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

(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

RIPPLE VS SEC: JOHN DEATON BRINGS SEC M********T TO LIGHT – XRP NEWS

▪️Pro-crypto attorney John Deaton has slammed the US SEC over the Ripple lawsuit.
▪️Deaton demanded damages for the XRP community and called for mass layoffs.

Pro-crypto attorney John Deaton has shed more light on the recently concluded case between the US Securities and Exchange Commission (SEC) and Ripple Labs Inc. According to the latest development, Deaton has a*****d SEC lawyers of intentional m********t.

John Deaton Accuses SEC of M********t

In a recent YouTube interview, Deaton said the SEC exhibited serious m********t by claiming that XRP is a security. This take comes as the US SEC recently apologized for the confusion caused by using the term “crypto asset securities.”

However, Deaton says the Ripple vs SEC case wasted money, capital, and energy. He said XRP immediately lost $15 billion, and people were liquidated when the markets regulator initiated the lawsuit.

“You shouldn’t be liquidated because of government overreach because the government and these unelected bureaucrats are doing what they are doing,” says Deaton.

According to him, Ripple spent over $100 million on defense. Deaton stated that he and XRP community members demanded that the SEC remove the “XRP is a security” language to resolve the case. He claims the SEC refused and even attacked him.

As a result, he said the SEC’s apology cannot be accepted and claims the lawsuit was intentional m********t by its lawyers.

“People should be fired, they should lose their jobs if they were in the decision-making process,” Deaton stated.

He added that Ripple and the XRP community deserve compensation for the extensive litigation and expense over the SEC m********t. Before the interview, Deaton wrote in an X post that the SEC’s crypto overreach has cost retail investors $15 billion. Deaton’s comments resonated with many XRP investors, even beyond the community, fueling ongoing discussions.

Is an Appeal Imminent?

His comments come as discussion grows over whether the SEC will appeal the Ripple decision. As mentioned in our earlier post, former SEC attorneys Marc Fagel and James Farrell are confident that the SEC will file an appeal. Attorney Fred Rispoli added that the SEC is still undecided and may wait until the last minute to make an appeal announcement.

However, Ripple’s Chief Legal Officer Stuart Alderoty confirmed that Ripple does not intend to appeal. He said Ripple had obtained a stay order on a $125 million penalty pending further proceedings.

Meanwhile, investor caution and market volatility could continue to impact XRP negatively if the case drags on. At press time, XRP is trading at $0.5883, down by 0.71% in the past 24 hours. The 24-hour trading volume decreased by 15.5% to $938 million, indicating reduced investor interest.

Despite current challenges, analysts predict a positive breakthrough for XRP as Ripple prepares for the Ripple Swell 2024 event. Another development that could push XRP higher is Ripple’s participation in Project Agora. As CNF noted earlier, this project, led by the Bank of International Settlements (BIS), will help boost Ripple’s global influence.

@ Newshounds News™

Source: Crypto News Flash

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SEC CHAIR GARY GENSLER ADDRESSES CONGRESS ON CRYPTOCURRENCY REGULATION

▪️Gary Gensler will testify before Congress regarding SEC’s cryptocurrency policies.
▪️His leadership faces scrutiny from both parties amid upcoming e*******s.
▪️The SEC’s stance on crypto continues to draw significant criticism.

On Thursday at 18:40, Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), will testify before Congress. The cryptocurrency market is focused on Gensler’s upcoming statements and his aggressive stance on altcoins, as the SEC faces increasing scrutiny.

Gensler to Speak Before Committees

On September 24 and 25, Gensler will appear before the Financial Services Committee and the U.S. Senate Banking Committee. His leadership has been under intense review from both partisan and political perspectives, making his statements highly anticipated. Republican committee members have criticized the SEC’s negative stance on cryptocurrencies for years, which has highlighted the D*******s’ anti-crypto position.

