(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 : RIPPLE CTO DROPS BOMBSHELL AMID RLUSD LAUNCH – IS XRP AT RISK?
▪️RLUSD launch raises questions about XRP’s significance in cross-border payments.
▪️XRP offers no counterparty risk, unlike stablecoins, strengthening its position on XRPL.
▪️Experts predict XRP could rise to $2.47-$10, pending favorable market and legal outcomes.
As Ripple prepares to launch its RLUSD stablecoin, some XRP community members are worried about its impact on XRP’s importance. RLUSD, currently in beta testing and set to launch soon, will be available on the XRP Ledger (XRPL) and Ethereum and may support Ripple’s On-Demand Liquidity (ODL) in some capacities.
Despite this promising application, some supporters wonder if RLUSD could reduce XRP’s importance, especially for cross-border payments.
Ripple’s CTO Stands Firm on XRP’s Role
David Schwartz, Ripple’s CTO, responded to these concerns, clarifying that XRP has special functions on the XRPL that RLUSD cannot replace. For instance, only XRP can pay for transaction fees on the XRPL, and each account on XRPL must hold some XRP as a reserve. He added that XRP’s biggest edge over stablecoins is its lack of counterparty risk and freedom from jurisdiction limits, unlike any stablecoin.
Schwartz also highlighted XRP’s “autobridging” feature, which automatically connects liquidity between different assets on the XRPL, making XRP an essential tool in the ecosystem.
Schwartz noted that XRP’s role is more than just a transaction token; it’s also a bridge asset, helping with transfers between digital assets.
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Will RLUSD Compete with XRP?
Schwartz acknowledged that if RLUSD or other stablecoins become more efficient, XRP could face competition. However, he believes that XRP’s unique features make it difficult for stablecoins to fully take its place.
Community Suggestion On XRP
Some XRP community members suggested raising transaction fees or the minimum XRP balance on XRPL to increase XRP scarcity and boost its value. Ripple’s CTO, David Schwartz, explained that such changes would need community consensus & noted that the XRPL should prioritize usability over speculative value.
Ripple’s exploration of new features, like the EVM sidechain and smart contracts, aims to expand XRPL’s functionality while ensuring XRP’s critical role remains irreplaceable.
Will the XRP Price Surge?
As of now, XRP is trading at $0.53, down 0.8%, but there are mixed signals about its future. A bullish pennant pattern on the weekly chart suggests that XRP might break out soon.
However, the 14-day Relative Strength Index (RSI) is at 37.96, showing it is close to being oversold, which could lead to a small price increase. If legal challenges are resolved, some experts believe XRP could rise significantly, with price targets between $2.47 and $10 in a strong market.
@ Newshounds News™
Source: Coinpedia
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NEW INDUSTRY BILLIONAIRES: US REGULATORS RECEIVED OVER $32B FROM CRYPTO COMPANIES
U.S. regulators have imposed $32 billion in fines on crypto companies to resolve compliance disputes. Who did they make the most money from?
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Of the total, a record $19.45 billion came in 2024. This is due to the $12.7 billion payment to FTX and Alameda Research. In August, Judge Peter Castel ruled that the firms must pay, jointly and severally, $8.7 billion in restitution to those who suffered losses. In addition, the agreement calls for a $4 billion fee to be paid in return for the ill-gotten gains.
The settlement with Terraform Labs brought regulators $4.5 billion in 2024. The firm will pay about $3.59 billion in interest and a fine of $4-0 million. Its founder, Do Kwon, will pay $204.3 million in interest, fines, and compensation and must accrue at least the same amount to the “bankruptcy estate,” which will be distributed among investors.
Among the most significant fines were Binance’s $4.3 billion and Celsius’s $4.7 billion, which occurred in 2023. As part of the case, the largest crypto exchange was ordered to pay a fine of $1.81 billion in a criminal case and will lose $2.51 billion in compensation.
