Mon. AM-PM Seeds of Wisdom Crypto Update(s) 10-7-24

(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

XRP NEWS: WILL RIPPLE AND SEC SETTLE DURING 14-DAY APPEAL PERIOD?

▪️Speculation has increased around the SEC vs Ripple case as experts provide contradictory opinions on the probability of a formal appeal after a notice of appeal was submitted on October 3.
▪️A former SEC lawyer believes that the consistent approach of the Agency implies that its decision is not motivated by an increment of the $125 million penalty.

CNF recently reported that the US Securities and Exchange Commission (SEC) has filed a notice of appeal with the States Court of Appeals for the Second Circuit.

According to a SEC spokesperson, the Commission’s decision stems from its observation of a contradiction between a part of Judge Analisa Torres’ XRP ruling in July 2023 and a decade-long precedent set by the Supreme Court. Meanwhile, an XRP analyst and enthusiast identified as JackTheRippler believes that the blockchain company and the Commission could reach an agreement within 14 days.

According to this enthusiast, SEC’s decision to appeal hinges on the desire to increase the initial penalty of $125 million imposed on Ripple. However, the former SEC lawyer, Marc Fagel, who rightly predicted the appeal decision thinks otherwise.

BREAKING: The SEC and @Ripple can reach a settlement during the 14-day period following the “NOTICE of appeal” The SEC wants more money and appealed against the $125M.#XRP‘s status cannot be changed and will never be considered a security! pic.twitter.com/9AOCbdQXhD— JackTheRippler (@jack_rippla) October 6, 2024

Commenting on this, Fagel hinted that the consistency in the approach of the Commission, starting from its Interlocutory appeal last year over the programmatic sales of XRP, implies that the reason for its appeal is far from the penalty amount. To him, there is no reasonable basis to expect a settlement even though this is theoretically possible.

Ripple (XRP) Executives and Industry Lawyers Speak Out

In a b----l response, Ripple Chief Legal Officer (CLO) Stuart Alderoty, a-----d the SEC of deliberately staging litigation warfare against the crypto industry. According to him, Ripple would study the situation and file a cross-appeal.

We are evaluating whether to file a cross-appeal. Either way, the SEC’s lawsuit has been irrational and misguided from the start, and we’re ready to prove that yet again in the appellate court (once again taking the lead for the industry).

Joining the conversation, lawyer Bill Morgan clarified that the Commission has only filed a notice of appeal. According to him, both parties could potentially negotiate for a settlement within 14 days.

On the other hand, Morgan believes that this possibility could also be highly unlikely considering the SEC’s recent stance on the crypto industry. In this case, he advised that Ripple challenge the institutional sales to On-Demand Liquidity (ODL) customers if it decides to cross-appeal.

Meanwhile, Ripple CEO Brad Garlinghouse thinks this appeal is “misguided” and “infuriating”.

While we’ll fight in court for as long as we need, let’s be clear: XRP’s status as a non-security is the law of the land today – and that does not change even in the face of this misguided – and infuriating – appeal. Remember, when the SEC tried unsuccessfully to file an “interlocutory appeal” they made clear they had no intention of challenging XRP’s status as a non-security.)

@ Newshounds News™

Source: Crypto News Flash

~~~~~~~~~

CRYPTO IN THE UAE JUST GOT A TAX BREAK : NO MORE VAT ON DIGITAL ASSETS!

The UAE has once again planted itself in the spotlight for the crypto space with its recent Dubai crypto tax changes. While most countries are struggling to give crypto its space in the economy, the UAE is leading by setting various examples.

This time, the UAE has brought big changes to its tax rules for crypto. On October 02, the Federal Tax Authority (FTA) made an announcement about new updates to Value Added Tax. Transfers and conversions of digital assets, including cryptocurrencies, are now exempt from VAT. This update even applies retroactively to transactions dating back to 2018.

What’s the Deal With Virtual Assets and VAT?

If you’re running a business in the UAE that deals with virtual assets—like buying, selling, or converting crypto—this change could mean you owe less tax. And the best part? It applies retroactively from January 1, 2018, which could lead to some major tax savings.

But there’s a bit more to it. If your company has been paying VAT on these transactions since 2018, you might want to take a closer look at your old tax returns. There could be a chance to correct past filings and claim back VAT that you shouldn’t have paid in the first place.

This process is called input VAT recovery, and it allows businesses to get back the VAT they’ve already paid on business- related expenses.

New VAT Rules for Exports and Services

The changes don’t just affect crypto companies. Exporters in the UAE will also see some shifts in how they handle VAT. It’s now easier to apply the zero VAT rate when exporting goods, as the documentary requirements have been relaxed. On the flip side, exporting services—especially those tied to real estate or digital activities—may now be subject to the standard VAT rate.

VAT Exemptions for Investment Funds

It’s not just crypto businesses celebrating these changes. Investment funds are also getting a VAT break. Fund managers, and those running licensed investment funds, can now benefit from VAT exemptions, which could lower their operating costs. These savings might help investment firms reinvest in their growth, especially when working with services from outside the UAE.

What’s Next for Crypto Regulations?

Aside from the tax updates, the UAE is tightening its regulations on cryptocurrencies. Dubai’s Virtual Asset Regulatory Authority (VARA) is teaming up with the Securities and Commodities Authority (SCA) to monitor crypto businesses more closely. If you’re in the business of promoting virtual assets, you’ll need to make sure you include a disclaimer in your marketing materials. It must warn that virtual assets can be extremely volatile and might lose value quickly.

What Should Businesses Do Now?

These updates are a game-changer for companies in the UAE—especially those dealing with crypto. Whether you’re managing virtual assets or running an investment fund, now’s the time to review your tax strategy. By adjusting to these new regulations, businesses could save money and avoid unnecessary complications in the future. And with the UAE aiming to be a global hub for digital assets, keeping up with these changes is key to staying competitive.

@ Newshounds News™

Source: Coinpedia

