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(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
Ripple CLO Talks Congress Insights on SEC and XRP
▪️Professor Reiners emphasized the need for Congress to address the regulatory gap in the crypto spot market.
▪️Ripple’s argument against XRP being a security aligns with Reiners’ testimony on investment contracts.
Stuart Alderoty, Ripple’s Chief Legal Officer, has responded to Professor Lee Reiners testifying before Congress, which provided an illuminating viewpoint on the continuing legal dispute between Ripple and the United States Securities and Exchange Commission.
Reiners, known as both a pro-SEC and anti-crypto advocate, acknowledged the SEC’s recent setback in the Ripple case, underscoring three key factors with substantial significance for the crypto industry and Ripple’s journey.
Questioning the Regulatory Gaps and Decentralization in Crypto Laws
To begin, Reiners identified a significant regulatory gap in the crypto spot market, pointing out that neither the SEC nor the Commodity Futures Trading Commission (CFTC) currently regulate this sector. This observation highlights an obvious flaw in the current regulatory framework for cryptocurrency.
Reiners believes Congress should take a more active role in closing this regulatory hole. Ripple’s Alderoty agreed, emphasizing the importance of legislative action to better address the changing crypto ecosystem.
Another key argument addressed by Reiners was the concept of decentralization in relation to securities legislation. He criticized the idea that securities regulations should be predicated on a “mystical” decentralization threshold, alluding to a 2018 speech by former SEC Director William Hinman.
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This statement has sparked debate within the crypto community, particularly because it hinted that certain cryptocurrencies could be immune from securities restrictions if they achieved a sufficient level of decentralization.
Reiners’ stance is consistent with the broader crypto industry, which has long stated that decentralization should not be used to determine whether an asset is a security.
Reiners also addressed the topic of investment contracts, citing analogies to the landmark Howey Test case concerning orange groves. He underlined that the object of an investment contract, such as orange groves, is not a security in and of itself. A management contract must be present when something is considered security.
This viewpoint is consistent with Ripple’s central argument that XRP should not be categorized as a security since it does not meet the criteria for being an investment contract.
The Impact of SEC Changing Leadership on Crypto Regulation
One of Reiners’ most memorable comments was that “SEC chairs come and go,” implying that regulatory landscapes might move dramatically with changes in leadership.
This insight serves as a reminder of the transient nature of regulatory interpretations, implying that Ripple’s case may result in different consequences if future SEC leadership takes a fresh perspective on cryptocurrencies.
While the crypto community eagerly monitors these events, doubt remains over XRP’s future, notably whether the SEC would appeal the Ripple case verdict before the deadline of October 7, 2024.
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This lingering uncertainty is currently placing downward pressure on the XRP price, which was $0.5843 at the time of this post, representing a slightly 0.55% fall over the last 24 hours.
On the other hand, Ripple’s partner, SBI Holdings, has made substantial progress in researching the integration of token-based bank deposits with central bank digital currencies. According to a CNF report, SBI Holdings has joined Project Agora, which aims to examine how tokenized commercial bank deposits might be integrated with wholesale CBDCs on a single ledger.
@ Newshounds News™
Source: Crypto News Flash
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AUSTRALIA TIGHTENS GRIP ON CRYPTO STARTUPS WITH CORPORATE LAW CHANGES
Key Takeaways
▪️Australia wants all crypto exchanges to hold financial services licenses.
▪️The country has so far had limited success in its crackdown on the crypto industry.
▪️As of 2022, over one million Australians held at least one form of cryptocurrency.
Australia is set to further enhance the regulation of the cryptocurrency industry by requiring all crypto exchanges to hold financial services licenses.
The move will see the country’s corporate watchdog push for updated regulations to be enforced over the next two months, the Australian Financial Review reported.
Australia Tightens Grip on Crypto
The new licensing requirements are required as the Australian Securities and Investments Commission (ASIC) considers most major crypto assets to be relevant under the country’s Corporate Act, according to ASIC commissioner Alan Kirkland.
Crypto developers in the country have been confused about whether or not they should obtain an Australian Financial Services (AFS) license.
An AFS is needed for a “financial product,” which is when an individual takes on a financial risk or makes an investment.
ASIC is currently embroiled in two major court cases involving two crypto startups that have not obtained a license.