As the upcoming presidential e*******s approach, it is expected that lawmakers will press Gensler on cryptocurrency regulations and the handling of fraud cases such as FTX and Terra. Meanwhile, Coinbase‘s legal counsel received significant backlash for criticizing the SEC’s claims about “crypto asset securities.”

Gensler’s Supporters Decline

Ron Hammond, Director of Government Relations at the Blockchain Association, states that Gensler will face tough questions from both parties. Hammond noted that this session will differ from previous ones.

“Gensler has fewer allies this time; many are dissatisfied with the agency’s recent crypto approach.” – Ron Hammond

This marks the first time Gensler will testify alongside other SEC Commissioners, adding to the significance of the sessions. 

While D********c leaders are expected to defend their policies, Republicans may question the agency’s direction, potentially aiding their e*******l efforts by appealing to cryptocurrency investors.

Under Gensler’s leadership, the SEC continues to face heavy criticism from the crypto community and lawmakers. Recent examples include sharp critiques from House Majority Leader Tom Emmer and Financial Services Committee Chairman Patrick McHenry regarding the SEC’s classification of crypto airdrops as securities.

The timing of Gensler’s testimony adds fuel to the debate, as he has faced frequent criticism from courts and Congress over the SEC’s aggressive enforcement tactics. Additionally, former President Donald Trump has stated that he would remove Gensler if he wins the upcoming e*******s.

Gensler’s testimony in Congress could hold critical importance for cryptocurrency regulations and the SEC’s future policies. Market participants and investors are closely monitoring the outcomes of these sessions.

@ Newshounds News™

Source: Coin-Turk

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TALIBAN INVITE TO BRIC? WHAT? | YouTube

@ Newshounds News™

Source: Seeds of Wisdom Team Currency Facts   

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Jim Rickards: This is MONUMENTAL! Nobody is PREPARED for What’s Coming | YouTube

@ Newshounds News™

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Source: Dinar Recaps

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BRICS NEWS:

BLOCKCHAIN-BASED BRICS’ INTRA-BANK PAYMENT SYSTEM ABOUT TO BE LAUNCHED

Imagine a world where the financial dominance of the U.S. dollar is challenged not by a single nation, but by a coalition of emerging economies. This is the potential future with the launch of a blockchain-based BRICS payment system — a move that could reshape global trade, financial markets, and even geopolitics.

But what would this system look like? And what are the broader implications for both BRICS nations and the rest of the world?

The Vision of a BRICS Payment System

The BRICS nations — Brazil, Russia, India, China, and South Africa — represent nearly 41% of the global population and around 25% of the global GDP. 

Their growing economic influence has made them seek alternatives to the U.S.-led financial order, which is deeply tied to the dominance of the U.S. dollar.

The idea behind a BRICS payment system is to reduce reliance on the dollar in global trade and financial transactions. Traditionally, the U.S. dollar has been the cornerstone of international trade, but this dependence comes with risks, including vulnerability to economic sanctions and exchange rate fluctuations. 

A blockchain-based payment system offers an alternative — one that is decentralized, secure, and potentially more efficient.

Why Blockchain?

Blockchain technology is the backbone of cryptocurrencies like Bitcoin, but its potential goes far beyond digital currencies.

At its core, blockchain offers decentralization, transparency, and security. Transactions are recorded on a distributed ledger that is virtually tamper-proof, reducing the need for intermediaries like banks and lowering transaction costs.

For BRICS, adopting a blockchain-based payment system could revolutionize how they trade, offering several advantages over the current SWIFT system, which is heavily controlled by Western financial institutions.

In addition to being a tool for bypassing sanctions (especially relevant for countries like Russia), blockchain would allow BRICS nations to settle transactions quickly and securely, minimizing the dependency on U.S. financial institutions.

The End of Dollar Dominance?

One of the most profound impacts of a BRICS blockchain-based payment system would be its challenge to the dominance of the U.S. dollar. Today, the dollar serves as the world’s reserve currency, meaning that countries use it as the primary medium for international trade and hold it in reserves. This dominance allows the U.S. to wield enormous influence over global finance.

