Seeds of Wisdom RV and Economic Updates Tuesday Afternoon 1-28-25

Good Morning Dinar Recaps,

ARIZONA SENATE COMMITTEE APPROVES STRATEGIC BITCOIN RESERVE BILL

Arizona's move to explore digital asset investments, like Bitcoin, signals a growing trend among states to diversify public funds.

▪️Arizona's Senate Finance Committee approved a bill allowing public funds to invest in Bitcoin.

▪️The bill permits investment of up to 10% of public funds in virtual currencies like Bitcoin.

Arizona lawmakers have advanced a bill allowing public funds to invest in Bitcoin and other digital assets, with the state Senate Finance Committee approving the measure in a 5-2 vote on January 27.

Co-sponsored by Wendy Rogers and Jeff Weninger, the proposed legislation, known as SB1025 or “Arizona Strategic Bitcoin Reserve Act,” allows the state to invest up to 10% of public funds, including those held by the state treasurer and retirement systems, in virtual currencies like Bitcoin.

The bill also includes provisions for storing digital asset holdings in a secure segregated account within a potential federal Strategic Bitcoin Reserve if the Secretary of the Treasury establishes a strategic Bitcoin reserve for government holdings.

The US Senate on Monday also confirmed Scott Bessent as Treasury Secretary on a vote of 68 to 29, with bipartisan support. As a supporter of Trump’s economic policies, Bessent opposes a central bank digital currency and is seen as pro-Bitcoin.

Following its passage through the Finance Committee, Arizona’s Bitcoin reserve bill now moves to the Senate Rules Committee, which will set parameters for floor debate and amendments. If approved by the full Senate, the measure will proceed to the House of Representatives.

According to Dennis Porter, CEO and co-founder of the Satoshi Action Fund, Arizona is the first state to have a bill specifically focused on creating a Bitcoin reserve pass through a legislative committee.

If this bill becomes law, Arizona would be the first state to officially invest public funds in Bitcoin.

As of Jan. 27, eleven states have introduced their respective Bitcoin reserve bills, according to Porter. He noted in a separate post, "I can confirm that at least 15 states will introduce ‘Strategic Bitcoin Reserve’ legislation. Maybe even 16."  He also noted, "As a reminder, only 3 months ago this number was zero."
@ Newshounds News™

Source:  CryptoBriefing

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U.S. CRYPTO RESERVES SHOULD INCLUDE XRP TOO: RIPPLE CEO GARLINGHOUSE

▪️Ripple CEO advocates for a U.S. crypto reserve to include Bitcoin and other tokens.

▪️Brad Garlinghouse calls for collaboration, not competition, within the crypto industry.

▪️Bitcoin supporters argue only Bitcoin should be included in the U.S. crypto reserve.

Brad Garlinghouse, the CEO of Ripple, has stirred up the conversation around the U.S. government’s plans to create a national digital asset reserve.

While some Bitcoin supporters argue that only Bitcoin should be included, Garlinghouse believes that the reserve should be more inclusive, featuring Bitcoin alongside other cryptocurrencies like Ripple’s XRP. His bold stance challenges the status quo and raises important questions about the future of digital assets.

Brad Garlinghouse thinks collaboration, rather than competition, is the key to crypto’s success.

A Vision for Crypto’s Growth

Garlinghouse’s main message is that the cryptocurrency industry can thrive more if different cryptocurrencies work together instead of competing against each other. In a recent tweet, he pointed out that focusing on one cryptocurrency over others is not the way forward. He believes success in the industry will come through collaboration, not rivalry.

He stressed that the crypto market should not be a “zero-sum game,” where the success of one digital asset means the failure of another. Garlinghouse, who owns multiple cryptocurrencies, including XRP, Bitcoin, and Ethereum, wants a fairer playing field where all digital assets can succeed.

Why a Diversified Digital Reserve Matters

Garlinghouse believes any government-backed digital asset reserve should be diversified.

“If a government digital asset reserve is created, I believe it should be diversified. It should include more than just one token, whether it’s BTC, XRP, or any other.”

Ripple has been actively working with U.S. regulators to ensure XRP is part of the conversation about digital asset reserves. Garlinghouse believes that having a balanced reserve will help grow the cryptocurrency industry as a whole, benefiting more than just Bitcoin.

Bitcoin Supporters Push Back

Garlinghouse’s suggestion has faced criticism from some Bitcoin supporters. Pierre Rochard, Vice President of Riot Platforms, argues that Bitcoin’s decentralized nature makes it the only suitable cryptocurrency for the reserve. He also believes Ripple is lobbying to get XRP included.

Ryan Selkis, CEO of Messari, shares this viewpoint, stating that Bitcoin’s unique features make it a better fit for the reserve than other cryptocurrencies.

As the U.S. government considers creating a national digital asset reserve, the question remains: will it include only Bitcoin, or will it be open to other cryptocurrencies, as Garlinghouse suggests? This decision could have a big impact on the future of the crypto industry.

@ Newshounds News™

Source:  CoinPedia

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Seeds of Wisdom RV and Economic Updates Tuesday Morning 1-28-25

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SENATE CONFIRMS PRO-CRYPTO SCOTT BESSENT AS US TREASURY SECRETARY

As US Treasury secretary, billionaire hedge fund manager Scott Bessent will have sway over fiscal policy, financial regulations, international sanctions and overseas investments.

The US Senate has confirmed Donald Trump’s pick for US Treasury secretary, billionaire hedge fund manager Scott Bessent.

On Jan. 27, the Senate voted 68 to 29 to confirm Besset, with 16 Democrats supporting the nomination.

Ripple CEO Brad Garlinghouse congratulated Bessent on X, adding that he was “confident he’ll enact common-sense economic policies, working with the Administration and Congress to grow US tech and crypto innovation.”

As Treasury secretary, Bessent will have influence over the nation’s tax collections and its $28 trillion Treasury debt market. He will also have sway over fiscal policy, financial regulations, international sanctions, and overseas investments.

The 62-year-old Tennessee lawmaker strongly supports Trump’s economic agenda, including the renewal of $4 trillion in expiring tax cuts, the implementation of tariffs, and increased oil production. He also pushed back against the idea that Trump’s policies would be inflationary, Reuters reported.

During his confirmation hearing, Bessent said that government spending was “out of control.”

Bessent is known to be pro-crypto and against the notion of a central bank digital currency along with President Trump. “I see no reason for the US to have a central bank digital currency,” he said in a Jan. 16 Senate Finance Committee hearing.

He’s also said a central bank digital currency is for countries that have “no other investment alternatives” and are “doing it out of necessity.”

Bessent told Fox Business in July that he has “been excited about the president’s embrace of crypto, and I think it fits very well with the Republican Party. Crypto is about freedom, and the crypto economy is here to stay.”

Under Trump’s Jan. 23 crypto executive order, the Treasury will take a role in the governmental working group to hash out the strategy for US crypto policy.

Trump’s AI and crypto czar David Sacks, and the chairs of the Securities and Exchange Commission and the Commodity Futures Trading Commission will also form part of the working group.

@ Newshounds News™

Source:  CoinTelegraph

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CFTC ACTING CHAIR PHAMS CALLS ROUNDTABLE TO TACKLE CRYPTO ISSUES

Caroline Pham said the CFTC would “get back to basics” by hosting a series of roundtable talks with crypto industry leaders to address regulatory pain points.

On Jan. 27, Caroline Pham, acting chair of the Commodity Futures Trading Commission, said that the regulator plans to engage with digital asset stakeholders to discuss market structure and prediction markets as the U.S. pivots toward greater crypto adoption.