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“ASIC’s message is that a significant number of crypto-asset firms in the Australian market are likely to need a license under the current law. This is because we think many widely traded crypto assets are a financial product,” Kirkland said.
ASIC Has Had Limited Success
ASIC will update its “Information Paper 225” for a November release. The regulatory paper will clarify how cryptocurrencies and other financial products should be treated.
So far, ASIC has had limited success penalizing crypto exchanges without a license.
Block Earner, an Australian crypto startup founded in 2021, was taken to court by ASIC, which alleged that the company was working unlawfully without a license. The Federal Court sided with Block Earner, claiming the startup had been operating lawfully.
ASIC sued Finder Wallet for not registering as a financial service. The court ultimately ruled that the startup did not need a license to operate.
The Australian watchdog is appealing both court decisions.
Australia and Crypto
Like the rest of the world, Australia has an evolving relationship with cryptocurrency.
In 2022, research firm Roy Morgan found that over one million Australians own at least one form of cryptocurrency, including Bitcoin, Ethereum, and Cardano.
A 2023 study by the Australian Securities Exchange (ASX) found nearly 3 in 10 Aussie investors plan to buy crypto in the next year, with 15% already holding digital assets.
However, While Australia has generally welcomed innovation in the crypto space, a strong emphasis on consumer protection has remained.
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According to a Finder report powered by Coinbase, 50% of Australian owners said the security and reputation of an exchange are the most important features to them.
Last month, the Australian Competition and Consumer Commission (ACCC) found that half of crypto-related Facebook ads were scams.
The ACCC alleged that Meta was aware of crypto scams in its ads for the past six years.
“Meta has been aware that a significant proportion of cryptocurrency advertisements on the Facebook platform have used misleading or deceptive promotional practices,” the company said in a court ruling.
@ Newshounds News™
Source: CCN
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GOLD FOLLOWS BITCOIN PRICE RALLY TO NEW RECORD HIGHS, WILL MOMENTUM CONTINUE?
Inflation hedges, such as gold, have emerged as a more attractive option for diversification along with Bitcoin which is nor preparing for a mega rally in Q4.
Key Notes
▪️Gold has surged to a record high of $2,629 per ounce, gaining 5% in the past two weeks, following Fed rate cuts.
▪️Rising geopolitical risks, including conflicts in U*****e and the Middle East have increased the appeal of gold as a safe-haven asset.
▪️Goldman Sachs forecasts further growth in gold prices, projecting a surge to $2,700 by early 2025.
The gold price has been hitting new highs following the Fed rate cut last week while following the Bitcoin price trajectory recently. Over the past week, the BTC price has surged over 8.5% moving all the way to $64,000.
On the other hand, the gold price touched a record high of $2,629 per ounce on September 23. Within the last 15 days, the yellow metal has registered strong 5% gains. The major boost comes following the 50 bps rate cut by the Federal Reserve which served as the tailwind for the yellow metal.
A decrease in interest rates diminishes the appeal of assets linked to Fed-determined returns, like short-term government bonds, while making inflation hedges, such as gold, a more attractive option for diversification.
Furthermore, the appetite for gold investments has been growing recently amid rising geopolitical risks such as the ongoing wars between Russia and U*****e, Israel and Hamas. On the other hand, the uncertainty around the 2024 US e*******s is also another factor contributing to this.
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Furthermore, banking giant Goldman Sachs recently reported that the gold purchases by central banks have tripled following the last two years of the Russia-U*****e war. With more Fed rate cuts expected this year, Goldman Sachs researchers predict that the gold price will surge to $2,700 by early next year.
Gold Rally Isn’t Ending Anytime Soon
Peter Boockvar, chief investment officer at Bleakley Financial Group, noted that gold has yet to surpass its inflation-adjusted peak of $3,200, set in 1980. Meanwhile, gold advocate Peter Schiff took the opportunity to criticize digital assets in a post on X on Sept. 23. Schiff noted:
“Gold just hit another record high, but few investors notice or care. With so much attention focused on Bitcoin, investors are not only missing out on gold’s gains but the significance of the rise.”
On the other hand, Bitcoin is also showing strength gearing up for a mega rally moving ahead in Q4 2024. 10x Research founder and CEO Markus Thielen noted that the chances of a major breakout increase as we approach the October-to-March period.
