Seeds of Wisdom RV and Economic Updates Sunday Afternoon 1-19-25
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INSIDE TRUMP’S CRYPTO VISION: NATIONAL BITCOIN RESERVE AND EXECUTIVE ORDER IN THE WORKS
President-elect Donald Trump is considering issuing an executive order that makes cryptocurrency a national priority.
President-elect Donald Trump is considering issuing an executive order that makes cryptocurrency a national priority in his return to the White House, Bloomberg said Thursday, noting sources with insights into the plans.
The planned designation would encourage federal agencies to engage with the cryptocurrency industry, which has grown as one of major issues over the latest presidential cycle.
One of the most noteworthy points reportedly under discussion is the review of digital asset policies and potentially suspension of legal actions targeting high-profile companies like Coinbase and Ripple.
Trump is Here…
Under the current administration, the Securities and Exchange Commission (SEC), a key regulatory body for the crypto industry, has initiated over 100 enforcement actions against digital asset firms in the US.
These actions come despite ambiguous regulatory frameworks, prompting several companies to exit the market. The industry sees halting these legal actions as a top priority, as ongoing litigation has caused uncertainty and challenges for those operating in the crypto space.
According to a recent report from Reuters, the SEC is likely to review and possibly freeze litigation involving crypto firms that does not include fraud allegations following Trump’s inauguration.
The change, which may come with the expected leadership overhaul at the SEC, potentially affects existing securities law violation cases against crypto companies.
The executive order will also likely order the establishment of a crypto advisory council, a Trump-proposed body dedicated to advising the administration on crypto-related policy matters. The council is aimed at giving industry insiders a platform to voice their concerns, priorities, and recommendations directly to policymakers.
Trump’s team has been in discussions with crypto executives to shape these policies. David Sacks, appointed as Trump’s AI and crypto czar, has reportedly been working closely with industry leaders to develop a legislative agenda for the industry.
Nation Bitcoin Reserve Proposal under Consideration
One of the most anticipated proposals under discussion is the establishment of a US Bitcoin reserve, which may be included in the executive order on day one. Trump has pledged to create a national Bitcoin stockpile if elected.
While it’s still unclear how a Bitcoin reserve under Trump would look like, experts caution that implementing it through an executive order does not assure its lasting existence.
According to the New York Digital Investment Group (NYDIG), a Bitcoin reserve established through legislative action, like the BITCOIN Act, would have a better chance of enduring beyond any single administration, though the process to make it law could be lengthy.
The US government currently holds 198,109 BTC seized from the notorious Silk Road crackdown. At a current price of $101,000, the Bitcoin stash is worth over $20 billion. If Trump proceeds with the Bitcoin reserve plan, the Bitcoin holdings would be added to the strategic asset for the nation.
Advocates believe that establishing a Bitcoin reserve could alleviate national debt and enhance America’s economic position if cryptocurrencies gain global prominence.
Altcoin Reserve Speculation
The New York Post reported Thursday that there may be more than just a Bitcoin national stockpile.
Trump has held several meetings with industry leaders and project founders since his election victory. The President-elect is reported to have been “receptive” to the concept of making a strategic reserve that incorporates the U.S.-originated altcoins like Solana (SOL), Ripple (XRP), and USD Coin (USDC).
Companies behind these projects have yet to comment on this matter, but crypto figures and community members see the altcoin reserve as a step back. David Bailey, BTC Inc CEO, outright rejects the idea as “fake news” and labels XRP “Kamala coin.”
Almeida, co-founder of Orquestra, expresses strong disappointment, suggesting that the move would severely damage the credibility of whoever made the decision, while Mike Dudas, The Block’s co-founder, says the idea is incredibly foolish and disastrous.
@ Newshounds News™
Source: Blockonomi
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CRYPTO.COM EXCHANGE SECURES ‘IN-PRINCIPLE’ MICA LICENSE, PAVING THE WAY FOR FULL EUROPEAN UNION APPROVAL
The Singapore-based exchange Crypto.com has secured an “in-principle” license to operate under the European Union’s new digital asset regulatory framework.
Crypto.com bills itself as the “first major global crypto asset service provider” to receive a Markets in Crypto Assets (MiCA) approval.
MiCA is new EU legislation that establishes rules covering the supervision, consumer protection and environmental safeguards of crypto assets.