According to Pham, the CFTC “must take a forward-looking approach” to resolve conflicts of interest and policy gaps left by the previous administration.

Innovation and new technology has created a renaissance in markets that presents new opportunities that are accessible to more people, as well as risks. The CFTC will get back to basics by hosting staff roundtables that will develop a robust administrative record with studies, data, expert reports, and public input.  ~  Caroline Pham, acting CFTC chair

Pham’s decision to include prediction markets in the roundtables could reignite speculation over the CFTC’s stance on the sector. Previously, former chair Rostin Behnam criticized prediction markets, declaring them harmful to public interest.

Prediction markets like Polymarket and Kalshi gained prominence toward the end of last year. These platforms, which allow users to wager on real-world outcomes, became popular sources of electoral data, accurately predicting the winner of the general elections and several other races.

The CFTC previously sued Kalshi to halt its political betting contracts, initially winning in court. However, Kalshi eventually secured court approval to list its presidential outcome markets for U.S. customers. Notably, Polymarket remained unavailable to American users at the time of publication.

The roundtable discussions will occur over several months to align agency mandate with industry development, Pham said in her CFTC-issued statement.

Pham was selected to head the regulatory by President Donald Trump last week as part of the first official steps to overhaul anti-crypto sentiment entrenched in U.S. market watchdogs.

While she is acting chair, Behnam will formally leave the commission on Feb. 7. Trump’s preferred nominee to succeed Behnam has not yet been announced, and it is unclear how long Pham will serve as acting chair.

@ Newshounds News™

Source:  Crypto News

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Seeds of Wisdom RV and Economic Updates Monday Evening 1-27-25

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DEEPSEEK AI DEBUT SPARKS CRYPTO MARKET SELL-OFF AMID RISING TECH COMPETITION

The release of DeepSeek, a Chinese artificial intelligence (AI) model designed to rival OpenAI's ChatGPT, triggered a sell-off in U.S. tech stocks, bringing crypto down too. But analysts say cheaper AI may actually be good news for the space.

This advanced model is reportedly faster and cheaper than its American counterpart, offering features such as natural language processing and integration capabilities that position it as a direct competitor in the global AI arms race. 

Cheaper AI models benefit both crypto and broader AI consumers by lowering the cost barrier to access advanced AI tools.

Over the past 24 hours, Bitcoin (BTC) fell by 4% to $100,000, while Ethereum (ETH) dropped by 6% to $3,100. Meanwhile, the total market capitalization of cryptocurrencies fell by 8%, dropping to $3.52 trillion, according to CoinGecko. Liquidations over the past 24 hours totaled nearly $1 billion, according to CoinGlass.

Knee-Jerk

The debut of DeepSeek, coupled with intensifying competition in the AI sector, is reshaping investor sentiment across both tech stocks and the cryptocurrency market. Investors are selling riskier assets as they take time to digest this new information and how it might affect their holdings.

Jean Rausis, co-founder of decentralized finance ecosystem SmarDex, noted that the drop in crypto prices is more of a knee-jerk reaction to tech news rather than a direct consequence of the DeepSeek release itself.

“Because crypto trades 24/7, it’s often the go-to when big tech news breaks and the US market is closed – even if it has nothing to do with Bitcoin or other cryptocurrencies,” Rausis said.

Crypto’s strong correlation with the Nasdaq underscores its position within the same investment category as tech stocks, Rausis added, explaining that both markets often respond similarly to major news due to shared investor sentiment and overlapping liquidity sources.

“Investors in crypto share the same mindset as tech stockholders, and the liquidity sources are often the same, so they often move in tandem when big tech news breaks,” he said. “It doesn’t really have anything to do with fundamentals – just sentiment.”

Long-Term Positive

Despite the initial panic, Rausis believes competition in AI is ultimately positive for consumers and aligns with crypto’s ethos of decentralization. “For traders, this volatility could just be an opportunity to buy in at a lower price,” he said.

Anthony Pompliano, Founder & CEO of Professional Capital Management, echoed Rausis’ sentiment in a post on X this morning. He said that while DeepSeek’s launch sparked uncertainty and volatility in the market, broader access to AI should be long-term positive.

“More companies are able to leverage the technology to create economic activity and drive GDP growth,” Pompliano wrote. “Individuals should be able to save time and become more effective at their jobs. And more problems will be solved. So Deepseek’s innovation will drive more use of AI, rather than less. This is all positive on a macro basis.”  

Fake DeepSeek Token

Amid the market drop, a fraudulent token claiming ties to DeepSeek briefly surged to a $48 million market cap on Solana, only to plunge to $6 million, according to Bird Eye. Created weeks before DeepSeek’s release, the token exploited the hype surrounding the AI model.

 “DeepSeek has not issued any cryptocurrency,” the team stated, clarifying that it operates only one verified X account.

@ Newshounds News™

Source:  The Defiant

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BRICS TO INTRODUCE BITCOIN RESERVE? US EXPERT SAYS ITS POSSIBLE

Both the BRICS alliance and the United States have been engaged in some brewing geopolitical conflict over the last month. With US President Donald Trump eyeing a steep 100% tariff threat, all eyes are on what the bloc could do. Moreover, with both sides looking to continue their growth in the digital asset class, one expert says BRICS could be set to introduce its own Bitcoin reserve.

The news follows the announcement that the US would be introducing its own cryptocurrency stockpile. Although it is not the strategic BTC reserve many had hoped, it still will see the country firmly embrace the asset class. In response, one expert notes that the global south could turn to the leading cryptocurrency by market cap.

BRICS Bitcoin Reserve a Possibility as Nations Begin Cryptocurrency Embrace

The United States has firmly embraced cryptocurrencies since Donald Trump was inaugurated last week. Indeed, he has already ordered the asset to become a “national priority.” Meanwhile, speaking at the World Economic Forum, he claimed the country would soon become the “world capital” of AI and crypto.

That has led many to theorize what the rest of the world could do. Specifically, a host of nations are seeking to also implement similar action. Chief among them is the BRICS alliance, which one expert says could turn to create its own Bitcoin reserve.

US Space Force officer Jason P. Lowery recently took to X (formerly Twitter) to discuss the prospects. Specifically, he discussed the economic alliance’s prospects for its own cryptocurrency initiatives. However, he noted one token remained key.

“Do you really think BRICS is interested in adding a meme coin to their reserves, or one controlled by an American CEO?” Lowery said of crypto options like XRP. “Do you believe they’d choose a USD stablecoin issued by an American company trying to position itself as a neo-Federal Reserve Bank?” he further questioned.

“Or are they far more likely to adopt the coin that has been relentlessly vilified and condemned by the US for over 15 years?” he added. “That coin guarantees covering access to block space, ensuring transactions cannot be censored or denied, provided they continue to possess the physical power and infrastructure ‘they’ve already invested in."

This echoes similar sentiments made by Russian President Vladimir Putin himself. The leader applauded Bitcoin. Moreover, he noted that it is an asset that cannot be controlled. As the bloc has struggled against sanctions and US dollar weaponization, this seems increasingly important.

@ Newshounds News™

Source:  Wattcher Guru

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Seeds of Wisdom RV and Economic Updates Monday Afternoon 1-27-25

Good Afternoon Dinar Recaps,

RIPPLE SECURES LICENSES IN NEW YORK AND TEXAS, EXPANDING U.S. FOOTPRINT

In a latest development, Ripple has obtained Money Transmitter Licenses (MTLs) in New York and Texas, further expanding its presence in the U.S.

