Seeds of Wisdom RV and Economic Updates Monday Afternoon 3-03-25

Good Afternoon Dinar Recaps,

LAWMAKERS LAUNCH BIPARTISAN CONGRESSIONAL CRYPTO CAUCUS FOLLOWING TRUMP BITCOIN PUSH

The first of its kind group will allow pro-industry lawmakers to vote as a bloc on key legislation.

House Majority Whip Tom Emmer (R-MN) announced the creation of the first ever congressional crypto caucus on Monday, which he says will allow pro-industry lawmakers to vote as a unified bloc on pertinent legislation.

The move comes just a day after President Donald Trump announced he's directed the Presidential Working Group to "move forward" with plans to establish a "crypto strategic reserve"—a federal stockpile of state-owned digital assets—which would include Bitcoin, Ethereum, Solana, Cardano, and XRP.

The caucus appears to be a bipartisan effort, led both by Emmer—a staunch crypto advocate—and Rep. Ritchie Torres (D-NY), one of the industry’s most vocal Democratic allies.

In a post to X on Monday morning, Emmer characterized the caucus as “a nonpartisan group of members ready to mobilize to support and defend open, permissionless, and private innovation in the United States.”

The inclusion of the term “private” in that definition would seem to be an attempt to smother any notion that as the U.S. government gets more involved in crypto, it might seek to develop technologies like a central bank digital currency, or CBDC.

Major foreign bodies like the European Union have pushed ahead in developing digital currencies in recent weeks. President Donald Trump, on the other hand, moved to ban the creation of an American CBDC days after retaking the White House. Republicans have, for years, claimed that CBDCs would pose an existential risk to financial privacy.

Decrypt reached out to Emmer’s office regarding the House crypto caucus’ top priorities and the potential initial size of its membership but did not immediately receive a response.

House caucuses are formally organized groups of lawmakers who meet to pursue shared legislative objectives and tend to vote in blocs on key issues.

Dozens of such groups currently meet on Capitol Hill. They are shaped around identity groups (Congressional Black Caucus); ideological leanings (Congressional Progressive Caucus); foreign policy (Congressional Friends of Denmark Caucus); and, in many cases, industry representation (see: Congressional Cranberry Caucus, Chicken Caucus, and Natural Gas Caucus).

While crypto has notched a slew of high profile political victories in recent weeks—from the dismissal of key lawsuits targeting industry leaders, to Trump’s doubling down on a controversial federal crypto stockpile—the somewhat less flashy announcement of an industry caucus nonetheless brings the sector one step closer to more permanent status as a mainstay special interest group in Washington.

After years of extreme political volatility for crypto that have reaped both the lowest of lows and highest of highs, perhaps becoming a household staple akin to chicken or cranberries isn’t so unappealing.

@ Newshounds News™

Source:  Decrypt

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BRICS REACTS TO TRUMP & ZELENSKY’S WHITE HOUSE HUMILIATION

Trump and Zelensky’s White House interaction has taken the world by storm as the dirty laundry was washed in public. The war of words turned cinema as both leaders indulged in sharp criticism. 

In the aftermath of the show, the minerals deal, which Zelensky visited the US was rejected by Trump. However, the Ukrainian President said that he is open to signing the deal if the US agrees to move forward. BRICS member Brazil has reacted to the Trump-Zelensky fight and came down hard on the US President.

BRICS: Brazil Reacts to Trump-Zelensky’s War of Words

Brazilian President Luiz Lula da Silva, who will chair the upcoming BRICS summit, reacted to Trump and Zelensky’s White House war. He sharply criticized the way Trump treated Zelensky in front of reporters and other dignitaries. Lula da Silva called Trump’s attitude “grotesque and disrespectful,” against Zelensky. Additionally, he added that the US President “humiliated” Zelensky for no reason as he visited the US to discuss the minerals deal.

“I have never seen a scene as grotesque and disrespectful as the one that took place in the Oval Office of the White House. I sincerely believe that part of society thrives on disrespecting others. And it is not possible to speak of democracy if there is no respect for other human beings.

I think Zelensky was hamulated; in Trump’s mind, he probably deserved it. I think the European Union was harmed by the American speech,” said the Brazilian President who will chair the 17th BRICS summit.

Trump’s stance against Ukraine is alienating Europe as the European Union (EU) wants to hold Russia accountable for the war. BRICS member China is making use of the tensions and is extending cordial relations with Europe. Moreover, many European countries are looking to increase business deals with China as negotiating with the US has become increasingly difficult.

@ Newshounds News™

Source:  Watcher Guru

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CONTROVERSIAL IRS CRYPTO REPORTING REGULATION

Lawmakers, including Senator Ted Cruz and Cynthia Lummis, have introduced a resolution to overturn the IRS rule, with a vote expected this week.

▪The US Senate is set to vote on an IRS rule requiring crypto brokers to report detailed transaction data, a move that has sparked controversy in the industry.

▪Critics argue that the tax reporting mandate could stifle DeFi innovation, leading to legal challenges and calls for its repeal.

▪Lawmakers will also review a separate Consumer Financial Protection Bureau (CFPB) regulation that affects digital payment apps.

The US Senate is preparing to vote on a controversial IRS regulation requiring “brokers” to report gross proceeds, cost basis, and gains or losses from digital asset transactions, including cryptocurrency, stablecoins, and non-fungible tokens (NFTs).

The law, formally introduced in December 2024 and enacted in January 2025, has faced strong opposition from the crypto community. Critics argue that the regulation threatens the growth and innovation of the decentralized finance (DeFi) sector, leading to a lawsuit challenging its implementation.

Lawmakers Push for Repeal

While the legal battle continues, Senator Ted Cruz, alongside Senators Cynthia Lummis, Pete Ricketts, and others, has taken legislative action to challenge the rule, according to a CoinDesk report on Monday, citing sources familiar with the matter.

The lawmakers have introduced a joint resolution urging the repeal of the IRS regulation. A source close to the matter revealed that Congress is expected to vote on the resolution this week, a decision that could determine the rule’s future.

The Congress has the power to challenge and potentially overturn unfavourable new laws enacted by government agencies under the Congressional Review Act (CRA).

In addition to the IRS measure, Congress is also set to review what CoinDesk described as an “11th-hour regulation” from the Consumer Financial Protection Bureau (CFPB), which impacts digital payment applications.

Donald Trump Finally Adds Crypto to National Reserve

The previous administration introduced both rules in an attempt to curb innovation within the crypto sector. In 2024, the then-US president signed an executive order directing the government to assess the risks and benefits of cryptocurrencies.

The measures targeted six key areas: consumer protection, financial stability, illicit activity, US competitiveness, financial inclusion, and responsible innovation. However, despite these efforts, the industry remained without clear regulatory guidance during his tenure.

In contrast, the current administration is taking steps to establish a well-defined regulatory framework for cryptocurrencies in the US. 

Last month, President Donald Trump issued an executive order instructing federal agencies to review existing laws and create a clear regulatory structure for digital assets and related services. Agencies such as the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) have been given 30 days, starting January 23, 2025, to carry out this directive.

Beyond regulatory reforms, Trump has pledged to position the US as the “world crypto capital,” aiming to lead in regulation, innovation, and technological advancements within the sector.

On Sunday, Trump officially unveiled the long-anticipated crypto reserve, incorporating major digital assets like XRP, SOL, and ADA. He emphasized that Bitcoin and Ethereum would be the “heart of the reserve,” reaffirming his strong support for the top two cryptocurrencies.

@ Newshounds News™

Source:  CoinSpeaker

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