However, the emergence of an alternative global payment system — especially one that includes major economies like China and India — could weaken this grip. BRICS countries would be able to trade among themselves in their own currencies or via a new BRICS cryptocurrency, reducing their exposure to dollar volatility and circumventing the need for dollar reserves.

While dethroning the dollar won’t happen overnight, a successful BRICS payment system would certainly pave the way for a multipolar currency system, with the dollar, euro, yuan, and a BRICS token all vying for dominance.

This shift could result in reduced demand for the dollar, leading to currency depreciation and potentially higher interest rates in the U.S. as the country faces difficulties financing its deficits.

The Geopolitical Stakes

A BRICS payment system wouldn’t just alter the financial landscape — it would also have significant geopolitical implications. For years, the U.S. and its allies have used the global financial system, particularly access to SWIFT, as a tool for enforcing economic sanctions. 

Countries like Russia and Iran have been cut off from the global financial system for political reasons, which has led to economic hardship and increased tension.

With a blockchain-based payment system, BRICS nations would be far less vulnerable to these types of financial measures. They could trade freely without fear of being shut out of the global banking system, thus diminishing the effectiveness of Western sanctions.

This could embolden BRICS members to pursue more aggressive foreign policies, knowing that their financial systems are insulated from Western pressure.

Challenges to Launching the BRICS Payment System

Of course, launching a blockchain-based BRICS payment system is easier said than done. One of the biggest challenges will be technological infrastructure.

While blockchain is a proven technology, creating a scalable, secure, and interoperable system that can handle the transaction volume of global trade is no small feat.

Interoperability is particularly important. The system would need to work seamlessly with existing payment systems, such as SWIFT and other national systems, to ensure that it is widely adopted. Moreover, there are significant regulatory challenges. Each BRICS country has its own financial regulations, and aligning these to support a unified payment system would require extensive collaboration.

Another challenge is trust and governance. Who would control this new system? While blockchain is decentralized by nature, the question of governance still looms large. Would China, as the largest economy in BRICS, dominate the system? How would decisions be made? These are issues that the BRICS nations would need to resolve before a launch.

Economic Benefits for BRICS Members

Despite these challenges, the potential benefits for BRICS members are immense. A successful payment system would strengthen economic ties between these nations, allowing them to trade more freely and efficiently. This could lead to reduced transaction costs, increased investment, and faster economic growth.

Moreover, a BRICS payment system would give these countries greater control over their monetary policies. Currently, many emerging economies face difficulties when the dollar strengthens, as their debts become more expensive to service. By moving away from the dollar, BRICS nations could reduce their exposure to currency fluctuations and gain more control over their economic destinies.

Impacts on the Global Economy

For the rest of the world, the launch of a BRICS payment system would represent a significant shift in the global financial order. 

Emerging markets that have close ties with BRICS nations, such as those in Africa and Latin America, could benefit from easier access to trade and investment. However, developed nations, particularly the U.S., might see their economic influence wane.

In the short term, we could see increased volatility in global currency markets as countries adjust to the new system. The U.S. dollar may lose some of its luster as a safe-haven currency, while currencies like the yuan could gain prominence. This could lead to higher borrowing costs for the U.S. government and businesses as global demand for dollars decreases.

A Game-Changer in Global Finance?

The launch of a blockchain-based BRICS payment system could be one of the most significant developments in global finance in recent history.

By reducing reliance on the U.S. dollar and bypassing traditional financial systems, BRICS nations could gain more control over their economic futures and reshape the global financial landscape.

While challenges remain, the potential for a more decentralized, multipolar world economy is becoming increasingly likely. 

Whether this will lead to greater stability or new geopolitical tensions remains to be seen, but one thing is clear: the future of global finance is changing, and BRICS is leading the charge.