“Bitcoin’s 2024 performance has once again followed its seasonal pattern – just as it did in 2023. This is why traders should anticipate a major breakout, potentially reaching new all-time highs in Q4 2024,” he added.
@ Newshounds News™
Source: CoinSpeaker
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ARE WE THERE YET ROADMAP AND TIMELINE? #rv #gcr #roadmaptosuccess | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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Source: Dinar Recaps
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HONG KONG MONETARY REGULATOR LAUNCHES SECOND PHASE OF CBDC PROJECT
The HKMA has engaged 11 firms for advanced e-HKD+ digital currency trials, so far.
The Hong Kong Monetary Authority (HKMA) has announced the launch of the second phase of its central bank digital currency (CBDC) pilot program, known as e-HKD, according to a Sept. 23 statement.
The second phase will delve into advanced use cases for digital money, emphasizing e-HKD and tokenized deposits for individuals and businesses. The first phase focused on testing CBDC applications in domestic retail payments, offline transactions, and the settlement of tokenized assets.
The HKMA stated that the initiative has evolved from its original e-HKD focus and is now rebranded as Project e-HKD+ to align with the changing fintech landscape.
e-HKD Applications
The HKMA has engaged 11 firms from various sectors to investigate e-HKD applications in three main areas, including tokenized asset settlement, programmability, and offline payments.
Some of the participants reportedly involved in phase 2 include ANZ, Airstar Bank, Aptos Labs, BlackRock, Bank of Communications (Hong Kong), ChinaAMC, China Mobile, DBS, Fidelity International, Kasikornbank, and Sanfield.
The HKMA stated that these firms will evaluate the commercial viability of new digital money forms within real-world settings, aiming to enhance accessibility for individuals and corporations.
The results of Phase 2 will provide insights into the practical challenges of creating a digital money ecosystem that integrates both publicly and privately issued digital currencies. Project e-HKD+ will further develop the necessary technology and legal framework to support potential future issuance of e-HKD for both individuals and businesses.
To foster collaboration, the HKMA will establish the e-HKD Industry Forum. This platform will enable participating institutions to discuss common challenges and explore the scalable implementation of new digital money forms. Industry-led working groups will address specific topics, initially focusing on programmability.
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Similar to Phase 1, an e-HKD sandbox will be available for pilot participants to facilitate prototyping, development, and testing of use cases. During Phase 2, the HKMA will collaborate closely with the selected firms over the next 12 months to share key findings with the public by the end of next year.
HKMA chief executive Eddie Yue stated:
“Project e-HKD+ signifies the HKMA’s commitment to digital money innovation. The e-HKD Pilot Programme has provided a valuable opportunity for the HKMA to explore with the industry how new forms of digital money can add unique value to the general public. The HKMA will continue to adopt a use-case driven approach in its exploration of digital money.”
@ Newshounds News™
Source: CryptoSlate
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RIPPLE VS SEC: IS THE SEC PREPARING A LAST-DITCH APPEAL?
▪️Legal experts believe the SEC will file an appeal, but the regulator remains undecided, creating uncertainty for XRP.
▪️Ripple is confident in its legal position, and analysts foresee a potential bullish breakout for XRP despite the looming appeal.
Following the development of the SEC’s appeal against Ripple, CNF highlighted its effect has put the XRP community on edge, current updates in the ongoing Ripple vs. SEC lawsuit suggest that an appeal from the U.S. Securities and Exchange Commission (SEC) is expected. According to legal experts, the SEC seems poised to challenge Judge Torres’ rulings on the XRP case.
As shared on his X account, former SEC attorneys Marc Fagel and James Farrell have expressed confidence that the SEC will file an appeal, emphasizing that not doing so would reflect poorly on the regulator. The SEC has two weeks left before the deadline to submit the appeal.
As the deadline approaches, the XRP community is growing anxious. Attorney Fred Rispoli speculates that the SEC remains undecided about the appeal and could wait until the last minute to make an announcement.
Meanwhile, Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have confirmed that Ripple does not plan to appeal and has secured a stay order on a $125 million penalty until further proceedings.
Interestingly, recent SEC actions in the Binance case suggest the agency may not appeal Judge Torres’ ruling regarding XRP’s programmatic sales, where the judge stated that buyers in programmatic sales were no different from secondary market purchasers.
