Thurs. AM-PM Seeds of Wisdom Crypto Update(s) 10-17-24

(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

Brazil Pushes BRICS to Shift From US Dollar, Advocating National Currencies in Global Trade

Brazil pushes for a shift away from the U.S. dollar within the BRICS alliance, advocating for more use of national currencies in trade among member countries.

As the group expands, discussions on alternative payment platforms are gaining momentum ahead of the BRICS summit in Kazan. Brazil aims to advance this initiative during its 2025 chairmanship, reflecting growing momentum among member states.

Brazil Advocates for National Currencies in BRICS Trade

Brazil’s Foreign Affairs Secretary for Asia and the Pacific, Eduardo Paes Saboia, stated on Tuesday that Brazil is advocating for a greater use of national currencies among BRICS member countries in global trade, aiming to reduce reliance on the U.S. dollar. 

Originally established in 2006 by Brazil, Russia, India, and China, the BRICS group was later joined by South Africa in 2011. In 2024, BRICS expanded further with the inclusion of Egypt, Iran, the United Arab Emirates (UAE), Saudi Arabia, and Ethiopia as full members.

Speaking to reporters, Saboia noted that discussions about this shift are already underway, stating that the issue of reducing the reliance on the U.S. dollar “has already been considered at meetings of finance ministers and heads of central banks” of the BRICS nations. Expressing optimism about the upcoming BRICS summit in Kazan, he was quoted by Tass publication as stating:

I hope that those discussions will be reflected in a certain way in the declaration in Kazan.

Saboia also confirmed that Brazil would continue pushing for an increased share of national currencies in trade among BRICS members during its chairmanship in 2025.

This initiative aligns with comments made by Russian Foreign Minister Sergey Lavrov in September, who mentioned that a report on alternative payment platforms for BRICS nations would be prepared for the Kazan summit. Lavrov said the report would explore “options for creating alternative payment platforms for settlements between BRICS member countries.”

Additionally, Dilma Rousseff, the president of the BRICS New Development Bank, revealed in October that the financial institution intends to “use national currencies for investing in the private sector of the economies of member states.” The Kazan summit will be a key event during Russia’s chairmanship of the organization, which has planned over 200 events this year.

@ Newshounds News™

Source: Bitcoin News 

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STELLAR ECOSYSTEM IMPLEMENTS BLOCKAID SECURITY FEATURES

Stellar’s Lobstr and Freighter Wallets are the first to receive the new Blockaid security features

Blockchain security firm Blockaid announced the integration of its advanced Onchain Detection and Response (ODR) technology on the Stellar blockchain, starting with the Lobstr and Freighter wallet applications.

According to an Oct. 17 announcement viewed by Cointelegraph, the strategic partnership will bring real-time threat monitoring and rapid response capabilities to the wallets, with further integrations planned.

Blockaid’s Web3 services

Blockaid describes its services as being somewhat like an antivirus software for Web3 decentralized applications.

Ido Ben Natan, CEO of Blockaid, told Cointelegraph that the first wave of enhancements “alerts users whenever they interact with a dangerous transaction, DApp, or token.” He added that “by flagging malicious interactions, we’re protecting millions of users from scams and hacks.”

According to the company’s announcement:

“Blockaid’s Web3 security technology, trusted by Coinbase, Stellar, and Metamask, has scanned over 4.5 billion transactions, prevented more than 100 million attacks, and defended against potential losses exceeding $4 billion.”

In just the first half of 2024 alone, Blockaid inked deals with a number of blockchain firms in the industry including a Coinbase Wallet integration in March, and partnerships with 1inch and Avalanche Core Wallet in June.

Stellar

Stellar bills itself as a decentralized open-source blockchain platform for decentralized finance (DeFi), assets, and payments. Its primary token, XLM, has a market capitalization of $2.8 billion as of Oct. 16.