The regulatory framework, which took effect in December, includes measures that aim to reduce financial crimes including market manipulation, money laundering and terrorist financing. It also places stablecoin issuers under the European Banking Authority and requires them to hold sufficient liquid reserves.
The in-principle license paves the way for full regulatory approval, which would enable Crypto.com to provide a full range of digital asset services across the EU.
Eric Anziani, the exchange’s president and chief operating officer, says the EU is “a growing and vital hub for crypto investment.”
“We have always been fully supportive of MiCA and strongly believe it will bring clarity, transparency, and establish a more streamlined sentiment towards the regulation of our industry across the EU, all of which adds to the building confidence in the crypto sector.”
The exchange also continues to expand its services in North America: Last month, Crypto.com announced plans to offer custody services for high-net-worth individuals and institutions in the US and Canada.
@ Newshounds News™
Source: DailyHodl
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XRP LAWSUIT NEWS: RIPPLE’S FIGHT WITH SEC FACES NEW TWIST AS TRUMP PROMOTES MEME COIN
As President-elect Donald Trump prepares to take office on Monday as the 47th president of the United States, he has made a surprising move by launching his own cryptocurrency, the $TRUMP coin.
Despite his previous hesitations about cryptocurrency, Trump had expressed his belief that America would become “the crypto capital of the planet” once he returned to Washington.
The timing of the launch has raised some eyebrows. Critics have accused Trump of capitalizing on his imminent presidency to profit from the popularity of cryptocurrencies, particularly meme coins.
However, some experts are focusing on how this move could have an impact on ongoing legal battles in the crypto space, particularly the high-profile lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
Ripple Lawsuit: Could Trump’s $TRUMP Coin Affect the Case?
Attorney Bill Morgan recently discussed the implications of Trump’s actions on the Ripple lawsuit. Morgan pointed out that the appeal of Judge Torres’ finding against Ripple’s fair notice defense is now looking more promising.
For context, the SEC has been pursuing legal action against Ripple, claiming that the company’s sale of XRP violated securities laws. However, Ripple argues that it had no clear notice that its sales of XRP were subject to SEC registration requirements.
Morgan drew attention to Trump’s stance on the issue of cryptocurrencies and investment contracts. While Trump has issued and promoted the $TRUMP meme coin, he does not believe that such tokens should be classified as investment contracts that require SEC registration.
This is a key issue in the Ripple lawsuit, where the SEC argues that XRP should be treated as a security, while Ripple maintains that it is a digital asset.
Given that Trump has issued a speculative meme coin without adhering to the traditional regulatory frameworks that the SEC enforces on other tokens, Morgan questioned how the SEC v. Ripple case could continue under these circumstances. He said that Ripple’s sales of XRP, like the promotion of $TRUMP, did not involve any post-sale obligations, which is a point of contention in the Ripple case.
@ Newshounds News™
Source: Coinpedia
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BRICS NEWS: 2 COUNTRIES READY TO DITCH SWIFT AND LAUNCH NEW PAYMENT SYSTEM
BRICS members Russia and Iran want to abandon the Western-dominated payment messaging system SWIFT. The two countries aim to launch a new payment system as an alternative to the SWIFT mechanism. The sanctioned nations are working towards the formation of a new payment system that will completely get rid of the US dollar for cross-border trade and transactions.
SWIFT is controlled by the US making BRICS and other developing countries use the messaging system for financial transactions. The US dollar, Euro, and Pound are the most used currency for settlements around the world. Ending reliance on SWIFT will strengthen local currencies and become the de facto currency for trade.
BRICS: Russia & Iran Ready To Ditch SWIFT After Launching New Payment System
Russia is working closely with its BRICS counterpart Iran to ditch SWIFT and launch a new payment system for transactions.
Details on the formation of the payment mechanism are kept under wraps by the two nations. The work on the financial messaging channel remains confidential until further notice from Russia and Iran.
“The situation in banking and currency cooperation has significantly improved. At the moment, we are working on a confidential financial messaging channel to completely get rid of SWIFT.
can call 2025 the year in which financial issues in Russian-Iranian relations will be resolved,” said Iranian Ambassador to Russia Kazem Jalali. Other BRICS countries could begin using the new payment system and end their dependency on SWIFT.
The development could usher into a new financial era between Russia and Iran and ditch the Western-dominated payment systems. The BRICS alliance could end up creating an alternative to SWIFT and convince other developing countries to use it. The US dollar will be the hardest-hit currency when the development plays out.
@ Newshounds News™
Source: Watcher Guru
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