~~~~~~~~~

HONG KONG ISSUES THIRD CRYPTO TRADING PLATFORM LICENSE, PLANS MORE APPROVALS

11 more platforms are currently on the SFC’s “deemed-to-be-licensed” list.

Hong Kong’s financial regulator has granted its third license under the new crypto trading platform regime, with plans to approve more by the end of the year.

In an interview with local media outlet HK01, Julia Leung, Chief Executive of the Securities and Futures Commission (SFC), confirmed that HKVAX is the latest firm to receive a license to operate as a crypto exchange in Hong Kong.

This follows earlier approvals for OSL and HashKey, which are already licensed to provide crypto trading services.

11 More Platforms Are Under Consideration

Leung highlighted that 11 other platforms are currently on the SFC’s “deemed-to-be-licensed” list, which includes firms that have submitted applications under the new regime.

The SFC has conducted initial onsite inspections of these applicants and has asked them to make necessary adjustments to comply with regulatory requirements.

Leung expressed the regulator’s aim to issue more licenses in batches by year-end.

Anthony Ng, co-founder and CEO of HKVAX, stated that the license aligns with Hong Kong’s ambition to solidify its role as a leading financial hub.

“This approval affirms HKVAX’s position and demonstrates Hong Kong’s commitment to being at the forefront of the virtual asset industry,” Ng said.

Hong Kong’s approach to crypto regulation gained momentum in June 2023, when it formally implemented a licensing framework for crypto trading platforms, enabling them to serve retail investors.

The move was seen as a bid to attract more crypto firms to the city.

However, not everyone is satisfied with the regulatory framework.

Duncan Chiu, a local lawmaker, criticized the rules as “excessively stringent,” suggesting they have deterred some global exchanges from entering the Hong Kong market.

On March 28, 2024, HKVAEX, suspected to be affiliated with Binance, withdrew its license application.

Subsequently, on May 14, IBTCEX, QuanXLab, and Huobi HK followed suit, followed by Gate.HK on May 22, OKX HK on May 24, and Bybit (Spark Fintech Limited) on May 31.

Meanwhile, Bullish and Crypto.com remain on the SFC’s list of pending applicants.

Crypto Exchange Applicants Face Uncertainty After Inspections

As reported, 11 Hong Kong cryptocurrency exchanges, which initially received provisional approvals, have come under regulatory scrutiny.

This came after the city’s SFC conducted on-site inspections of these “deemed-to-be-licensed” platforms and found several practices that fell short of regulatory expectations.

The inspections revealed that some crypto firms are overly dependent on a limited number of executives for the custody of client assets, raising concerns about their ability to manage these responsibilities effectively.

Additionally, some exchanges were found lacking in robust measures to protect against cybercrime.

The SFC has not disclosed which specific firms failed to meet the standards, and the inspections are still ongoing, leaving the possibility of further findings.

The SFC warned that platforms unable to address critical deficiencies identified during inspections could face the removal of their “deemed-to-be-licensed” status or have their license applications rejected outright.

@ Newshounds News™

Source: CryptoNews   

~~~~~~~~~

XINFIN XDC THE MOST UNDERVALUED COIN – DIGITAL TRADE IS READY TO EXPLODE | YouTube

@ Newshounds News™

~~~~~~~~~

DON’T MISS A NOTIFICATION AND SUBSCRIBE | YouTube

@ Newshounds News™

Source: Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Source: Dinar Recaps

=======================================

THE CRYPTO EXECUTIVE WHO COULD SOON BE RUNNING THE SEC

Wall Street’s top cop is headed for a clash with the trendy online brokerage firm Robinhood.