These licenses enable Ripple to offer compliant cross-border payment services, enhancing its ability to provide financial institutions and crypto businesses with faster, more efficient payment solutions. This news comes as firms are prepared for a crypto-friendly regulatory regime under President Donald Trump.

Notably, MTLs allow Ripple Payments customers to access a licensed version of its cross-border payments solution in the U.S., where transactions are managed end-to-end by Ripple on behalf of the customers.

55 Global Approvals

In addition to the two new MTLs, Ripple’s license portfolio now totals around 55 global approvals, including the prestigious New York BitLicense and a Limited Purpose Trust Company Charter.

“We’re continuing to see more interest from financial institutions to crypto businesses that want to unlock the benefits of crypto and blockchain for faster, cost-efficient and 24/7 cross-border payments,” Joanie Xie, Ripple Managing Director of North America, noted.

“With years of experience working in both crypto and with financial institutions, Ripple is well-positioned to support companies who are ready to take advantage of the current landscape.”

Its other regulatory approvals include registration as a VASP in Ireland and the Cayman Islands, and an in-principle license in Dubai. Ripple Payments has also grown its client base in North America, adding new partners like Bancoli, CambioReal, and GeoSwift in 2024, helping clients navigate the evolving financial ecosystem.

A Significant Shift Ahead?

Ripple’s recent U.S. regulatory approvals align with the Trump administration’s favorable stance on cryptocurrencies. It also noted that the U.S. industry players are optimistic about the upcoming four years, expecting a more crypto-friendly environment under President Donald Trump.

In a related move, the SEC recently repealed SAB 121, which had placed stringent conditions on banks providing digital asset custody services. This policy change is viewed as a significant step toward the broader integration of blockchain technology into traditional financial systems.

@ Newshounds News™

Source:  Coinpedia

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OKX, CRYPTO.COM SECURE FULL MICA LICENSES TO REACH 400M POTENCIAL EU USERS

While some major exchanges, including Binance, have sought alternative regions due to regulatory challenges, OKX and Crypto.com have doubled down on their commitment to Europe.

▪️OKX and Crypto.com secured full MiCA licenses, enabling seamless crypto services across 30 EEA markets for 400+ million users.

▪️OKX offers 240+ crypto tokens, 260 trading pairs, free euro deposits, and diverse trading tools like bot trading.

▪️MiCA’s harmonized framework empowers long-term crypto growth, with Europe emerging as a hub for blockchain innovation.

OKX and Crypto.com reached a major milestone on January 27 by obtaining full licenses under the European Union’s Markets in Crypto-Assets Regulation (MiCA). The Malta Financial Services Authority (MFSA) granted regulatory approval to both platforms, enhancing their operations across the European Economic Area (EEA).

The MiCA license empowers OKX and Crypto.com to provide regulated crypto services across the EEA. This is facilitated by MiCA’s “passporting” feature, which allows licensed entities to operate seamlessly in EU nations under a unified regulatory framework. Consequently, users in the region gain improved access to secure and reliable cryptocurrency services.

Expanding Services for EEA Users

OKX aims to expand its newly licensed operations by providing diverse services such as spot trading, bot trading, and over-the-counter (OTC) crypto token transactions. The platform will adapt its website and mobile app to local languages, currency options, and regional customer support, ensuring accessibility for users in specific markets.

Similarly, Crypto.com plans to deliver a variety of cryptocurrency services tailored for European users. With its license, the company seeks to maintain a seamless and compliant experience across international borders, solidifying its presence in the EU market.

Erald Ghoos, CEO of OKX Europe, highlighted the critical role of the MiCA license as a key achievement in promoting responsible leadership within the cryptocurrency industry. He noted that the Malta Financial Services Authority is globally recognized for its robust regulatory framework.

“The MiCA regulation in the EU is particularly forward thinking as it’s harmonized across the region. Through passporting, MiCA allows us to reach more than 400 million potential customers in 30 EEA markets,” said Ghoos.

MiCA Sets the Stage for Crypto Growth

OKX now provides regulated access to over 240 crypto tokens and 260 trading pairs, including 61 euro-crypto options, under MiCA-compliant operations. Users can deposit and withdraw euros for free via bank transfers or purchase cryptocurrencies using cards and reliable payment methods.

The MiCA framework enables crypto users to explore long-term investments, trading opportunities, and tools like automated bot trading. Ghoos emphasized Europe’s vast potential as a hub for blockchain and digital assets, stating that the license establishes a solid foundation for industry growth in the region.

While some major exchanges, including Binance, have sought alternative regions due to regulatory challenges, OKX and Crypto.com have doubled down on their commitment to Europe.

By embracing MiCA’s framework, the two platforms are setting a precedent for others to follow. Apart from OKX and Crypto.com, Bitpanda also secured MiCA license in Germany.

@ Newshounds News™

Source:  CoinSpeaker

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Seeds of Wisdom RV and Economic Updates Monday Morning 1-27-25

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XRP LAWSUIT: EXPERT REVEALS POSSIBLE REASON BEHIND RIPPLE’S REQUESTED DEADLINE IN SEC CASE

▪️Ripple requests April 16, 2025 deadline for SEC appeal, as legal battle with the SEC continues to shape XRP’s future.

▪️SEC’s appeal could bring setbacks for Ripple, but new leadership and strong legal defense may change the game.

The legal battle between Ripple and the SEC continues to be one of the most closely watched in the crypto world. Recently, Ripple requested a deadline of April 16, 2025, to respond to the SEC’s appeal. This could mean a prolonged period of uncertainty for XRP, but Ripple is standing firm.

****************************

The SEC recently filed its appeal, signaling that they aren’t backing down, even after Gary Gensler’s departure from the SEC. However, Ripple’s legal team remains confident. They believe the SEC’s appeal is a rehashed argument and are hopeful that a new administration might just drop the case.

Legal expert, Jeremy Hogan, has also criticized the SEC’s case, stating that they still haven’t proven that XRP buyers expected profits from Ripple’s efforts. The SEC’s case may have weak spots, but as always, this is far from over.

When former SEC lawyer Marc Fagel was asked about Ripple’s deadline on social media, the attorney replied and explained saying,

Pretty standard for lawyers to seek the maximum time allowed. Though I don’t think there’s any doubt they’re also allowing time for a new SEC leadership to resolve the case before they have to file the brief. (Which, again, is a highly unusual thing to happen but seems likely.)

Why does this matter? If the SEC wins the appeal and XRP is classified as a security, Ripple could face even more legal hurdles, which could slow down their progress and partnerships.

This would be a setback for Ripple’s expansion, especially in markets like Asia, the Middle East, and Europe. On the other hand, Ripple has already made strides in international markets, and their cross-border payment solutions remain some of the most efficient in the crypto space.

FAQs
What happens if the SEC wins the XRP lawsuit appeal?
If the SEC wins, XRP could be classified as a security, leading to more legal hurdles and potentially harming Ripple’s partnerships.

Is the lawsuit against XRP over?
No, the lawsuit is ongoing, with Ripple and the SEC engaged in appeals and responses that could take years to resolve.

**************************************
What happened to XRP just now?
XRP’s value or status might have shifted due to legal updates, market reactions, or news. Stay updated for the latest developments.

@ Newshounds News™

Source:  Coinpedia

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BRICS: WHY EXPERTS SAY US DOLLAR’S GLOBAL RESERVE DAYS MAY BE NUMBERED

Amid the ongoing de-dollarization efforts embraced by the BRICS alliance, experts have begun to state that the US dollar’s days as a global reserve asset may be numbered. Although the currency is at a new record high, economists have noted things do not look as promising in the long term.

