(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
PAXOS ISSUES ‘GLOBAL DOLLAR’ STABLECOIN USDG OUT OF SINGAPORE. PARTNERS DBS
Last July Paxos Global confirmed it received the regulatory go ahead from the Monetary Authority of Singapore (MAS) to issue a stablecoin, with DBS Bank as custody partner. Today it confirmed the launch of the USDG stablecoin, which it refers to as the ‘global dollar’.
Given Paxos has a background of partnering with institutions such as PayPal and Stripe, it says the Ethereum stablecoin is “designed to support the needs of regulated institutions that maintain higher standards of operation.”
“Enterprise interest in stablecoins has never been higher than it is today, but the market lacks a solution that combines regulatory compliance with real economic incentives for enterprises,” said Ronak Daya, Head of Product at Paxos.
“USDG offers a trusted solution with a top-tier banking partner in DBS that will be the catalyst to drive stablecoin innovation and enterprise adoption at a global scale.”
Singapore’s largest bank, DBS, will provide custody for the securities and dollar cash deposits will also be managed via DBS.
Other stablecoins from Paxos
Paxos Trust in New York is the issuer of the PayPal stablecoin and also supports Stripe in its stablecoin acceptance. The company has its own US-based stablecoin USDP and its UAE-based affiliate, Paxos International, issued the yield-bearing stablecoin Lift Dollar (USDL). Paxos Trust was previously the issuer of the Binance USD stablecoin.
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The company has always been amongst the most conservative in managing stablecoin reserves to ensure they maintain their 1:1 peg. Hence. it will hold US dollar deposits, short dated Treasuries and ‘other cash equivalents’.
The whitepaper states other reserves include reverse repurchase (repo) agreements and institutional government money market funds. Reverse repo agreements involve temporarily lending cash (usually to banks) in exchange for collateral, in this case US government securities.
Stateside, Paxos structured as a New York regulated Trust to provide maximum protection to holders in the event of a bankruptcy. Likewise, Paxos Digital Singapore holds the assets in trust on behalf of stablecoin holders via segregated safeguarding accounts.
Anyone that has opened an account with Paxos (ie. has been through KYC) can redeem the stablecoin directly. It will usually take around a day but up to a maximum of five days in compliance with Singapore regulations. The minimum redemption amount is equivalent to the cost of the wire fee.
@ Newshounds News™
Source: Ledger Insights
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CRYPTO VOTERS GUIDE TO CONGRESSIONAL LEGISLATION FOR THE 2024 E------N
The 2024 United States e-------s will be held on Nov. 5, as digital asset policy becomes a growing concern among pro-crypto voters.
As the 2024 US e-------s draw closer, digital assets have become a political issue for the first time, as industry executives and advocates apply pressure on candidates to pass pro-industry policies and embrace the future of money.
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Clear and comprehensive digital asset policy in the United States remains elusive, as regulators like the Securities and Exchange Commission (SEC) regulate through enforcement action, rather than rulemaking. This lack of a coherent framework is a growing concern for elected lawmakers, industry service providers, and single-issue crypto voters.
While understanding a particular candidate’s stance on crypto policy is key, voters must also understand the underlying legislation currently being considered in the House and the Senate. Listed below are the key pieces of legislation currently up for consideration.
Financial Innovation and Technology for the 21st Century Act
The Financial Innovation and Technology for the 21st Century Act (FIT21) — introduced by Pennsylvania Congressman Glenn Thompson in 2023 — aims to establish a comprehensive digital asset regulatory framework by bringing sufficiently decentralized assets under the purview of the Commodity Futures Trading Commission (CFTC). The bill features these defining criteria for sufficient decentralization:
“If, among other requirements, no person has unilateral authority to control the blockchain or its usage, and no issuer or affiliated person has control of 20% or more of the digital asset or the voting power of the digital asset.”
However, the bill also gives the SEC authority to regulate digital assets deemed as securities. In May 2024, the bill passed in the House and must pass in the Senate before it is handed to the President for consideration.