“The leading global crypto exchange agreed to plead guilty in November 2023, to resolve lawsuits with multiple U.S. regulators including the Department of Justice (DOJ), Treasury Department and the Commodity Futures Trading Commission (CFTC).” From the CoinGecko report
As for the Celsius fine, in 2023, the U.S. Federal Trade Commission announced a settlement against the Celsius Network. As part of the agreement, Celsius and its subsidiaries were prohibited from offering, selling, or promoting any product or service that may be “used to deposit, exchange, invest, or withdraw any asset.”
Terra was the catalyst for the bear market, followed by the bankruptcy of Celsius, and culminated in the collapse of FTX in November 2022. Of these crypto platforms, only Binance remains operational, remaining the largest centralized exchange by trading volume.
However, the sharp increase in recovery amounts occurred in 2023, when the total amount of settlements for claims by U.S. government agencies amounted to $10.87 billion across eight cases.
@ Newshounds News™
Source: Crypto News
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UYEDA: SEC’S CRYPTO APPROACH A ‘DISASTER FOR THE WHOLE INDUSTRY’
In a candid interview on Fox Business’s Mornings with Maria, SEC Commissioner Mark Uyeda sharply criticized the agency’s handling of crypto, acknowledging that its current strategy has been “a disaster for the whole industry.”
Uyeda’s remarks come amid mounting legal challenges, including a fresh lawsuit filed by Crypto.com against the U.S. Securities and Exchange Commission following the issuance of a Wells notice.
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Crypto.com’s lawsuit alleges that the SEC has overstepped its jurisdiction by enforcing regulations on the cryptocurrency market without issuing clear regulatory guidance. The Wells notice — a formal communication from the SEC indicating that enforcement action is likely — a-----d Crypto.com of operating as an unregistered broker-dealer and securities clearing agency due to its handling of tokens that the SEC deems securities.
Uyeda’s critique of the SEC’s approach highlights a growing frustration within the agency and the wider crypto industry.
“We have been sending this ‘policy through enforcement,’” Uyeda stated, referring to the SEC’s practice of targeting companies with legal actions without offering explicit guidance on how they should operate within existing regulations. “We’ve done nothing to provide guidance on it,” he continued. “And as a result, this has been shaped by the courts. And different courts have ruled in different ways.”
Indeed, the SEC’s reliance on enforcement has led to legal battles, including a high-profile case against Ripple Labs.
The courts have often delivered mixed rulings, adding to the uncertainty for crypto firms. While the SEC recently lost a major ruling to Ripple XRP regarding the classification of XRP tokens, the agency has already filed an appeal, signaling that these legal struggles are far from over.
Crypto firms are fighting back
Crypto.com’s lawsuit is just the latest in a series of legal confrontations between the crypto industry and the SEC. The lawsuit, sparked by the Wells notice, argues that the agency has been regulating beyond its mandate. Crypto.com’s leadership insists that legal action is necessary to protect the future of cryptocurrency innovation in the United States.
Mark Uyeda refrained from commenting directly on the Crypto.com litigation, but he emphasized the broader issue of the SEC’s failure to offer clarity. “We have not provided interpretive guidance as to what you can and cannot do,” Uyeda said, adding that the lack of clear rules has left companies guessing about how to comply with securities laws.
Uyeda’s comments also touched on the SEC’s broader regulatory philosophy, particularly in relation to environmental, social, and governance mandates. He criticized the agency’s focus on ESG issues, suggesting that such efforts often stray from financial relevance.
“It is about micromanaging a lot of what corporations are doing on things that have absolutely no financial purpose,” he said, adding that financial regulators should not be vehicles for social change.
@ Newshounds News™
Source: Crypto News
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Source: Dinar Recaps
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RIPPLE’S XRP INVOLVED IN ANOTHER LAWSUIT AGAINST THE SEC: DETAILS
The SEC had warned Bitnomial that offering XRP Futures could violate securities laws without additional compliance.
Bitnomial has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) and its five commissioners, accusing the agency of overextending its jurisdiction.
The company’s case disputes the SEC’s classification of XRP as a security, which the agency claims qualifies as an investment contract under the Securities Exchange Act.