Analysts and experts have gathered at the World Economic Forum in Davos, Switzerland. It was there that US President Donald Trump, inaugurated Monday, noted the United States would be the “world capital” of both AI and crypto. Those efforts may come to fruition, but the nation is clearly losing ground regarding its greenback as the world’s currency.

US Dollar Dominance Coming to an End? Why Economists Aren’t Keen on Its Long-Term Outlook

The geopolitical tensions over the US dollar have reached a fever pitch in recent years. The BRICS alliance has continued to seek ways to promote local currencies in trade. 

That has only drawn the ire of US President Donald Trump. In retaliation, he has threatened the presence of 100% tariffs and even discussed the creation of an external revenue service.

Yet, those tensions are separate from how experts perceive the global reserve currency. Although it has been the world’s currency since post-World War II, nothing stays the same forever. Now, amid BRICS and other regions’ actions against it, economists warn that the US dollar’s days as a global reserve currency are numbered.

In a recent session at the World Economic Forum called ‘State of Play: US Dollar,’ a panel of experts discussed the greenback. Although they note it will remain the global reserve in the coming years, that will undoubtedly change. Specifically, due to the “exorbitant privilege” that it holds, according to Harvard economist Kenneth Rogoff.

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“Both parties in the United States seem to think that debt is a free lunch,” he said. Additionally, he noted that interest payments on federal debt have officially surpassed the entire US defense budget. Yet, the currency still stands at a record high, reaching levels not seen since the mid-1980s or early 2000s.

The panel notes that it is bound to fall; the question is, how hard? Economic analysts from the World Forum note that “extreme fragmentation of the financial system could decrease global GDP by roughly 5%—more than the setbacks caused by the 2008 financial crisis.” 

They ultimately believe a multipolar system will replace US dominance. Yet, the hope is that the change can come gradually and not suddenly.

@ Newshounds News™

Source:  Watcher Guru

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FED STICKS TO RATES AS INFLATION PERSISTS AND TRUMP’S POLICIES LOOM LARGE

▪️The Fed is likely to maintain interest rates during its upcoming announcement.

▪️Persistent inflation and labor market recovery are key factors in the Fed's decision.

▪️Trump's policies add complexity to the Fed's inflation outlook and decision-making

The Federal Reserve (Fed) is expected to announce its interest rate decision on Wednesday at 22:00 Turkish time, maintaining the policy rate in the 4.25-4.50% range. Market experts predict that the Fed will insist on keeping rates stable as it awaits clearer signals regarding the declining trend in inflation.

According to CME Group’s FedWatch data, the likelihood of no change in rates stands at over 99%. If this expectation holds true, it will mark the first “pause” in rate adjustments since September 2024.

@ Newshounds News™

Read more:  Coin Turk 

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Seeds of Wisdom RV and Economic Updates Sunday Afternoon 1-26-25

Good Afternoon Dinar Recaps,

SEC REVOKES CRYPTO ACCOUNTING RULE FOLLOWING PRESIDENTIAL TRANSITION

While crypto advocates cheer the SEC’s decision, skeptics like Jacob King warn that the industry’s shift toward bank custody contradicts Bitcoin’s original vision of decentralization.

▪️In a dramatic policy shift, the SEC has revoked a crypto regulation that once shackled banks and custodians, marking a fresh start under the new administration.

▪️The controversial rule, introduced in 2022, had drawn fierce criticism from industry leaders who saw it as an unnecessary hurdle for financial institutions dealing with digital assets.

▪️Under Biden’s SEC, crypto firms found themselves entangled in legal battles, with enforcement actions reaching record highs before tapering off in the final months of Gensler’s tenure.

In a significant policy reversal, the United States Securities and Exchange Commission (SEC) has rescinded Staff Accounting Bulletin No. 121 (SAB 121), a controversial accounting guideline that mandated companies holding digital assets for clients to record these holdings as liabilities on their balance sheets.

The revocation came shortly after President Donald Trump’s inauguration, signaling a shift in the regulatory approach toward the emerging economy.

Background and Industry Reaction

Enacted during President Joe Biden’s administration in March 2022, SAB 121 aimed to enhance transparency and risk management in the burgeoning crypto sector. However, industry stakeholders criticized the rule for imposing burdensome reporting requirements, complicating the custody of digital assets, and increasing compliance costs.

The banking sector also expressed concerns, noting that the rule hindered their ability to serve as secure custodians for digital assets.

The recent revocation has been met with approval from crypto advocates. SEC Commissioner Hester Peirce, known for her pro-crypto stance, celebrated the decision by posting on X (formerly Twitter):

“Bye, bye SAB 121! It’s not been fun.”

Criticism from Outside the Crypto Industry

Despite the positive reception within the crypto community, the repeal has faced criticism from some financial analysts.  Jacob King, CEO of WhaleWire, claims the crypto advocates are wrong for believing the revocation would allow banks to custody Bitcoin BTC for customers.

In response, Carl Horton countered the tweet, noting that many still want loans using their BTC as collateral:

“Some people, like children and the elderly, need custodians. Others want smooth inheritance transfers and others want loans using their BTC in custody as collateral. BTC is freedom money and you can interact with it any way you want.”

Previous SEC Actions Against the Crypto Industry

Meanwhile, under the leadership of former SEC Chair Gary Gensler during the Biden administration, the SEC adopted a stringent regulatory stance toward the cryptocurrency sector.

The agency initiated numerous enforcement actions against crypto companies, alleging violations such as fraud and unregistered securities offerings.

While these measures were intended to protect investors and maintain market integrity, critics argued that the aggressive approach stifled innovation and created an uncertain regulatory environment.

A report by Cornerstone Research highlighted that the SEC’s crypto-related enforcement actions declined by 30% in Gensler’s final year, with 33 actions initiated compared to 47 the previous year.

Despite the decrease, monetary penalties reached a record high, underscoring the agency’s continued focus on regulating the crypto industry.

The recent policy changes, including the revocation of SAB 121 and the establishment of a crypto task force under the new administration, suggest a potential shift toward a more balanced regulatory framework that fosters innovation while ensuring investor protection.

@ Newshounds News™

Source:  CoinSpeaker

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EUROPEAN CENTRAL BANK PUSHING FOR DIGITAL EURO TO COUNTER TRUMP’S SUPPORT FOR STABLECOINS: REPORT

The European Union’s central bank is reportedly pushing for a digital euro to counter US President Donald Trump’s embrace of dollar-pegged private sector stablecoins.

European Central Bank (ECB) board member Piero Cipollone said at a conference on Friday that Trump’s new executive order on crypto could drive people away from banks, Reuters reports.

“I guess the key word here (in Trump’s executive order) is worldwide. This solution, you all know, further disintermediates banks as they lose fees, they lose clients… That’s why we need a digital euro.”

Earlier this week, President Donald Trump signed an executive order to evaluate the creation of a strategic national Bitcoin (BTC) and crypto stockpile.

The order also calls for the government to “promote the development and growth of lawful and legitimate” dollar-pegged stablecoins created in the private sector.

It further mandates that federal agencies halt any actions related to the development of a government-backed digital version of the dollar, otherwise known as a central bank digital currency (CBDC).

The administration’s new leadership at the U.S. Securities and Exchange Commission (SEC) also rescinded Staff Accounting Bulletin 121, a controversial rule that forced banks to identify crypto assets held on behalf of their customers as liabilities on their balance sheets.

@ Newshounds News™

Source:  DailyHodl

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Seeds of Wisdom RV and Economic Updates Sunday Morning 1-26-25

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CRYPTO ADVOCATES FOCUS ON CONGRESS AS GOP TAKES CONTROL OF US GOV'T

The Republican Party now has total control over the United States Senate, the Executive Branch, and the House of Representatives.