CBDC Anti-Surveillance State Act
Minnesota Rep. Tom Emmer first introduced the CBDC Anti-Surveillance State Act in 2023.
The bill’s goal is to prohibit the Federal Reserve Bank from ever creating a consumer-facing central bank digital currency (CBDC), or otherwise maintaining accounts on behalf of individuals.
Moreover, the bill seeks to restrict the Federal Reserve from “Using a central bank digital currency to implement monetary policy or from issuing a central bank digital currency,” entirely.
CBDCs face widespread criticism from the crypto community, liberty-minded individuals, privacy advocates, and commercial banks. In May 2024, the bill passed in the US House and awaits a vote in the Senate.
Clarity for Payment Stablecoins Act of 2024
The Clarity for Payment Stablecoins Act is a re-introduction of a 2023 bill of the same name from Rep. Patrick McHenry and seeks to establish a comprehensive regulatory framework for US-dollar stablecoins.
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A key difference between the newer draft and the earlier bill is a provision allowing stablecoin issuers with a market capitalization under $10 billion to be regulated at the state level, rather than the federal level.
The previous version of the bill advanced to the House floor but has not yet passed in either chamber. Senators Lummis and Gillibrand also proposed a similar bill to the Senate in April 2024, to establish a stablecoin regulatory framework.
Digital Asset Anti-Money Laundering Act
First introduced by Massachusetts Senator Elizabeth Warren in July 2023, the Digital Asset Anti-Money Laundering Act proposes that digital asset providers should be subject to the same reporting requirements as traditional financial institutions under the Bank Secrecy Act.
Warren is one of the crypto industry’s most vocal critics, and the 2023 bill has faced significant backlash as one of the most anti-crypto pieces of legislation currently up for consideration.
The bill has not yet passed in either chamber of Congress and even lost support from its cosponsor, Republican Senator Roger Marshall, in July 2024.
Financial Technology Protection Act of 2023
The Financial Technology Protection Act of 2023, proposed by Iowa Rep. Zachary Nunn, aims to create the Financial Technology Working Group to combat illicit finance in t-------m and organized crime in emerging financial technologies.
Earlier in 2024, the bill passed in the United States House of Representatives and has been submitted to the Senate for deliberation.
Equal Opportunity for All Investors Act
Introduced by Nebraska Congressman Mike Flood in April 2023, the Equal Opportunity for All Investors Act would expand the definition of an “accredited investor” — lowering the barrier to entry for participation in private securities sales and offerings.
More specifically, the bill would allow individuals to qualify as accredited investors by passing a knowledge test administered by the SEC.
In 2020, the SEC amended its long-standing criteria for an accredited investor to emphasize financial knowledge rather than net worth, income, or wealth. The Equal Opportunity for All Investors Act was passed in the US House of Representatives but has not yet passed in the Senate.
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The Blockchain Regulatory Certainty Act
Rep. Tom Emmer — one of crypto’s most vocal proponents — submitted the Blockchain Regulatory Certainty Act to the US House of Representatives in March 2023. The bill’s central goal is to exempt blockchain developers and service providers from traditional financial reporting requirements, as long as they do not handle customer funds.
The bipartisan bill was approved by the House Financial Services Committee in July 2023, and allowed to advance to the US House of Representatives but has yet to pass in either chamber of Congress.
Keep Your Coins Act
Ohio Congressman Warren Davidson introduced the Keep Your Coins Act in July 2023 as a consumer-facing protection meant to restrict regulatory agencies from preventing US citizens from using self-custodial wallets to transact.
At this time, it is unclear whether the bill will be passed into law or garner widespread support.
@ Newshounds News™
Source: CoinTelegraph
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AUDIO INTEL AND MORE WITH BOB LOCK, JIM SILVER 57, R JAX AND LOWTIDE. GREAT INFO. | YOUTUBE
If you missed the Constitution Call last night, here is the replay. We started off with any NEW news from Mason and Jim, INTEL. We were Joined by Bob Lock. Lots of great info including E------n News near the end.