The Case Details
The Chicago-based exchange, regulated by the Commodity Futures Trading Commission (CFTC), had requested to offer XRP US Dollar Futures in August. This followed a federal ruling that XRP is not considered a security in the SEC’s lawsuit against Ripple.
Shortly after filing, the SEC warned the exchange that moving forward with the listing could violate federal securities laws unless the firm complied with additional requirements. This would include registering as a national securities exchange.
According to the court document, the regulatory body informed Bitnomial that listing XRP Futures would require compliance with securities laws, as they would be classified as “security futures” under joint SEC and CFTC jurisdiction. However, the exchange has objected to that interpretation:
“Bitnomial disagrees with the SEC’s view that XRP is an investment contract and, therefore, a security and that XRP Futures are thus security futures.”
The company also claims the SEC’s stance overextends its jurisdiction into areas typically overseen by the CFTC.
As such, it is seeking a court declaration that XRP Futures should not be classified as security futures. This would protect the exchange from SEC enforcement. The firm also aims to prevent the agency from asserting jurisdiction over XRP Futures or taking any enforcement action relating to their future listing.
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Industry-Wide Implications
“Establishing this precedent is not just about XRP; it’s about all digital assets,” said Bitnomial CEO Luke Hoersten in an interview with FOX Business.
He added that the firm, unlike others involved in legal disputes with the SEC, has maintained a clean compliance record. According to him, this places them in a unique position to seek a court ruling on whether XRP futures should be classified as securities or commodities.
The case follows similar legal action by Crypto.com, which recently sued the SEC after receiving a Wells notice indicating potential enforcement action. The firm has also a-----d the agency of overstepping its authority by classifying most crypto assets as securities.
The SEC also just logged a notice of appeal in the Ripple lawsuit. Meanwhile, Investment firm Canary Capital filed on October 8 to launch a spot XRP exchange-traded fund (ETF). This follows a similar proposal made by Bitwise just days earlier.
@ Newshounds News™
Source: CryptoPotato
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BRICS News: 12 Countries Drop US Dollar, Conduct Majority of Trade in Local Currencies While Eyeing Crypto
▪️The members of the CIS alliance have started conducting trade settlements in local currencies.
▪️The goal remains to alleviate the strains from over-dependence on the US Dollar.
The Commonwealth of Independent States (CIS), consisting of 12 countries, now conducts most of its trades with local fiat currencies. This move aligns with the BRICS alliance’s de-dollarization efforts to dump the US dollar for trade settlement.
The CIS countries include Armenia, Azerbaijan, Belarus, Kazakhstan, Kyrgyzstan, Georgia, Moldova, Russia, Tajikistan, Turkmenistan, U-----e, and Uzbekistan.
On the other hand, the BRICS nations initially include Brazil, Russia, India, China, and South Africa. This year, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have joined the bloc.
CIS Dumps US Dollar for Local Currencies
Russia, also a member of the BRICS bloc, persuaded the CIS to switch from using the US Dollar to national currencies for trade. The other current members concurred with Russia’s proposed trade policy since adopting local currencies would boost their economies.
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This year, the CIS bloc rarely utilized the US dollar for trade settlements. Instead, the alliance settled 85% of cross-border transactions in national currencies, adding pressure to the US Dollar.
Russian President V------------n revealed at the CIS summit that BRICS and CIS will collaborate to permanently eliminate reliance on the US dollar.
“The process of import phase-out is moving quickly, and thus the technology sovereignty of our country is being strengthened,” he said.
The de-dollarization initiatives
Thus, the BRICS-specific de-dollarization goal is now being extended to the CIS alliance.
The de-dollarization initiatives promote regional economic collaboration and deliver higher financial independence for emerging countries. If the current trend persists, the dollar may lose its value, leading to massive deficits and hyperinflation in the US.
The CIS Eyeing Crypto
In the future, the CIS alliance intends to incorporate crypto for cross-border trade settlements. Cryptocurrencies have heralded a new shift to payment services in the last few years.
