Seeds of Wisdom RV and Economic Updates Thursday Morning 12-12-24
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EL SALVADOR TO EXTEND CRYPTO AGREEMENTS BEYOND ARGENTINA
El Salvador partners with Argentina to strengthen the digital assets industry, and has talks underway with over 25 nations for similar partnerships.
El Salvador signed a mutual agreement with Argentina to help both countries strengthen their digital asset industries. The Bitcoin-friendly nation is also discussing similar agreements with over 25 other countries.
On Dec. 11, Juan Carlos Reyes, president of the National Commission of Digital Assets (NCDA) in El Salvador, announced the signing of a mutual collaboration and training agreement with Roberto Silva, president of Argentina’s National Securities Commission (CNV).
Speaking to Cointelegraph, Reyes said Argentina’s robust and innovative blockchain industry and El Salvador’s technological expertise will “create a highly productive partnership.”
Highlighting El Salvador’s three-year advantage over most countries in digital assets regulation, Reyes said, “One of the most significant immediate benefits will be information sharing, particularly since we have Argentine companies registered in El Salvador.”
Symbiotic partnerships for mutual benefit
El Salvador plans to refine its own regulatory framework and improve its understanding of the digital assets market through its partnership with Argentina. Additionally, Reyes told Cointelegraph that El Salvador regulators are in talks with multiple nations for similar crypto-focused partnerships:
“We are currently in discussions with over 25 countries and anticipate many more agreements in the future. As a regulator, we recognize that our approach may be unconventional since we are not what they are used to a central bank or other legacy entity, which has led to some delays in understanding how we can collaborate with other countries.”
El Salvador seeks cross-border collaboration to further crypto adoption
To effectively collaborate with other nations, El Salvador has set up a team of over 20 members comprising Bitcoin experts and crypto-literate individuals.
Reyes strongly advised against delaying establishing rules and following Financial Action Task Force (FATF) recommendations, giving a clear message to regulators in other jurisdictions:
“The longer you wait, the more challenging it becomes to implement effective regulations, and the greater the risk of scams and money launderers gaining control of the industry.”
Reyes also told Cointelegraph that El Salvador is “nearing completion of two more agreements with other countries,” emphasizing his team’s commitment to helping any nation interested in collaborating with El Salvador.
“Our experience has shown that cross-border knowledge sharing is essential for creating a safe and effective regulatory environment, and we encourage other regulators to prioritize this approach,” he said.
@ Newshounds News™
Source: CoinTelegraph
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DONALD TRUMP CONSIDERING A16Z CRYPTO POLICY HEAD FOR CFTC ROLE: BLOOMBERG
While Brian Quintenz was a CFTC commissioner, he oversaw the launch of the first regulated Bitcoin and Ethereum futures contracts.
President-elect Donald Trump is reportedly considering Brian Quintenz, a former Commodity Futures Trading Commission (CFTC) commissioner, to lead the agency.
Currently serving as the policy lead for VC giant Andreessen Horowitz’s crypto division, Quintenz has emerged as a frontrunner among candidates, according to sources cited in Bloomberg's report.
An announcement is expected in the coming days following the conclusion of interviews for the chair position.
Other candidates reportedly include current CFTC Commissioners Summer Mersinger and Caroline Pham, as well as legal experts Joshua Sterling and Neal Kumar.
If selected, Quintenz would bring a wealth of experience from both the public and private sectors.
During his tenure at the CFTC, he oversaw the launch of the first regulated Bitcoin and Ethereum futures contracts and promoted discussions on decentralized finance (DeFi).
Quintenz’s pro-innovation stance complements Trump’s apparent focus on fostering a supportive environment for the crypto industry, which played a significant role in the 2024 elections.
Andreessen Horowitz alone donated $25 million and $23 million, respectively, to pro-crypto political candidates through its political action committee, Fairshake.
Since joining a16z Crypto, Quintenz has remained an outspoken advocate for crypto-friendly policies, calling for regulations tailored to blockchain technology.
He has criticized the U.S. Securities and Exchange Commission’s (SEC) approach as overly restrictive, noting that the crypto ecosystem needs rules “fit for purpose” to realize its full potential.
“I think what the crypto ecosystem wants is rules that fit its technology, that are fit for purpose, that allow for the innovation to actually reach its full potential,” Quintenz said in a 2022 interview with Decrypt. “You’re not getting that out of the SEC.”
The CFTC chair position is critical as the agency is expected to tackle major policy shifts, particularly amid jurisdictional tensions with the SEC.
If confirmed, Quintenz would oversee a regulatory environment primed for change.
@ Newshounds News™
Source: Decrypt
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Source: Seeds of Wisdom Team RV Currency Facts
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