Seeds of Wisdom RV and Economic Updates Saturday Afternoon 4-5-25
Good Afternoon Dinar Recaps,
ILLINOIS LAWMAKER’S CRYPTO BILL AIMS TO TIGHTEN REGULATIONS AND ADDRESS FRAUD
The Illinois Senate has advanced a bill to establish comprehensive regulations for crypto businesses operating in the state and address concerns about digital assets-related fraud cases, which saw over $160 million in losses in 2023.
Illinois Advances Crypto Consumer Protection Bill
On Thursday, Illinois’ Senate Executive Committee passed Senate Bill 1797 (SB1797), also known as the Digital Assets and Consumer Protection Act, introduced by State Senator Mark Walker in February.
The bill, co-sponsored by State Senators Karina Villa, Rachel Ventura, and Mike Porfirio, aims to “crackdown on more than $163 million lost to cryptocurrency fraud in Illinois in 2023” by tightening the state’s regulations.
If passed, SB1797 would enable the Illinois Department of Financial and Professional Regulation (IDFPR) to oversee the guidelines that crypto companies must adhere to, making it the primary regulatory agency in the state.
“The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud, and deceptive practices,” the Democratic Senator stated, “We must set standards for those who have evolved in the crypto business to ensure they are credible, honest actors.”
Bitcoin Laws explains that “the legislation aims to provide consumer safeguards while promoting responsible innovation in the digital asset space, with a phased implementation approach allowing businesses until January 2027 to fully comply with all provisions. The bill grants the Department significant oversight and enforcement powers, including the ability to investigate, levy fines, and take action against non-compliant businesses.”
Under the proposed legislation, the IDFPR could adopt rules to protect consumer assets and investors. Moreover, crypto companies must register with the IDFPR, provide disclosures, and prove they can satisfy payouts.
Another provision requires companies to notify consumers of any charges or transfers of their digital assets and to build programs to reduce consumer fraud. After Thursday’s vote, the bill moves to the full Senate.
Illinois’ Strategic Bitcoin Reserve
In January, Illinois joined the Strategic Bitcoin Reserve (SBR) race after State Representative John Cabello introduced House Bill 1844 (HB1844), or Strategic Bitcoin Reserve Act, to integrate Bitcoin (BTC) into the state’s financial framework.
The bill seeks to create a state-owned strategic BTC reserve managed by the Illinois State Treasurer, developing “a special fund in the state treasury” to hold BTC as a financial asset.
The legislation would allow the State Treasurer to receive Bitcoin gifts, grants, and donations from Illinois residents and governmental entities for the Fund. Additionally, it stipulates that all BTC deposits into the funds must be held for at least 5 years, starting when the asset enters the State’s custody.
It also mandates biennial reporting of the Fund’s status, detailing the total amount of BTC and its equivalent in USD, the Fund’s growth, and any transaction updates since the previous report.
However, data from the Illinois General Assembly shows that the bill hasn’t advanced in the legislative process since the first reading, waiting to be considered by the House Rules Committee.
@ Newshounds News™
Source: Bitcoinist
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BRICS: CHINA & BRAZIL OFFICIALLY ANNOUNCE TO TRADE IN LOCAL CURRENCIES
BRICS members China and Brazil officially announced to settle payments in local currencies to reduce dependency on the US dollar. This comes after China imposed an additional 34% tariffs on all US goods entering the country in a countermeasure to Trump. Several countries are expressing their displeasure against the US tariffs and finding alternatives to the dollar to safeguard their economies.
In addition, China also announced the restriction of local companies from investing in the US. The move stops the inflow of funds to the US making the markets slow down. The US could lose billions worth of institutional investment from China as a countermeasure to Trump’s tariffs. Read here to know how many sectors in the US will be impacted if BRICS uses local currencies for trade.
BRICS: Brazil & China Will Continue Trading in Local Currencies
Tatiana Rosito, Secretary of the Finance Ministry confirmed that BRICS member Brazil supports the payment settlements in local currencies with Brazil. Rosito stressed that mutual payments between Brazil and China will increase, and simultaneously the reliance on the US dollar will decrease.
“The trade in local currencies is already underway, for example, between (BRICS members) Brazil and China,” said Rosito to Tass. She added that Brazil has no objections to settling cross-border in local currencies with China. “No obstacles exist to that on the side of Brazil,” the official said.
The Secretary explained that settling trade in local currencies would reduce foreign exchange costs and boost their economy. “Therefore, the goal of BRICS is to expand the use of local currencies in any way that will make it possible to reduce costs and will be of interests for the association’s members,” she said.
She added that the New Development Bank, which aids BRICS with funds in local currencies can transform the alliance. “Opening of this bank reflects the aspiration of BRICS members to proactively participate in transformation of the economic and financial order,” Rosito summed it up.
@ Newshounds News™
Source: Watcher Guru
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GERMANY CONSIDERS REPATRIATING BILLIONS IN GOLD FROM US AMID TARIFF TENSIONS
Germany is weighing the potential withdrawal of approximately 1,200 tons of gold, valued at over €113 billion ($124.41B), from the U.S. Federal Reserve in New York amid escalating trade tensions triggered by Trump’s tariffs on the European Union, according to recent reports and political statements.
Trade Strains Prompt Germany to Reevaluate 1,200-Ton Gold Stash in U.S.
Germany, which holds the world’s second-largest gold reserves at 3,352 tons, stores 30-37% of its bullion in New York, a Cold War-era practice designed to ensure dollar liquidity during crises. The remainder is split between Frankfurt (50%) and London (13%).
Discussions about repatriating the U.S.-held gold intensified following President Donald Trump’s imposition of sweeping tariffs, including a 10% levy on EU imports, which German lawmakers argue undermines trust in bilateral agreements.
Political figures, including CDU members Marco Wanderwitz and Markus Ferber, have demanded increased oversight or full repatriation, citing fears the U.S. could restrict access during economic disputes.
The European Taxpayers’ Association echoed concerns, stressing the need for “immediate access” to gold amid discussions of new EU debt instruments. However, the Bundesbank has publicly reaffirmed confidence in the Federal Reserve, with President Joachim Nagel calling the Fed a “trustworthy and reliable partner.”
This debate mirrors Germany’s 2013-2017 repatriation effort, which saw 674 tons moved from New York and Paris to Frankfurt after public pressure and logistical challenges. Only five tons were initially returned in 2013 due to delays, highlighting the complexity of large-scale transfers.
Economically, the tariffs threaten to reduce Germany’s GDP growth by 1.5 percentage points by 2027, per Bundesbank projections. Meanwhile, gold prices have surged to record highs above $3,100 per ounce, driven by market uncertainty. Analysts suggest holding reserves domestically could provide liquidity safeguards if trade disputes escalate.
Globally, 68% of central banks now prioritize domestic gold storage, up from 50% in 2020, according to a 2023 World Gold Council survey. This trend, accelerated by U.S. sanctions on Russia and other nations, highlights a broader shift toward financial sovereignty.
The United States boasts the world’s largest gold reserves at 8,133 tons, a staggering figure representing more than three-quarters of its foreign reserves. Trailing behind Germany, Italy claims the third spot with 2,452 tons, predominantly safeguarded within the Bank of Italy’s vaults and select international depositories.
As of April 2025, no final decision has been made, leaving Germany’s gold strategy suspended between political urgency and institutional caution. The outcome could redefine how nations balance economic security with international partnerships in an era of rising protectionism.
@ Newshounds News™
Source: Bitcoin News
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