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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COINBASE FINDS OVER ’20 EXAMPLES’ OF FDIC TELLING BANKS TO AVOID CRYPTO
Coinbase’s chief legal officer declares that the “contents are a shameful example of a government agency trying to cut off financial access to law-abiding American companies.”
Cryptocurrency exchange Coinbase has discovered “over 20 examples” of the United States regulator advising US banks to steer clear of crypto-related banking services, according to its chief legal officer.
The discovery follows Coinbase filing two Freedom of Information Act (FOIA) requests against the Federal Deposit Insurance Corporation (FDIC) — the US agency insuring bank deposits — demanding they disclose information about the ongoing crypto crackdown among US banks.
Public ‘deserves transparency,’ says Coinbase CLO
“So far, we’ve uncovered more than 20 examples of the FDIC telling banks to “pause” or “refrain from providing” or “not proceed” with offering crypto-banking services,” Coinbase chief legal officer Paul Grewal claimed in a Nov. 1 X post.
Most of the cases provided were similar. In one case, outlined in “Document 5,” the FDIC reportedly called a meeting with a bank to scrutinize its crypto services.
Despite the bank providing further documentation after the meeting, the FDIC allegedly raised additional “questions” and advised the bank, “Until such review is completed, the bank should not expand the service to additional customers.”
Meanwhile, on Oct. 30, Cointelegraph reported that Coinbase is “prepared to work with either administration” in the US, whether D--------c candidate and Vice President Kamala Harris or Republican Donald Trump wins the presidency, ahead of the e------n on Nov. 5.
@ Newshounds News™
Source: CoinTelegraph
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RIPPLE LAUNCHES GUIDE TO SUPPORT BANKS IN $20 TRILLION DIGITAL CUSTODY SECTOR
▪️Ripple has unveiled a guide to support banks and financial institutions interested in the emerging field of digital asset custody as it enters the $20 trillion custody market.
▪️Ripple Custody is relied upon by top global financial institutions and supports custodian banks, exchanges, and corporations in more than 15 countries worldwide.
Ripple, traditionally known for its cross-border payment solutions using blockchain, is broadening its business model. By advancing its asset custody capabilities, it’s taking on a role in the financial sector that extends beyond payments.
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The custody market is huge, worth $20 trillion, and Ripple’s entry into this space represents a significant shift in its business focus.
According to a previous publication by CNF, Ripple’s custody service has seen substantial growth, boasting a 250% rise in new customers compared to the previous year.
The platform currently supports prominent financial institutions and cryptocurrency companies across major markets such as the U.S., U.K., and Singapore.
Ripple highlighted in its Digital custody Guide for Banks that 10% of all assets will have been tokenized and represented on both private and public blockchains by 2030.
Ripple’s Quick Guide for Banks
Ripple’s digital asset custody and tokenization infrastructure offers banks advanced tools to securely manage and expand their digital asset services, opening up a range of innovative business opportunities.
Banks can build sub-custody networks, which help facilitate comprehensive global service coverage, enabling them to efficiently manage assets across multiple regions.
With the capability to tokenize and manage both regulated and non-regulated assets, banks can diversify their offerings to include equities, bonds, certificates, debt instruments, real estate, fund structures, as well as unique assets like art, collectibles, gaming items, and intellectual property.
Ripple’s platform also provides secure integration with DeFi and Web3 applications, allowing banks to connect clients with staking, lending, borrowing, and financing services, as well as NFT platforms and marketplaces. This robust and flexible infrastructure equips banks to meet evolving market demands expanding their digital asset services in a compliant manner.
Past Initiatives in the Digital Custody Market by Ripple
The digital infrastructure provider unveiled new features for Ripple Custody Technology in early October.
In an effort to strengthen its regulatory compliance, the company added transaction screening that helps financial institutions monitor transactions for compliance by partnering with Elliptic.
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Doubling down its effort, it also expanded its use of hardware security modules (HSMs), which are specialized devices that protect cryptographic keys.