They promise faster, cheaper, and more transparent transactions, especially across borders due to their anonymity and decentralized framework.
As CNF noted in a previous report, Russia has approved crypto for international payments. This move is part of the country’s attempt to alleviate pressure from Western sanctions while reducing dependence on the US dollar. This development follows the government’s legalization of Bitcoin mining back in July.
Besides Bitcoin, XRP has become a major rival to the US dollar. Despite Ripple’s ongoing legal challenges with the US Securities and Exchange Commission (SEC), the BRICS bloc and Japan are pushing for XRP adoption. In a recent update CNF covered, Ripple’s CEO Brad Garlinghouse says XRP is at the heart of global financial systems.
It is important to note that BRICS has extended its investigation into using gold to challenge the US dollar. Nonetheless, BRICS and CIS have yet to name any digital asset as their official currency among member nations. As blockchain and the global financial system progress, many expect this will happen soon.
@ Newshounds News™
Source: Crypto News Flash
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A GUIDE TO BITCOIN MINING
The rise of cryptocurrency has captured people’s attention worldwide. It promises new possibilities for managing money outside traditional banking and financial systems. This post sheds some light on Bitcoin mining and how a person could get involved.
Bitcoin Mining
Bitcoin is the first digital currency. It uses a decentralized computer network that tracks transactions with many individual users worldwide. A new Bitcoin is created through mining when miners validate a group of transactions.
The network rewards miners with a specific amount of Bitcoin to verify transactions. Blockchain technology underpins the whole Bitcoin operation. The verified transactions get bundled together periodically into blocks and stacked one after the other like links in a chain.
There has always been interest in knowing who owns the most Bitcoin. By most accounts, the single biggest Bitcoin account belongs to Satoshi Nakamoto, the mysterious founder who first launched the revolutionary Bitcoin network concept but has remained in the shadows ever since.
How Does Bitcoin Mining Work?
To add a new block, miners participate in a competitive calculation spree involving complex mathematical problems. Solving these computations requires powerful computer systems running and plenty of electricity.
The miners race to be the first to arrive at the single right response to the question (known as hash). The more guesses made per second, the higher the chances of solving the problem. With more miners joining over time, the difficulty continues to increase.
The potential for profit in Bitcoin mining depends on various factors. You must consider the significant upfront expenses of buying specialized, high-powered hardware for the job and your ongoing electricity bills.
Some people opt to join a mining pool. When participating in shared group efforts, everyone contributes their resources. However, miners in a pool must share the rewards. Additionally, since Bitcoin’s worth fluctuates greatly, it is challenging to precisely determine the financial return on the time and resources spent.
Getting Started in Bitcoin Mining
There are three things that you would need before starting Bitcoin mining
1. A digital wallet: This stores and manages any Bitcoin or other digital money you obtain.
2. Computer equipment: To help mine Bitcoin successfully.
3. Mining software: To truly participate in generating new currency, specific computer programs are essential. Several mining software programs exist, many of which can be downloaded and used at no cost on common operating systems like Windows or Apple computers.
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Common Scams
If you’re considering starting to mine for Bitcoin, you’ll want to be careful about what software, equipment, or groups of miners you join so you don’t get scammed. Here are a few of the most common types of scams:
1. Cloud-Based Services
Some websites claim you can sign up with them and have them do the mining work for you using their computers. Not every service like this is a scam, but you must research before handing over any money.
2. F--e Wallets and Exchanges
When storing your crypto, only use wallet providers with a good reputation in the community. Some scammers make f--e wallet sites just to steal people’s private keys. Once they have your keys, your funds are gone for good. Scammers make f--e trading sites and contact people through email or social media. Then, they pressure or deceive people into sending money or cryptocurrency to the f--e sites.
Endnote
Bitcoin mining is certainly not for the faint of heart. It takes serious computational power, deep technical know-how, and nerves of steel to handle the fluctuating rewards. However, it could yield fascinating rewards for those up for the challenge.
@ Newshounds News™
Source: Blockchain Reporter
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Source: Dinar Recaps
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