@ Newshounds News™

Source: Medium

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JUST IN: 🇹🇷🇮🇱 Turkish President Erdogan says “just as H****r was stopped 70 years ago, Netanyahu and his murderous netBricwork must be stopped by an alliance of humanity.”

BRICS Post Link

@ Newshounds News™

Source: BRICS

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JUST IN: 🇧🇾 Belarus President Lukashenko orders military generals to “prepare for war.”

BRICS Post Link

@ Newshounds News™

Source: BRICS

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HOW D*******S HAVE SHIFTED ON CRYPTO

While D*******s are yet to outline much crypto policy, the D********c National Convention showed a significant change in tone, say Justin Slaughter and Sheila Warren.

There’s nothing quite like a political convention. The pageantry of patriotic songs and speeches. The cavalcade of speeches by party leaders. And, of course, the thousands of balloons dropping like snow on the newly nominated presidential candidate.

Yet, for crypto, August’s D********c National Convention was an especially auspicious one. Despite the open hostility of parts of the Biden Administration, crypto was for the first time a welcomed participant. It makes sense: crypto owners now comprise about 20 percent of all registered D********c voters, according to a Paradigm poll of D********c voters a few days before the convention.

There is severe e*******l risk if some of these D*******s deflect to the Republican ticket in a race that could be won in the margins.

Considering that the Republicans have openly and aggressively courted crypto, crypto’s coming out at the DNC signaled that the industry was, finally, beginning to have a truly bipartisan hue. Those on the ground in Chicago got to see this blossoming of D********c interest first hand.

While most of the crypto-focused conversations were offstage, there was a hint of crypto’s growing importance in the main convention hall too. Young pro-crypto members of Congress and candidates for Congress like Rep. Jasmine Crockett (D.-TX) and congressional candidate Shomari Figures of Alabama both received significant speaking slots.

Some crypto companies also hosted policymakers for discussions off the convention floor, as other companies and organizations have done for decades. Vice President Harris herself stressed the importance of building an “Opportunity Economy” in her keynote, with a special grace note praising the role of Founders in making America prosperous.

This was just the proverbial tip of the political iceberg, though. It’s easy to forget when you’re watching convention programming during primetime, but political conventions are much more than a few hours of short speeches and slick videos. Conventions are, at base, about letting members of a political party agglomerate in one physical space every few years, both for socialization and for strategizing.

As part of this communal process, the week was filled with panels, meetings, and even press interviews, all of which are designed to help the party build consensus on its policy views, goals, and even beliefs. These are the interstitial material that truly comprises our decentralized political parties. And it’s here that crypto really got to make its voice heard.

Over the week, there were panels on the basics of how crypto works and how D*******s can work to rectify the party’s strained relationship with crypto.

There were discussions about the importance of maintaining the hegemony of the dollar and the role of stablecoins. And there were frequent coffee and water cooler discussions with dozens of policymakers about how they can appeal to crypto owners.

During chats that week with a host of different policymakers and opinion leaders, we were most struck not by the statements of crypto supportive policymakers, but the skeptics.

Even some ardent crypto skeptics said the current enforcement-only approach at the SEC wasn’t working, and that there was a need for legislation. As two people who have been calling for reasonable legislation for years, this was music to our ears.

The other part that was especially notable was just how normal it was. Policymakers were curious about crypto, both how it worked and its involvement in this year’s e*******s.

But this curiosity was not hedged with the upturned nose that accompanied some discussions about crypto in DC even last year. Instead, we were seen as just another young and novel industry, one that policymakers were trying to grok.

The Harris campaign underscored this banal normality when it made news of its “support” for crypto’s growth in a press interview with the campaign’s policy director, Brian Nelson. Despite some anxiety about Nelson’s view of crypto given his recent role as Undersecretary of the Treasury for T*******m and Financial Intelligence, Nelson announced on the third day of the DNC that a Harris Administration would “support” the growth of crypto in America. 

