Tues. AM Seeds of Wisdom Crypto Update(s) 9-3-24

(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)

Seeds of Wisdom

METAPLANET TEAMS UP WITH RIPPLE ALLY SBI TO BOLSTER ITS BITCOIN-BUYING STRATEGY; XRP PLANS NEXT?

Metaplanet, a major Japanese-headquartered prolific Bitcoin (BTC) investor now recognized as a MicroStrategy imitator,” is collaborating with Ripple’s banking partner, the financial conglomerate SBI.

The strategic partnership is aimed at supporting Metaplanet’s ongoing efforts to expand its Bitcoin corporate treasury.

SBI To Provide Metaplanet With Custody And Trading Support

Metaplanet — known as “Japan’s MicroStrategy” on Crypto Twitter — has joined forces with SBI VC Trade, a division of Tokyo-based SBI Holdings.

The collaboration gives Metaplanet access to SBI’s compliant custodial services, designed to prioritize tax efficiency and provide the potential to use Bitcoin as collateral for financing.

This is part of Metaplanet’s broader strategy to engage with industry players in Japan and broaden its financial options.

“This collaboration is part of our ongoing effort to engage with leading industry stakeholders in Japan who support our corporate Bitcoin accumulation strategy,” Metaplanet’s official announcement states.

Tokyo stock exchange listed Metaplanet revealed that as its Bitcoin haul grows, it will continue to explore financial tools that provide greater “financial flexibility.”

Following in the footsteps of Michael Saylor’s MicroStrategy, the largest corporate holder of Bitcoin in the world, Metaplanet’s new main corporate objective is to accumulate as much of the benchmark cryptocurrency as possible. 

The publicly traded firm announced it had adopted BTC as its “core treasury reserve asset” to hedge against Japan’s debt burden and yen volatility. Metaplanet held roughly 360.4 BTC (worth around $20 million) as of August 20.

In its official announcement, SBI VC Trade said it would assist Metaplanet in addressing its Bitcoin accumulation strategy by offering trading and operation support.

“Focused on Bitcoin’s rarity and non-political monetary policy, Metaplanet appointed Bitcoin as a major financial asset and advanced Bitcoin’s accumulation through both debt and equity financing,” SBI VC Trade continued.

XRP Plans In The Pipeline?

Like MicroStrategy, Metaplanet’s focus has so far been on the apex cryptocurrency, Bitcoin. Nevertheless, SBI and Metaplanet’s joint venture has sparked hopes for XRP enthusiasts that their favorite crypto could soon secure a place on the company’s balance sheet.

As you may already know, SBI is one of the XRP community’s most prominent supporters. SBI Group became the first Japan-based corporation to leverage XRP Ledger (XRPL) blockchain supply chain solutions after Ripple forged a partnership with Tokyo-based consulting firm HashKey DX in April to push enterprise blockchain solution use cases in the East Asian country.

Furthermore, SBI’s recent partnership with notable crypto exchange-traded fund (ETF) provider Franklin Templeton also introduced the possibility of a spot XRP product in Japan.

@ Newshounds News™

Source: ZyCrypto

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SWISS CENTRAL BANK HOLDS 500 BITCOIN; BANK OF NORWAY HOLDS 1,400 BTC

▪️The Swiss and Norwegian central banks gain indirect Bitcoin exposure through significant holdings in MicroStrategy, aligning with a broader trend of institutional Bitcoin adoption.

▪️Norges Bank’s direct and indirect Bitcoin holdings position it as one of the most prominent institutional BTC holders globally, reflecting a growing acceptance of cryptocurrency among traditional financial institutions.

Norges Bank, managing Norway’s Government Pension Fund, holds 1.123 million shares of MicroStrategy (MSTR), while the Swiss National Bank increased its holdings by 60% to 466,000 MSTR shares, equivalent to a hidden stash of about 500 BTC.

This revelation aligns with earlier developments we discussed where Norway and Switzerland’s central banks significantly increased their stakes in MicroStrategy, gaining indirect Bitcoin exposure.

