Seeds of Wisdom RV and Economic Updates Monday Morning 1-13-25
Good Morning Dinar Recaps,
SEN. TED CRUZ: FIGHTING REGULATORY OVERREACH, CHAMPIONING BITCOIN
In an interview with Cointelegraph, US Senator Ted Cruz discusses Bitcoin’s role in driving small business growth, its potential as a hedge against inflation and why Texas is becoming a top crypto hub.
In an exclusive interview with Cointelegraph, US Senator Ted Cruz shared his vision for Bitcoin, the broader crypto industry and the future of his home state of Texas.
As a self-proclaimed Bitcoin miner, Cruz emphasized the potential of BTC to empower small businesses, drive innovation, and serve as a hedge against inflation.
Despite his optimism for the future of BTC and crypto mining, Cruz warned against hasty government regulations, stressing the need for Congress to better understand before overreaching with regulatory actions.
“Very few Members of Congress understand cryptocurrency, so I am urging my colleagues to proceed slowly and carefully with any regulations governing cryptocurrency,” he said.
Bitcoin’s impact on small businesses
Cruz said he is “bullish on Bitcoin,” praising its capacity to provide privacy, autonomy and independence from government control.
“Most congressional Democrats are deeply skeptical of Bitcoin,” he said. “They don’t like that it creates individual freedom, privacy, autonomy and independence from the government.”
With the incoming administration of US President-elect Donald Trump, Cruz predicted that “Republicans will unleash small businesses and cryptocurrency like never before.”
“I’m proud to lead the fight to defend cryptocurrency from overreaching government regulation. I introduced legislation to prohibit the development of a central bank digital currency and to clarify that the Federal Reserve has no authority to do so unilaterally.”
Texas as an oasis for Bitcoin
Cruz described Texas as “an oasis for Bitcoin” due to its abundant, low-cost energy and business-friendly environment. He said the state’s “frontier mentality” and low taxes have made it a magnet for Bitcoin mining firms and crypto enthusiasts.
“Cryptocurrency mining requires dependable, low-cost energy, and if Texas is known for anything, it is abundant low-cost energy,” Cruz said. “I am thrilled to see so many jobs coming to Texas, and we need to make sure that trend continues and accelerates,” he added.
Recent developments, such as Hive Digital relocating its headquarters to Texas and Marathon Digital acquiring a wind farm in the state, underscore Cruz’s sentiment.
Cruz told Cointelegraph that, to his knowledge, he is the only member of the Senate who is a BTC miner and has “three miners hashing in West Texas right now.”
“I have a weekly buy order to take advantage of dollar-cost averaging,” he said. “I’ve been investing for several years, over which time Bitcoin’s value has roughly tripled.”
@ Newshounds News™
Source: CoinTelegraph
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INCOMING TREASURY TO SELL BITCOIN ETF HOLDINGS
According to a recent report by Bloomberg, hedge fund manager Scott Bessent, who was recently nominated to be the new Treasury secretary, will divest his Bitcoin ETF holdings. The billionaire American investor owns no more than $500,000 worth of shares of BlackRock's iShares Bitcoin Trust ETF (IBIT). Overall, Bessent has listed more than $500 billion worth of assets.
@ Newshounds News™
Read more: U Today
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RIPPLE CTO REVEALS COMPANY'S MEDIA STRATEGY ON XRP
Ripple CTO David Schwartz breaks silence on crypto company's approach to misinformation regarding XRP
Ripple's CTO David Schwartz recently shared some thoughts on the company's media strategy during its three-year legal battle with the Securities and Exchange Commission.
The case ended with Ripple getting a partial victory, after they argued that XRP, the cryptocurrency associated with Ripple, should not be classed as a security. The court concluded that XRP is not a security, but the crypto company was fined for selling coins to institutional clients.
This clarified the asset's status, which has big implications for both the San Francisco-based company and the wider crypto market.
Schwartz talked about the challenges Ripple faced in dealing with false information about XRP during the lawsuit. He admitted that the company couldn't do much to directly challenge the false stories about the cryptocurrency because of legal and strategic limits.
Instead, they relied on their community, also known as the "XRP Army," to spread the right message. But this meant that misinformation and speculation spread, which was not ideal.
Schwartz said that Ripple tried not to amplify unverified claims or people spreading misinformation on purpose, but he admitted that this approach might have had the opposite effect. He said that if they dealt with inaccuracies, they might accidentally give them more credibility or visibility, which would make it harder for Ripple to respond to the media.