The statement was remarkable given how much a political war has been waged on crypto, and unremarkable for how basic it was. Why wouldn’t an American president want an industry to stay headquartered in America?

The Harris campaign has since released its platform, which has emphasis on entrepreneurs, small businesses, and American innovators. While crypto and other technologies are not mentioned by name, the rhetoric and tone used in the platform differs significantly from that of the Biden administration.

Since the DNC, both of us have continued to meet with policymakers and candidates from across the political spectrum, and what is remarkable is how similar most conversations are, whether with D*******s or Republicans down the ballot.

Policymakers are tired of (and in some cases, shocked by) the SEC’s approach under Chair Gensler. They want to preseerve and promote American national security and economic interests. And, by and large, they are deeply concerned about inadvertently ceding technological advantages to other jurisdictions, as happened with semiconductors.

More than anything else, an overarching feeling of simple acceptance for crypto pervaded Chicago. There are still many miles to go for the D*******s to actually find workable solutions for how they want to regulate crypto, but the first step to building something is to commit to doing it.

We were pleased to see Vice President Harris acknowledge recently that digital assets technologies need to be encouraged; while we may not have a schematic for how D*******s will e*****e a reset with crypto, both the DNC and recent Crypto4Harris event showed that D*******s across the ticket no longer question as a default whether crypto has a right to exist. That’s progress worth celebrating with a balloon drop.

@ Newshounds News™

Source: CoinDesk

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XRP NEWS: RIPPLE’S 1,700 BANK DEALS COULD SEND PRICES SOARING – HERE’S WHY!

XRP is pivotal as bulls fiercely defend the critical $0.5785 support, setting the stage for a potential breakout. With the price consolidating and eyeing key resistance levels at $0.5920 and $0.600, the question is: will bulls take over and drive XRP higher, or is another decline looming? This battle for control could define XRP’s next big move, with significant upside potential if key levels are breached.

Analyst Take on XRP Price

Crypto analyst known as CryptoTank shared a detailed thread on the essential factors that will push XRP’s price in the future, focusing on its utility for settling large-scale transactions between financial institutions.

According to CryptoTank, to understand XRP’s price, it’s critical to distinguish between market capitalization and utility. The value of utility assets like XRP is calculated by the value and volume transacted on the ledger, divided by the circulating supply. This differs from conventional market cap metrics and means that XRP’s price is inherently linked to its usage by institutions, not by retail investors.

Deep Liquidity Is Key for Banks

CryptoTank highlights that banks using XRP for settlements must have deep liquidity. Institutions such as Bank of America, SBI, JP Morgan, and Swift settle a staggering $25–30 trillion daily. 

Even if only 10% of these transactions are conducted using XRP, that’s about $3 trillion on the ledger, requiring an even larger liquidity pool—likely double the transaction amount—to avoid potential failures.

The need for such deep liquidity stems from banks’ inability to afford transaction failures. A failed transaction can lead to costly delays and complications. 

Therefore, liquidity pools must be robust enough to ensure smooth settlements, and this demand will be crucial in driving XRP’s utility and, consequently, its price.

Ripple’s Expanding Network

Ripple’s influence isn’t just limited to a few banks; the company has over 1,700 undisclosed agreements (NDAs), potentially amplifying XRP’s demand and liquidity needs.

CryptoTank emphasizes that the numbers given are just examples of a few key players, and when the full scope of these institutions is considered, the liquidity requirements—and hence XRP’s value—could be even more massive.

One of the major standout points is that retail investors have little to no influence on XRP’s price. The price won’t rise based on retail buying pressure because retail activity pales compared to the daily settlement needs of massive institutions.

Likewise, chart analysis, which many traders rely on, is ineffective for predicting XRP’s price movements because it cannot account for the utility and liquidity requirements that will ultimately determine the token’s value.

@ Newshounds News™

Source: Coinpedia

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Source: Dinar Recaps

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