It’s purported to be faster and more efficient than more popular blockchain platforms such as Bitcoin thanks to its Federated Byzantine Agreement (FBA) algorithm, which handles consensus through a streamlined protocol.

As Cointelegraph reported in August, France-based fintech company Next Generation and Ireland-based electronic money institution (EMI) Decta announced a plan to reintroduce a euro-pegged stablecoin, EURT, on the Stellar blockchain.

The launch of EURT signifies a period of perceived relief from regulatory uncertainty for cryptocurrency and blockchain firms operating in the European Union. By all accounts, the stablecoin market appears to be surging under the Markets in Crypto-Assets (MiCA) regulation and increasing legal clarity.

@ Newshounds News™

Source: CoinTelegraph 

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Source: Dinar Recaps

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STABLECOIN ADOPTION IN U.S. IS LOW: CHAINALYSIS REPORTS

According to a Chainalysis report, stablecoin adoption in the U.S. has slowed, with regulatory uncertainty driving more transactions to global markets.

Stablecoin adoption in the U.S. has slowed in 2024 compared to global markets, according to an October 17 report by blockchain analysis firm Chainalysis.

The report highlights that while stablecoin use has surged internationally, U.S. markets have seen a decline in their share of stablecoin transactions, dropping from roughly 50% in 2023 to below 40% in 2024.

Global Stablecoin Adoption Outpaces the U.S.

As per the report, this slowdown in adopting stablecoin in the U.S. is largely attributed to the lack of regulatory clarity.

Chainalysis noted that, in contrast to other regions, the U.S. has failed to make significant regulatory progress in the digital assets space, particularly stablecoins, contributing to a stagnation in adoption.

While the U.S. stablecoin market is experiencing a relative decline, global markets have witnessed increased adoption.

More transactions are now taking place on non-U.S.-regulated exchanges, reflecting a growing demand for stablecoins in emerging markets.

This surge is driven by stablecoins’ ability to offer a stable store of value in regions with volatile currencies and limited access to U.S. dollars.

Populations in these areas use stablecoins to access U.S. dollar stability without needing traditional banking systems.

U.S. Regulatory Uncertainty and Global Competition

Chainalysis also emphasized that regulatory uncertainty in the U.S. contributes substantially to the country’s slowdown in stablecoin adoption.

Unlike regions such as the European Union, United Arab Emirates, Singapore, and Hong Kong, which have enacted clear regulatory frameworks encouraging digital asset growth, the U.S. struggles to regulate stablecoins.

Additionally, the European Union’s Markets in Crypto-Assets Regulation (MiCA), implemented in June 2024, has provided much-needed clarity for stablecoins in Europe, attracting projects and fostering adoption.

Meanwhile, Circle warns that without clear guidance, the U.S. could forfeit its influence in the stablecoin market and lose its leadership in dollar-based on-chain commerce.

While the U.S. lags in regulatory progress, there have been steps toward developing a stablecoin framework.

In July 2023, the House Financial Services Committee advanced a stablecoin bill aimed at providing regulatory clarity.

Circle remains optimistic, hoping that Congress will pass the bill to establish clear anti-money laundering (AML) and sanctions obligations for stablecoin issuers, ensuring the U.S. retains its role in the global stablecoin market.

@ Newshounds News™

Source: CryptoNews

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RIPPLE NEWS: CEO BRAD GARLINGHOUSE CONSIDERS IPO PATH, SAYS ‘SEC IS NOT OUR FRIEND’

At the recent Swell conference, Ripple CEO Brad Garlinghouse addressed the possibility of the company going public. When asked about a potential IPO in light of regulatory clarity expected next year, he clarified, “An IPO has not been a high priority for us. Part of that is because the SEC is not our friend.”

In an interview with Thinking Crypto, he said thatmost companies seek to go public primarily to raise capital. In contrast, Ripple has maintained a strong financial position, allowing it to invest in various projects and make acquisitions without the immediate need for public funding. “We have a hostile SEC and a company that doesn’t need to raise capital,”he said, explaining why an IPO is not at the forefront of Ripple’s agenda.