The regulator could be picking a fight with its next boss, too.

Robinhood Chief Legal Officer Dan Gallagher is emerging as a leading contender to head the Securities and Exchange Commission should Donald Trump win back the presidency, according to a dozen former top regulators, lobbyists and securities lawyers.

“He’d be a natural choice,” one former senior SEC official told MM.

But Gallagher — a onetime SEC commissioner who is known for his affability and political chops — may find himself sparring with the agency first.

The SEC is weighing a lawsuit over Robinhood’s swelling cryptocurrency business in a case that would mark the latest salvo in Chair Gary Gensler‘s crackdown on the $2 trillion market. The SEC is looking into whether Robinhood is operating an unregistered broker-dealer and clearing agency in the crypto markets. Charges are not guaranteed, but if the agency does sue, the resulting legal battle could thrust a new and awkward spotlight onto Gallagher — just as the race for the chairmanship heats up.

For his part, Gallagher has a message for the SEC: Don’t do it.

“It’s a dog of a case,” he told MM. Robinhood, Gallagher said, offers trading in a fraction of crypto tokens compared to others that have hundreds on their platforms. And the company doesn’t have any crypto lending or staking products, he said.

“We’ve been forgoing revenue for the company by not going hog wild listing coins, and I think that puts us in a very, very unique position,” Gallagher said. “Shooting at the good guys is a really bad policy.”

An SEC spokesperson declined to comment.

Eight years ago, a rotating cast of characters from the financial, corporate and legal worlds swung through Trump Tower as they sought to join the then-incoming president’s administration. Now, as evidenced by Gallagher’s brewing candidacy, the revolving door between government and industry appears primed to start spinning once again if Trump wins.

“This is the name of the game: Get the fox in the henhouse,” said Richard Painter, who served as chief ethics lawyer for President George W. Bush.

Other names floating around K Street as potential SEC chairs under Trump include former Commodity Futures Trading Commission Chair Chris Giancarlo, who is known online as “CryptoDad”; former SEC General Counsel Robert Stebbins, now a partner at the law firm Willkie Farr & Gallagher; and current SEC Commissioner Hester Peirce, who occupies a Republican seat on the agency’s five-person commission.

Yet Gallagher’s ascendancy to the chair has long been a matter of when, not if, for some Republicans.

“Dan would be great,” Rep. Bill Huizenga (R-Mich.) told our Jasper Goodman following a House Financial Services Hearing where Gallagher testified last month. “I’ve had a great relationship working with him, even when we disagreed on some stuff.”

“Ultimately, you want someone who’s thoughtful, experienced, and not just ideologically politically driven,” the Michigan Republican said. “That’s been, I think, the problem with Gensler.”

Gallagher as a commissioner blasted the package of rules enacted in the wake of the 2008 financial crisis. He called for a sweeping review of trading in the U.S. stock market and was early to raise concern about the SEC’s internal courts, which have since been declared unconstitutional in certain cases by the Supreme Court. He was also a regular on Capitol Hill, briefing lawmakers on the wonky area of securities law.

If Trump did pick Gallagher, the Robinhood executive could face a contentious confirmation process. D-------s have long been wary of industry officials taking over federal regulators, and Robinhood has attracted a fair amount of congressional scrutiny over the years. (Remember GameStop — the bizarre market phenomenon of 2021 when Robinhood had to cut investors off from buying more shares in the beleaguered video game retailer’s stock, drawing the ire of lawmakers across Capitol Hill?)

But Gallagher argues that was then. The company has since overhauled its compliance and risk-management programs, he said. And as for any revolving-door concerns, he says having experience both in and out of government is a good thing.

Whether Gallagher would want to leave Robinhood is unclear. He told MM that he loves his job and that it’s “an honor to have my name included in any discussion of who may be the next SEC chairman.”

Make no mistake, though, Gallagher has clear issues with the SEC’s direction. Just ask him about crypto. He told MM that if he had been chair in the last few years, there would be tailored rules on the books already, as the industry has long been seeking, offering “a path forward for at least a baseline registration system” for crypto exchanges and brokers. And even then, Gallagher believes there would still need to be legislation.

“I would have done things differently,” he said. “I’ve known Gary for a long time and have a lot of respect for Gary, but, on this one, I disagree with him.”