On top of that, we reported Ripple custody’s integration into the XRP Ledger (XRPL), featuring a dedicated tool for monitoring anti-money laundering risks, allowing firms to access its native decentralised exchange (DEX). This integration aims to enhance security while opening new opportunities for businesses in the digital asset space.
Through these updates, Ripple extends the capabilities of its custody technology to a broader audience. As of now, at the time of writing, Ripple (XRP) is trading at $0.5137, a slight dip of 0.06% in the past day and down 0.19% increase in the past week.
@ Newshounds News™
Source: Crypto News Flash
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LATEST RIPPLE VS. SEC UPDATE: BILL MORGAN SLAMS SEC’S XRP CLAIMS IN APPEALS BATTLE
▪️XRP trading volume surges 40% amidst ongoing Ripple-SEC lawsuit appeals.
▪️Legal experts debate XRP’s classification as a security, focusing on the “embodiment theory” and transaction context.
▪️The outcome of the appeals process could significantly impact XRP and other cryptocurrencies.
XRP, the seventh-largest cryptocurrency by market capitalization, is making waves in the crypto market. In a dramatic 24-hour surge, trading volumes have skyrocketed by over 40%. This unexpected spike comes on the heels of new developments in the high-stakes legal battle between Ripple and the SEC.
Is this (finally) the beginning of a new chapter for XRP?
SEC Update: A Turning Point?
Just last week, the SEC announced that it would submit its principal brief in the ongoing appeals process by January 15, 2025. While this is happening ongoing discussions are happening on X by the legal community on XRP status here’s what the lawyers have to say on the whole speculations.
XRP’s Classification H----r Continues
XRP is currently facing the last stages of a legal battle regarding whether it should be classified as a security. Lawyer Bill Morgan, along with social media commentators Joe Sho and James Farrell, has weighed in on this issue. Morgan, known for his critical stance on the SEC’s arguments, disputes Sho’s claim that the Appeals Court may label XRP as a security.
Sho argues that a “de novo” review by the Appeals Court could overlook previous findings and interpret XRP as an investment contract. This view aligns with other crypto cases, including Judge Rakoff’s recent ruling in the Terra case.
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The Embodiment Theory Explained
Morgan’s analysis provides a more nuanced perspective than the random theories often found in the crypto space. He highlights the “embodiment theory,” which suggests that XRP should be viewed as an asset rather than a security.
Morgan points out that Judge Torres’s ruling—determining that XRP itself is not inherently an investment contract—was appropriate because it distinguished between the asset and the context of the transaction.
He believes this approach is more logical, even if it diverges from current crypto case law or the SEC’s position. According to Morgan, the SEC continues to argue that XRP’s perceived lack of inherent value means any transaction involving it counts as an investment contract, especially concerning Ripple and possibly broader secondary markets.
The Implications of a De Novo Review
Adding another layer of complexity, James Farrell notes that a “de novo” review allows the Appeals Court to adopt the “embodiment theory” or completely reinterpret XRP’s classification.
This means the court could follow Judge Rakoff’s lead from the Terra case, where assets like UST and LUNA were seen as securities based on their use in investment contexts, possibly challenging the initial district ruling on XRP.
While Morgan acknowledges the Appeals Court’s freedom to reassess the situation, he warns that any move to consider XRP itself as a security would misinterpret the judge’s focus on the difference between asset and transaction.
The outcome of this debate could set a major precedent for XRP and other cryptocurrencies, as it questions whether digital assets are inherently securities or only become such within specific transaction contexts.
The future of XRP and the broader crypto industry hangs in the balance. At this point, are we just moving in circles?
@ Newshounds News™
Source: CoinPedia
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FRANKLIN TEMPLETON A GAME CHANGER | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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AUDIO INTEL AND MORE WITH BOB LOCK, JIM SILVER 57, R JAX AND LOWTIDE. GREAT INFO. | YOUTUBE
If you missed the Constitution Call last night, here is the replay. We started off with any NEW news from Mason and Jim, INTEL. We were Joined by Bob Lock. Lots of great info including E------n News near the end.
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
Source: Dinar Recaps
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