Garlinghouse did acknowledge the importance of ensuring liquidity for shareholders and maintaining appropriate company valuation. However, he reiterated that prioritizing an IPO is not urgent, especially given the time-consuming process it entails. “Even when I think about it, usually when a company says they’re going public, it still takes twelve plus months,” he said, adding that regulatory conditions must improve first.

The Crypto Market Outlook for 2025

When discussing the broader crypto market as it heads into 2025, Garlinghouse expressed positivity despite the challenges the industry has faced.

Garlinghouse pointed out that the U.S. government’s previously hostile stance towards crypto is beginning to shift, especially with major players like BlackRock entering the space. He explained the importance of this development, as it indicates increasing institutional interest in blockchain technology and its potential applications.

While acknowledging the difficulty of making accurate predictions about crypto prices, Garlinghouse remains optimistic about the next year or two, suggesting that positive changes may occur sooner rather than later.

@ Newshounds News™

Read more: CoinPedia

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Source: Dinar Recaps

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IRELAND DRAFTING URGENT CRYPTO LAWS BEFORE EU MONEY-LAUNDERING RULES

Ireland is preparing to draft “urgent” cryptocurrency regulations ahead of upcoming European Union Anti-Money Laundering and terror financing standards.

Ireland’s Finance Minister, Jack Chambers, told the cabinet that urgent legislation would be drafted to update crypto regulations before the EU laws take effect on Dec. 30, the Irish Examiner reported on Oct. 16.

No details were shared about the new crypto legislation or when it might come into force.

The EU’s “Anti-Money Laundering and Countering the Financing of T-------m Act” will enhance the powers of financial intelligence units, enabling them to suspend transactions.

It will also impose stricter reporting requirements for crypto exchanges and a 10,000 euro ($10,850) limit on cash payments. There will be more stringent monitoring of large transactions and new reporting requirements for high-value transactions.

The legislative framework covers a range of areas posing risks, including crypto assets and crowdfunding. It also “complements other regulations such as Markets in Crypto-Assets Regulation (MiCA),” the European Commission noted earlier.

In September, Derville Rowland, deputy governor of the Central Bank of Ireland, said that the country aims to stay at the forefront of safe innovation through MiCA.

She said that crypto regulations were essential for Europe to become a global leader in adapting and adopting new technologies.

The EU’s MiCA regulations — separate from its AML/CFT act — came into effect in June 2023.

“It is important that Ireland, as a small, open economy with a thriving financial services industry, is an active participant in preventing its financial system from being used for money laundering and t-------t financing purposes,” said the Central Bank of Ireland.

As of July, the Central Bank of Ireland had approved 15 virtual asset service providers. These included Gemini, Ripple, Paysafe, MoonPay and Coinbase, which agreed to delist non-compliant stablecoins from its European platform.

@ Newshounds News™

Source: CoinTelegraph 

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XLM NEWS: PAXOS ANNOUNCES STELLAR NETWORK INTEGRATION TO DRIVE STABLECOIN ADOPTION

▪️Paxos’ integration with the Stellar network aims to accelerate institutional adoption of stablecoins, enhancing global access to digital dollars.
▪️The partnership highlights Paxos’ focus on regulatory compliance and trust, positioning both companies to drive stablecoin adoption in global financial markets.

Paxos, known for its highly regulated tokenization platform, continues to build trust and credibility by complying with financial regulations in every region it operates.

Following a recent CNF update on leading stablecoin issuers embracing an international set of stablecoin standards, Paxos announced its integration with the Stellar network at the Meridian 2024 conference, marking a significant step in expanding its tokenization platform.