Following the re-election of President Donald Trump in the United States, crypto advocacy groups have shifted their focus to key players in both chambers of Congress, which advocacy groups have characterized as the most pro-crypto Congress in history.

Ron Hammond, the senior director of government relations at the Blockchain Association, told Cointelegraph editor Jesse Coghlan that the Senate Banking Committee and the House Financial Services Committee will play pivotal roles in shaping pro-crypto policies.

Congressman French Hill was selected as chairman of the House Financial Services Committee in December 2024 and is highly critical of the regulatory approach under the previous administration.

Following the appointment, Hill said introducing a crypto market structure bill within the first 100 days of the legislative session was a priority for the GOP leadership.

On January 24, the House Committee on Oversight and Government Reform launched an investigation into Operation Chokepoint 2.0 and sent letters to crypto industry leaders and advocacy groups requesting input.

The Senate Banking Committee

Senator Tim Scott, chairman of the Senate Banking Committee, is pro-crypto and promised sweeping regulatory reform for digital assets prior to the 2024 United States elections.

Speaking to an audience at the Bitcoin 2024 conference, Scott said the former leadership at the Securities and Exchange Commission (SEC) was preventing pro-crypto policies and promised change to US voters.

“We have to get rid of the folks who are in the way,” Scott told pro-Bitcoin voters in the Summer of 2024. Scott also promised Bitcoin voters:

“The one thing I will absolutely guarantee will be done is watching your legislation get a vote, pass the Banking Committee, and we’re going to fight to make it a law in the United States of America.”

Following Scott's pronouncement, Republicans won an electoral sweep in November 2024, securing both chambers of Congress, the Presidential election, and the popular vote.

Senator Lummis appointed chair of the Senate Banking Subcommittee on Digital Assets Wyoming Senator Cynthia Lummis was appointed by Scott to chair the Senate Banking Subcommittee on Digital Assets in January 2025.

Lummis said the primary goals of the subcommittee included passing comprehensive digital asset legislation and preventing overreach by government regulatory agencies.

The Senator added that legislative initiatives would include a comprehensive market structure bill, stablecoin regulations, and provisions for a Bitcoin strategic reserve.

Challenges and looking ahead

Stand With Crypto, a crypto advocacy and voter education group, told Cointelegraph that the current Congress has a "mandate" to pass comprehensive crypto regulatory reform. The group said:

"The 52 million crypto users and innovators across America elected a historic pro-crypto Congress in 2024 — sending 278 pro-crypto candidates to the House of Representatives and 20 to the Senate."

Despite this, challenges remain, as crypto regulations may take a backseat to more pressing political issues or pushback from anti-crypto politicians.

Industry executives and the crypto community have accused Democrats of being anti-crypto and stifling the regulatory process.

Some of crypto's most vocal political opponents include Democrat Senators Elizabeth Warren, Dick Durbin, and California Rep. Brad Sherman — all of whom are still in office after being re-elected in 2024.

Joe Doll, the general counsel for NFT marketplace Magic Eden, also told Cointelegraph that Republicans likely have only two years to pass crypto legislation before midterm elections take place.

Historically speaking, midterm elections tend to see the political pendulum swing the other way and change the balance of power in Congress, Doll said.

The attorney said that Republicans already have a slim majority in the US House of Representatives, which has narrowed to only three seats since Doll spoke to Cointelegraph in December 2024.

According to Doll, a gridlocked government would impede the passage of pro-crypto legislation in the United States.

@ Newshounds News™

Source:  CoinTelegraph

~~~~~~~~~

SEC REVOKES CRYPTO ACCOUNTING RULE FOLLOWING PRESIDENTIAL TRANSITION

While crypto advocates cheer the SEC’s decision, skeptics like Jacob King warn that the industry’s shift toward bank custody contradicts Bitcoin’s original vision of decentralization.

▪️In a dramatic policy shift, the SEC has revoked a crypto regulation that once shackled banks and custodians, marking a fresh start under the new administration.

▪️The controversial rule, introduced in 2022, had drawn fierce criticism from industry leaders who saw it as an unnecessary hurdle for financial institutions dealing with digital assets.

▪️Under Biden’s SEC, crypto firms found themselves entangled in legal battles, with enforcement actions reaching record highs before tapering off in the final months of Gensler’s tenure.

In a significant policy reversal, the United States Securities and Exchange Commission (SEC) has rescinded Staff Accounting Bulletin No. 121 (SAB 121), a controversial accounting guideline that mandated companies holding digital assets for clients to record these holdings as liabilities on their balance sheets.

The revocation came shortly after President Donald Trump’s inauguration, signaling a shift in the regulatory approach toward the emerging economy.

Background and Industry Reaction

Enacted during President Joe Biden’s administration in March 2022, SAB 121 aimed to enhance transparency and risk management in the burgeoning crypto sector.

However, industry stakeholders criticized the rule for imposing burdensome reporting requirements, complicating the custody of digital assets, and increasing compliance costs.

The banking sector also expressed concerns, noting that the rule hindered their ability to serve as secure custodians for digital assets.

The recent revocation has been met with approval from crypto advocates. SEC Commissioner Hester Peirce, known for her pro-crypto stance, celebrated the decision by posting on X (formerly Twitter):

“Bye, bye SAB 121! It’s not been fun.”

Criticism from Outside the Crypto Industry

Despite the positive reception within the crypto community, the repeal has faced criticism from some financial analysts.  Jacob King, CEO of WhaleWire, claims the crypto advocates are wrong for believing the revocation would allow banks to custody Bitcoin BTC for customers.

In response, Carl Horton countered the tweet, noting that many still want loans using their BTC as collateral:

“Some people, like children and the elderly, need custodians. Others want smooth inheritance transfers and others want loans using their BTC in custody as collateral. BTC is freedom money and you can interact with it any way you want.”

Previous SEC Actions Against the Crypto Industry

Meanwhile, under the leadership of former SEC Chair Gary Gensler during the Biden administration, the SEC adopted a stringent regulatory stance toward the cryptocurrency sector.

The agency initiated numerous enforcement actions against crypto companies, alleging violations such as fraud and unregistered securities offerings. While these measures were intended to protect investors and maintain market integrity, critics argued that the aggressive approach stifled innovation and created an uncertain regulatory environment.

A report by Cornerstone Research highlighted that the SEC’s crypto-related enforcement actions declined by 30% in Gensler’s final year, with 33 actions initiated compared to 47 the previous year.

Despite the decrease, monetary penalties reached a record high, underscoring the agency’s continued focus on regulating the crypto industry.

The recent policy changes, including the revocation of SAB 121 and the establishment of a crypto task force under the new administration, suggest a potential shift toward a more balanced regulatory framework that fosters innovation while ensuring investor protection.

@ Newshounds News™

Source:  CoinSpeaker

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Seeds of Wisdom RV and Economic Updates Saturday Afternoon 1-25-25

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COMER INVESTIGATES APPARENT POLITICALLY MOTIVATED DEBANKING OF THIRTY TECH FOUNDERS, FIRST LADY MELANIA TRUMP

WASHINGTON—House Committee on Oversight and Government Reform Chairman James Comer (R-Ky.) is investigating recent reports of financial institutions debanking lawful American businesses and individuals based on political affiliation or involvement in industries viewed unfavorably by the Biden Administration.

On a recent episode of “The Joe Rogan Experience,” renowned tech investor and entrepreneur, Marc Andreessen, revealed thirty tech founders who were debanked over the last four years — describing the debanking as pressure against “political enemies” and “disfavored tech startups.”

Chairman Comer is asking Mr. Andreessen, as well as five additional tech leaders who have spoken publicly about debanking, to share their stories with the Oversight Committee and shed light on why debanking occurs and how it affects business operations.

“Several tech leaders within the cryptocurrency space have been outspoken about their experience being debanked. In 2022, Uniswap Labs Founder and CEO Hayden Adams explained that his bank ‘closed my bank accounts with no notice or explanation,’ and that ‘I know many individuals and companies who have been similarly targeted simply for working in the crypto industry.’  

Coinbase Co-Founder and CEO Brian Armstrong confirmed thirty tech founders were debanked, stating then-Securities and Exchange Commission (SEC) Chair Gary Gensler, ‘tried to unlawfully kill our entire industry[.]’

Coinbase’s Chief Legal Officer, Paul Grewal, said, ‘[f]inancial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry,’” wrote Chairman Comer.

The Oversight Committee is also investigating whether these debanking practices originated from activists within each financial institution or from undue outside pressure.

In May 2014, the Oversight Committee released a staff report exposing the Obama Administration’s efforts to politically force companies the Administration viewed as unfavorable out of the banking system.

Considering the public statements of prominent tech leaders and recent evidence that Melania Trump and Barron Trump were also debanked for their political ties, the Oversight Committee is looking into how the Obama Administration’s overreach may have laid a foundation for the Biden Administration to institute similar tactics.

“These examples are startling, and the Committee is investigating whether this debanking practice originates from the financial institutions themselves or from either implicit or explicit pressure from government regulators,” continued Chairman Comer.

“The Committee is interested in engaging individuals who have been debanked and, specifically, how these actions hurt innovation, entrepreneurs, and workers. Further, to better inform the Committee’s investigation, the Committee seeks to understand the financial institutions and regulators involved, the reasons tech founders were given as to why they were debanked, and how this overreach affected business operations.”

@ Newshounds News™

Source:  House Oversight Committee

Read the letter here:  House Oversight - Letter