XRP Price Surges Despite Legal Uncertainty
However, the trading volume has dropped by 25%, hinting at decreased activity among traders. Analysts are predicting a potential bullish breakout for XRP as Ripple prepares for its Ripple Swell 2024 event. The possibility of an SEC appeal could push XRP beyond its current $0.65 resistance level.
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As of today, Ripple (XRP) is trading at $0.5897, with a loss of 1.09% in the past day and a 4.92% increase over the past week. See XRP price chart below.
@ Newshounds News™
Source: Crypto News Flash
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CARDANO FOUNDER RESPONDS AS DEVELOPER INTRODUCES BITCOIN TO CARDANO BRIDGE
Cardano’s Charles Hoskinson reacts with surprise as a Bitcoin developer unveils a seamless bridge between Bitcoin and Cardano apps.
A Bitcoin developer, known as elraulito, has announced a breakthrough in blockchain interoperability, revealing a seamless bridge between Bitcoin and Cardano applications.
The developer showcased a smart contract on Plutus V3, allowing Bitcoin wallets to interact directly with Cardano’s ecosystem. This enables users to send ADA, manage tokens, and stake in Cardano pools without requiring a new wallet.
Notably, Cardano founder Charles Hoskinson reacted with surprise as the innovation could mark a new phase in cross-chain connectivity.
Smart Contract Capabilities Explained
The developer detailed how the smart contract was built using a combination of tools and protocols. Notably, the contract employs aiken, a Cardano smart contract language, and CIP69, which enhances the address’s programmability.
A multivalidator enables transactions, delegations, and reward withdrawals, while MeshJS manages off-chain transactions. Mesh, an open-source library, supports Web3 app development and currently offers one of the few implementations compatible with Plutus V3.
This bridge allows Bitcoin users to engage in Cardano’s ecosystem without additional software, providing a straightforward onboarding process. As the developer noted, these capabilities could potentially extend to every EVM chain, broadening blockchain usability and functionality.
Community Reactions and Technical Insights
The announcement generated questions among enthusiasts, eager to understand the mechanics and applications of the new bridge.
One user asked how Cardano actions could be sent from a Bitcoin wallet, to which the developer responded that Bitcoin users can sign Cardano actions from their existing wallets.
If the signature is verified, the action is e******d by Cardano nodes. This functionality opens doors to onboarding users from outside the Cardano ecosystem, facilitating interactions like airdrops and liquid staking without changing wallets.
Further discussions focused on the validation process. The contract validates the signature by checking the UTXO, receiver, amount, and asset details against its outputs. This validation ensures that transactions align with predefined rules set within the smart contract, providing secure cross-chain operations.
@ Newshounds News™
Source:The Crypto Basic
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BRICS News:
THE TALIBAN MOVEMENT SUBMITS APPLICATION TO ATTEND THE BRICS SUMMIT IN KAZAN
Representatives of the Taliban movement have sent an application to Moscow to attend the BRICS summit which is being held Kazan, the capital of Russia’s Tatarstan Republic on October 22-24, RIA Novosti reported on September 21.
As it has become known, the Taliban want to be represented at the BRICS summit by the acting deputy prime minister of the country, the head of the political wing of the Taliban t*******t movement, Abdullah Ghani Baradar.
“We express our interest in the participation of a high-level delegation in the summit, in particular, Deputy Prime Minister of Afghanistan Abdul Ghani Baradar, as well as myself along with other participants,” says an application sent by Nooriddin Azizi, the Taliban’s acting Minister of Commerce and Industry, to Yuri Ushakov, the Aide to Russian President.
BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.
Originally identified to highlight investment opportunities, the grouping evolved into an actual geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009. Bilateral relations among BRICS are conducted mainly based on non-interference, equality, and mutual benefit.
The founding countries of Brazil, Russia, India, and China held the first summit in Yekaterinburg in 2009, with South Africa joining the bloc a year later. Iran, Egypt, Ethiopia, and the United Arab Emirates joined the organization on January 1, 2024.
Saudi Arabia is yet to officially join, but participates in the organization’s activities as an invited nation. BRICS is an informal group of countries that includes Russia, Brazil, India, China, and South Africa.
@ Newshounds News™
Source: Asia-Plus
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BREAKING NEWS Israel Intercepts Missiles from Iraq | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team Currency Facts
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Source: Dinar Recaps
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