Schwartz also talked about how Ripple tries to tell the difference between helpful contributions and baseless claims in the XRP community. While the company recognized the importance of fostering a positive narrative, it maintained caution in engaging with content or individuals that might harm its reputation or mislead the public. #XRP #XRP News #Ripple News
@ Newshounds News™
Source: U Today
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MASTERCARD INTRODUCES CRYPTO CREDENTIAL FOR SEAMLESS P2P TRANSACTIONS IN UAE, KAZAKHSTAN
▪️Mastercard has launched Crypto Credential in the UAE and Kazakhstan to simplify crypto transactions.
▪️The solution ensures secure transactions by verifying both the sender’s and recipient’s wallet compatibility.
Mastercard has launched its Crypto Credential solution, which will make it easier for people in the UAE and Kazakhstan to use cryptocurrencies. This launch enables the users to send and receive digital assets through easily memorable names instead of complicated blockchain addresses, making it easier to incorporate crypto.
Crypto Credential is one of Mastercard’s efforts to strengthen the security of digital asset transactions. Through cooperation with regulated exchanges like CoinMENA in the UAE, Fuze in Dubai, and ATAIX Eurasia in Kazakhstan, the solution is designed to enable the verification of transactions and ensure that both transacting parties have met certain verification standards. It also checks that the recipient’s wallet can accept the transferred asset.
It ensures that crypto users have a certain degree of confidence in the service, which checks the transaction details, including Travel Rule data and metadata sharing. Mastercard believes simplicity is key in crypto transactions to help boost trust among consumers and businesses.
“We are excited to see Mastercard embracing blockchain technology,” said Talal Tabba, CEO of CoinMENA. “Innovations like Crypto Credential are key to making digital assets more user-friendly, especially for those transitioning from traditional finance.”
How Mastercard Crypto Credential Works
The adoption of Crypto Credentials begins with the user’s validation in accordance with the Mastercard guidelines. After successful validation, users are given a unique alias that can be utilized on any supported exchange for transferring and receiving cryptocurrencies.
When a transfer is initiated, the system verifies if the recipient’s alias is active and if the wallet of the recipient supports the given digital asset. If not, the sender is informed, and the transaction is stopped to avoid the loss of the funds. This mechanism ensures security and ease of use since users are shielded from mistakes and deceit.
Initially, the pilot phase will cover only peer-to-peer transactions. Nevertheless, Mastercard plans to use Crypto Credentials in several services in the future. Some of the possible applications are Non-Fungible Tokens (NFTs), ticketing, and other new payment applications based on the market’s needs and legal frameworks.
A Broader Expansion Across Regions
Mastercard Crypto Credential is not only available in the UAE and Kazakhstan. It is part of a greater implementation strategy for the company’s commercialization plans in markets across North America, Europe, Latin America, and Asia-Pacific. This expansion enables the user to transfer digital assets not only within these regions but also across blockchains and types of assets.
The new initiative has garnered support from industry leaders. Arutyun Poghosyan, CEO of ATAIX Eurasia, expressed enthusiasm about the collaboration, stating, “We are incredibly excited to implement Mastercard’s Crypto Credential technology. This partnership strengthens our position in the crypto space.”
In addition to the Crypto Credential, Mastercard has also collaborated with JPMorgan to create innovative B2B cross-border payment flows. CNF has earlier covered that the partnership links Mastercard’s MTN and JPMorgan’s Kinexys Digital Payments and is beneficial for businesses, according to CNF.
This partnership leverages a single API to streamline foreign transactions, and minimize the time that is usually lost in crossing borders and other barriers that have hitherto slowed down global trade.
@ Newshounds News™
Source: Crypto News Flash
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XRP BULLS IN ACTION? KOREAN EXCHANGE SEES STUNNING OUTFLOWS
Popular cryptocurrency XRP eyes mysterious $60 million whale activity on Korea's biggest exchange
A big XRP transfer from Upbit, South Korea's biggest crypto exchange, is causing some buzz about what it might mean for the popular cryptocurrency. Whale Alert tracked the withdrawal of 24 million XRP, worth about $60.63 million, from Upbit's wallet "rDxJNb" to an address that had not been recognized before, "r9n1JL."
It is common for such a movement to be made between the big players in the cryptocurrency game, like Ripple or major exchanges like Binance, so it's possible this wallet could even belong to Upbit itself. But this is just guesswork, and we are still not sure who owns the address.
While it is tempting to think this is a sign that whales are building up their holdings, it's best not to jump to any conclusions just yet. Have to do some more digging and keep a close eye on things to see what is really going on.
@ Newshounds News™
Read more: U Today
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