~~~~~~~~~

TRUMP PLANS ZERO CAPITAL GAINS TAX FOR US CRYPTO PROJECTS – HERE ARE THE BENEFITS!

▪️The Trump administration is considering a zero capital gains tax for US-based cryptocurrency projects, potentially making them more attractive to investors.

▪️Non-US crypto projects may face a 30% capital gains tax, creating a clear tax advantage for US-based ventures.

▪️The policy could significantly boost US crypto innovation, making the country a key player in the global blockchain industry.

The United States is preparing to introduce a significant tax relief policy aimed at boosting crypto innovation and attracting investment. Eric Trump, son of President Donald Trump information recently suggested that the Trump administration might introduce a zero capital gains tax policy specifically for cryptocurrency projects.

But will this policy benefit only US-based projects, or will non-US ventures also see relief?

Zero Capital Gains Tax for US Crypto Projects

Reports indicate that US-based crypto projects, including popular ones like XRP and HBAR, will benefit from the zero capital gains tax policy. This announcement has stirred excitement in the crypto industry, with many believing that the policy could make US-based projects even more appealing to investors and developers.

Non-US Projects Left Behind

However, the policy is unlikely to offer any relief to non-US crypto projects. Eric Trump stated that these projects would be subject to a 30% capital gains tax. This creates a clear tax divide between US-based and non-US ventures, raising concerns about the potential impact on global crypto competition.

US-based Crypto Projects: An Overview

Experts believe the sharp difference in tax rates is designed to give US projects a competitive edge while encouraging crypto companies to establish operations within the United States. The total market cap of US-linked cryptocurrencies now stands at $550 billion, with a 24-hour trading volume of $37.47 billion

The “Made in USA” category includes cryptocurrencies with strong ties to the United States. The top ten cryptos in this category by market cap are XRP, Solana, USDC, Cardano, Chainlink, Avalanche, Stellar, Hedera, Sui, and Polkadot.

Positive Trends for US-Based Cryptos

Over the past 30 days, most of the top ten cryptos in this category have shown strong growth. XRP has risen by 42%, Solana by 31.7%, and Cardano by 12.3%. Chainlink, Stellar, and Hedera have also experienced positive movements. However, not all US-based cryptos have performed equally well—Avalanche, Sui, and Polkadot saw declines during this period.

Conclusion

The Trump administration’s proposed crypto tax relief policy could be a game-changer for the industry. If implemented, it could create a favorable environment for US-based crypto projects, while potentially challenging non-US players.

The coming months will determine whether this tax relief can turn the US into the ultimate destination for crypto innovation.

@ Newshounds News™

Read more:  Coinpedia

~~~~~~~~~ 

MUSK EXPLORING BLOCKCHAIN USE TO CURB US GOVERNMENT SPENDING: REPORT

Elon Musk has previously stated that he wants to cut $1 trillion to $6.5 trillion in annual federal spending to help balance the budget.

Elon Musk, the head of the Department of Government Efficiency (DOGE), is reportedly exploring implementations of blockchain technology in US government operations to track and reduce federal spending.

According to Bloomberg, the DOGE is also looking at using blockchain to secure data, make payments, and manage buildings as part of the DOGE's efficiency push.

Personnel from the newly commissioned non-government department have also met with representatives from public permissionless blockchain networks to consult about potential use by the US government.

The initiative is part of Musk's broader goal of eliminating trillions of dollars from the annual federal budget and ensuring government accountability through transparency.

Blockchain to force government transparency?

Musk's push to use blockchain technology to force government transparency is not a new idea in US politics.

In April 2024, former Presidential candidate Robert F. Kennedy Jr. said he wanted to put the entire federal budget onchain. The politician told an audience at a Michigan rally:

“Every American can look at every budget item in the entire budget, anytime they want, 24 hours a day. We are going to have 300 million eyeballs on our budget. If somebody is spending $16,000 for a toilet seat, everybody will know about it.”

Kennedy's proposal was met with widespread support from small government and sound money advocates, who argued that US government spending was out of control.

Department of Government Efficiency takes first steps

The Department of Government Efficiency launched its website on Jan. 21 and officially adopted the DOGE logo used by the world's first memecoin, Dogecoin.

Following the website's launch, the price of Dogecoin rallied by approximately 11% to $0.38.

On Jan. 20, former Presidential candidate, entrepreneur, and DOGE co-founder Vivek Ramaswamy announced he was stepping away from the project to focus on running for governor of Ohio.

"I’m confident that Elon and his team will succeed in streamlining government," Ramaswamy wrote in an X post, hinting at his plans to run for office in an official capacity.

@ Newshounds News™

Source:  CoinTelegraph

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Seeds of Wisdom RV and Economic Updates Saturday Morning 1-25-25

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SATOSHI'S BITCOIN: RIPPLE CTO SHARES KEY XRP, BTC INSIGHT

In a recent discussion about the circulating supply of XRP, Ripple CTO David Schwartz draws parallels with Bitcoin and the coins attributed to its mysterious creator, Satoshi Nakamoto. His remarks highlighted the complexity of defining what constitutes "circulating supply" in the crypto landscape.

An X user had drawn attention to the disparity in XRP's circulating supply reported by the crypto ranking platform CoinMarketCap and popular XRP explorer XRPScan.

CoinMarketCap reports XRP's current circulating supply as 57.64 billion XRP, while according to a screenshot shared by the X user, XRPScan reported 62.23 billion XRP. 

Addressing this speculation, Schwartz explained, "How you measure circulating supply depends on what you consider to be circulating and what you don’t consider to be circulating." He continued, "For a Bitcoin analogy, are Satoshi’s bitcoins circulating? Reasonable people can even disagree on which bitcoins are Satoshi’s." 

Satoshi owned Bitcoin in spotlight 

The analogy made by the Ripple CTO is particularly relevant given that Satoshi Nakamoto is believed to own over 1 million BTC, which have remained untouched since Bitcoin’s early days. 

While these coins technically exist on the blockchain, many in the crypto community believe they are essentially out of circulation due to their inactivity. 

According to CoinMarketCap, Bitcoin's total and circulating supply is presently 19.81 million BTC, with a maximum supply of 21 million BTC. Ripple's XRP holdings are divided into two categories: XRP that is currently available in its wallets, and XRP subject to on-ledger escrow lockups that will be released monthly over the next 42 months. 

For this latter category, Ripple does not have access to this XRP until the escrow releases it to them monthly. Every month, the remaining XRP released is returned to the escrow account.

@ Newshounds News™

Source:  U Today

~~~~~~~~~

BRICS: IS THE ALLIANCE COMMON CURRENCY PLAN OFFICIALLY OVER?

