Seeds of Wisdom RV and Economic Updates Monday Morning 12-09-24
Good Morning Dinar Recaps,
RIPPLE CEO ON 60 MINUTES: GARLINGHOUSE OPENS UP ON $150 MILLION SEC FIGHT, CRYPTO WAR AND MORE
Ripple CEO Brad Garlinghouse appeared in an interview on 60 Minutes, airing on December 8, 2024, where he discussed the company’s ongoing legal fight with the U.S. Securities and Exchange Commission (SEC).
Garlinghouse criticized the SEC’s approach, stating that it was a key reason why Ripple and two other companies formed the industry super PAC, FairShake, to fight back against what he described as a “war on crypto.” He suggested that FairShake might not have existed if the SEC had a different chairman than Gary Gensler.
When an SEC spokesperson said that the amount spent by the crypto industry on legal defense is minimal compared to the losses investors have faced due to frauds and market failures, Garlinghouse revealed Ripple’s financial contributions, revealing that the company has spent over $150 million fighting the SEC’s stance on XRP.
He said that Ripple argues XRP should not be treated like a stock and be subject to the same registration and disclosure requirements. Garlinghouse stressed that Ripple is not seeking to be deregulated but instead asking for clear regulations from Congress to address the unique nature of digital assets.
“I went to Harvard Business School. I think I’m reasonably intelligent about something like, “What is a security?” So never once had I considered the possibility– that, “Okay, maybe XRP’s a security. We haven’t been asking to be deregulated. We’ve been asking to be regulated. So we have been saying, “Hey, look, just give us clear rules of the road,” he said.
XRP Price Reacts:
XRP, Ripple’s cryptocurrency, is currently experiencing a surge, approaching the $2.60 mark. At the time of writing, it was trading at $2.55, a 4.5% increase. Investors are optimistic about the future of the crypto industry, especially under a potential Trump presidency, as Ripple’s blockchain-based payment system continues to gain attention.
Previously, XRP’s price saw a boost following speculation about a possible meeting between Garlinghouse and President-elect Trump, as well as news about SEC Chairman Gary Gensler’s resignation.
@ Newshounds News™
Source: Coinpedia
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HONG KONG TO INTRODUCE STABLECOIN FRAMEWORK
Hong Kong is establishing a bill that outlines a detailed framework for stablecoin issuers and marketers.
Under the proposed framework, stablecoin issuers and marketers must secure licenses from the Hong Kong Monetary Authority (HKMA).
The rule applies to all stablecoins, including those pegged to the Hong Kong dollar, while issuers are required to maintain reserve assets in local banks. Foreign custody might also be allowed by HKMA under specific conditions.
New compliance measures will be implemented, such as a minimum paid-up capital requirement of HK$25 million, as well as proof of robust financial health, sufficient liquidity, and risk management frameworks. Misrepresentation or false promotion of stablecoins is explicitly prohibited.
HKMA has also further expanded its authority to oversee, investigate, and enforce compliance.
The Stablecoins Bill will be introduced into the Legislative Council for a first reading on December 18.
“The legislative proposal is essential for Hong Kong in fulfilling our obligations as a member of the Financial Stability Board,” Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, said in a statement.
“This risk-based proposal aims to promote a robust regulatory environment, which is in line with Hong Kong’s approach to virtual-asset development.”
Hong Kong's bill positions it as an early mover alongside the EU and Japan. In July, Circle, the issuer of the USD Coin (USDC) and Euro Coin (EURC) stablecoins became the first global stablecoin issuer to achieve compliance with the European Union's Markets in Crypto-Assets (MiCA) regulatory framework.
In June, the Japanese parliament enacted a law recognizing stablecoins as a form of digital currency. According to the legislation, stablecoins must be tied to the yen and ensure holders can redeem each token at its full face value.
Hong Kong has made significant strides in an attempt to establish itself as a crypto-friendly regional hub. Just last month, Hong Kong proposed waiving crypto tax for wealthy individuals in an attempt to strengthen its position as a leading regional crypto hub.
In a 20-page proposal, the Hong Kong government said the tax exemption would apply to private equity funds, hedge funds, and the investment vehicles of wealthy individuals on cryptocurrency gains, private credit investments, and other asset classes.
@ Newshounds News™
Source: BlockHead
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Mason afternoon chat | Youtube
Enlightenment/Spiritual growth ~ Mason explains how the government instilled racial divisions and how the UNIVERSE can bring different ethnic groups together to live in harmony.
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
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