with these companies, similar to what happened in the Kuwait compensation case, stressing that the process, despite its difficulty, will pave the way for Iraq to regain its financial sovereignty.

Options for Liberation and Financial Independence
Economists believe that liberating Iraq from the grip of the US Federal Reserve requires a comprehensive plan that includes:
- Completely reforming the Iraqi banking system
- Automating financial and accounting procedures
- Reducing corruption in financial institutions
- Settling compensation claims through international legal tools
- Diversifying sources of income away from oil.

Analysts believe that continued reliance on the US financial system without radical reforms will keep Iraq hostage to external agendas that restrict its ability to move.

Towards financial independence is conditional on political will,
despite the end of most of the legal restrictions imposed byinternational communityDespite Iraq's post-2003 financial situation, the country remains under tight financial control by the United States, reflecting the fragility of Iraq's economic and political structure.

Experts believe that the opportunity to liberate itself from this hegemony remains, but the matter depends on a unified political will and a strict economic vision that rebuilds international confidence in the Iraqi financial system.

The question remains: Does it have the capacity?Iraqi governmentWill the country have the will and ability to wrest its financial sovereignty, or will American influence continue to control the country's economic lifeline for decades to come?  link

Mot:  Yeppers!!! --- Easy - Peasey!!! 

Mot:  . Splain Dis Un