For the last several months, the BRICS economic alliance has drawn the ire of the United States due to its plan to create a common currency. Indeed, newly elected president Donald Trump has threatened 100% tariffs on nations within the bloc that are seeking to ditch the US dollar.

However, recent months have seen the bloc speak up about the plan and its place in the group’s operations. Those statements have started to place doubt on whether the initiative is even moving forward with the collective. So, is the BRICS Common Currency Plan officially over? Here’s what the alliance has said.

BRICS Speaks on Common Currency Plan: Is It Moving Forward?

For much of the last two years, the BRICS alliance has sought to engage in widespread de-dollarization efforts. With increased sanctions coming from the West, the bloc has sought to lessen its reliance on the currency and promote its own local alternatives within trade. Specifically, this took place through the creation of their own BRICS Pay system that has made major strides since 2024.

Somewhere along the line, the alliance discussed the creation of its own currency to rival the dollar. That seemed to be the final straw, as it drove increased opposition from the West.

With 100% tariff threats being shared, the BRICS common currency plan may have been ceased by the bloc. At least, that is how it seems based on recent statements.

Firstly, officials from South Africa quickly dispelled rumors of an imminent BRICS currency. They noted, according to a recent report, that their focus remained on increasing trade with local currencies. Additionally, they noted that such action only increased the financial stability of the alliance itself.

Finance Minister Enoch Godongwana emphasized that back in September, he noted that the bloc has yet to decide on the implementation of a digital currency that would be created under the umbrella of the BRICS alliance.

However, the Department of International Relations and Cooperation clarified the purpose of this was not “de-dollarization.” Instead, on strengthening banking network and alliance infrastructure

Finally, India has also spoken out about the process. Reserve Bank of India Governor Shaktikanta Das noted that the currency plan remained nothing more than an idea presented by a single member.

“BRICS Currency was an idea raised by one of the members and was discussed, but no decision has been made,” Das noted. It is likely Russia was behind the idea. The pressure of ongoing sanctions has had Moscow leading the bloc’s de-dollarization charge for much of the last year.

@ Newshounds News™

Source: Watcher Guru

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Seeds of Wisdom RV and Economic Updates Friday Afternoon 1-24-25

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RIPPLE CEO SPARKS SPECULATION OVER XRP IN US STRATEGIC RESERVE

▪️President Trump signed an executive order creating the Presidential Working Group on Digital Asset Markets, led by venture capitalist David Sacks, to explore the establishment of a strategic national digital assets stockpile.

▪️While many anticipated that the national reserve would primarily consist of Bitcoin, discussions about including Ripple have surfaced, sparking mixed reactions within the crypto community.

Just three days into his presidency, President Donald Trump signed an executive order on Thursday to explore creating a national digital asset stockpile. 

While many Bitcoin advocates had hoped for swift action to establish a Bitcoin-only reserve, the order instead focused on the feasibility of a broader national reserve of digital assets.

The executive order also established a Presidential Working Group on Digital Asset Markets, led by venture capitalist David Sacks. The group includes high-profile officials, such as the Treasury Secretary, the Attorney General, and the head of the Securities and Exchange Commission (SEC).

 Their mission is to craft a comprehensive federal strategy for regulating cryptocurrencies and stablecoins, laying the groundwork for the U.S. government’s approach to digital finance.

Currently, the U.S. government holds $21 billion worth of crypto assets, primarily Bitcoin. This includes 69,370 bitcoins, set to be auctioned by the U.S. Marshals at the end of 2024. However, discussions about diversifying the reserve to include additional cryptocurrencies have ignited debates within the crypto community.

Ripple Pushes for Inclusion in the Reserve

Reports suggest the Trump administration may prioritize U.S.-founded crypto assets like Ripple (XRP), Solana (SOL), and USDC for the proposed reserve.

 Ripple’s $5 million donation to Trump’s inauguration and ongoing dialogue with policymakers have added to speculation about the company’s influence on the administration’s crypto policies.

Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have reportedly met with President Trump and his advisors to advocate for XRP’s inclusion in the reserve.

Garlinghouse highlighted that Ripple’s mission aligns with the administration’s vision of supporting American innovation and businesses.

In interviews, Garlinghouse has emphasized that a diversified reserve of digital assets would strengthen the U.S.’s competitive edge in the global crypto landscape. “A strategic reserve that combines Bitcoin with other technologies would make sense from both an innovation and a national security standpoint,” he argued.

Not everyone supports expanding the reserve beyond Bitcoin. Pierre Rochard, VP of Research at Bitcoin mining firm Riot Platforms, criticized the potential inclusion of XRP.

He claimed Ripple’s lobbying efforts aim to divert attention from Bitcoin, undermining Trump’s campaign commitments to ban central bank digital currencies (CBDCs) and prioritize a Bitcoin-only reserve.

“The biggest obstacle for the Strategic Bitcoin Reserve is not the Fed, Treasury, or banks, it’s Ripple/XRP,” Rochard stated, underscoring his belief that Bitcoin should remain the sole asset in any national crypto reserve.

The idea of a diversified digital asset stockpile has sparked discussions across the crypto industry. Scott Melker, host of The Wolf of All Streets Podcast, shared rumors that the reserve could include both Bitcoin and XRP. 

While acknowledging the speculative nature of these claims, Melker indicated that his sources were credible. At press time, Bitcoin was trading at $105,380 after increasing by 3.62% in the last 24 hours and by 3.60% over the past week.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

TRUMP EXEC ORDER DIGITAL ASSETS WORKING GROUP: FED NOT INVITED

Yesterday the White House published President Trump’s executive order on digital financial technology. It creates a digital asset working group, which will be responsible for proposing federal regulatory framework within six months.

White House AI & Crypto Czar David Sacks will chair the group, which consists of the heads of 11 government agencies. That includes the Treasury Secretary, Commerce Secretary, SEC Chair and CFTC Chair. Despite the regulations covering stablecoin payments, the Federal Reserve and other banking regulators are not included.

However, there is a caveat that the Chair can invite other agencies that have relevant expertise.

While the executive order includes evaluating the potential for creating a national digital asset stockpile, it states this will likely come from asset seizures.

The key actions of the executive order are to:

▪️allow access to public blockchains, for people to participate in validating transactions, and preserving self custody of digital assets
▪️enhance US sovereignty by promoting lawful dollar backed stablecoins worldwide
▪️protect access to banking services for all
▪️provide regulatory clarity for digital assets based on technology neutral regulation
▪️prohibit the issuance of a CBDC.

Additionally, the new order revokes President Biden’s digital assets executive order and the Treasury’s “Framework for International Engagement on Digital Assets.” 