@ Newshounds News™

Source: Politico

~~~~~~~~~

NASDAQ PUBLISHED APPLICATION TO BEGIN THE PROCEDURE FOR LISTING AND TRADING SHARES OF HASHDEX NASDAQ CRYPTO INDEX US ETF.

@ Newshounds News™

Source: Crypto World 

NASDAQ-2024-028_Order_Instituting_Proceedings

SEN. ELIZABETH WARREN WILL DEBATE LAWYER JOHN DEATON TWICE IN OCTOBER

Many crypto proponents suggested the race could be a referendum on digital asset policy in the US Senate, with polls showing Warren leading by at least 20 points.

Massachusetts news outlets are reporting that D--------c Senator Elizabeth Warren and Republican candidate John Deaton will debate each other twice before the 2024 e------n, on Oct. 15 and Oct. 17.

According to an Oct. 7 notice from New England Public Media, the outlet and GBH News will host a debate in Springfield between the two senatorial candidates on Oct. 17, moderated by political reporters Adam Reilly and Saraya Wintersmith. Sen. Warren and Deaton will also appear in Boston to debate on Oct. 15 on WSBK-TV.

It’s unclear if digital assets will be a topic between the two candidates at either debate.Cointelegraph contacted GBH News, who said it would not share the topics in advance.

Future of crypto policy in US Senate?

During her time in office, Sen. Warren has been outspoken about her criticism of cryptocurrency, associating digital assets with funding illicit activities. Deaton, a lawyer, has backed Ripple and other crypto firms facing litigation from the United States Securities and Exchange Commission (SEC).

Several September polls showed Sen. Warren with more than a 20-point lead over Deaton in an e------n many expect to be a referendum on crypto policy. The Republican candidate claimed on social media that the SEC is “pursuing an anti-crypto agenda” through its enforcement actions and criticized chair Gary Gensler.

Many D--------c lawmakers and candidates have called on members of the party to change their “hostility” toward the crypto industry as presidential candidate Kamala Harris runs against Republican Donald Trump in November. After announcing her candidacy in July, Vice President Harris made her first public statement on digital assets in September, pledging support for the industry.

Commonwealth Unity Fund, a political action committee backed by many crypto proponents, and Gemini co-founders Cameron and Tyler Winklevosshave supported Deaton’s campaign through contributions or media buys.

According to Federal E------n Commission records, as of Aug. 14, Deaton had raised roughly $1.8 million in his bid for the US Senate in 2024, with roughly $830,000 in cash on hand. Senator Warren had raised roughly $19 million since January 2019 and had roughly $5.3 million in cash on hand as of Aug. 14.  (WARREN REPRESENTS THE BIG BANKS)

@ Newshounds News™

Source: CoinTelegraph

~~~~~~~~~

‘THE SEC IS LIVING IN PAST’: TIM DRAPER SLAMS GARY GENSLER, DISCUSSES RIPPLE CASE

With the recent Ripple appeal, the SEC and its chair Gary Gensler are back in the spotlight as the XRP community voices strong opposition to the agency. This new twist has extended the already delayed case timeline, with some speculating it could now stretch until 2026. American venture capital investor Tim Draper appeared on the Thinking Crypto podcast and discussed SEC’s recent actions and their impact.

Ongoing Challenges for the SEC

Draper noted that Gary Gensler, the SEC chair, has faced losses in court, not just with Ripple but also with the Grayscale lawsuit and others. This raises questions about the SEC’s strategy and effectiveness in regulating the crypto industry.

Predictions for the Future

One of Draper’s key predictions is that eventually, the incumbents currently fighting against cryptocurrency will begin to adopt it. He expressed optimism about the political landscape, mentioning that at least one, if not both, presidential candidates are starting to embrace Bitcoin and other cryptocurrencies as tools for innovation.

Innovation Beyond Borders

Draper brought to attention a critical issue: many innovative American companies are geofencing their products, meaning they are limiting their operations to outside the U.S. due to the restrictive regulatory environment. He said that while innovation thrives globally, American companies are at a disadvantage because of the SEC’s outdated regulations.

The Need for Change

Draper argued that the SEC is operating under an “80-year-old set of laws,” which are no longer relevant in today’s fast-evolving tech landscape. He stressed that if the U.S. wants to maintain its competitive edge, particularly in Silicon Valley, it must embrace the innovation happening in the cryptocurrency sector.

Political Encouragement

Draper said  that both presidential candidates appear to recognize the importance of cryptocurrencies. He noted that Donald Trump has positioned himself as the “crypto president,” even stating he would fire Gary Gensler. Similarly, Kamala Harris seems to share these sentiments, which Draper finds encouraging.

@ Newshounds News™

Source: Coinpedia

~~~~~~~~~

Crypto’s Role in the GCR RV | YouTube

@ Newshounds News™

Source: Seeds of Wisdom Team RV Currency Facts

~~~~~~~~~

Source: Dinar Recaps

______________________________________________________

If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________

All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.

Copyright © Dinar Chronicles