Furthermore, as revealed by Collin Brown’s tweet today, Norway’s Central Bank is also reported to be holding approximately 1,400 BTC through its MSTR investment.

It is worth noting that, MicroStrategy, known as the largest corporate Bitcoin holder with 226,500 BTC, also has shares owned by South Korea’s public pension fund and Mitsui Sumitomo, a leading Japanese insurer.

Despite a recent 3.5% decline in MSTR shares, trading at $131.21, co-founder Michael Saylor highlighted that the company has outperformed nearly all S&P 500 stocks since adopting its Bitcoin strategy.

As of today, CoinMarketCap data shows that Bitcoin is trading at $59,220.35, having surged by 3.27% in the past day with a decrease of 6.26% in the past week.

@ Newshounds News™

Source: Crypto News Flash

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CRYPTO NEWS : ARE S-1 FORMS FAILING CRYPTO? SEC COMMISSIONER SOUNDS THE ALARM!

SEC Commissioner Mark T. Uyeda recently emphasized the need for tailored S-1 registration forms specifically designed for digital asset securities. 

Speaking at Korea Blockchain Week 2024 in Seoul, Uyeda argued that the U.S. SEC should adopt a more flexible approach to regulating digital assets, similar to how it handles other specialized financial products.

Cracking the Code: The S-1 Form and Its Shortcomings

The S-1 form is a crucial document for issuers in the U.S., requiring comprehensive disclosures such as income statements and cash flow statements before introducing a new securities product. 

Uyeda highlighted the inadequacy of the standard S-1 form for digital assets, drawing parallels with registered index-linked annuities, where the SEC already collaborates with product sponsors to develop customized registration requirements.

Crypto’s Regulatory “Catch-22”

Uyeda questioned why the same tailored approach isn’t applied to digital asset securities, arguing that the SEC has the flexibility to create such changes. 

He expressed frustration over the agency’s failure to provide more supportive frameworks for digital asset sponsors, which often leaves them in a regulatory “catch-22.”

This situation arises when the SEC requires disclosures that may not be relevant to digital assets, or when sponsors are unable to comply due to the unique nature of their products.

And it Goes On…

Despite these challenges, Uyeda clarified that the decision to classify a product as a security under federal regulations remains with the issuer.

However, there is ongoing uncertainty about whether cryptocurrencies fall under the SEC’s jurisdiction as securities.

This uncertainty is at the heart of Ripple’s ongoing legal battles with the SEC. Ripple’s Chief Legal Officer, Stuart Alderoty, recently criticized the term “crypto asset security,” calling it a “fabricated term with no legal basis.”

Crypto Reaction

Ripple, along with other companies like Coinbase, has argued that the SEC has not provided clear regulatory guidelines for digital assets. Uyeda’s comments reflect his dissent from the SEC’s decision to deny Coinbase’s rulemaking petition, which sought clarification on what constitutes security in the digital asset space.

Uyeda hopes that either current SEC Chairman Gary Gensler or his successors will recognize the growing regulatory uncertainty around digital assets and take steps toward developing clear legislation or rulemaking.

However, digital assets have not been a priority on the SEC’s regulatory agenda under Gensler, who has the final say on which items are included.

Uyeda’s Stand on Regulations

Looking ahead, Uyeda suggested that the SEC should consider the regulatory approaches of other jurisdictions, including the EU, South Korea, and Japan when shaping future rules for digital assets.

While his term as one of the SEC’s five commissioners extends until June 2028, Uyeda made it clear that his views are personal and do not necessarily represent the stance of the entire agency.

A Countdown to Change Begins, Will the SEC Step Up or Fall Behind? We Wait and Watch!

@ Newshounds News™

Source: Coinpedia

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BRICSX REVOLUTIONIZING GLOBAL FINANCE | YouTube

@ Newshounds News™

Source: Currency Facts

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CURRENCY REVALUATION EXPLAINED VND, IQ  | YouTube

@ Newshounds News™

Source: Currency Facts

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Source: Dinar Recaps

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