The latter covered quite a bit of ground, with a substantial proportion relating to CBDC. It also involved working with the Financial Stability Board on digital assets, AML with FATF, and OECD work on crypto tax, amongst others.

Stablecoins in, banks out?

Apart from excluding banking regulators from the working group which covers stablecoin payments, it remains to be seen how wide the CBDC ban is.

On the stablecoin regulation front, the previous administration pushed for the Federal Reserve to be given a central role in approving stablecoins under draft regulations. Excluding the Fed from the working group is a big step in the opposite direction.

Sidestepping banking regulators is likely a backlash. They are viewed as obstructing the crypto sector through de-banking and there was pushback about the shutting down of Signature Bank by the FDIC. Digital asset bank Custodia has been repeatedly refused membership of the Federal Reserve System. That said, the FDIC now has a Republican Acting Chair.

Banks have also been slowed from engaging with blockchain and DLT. For example, the USDF Consortium for interbank DLT payments has not yet launched, even though it moved from a permissionless to a private blockchain. That’s apart from the many banks that were blocked from offering crypto to clients.

No wholesale CBDC?

Regarding CBDC, the ban does not distinguish between retail and wholesale CBDC. Unlike a retail CBDC where there are valid privacy concerns (even with the best of intentions), a wholesale CBDC is designed for interbank settlement only. The Federal Reserve already explored differences between a wholesale CBDC versus tokenizing existing central bank reserves.

Either of these would support banks engaging with blockchain, particularly for tokenized deposits, securities settlement and cross border payments. The lack of wholesale CBDCs has slowed bank adoption of DLT around the world.

Recently the European Central Bank ran DLT trials for wholesale settlement using central bank money, which encouraged numerous (real) digital bond issuances. Sixty-four institutions took part in more than 40 trials and experiments.

The New York Innovation Center (NYIC) at the Federal Reserve Bank of New York has been involved (purely for research) in Project Agorá, which aims to make cross border payments via correspondent banking faster and cheaper.

Agorá uses tokenization and is led by the Bank for International Settlements (BIS). Seven central banks and more than 40 private sector firms are involved, with most of the central banks providing a trial wholesale CBDC for interbank settlement. Without the dollar, that would leave a large gap for an international payments network.

The purpose of using central bank money for institutional settlement is to reduce payment risks. As a fallback, a private institution could tokenize the reserves held by multiple banks in an omnibus account at the central bank.

From a risk perspective it’s not quite as optimal because there is always the risk of failure of the company, even if it is designed to be bankrupt remote. In the UK, Fnality has taken this approach. If the Fed itself is blocked from tokenizing reserves, Fnality’s U.S. expansion plans could be looking rosier.

@ Newshounds News™

Sources:  Ledger Insights,  WhiteHousegov

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TRUMP CANCELS CBDC, FAVORS STABLECOIN IN U.S. FINANCIAL STRATEGY

▪️Donald Trump cancels CBDC, favoring USD-backed stablecoins to safeguard privacy and enhance financial inclusion globally.

▪️A new task force will recommend clear crypto regulations to foster innovation while opposing invasive financial oversight.

President Donald Trump has taken a strategic move by issuing an executive order to boost the United States position in digital finance technology. One of the most notable orders is the country’s cancelation of central bank digital currency (CBDC).

This order attests to the United States’ preference for stablecoins backed by US dollars over CBDC development, as opposed to that of other nations.

This action is considered a reaction to worries that CBDC might be utilized as too intrusive monitoring instruments violating people’s privacy.

Stablecoins, according to Trump, provide a better alternative for advancing global financial inclusion and preserving the US dollar’s status as the most often used currency worldwide. The US wants to increase its impact in the global digital financial space by helping dollar-backed stablecoins.

Trump: Emphasize Stablecoins and Financial Independence

Strong legal protections for players in the blockchain and digital asset sectors are given by this executive order. Individuals and organizations today have legally acknowledged rights to access, grow, and apply public blockchain technology free from onerous legal restrictions.

Furthermore, underlined by this sequence is the need for self-custody services, which let consumers freely manage their digital resources.

A fundamental issue in the use of CBDC is the stability of value, which stablecoins are said to be able to provide while preserving user anonymity. The US government thus aims to build a digital financial environment that is creative, competitive, and still upholds personal financial freedom.

Of course, this is not the case with CBDC, which is regarded to be able to provide complete control to the government; dollar-based stablecoins provide people chances to still have control over their assets.
Working Group and Regulatory Suggestion Notes

Trump established the “President’s Working Group on Digital Asset Markets” per this order. David Sacks will be in charge of this team and assigned to create a legislative framework that advances the growth of the crypto market. This panel is anticipated to offer suggestions within 180 days that will help to establish legal certainty and draw greater industry innovation.

It also eliminates earlier rules pertaining to crypto deemed to stifle creativity. Proposed legislative clarity should enable players in the crypto space to create innovative technologies free from governmental ambiguity.

Notably, underlined by the restriction on CBDC is the government’s concentration on safeguarding personal privacy from possible too-extensive monitoring.

Advocates of this approach think that stablecoin innovation will help the US dollar’s position on the world market to be strengthened without compromising citizens’ financial freedom. It also implies that the US will not adopt the worldwide trend in central bank digital currencies.

Meanwhile, as we previously reported, Donald Trump is under investigation for ethics after his public involvement in the TRUMP token generated national security and conflict of interest concerns. The TRUMP meme coin was mentioned in a letter addressed to the House Oversight and Government Reform Committee as having the ability to grant inappropriate access to foreign entities.

@ Newshounds News™

Source:  Crypto News Flash

~~~~~~~~~

BRICS: CHINA BREAKS SILENCE ON US TENSIONS, TRUMP TARIFF THREAT

With all eyes fixed on the growing geopolitical turmoil, China, a key member of the BRICS alliance, has officially broken its silence on the growing US tensions amid US President Donald Trump’s impending tariff threat. Indeed, the country has been among the few to speak out regarding the West’s warnings.

After being inaugurated Monday, Trump wasted no time in targeting the BRCIS group. Specifically, he reassured previous threats that he would impose a 100% tariff on the economic alliance. The action was meant as retaliation for the bloc’s ongoing de-dollarization efforts.

Trump Tariff and US Tensions Get Response From China as West & BRICS Faceoff Continues

For the last two years, the BRICS economic alliance has committed to lessening international reliance on the US dollar. Specifically, the bloc has sought out ways to avoid sanctions on various members. That process has seen the group promote the use of local currencies.

Although the previous Biden administration was okay with allowing the practices to go on with little retaliation, Donald Trump is not. Therefore, he has responded in rather concerning ways for those in favor of geopolitical peace. Now, key BRICS member China has broken its silence on emerging tensions and the 100% tariff threat issued by US President Trump.

In a recent report, the Chinese Ministry of Foreign Affairs (MoFA) released a statement Thursday. “As an important platform for cooperation among emerging markets and developing countries, BRICS advocates openness, inclusiveness, and win-win cooperation, not bloc confrontation, and does not target any third party,” they said. “The aim is to realize common development and prosperity,” they added.

The statement reaffirms its commitment to the bloc. Moreover, it signals the country’s willingness to continue on the path it has charted. Additionally, the answer comes weeks after India responded to the ongoing threat. Specifically, External Affairs Minister S Jaishankar said the country has “no interest” in weakening the US dollar.

“The US is our largest trade partner,” the official said. We have no interest in weakening the dollar at all,” they added. The development is ongoing and could be vital to global economics in the early months of Trump’s return to the Oval Office.

@ Newshounds News™

Source:  Watcher Guru

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