Stellar is a well-regarded open-source blockchain used for payments and remittances. In a press release, Paxos CEO and Co-Founder Charles Cascarilla stressed:

We are excited to partner with Stellar to make trustworthy stablecoins more accessible to global institutions. Stablecoins will revolutionize the global financial system and open access to people around the world. This collaboration will accelerate the adoption of stablecoins by users worldwide.

This partnership is expected to facilitate institutional adoption of stablecoins, which are issued by properly regulated institutions. As stablecoins gain traction, they are becoming crucial for enterprises and institutions looking to engage with more open and secure digital economies.

The collaboration with Stellar highlights Paxos’ commitment to ensuring its tokenized assets meet global financial regulations and enhance stablecoin accessibility.

Paxos CEO and Co-FounderCharles Cascarillaexpressed excitement about the partnership, stating that stablecoins are poised to revolutionize the global financial system.

By making stablecoins more accessible through Stellar’s low-cost and high-speed infrastructure, Paxos aims to accelerate institutional adoption of digital dollars globally.

Stellar’s CEO, Denelle Dixon, emphasized the importance of Paxos as a regulated financial institution in advancing tokenized assets on the Stellar network, praising its ability to foster trust and credibility.

Paxos’ Regulatory Strength and Global Partnerships

With a strong focus on regulated offerings, Paxos supports global enterprises and institutions, including major partners like PayPal, Mastercard, and Nubank.

The company’s infrastructure enables these partners to tokenize, custody, and trade digital assets seamlessly, contributing to a more efficient global financial system.

By late 2024, Paxos plans to bring assets to the Stellar network, further strengthening its position in the digital economy. Paxos’ commitment to trust and transparency, along with its regulatory credentials, underscores its role as a leader in blockchain-based financial infrastructure.

@ Newshounds News™

Source: Crypto News Flash   

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CHEVRON OVERTURN UNLIKELY TO IMPACT SEC’S CONDUCT — RIPPLE CLO

In 2023 alone, the Securities and Exchange Commission filed over 20 lawsuits against firms and individuals in the crypto industry.

Ripple’s chief legal officer, Stuart Alderoty, believes that the June 2024 overturn of Chevron USA Inc. vs. Natural Resources Defense Council by the United States Supreme Court will have little impact on the Securities and Exchange Commission’s (SEC) strategy of pursuing crypto compliance through enforcement.

In an interview with Cointelegraph’s Turner Wright, Alderoty stressed that only a leadership change would cause a shift in SEC posturing.

“I think under this leadership, the SEC has done tremendous institutional damage to what was once a very well-respected agency,” the Ripple CLO said.

Alderoty also stated that the SEC’s continued litigation against the crypto industry — including the recent appeal in the Ripple lawsuit — was deliberate and meant to create maximum confusion among industry participants:

“This SEC, under this leadership, I don’t think they much care if they’re right or wrong as a matter of law. I think their goal is through a massive wave of enforcement actions — and now on appeal — to keep a cloud of legal uncertainty over the industry.”

“I think ultimately they will be proven wrong again. I don’t think they’re bothered by that,” Alderoty said, before characterizing the SEC’s aggressive stance toward the crypto sector as “Very disturbing.”

Loper Bright vs. Raimondo — overturning 40 years of precedent

The 40-year precedent set by the Chevron case in 1984 was overturned by the United States Supreme Court in the Loper Bright Enterprises v. Raimondo case on June 28, 2024.

The 1984 decision paved the way for courts to defer to regulatory agencies and their internal — often arbitrary — methods of policy enforcement.

For the nascent crypto industry, this meant that startups faced prohibitive regulatory demands from multiple government regulators that choked off innovation and discouraged investment, especially from institutional firms.

In July 2024, Uniswap Labs cited the Chevron overturn as an argument against the SEC’s proposed expansion of what legally qualifies as an “exchange” under the Exchange Act of 1934 — a regulatory change that would bring decentralized finance projects under the purview of the SEC.

@ Newshounds News™

Source: CoinTelegraph 

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Source: Dinar Recaps

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