(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
STABLECOIN ISSUER PAXOS TO ACQUIRE FINLAND’S MEMBRANE FINANCE FOR EU ACCESS
Today stablecoin issuer Paxos said it acquired Finnish e-money institution Membrane Finance, the issuer of EURe. The deal gives Paxos a licensed e-money institution (EMI) enabling access to all EU states, subject to regulatory approval.
Paxos and its affiliates are already regulated in New York, Abu Dhabi and Singapore. Under Europe’s MiCA regulations crypto legislation, registration in one state is passported to all other member states.
Paxos is the issuer of the PayPal stablecoin (PYUSD) and its own Paxos dollar (USDP). Its UAE affiliate has issued a yield bearing stablecoin. And in Singapore it recently launched the Global Dollar Network, which will share interest revenues on the USDG stablecoin with distribution partners.
“Stablecoins offer a global solution to challenges that countless people and companies feel when it comes to money movement and payments. Stablecoins are becoming increasingly more prevalent throughout the market as more use cases emerge for everyday users, “ said Walter Hessert, Head of Strategy at Paxos. “With Membrane, we expect to extend our reach to EU customers looking to benefit from stablecoins.”
Stablecoins in the EU
In terms of other stablecoin players, Circle historically had a strong presence in Europe (Ireland). It chose France as its base for MiCAR, directly registering as an EMI.
MiCA regulations require a high proportion of reserves to be held at banks – 30% for smaller stablecoins and 60% for significant ones. Tether claims this is the reason it has not registered in the EU. However, so far it has chosen to remain offshore, avoiding jurisdictions that require it to be regulated. A large part of Tether’s stablecoin balance is on TRON, a blockchain that’s popular in Africa.
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Meanwhile, MiCAR also has some quite complicated rules limiting the scale of foreign currency stablecoins in the EU. However, this is widely misunderstood, so we previously provided a deep dive on the topic.
Bank issued stablecoins are also explored as part of our Research report on tokenized deposits and DLT payments.
@ Newshounds News™
Source: Ledger Insights
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JOHN DEATON EMPHASIZES NEED FOR MODERNISED REGULATORY FRAMEWORK, CRITICIZES SEC OVER OUTDATED LAWS
In a latest X post, the pro-XRP lawyer, John Deaton has expressed concerns over the outdated regulatory framework applied by the US SEC in response to Michael Saylor’s interview. He shared that the SEC should be focused on ‘fraud, pump and dump schemes and the bad guys.’
The Need For Modernised Regulatory Framework
He pointed out that we are essentially applying 1933 disclosure laws in 2024 to modern-day technologies like AI, Robotics, Automation, and Blockchain and that the existing disclosure laws were meant to reduce the asymmetries between those offering investments and those acquiring investments.
He stressed that this was during a time when technologies like the internet did not exist. He asserted that the SEC should focus on clear and straightforward principles to guide the industry.
“People like Gary Gensler, Jay Clayton, and Bob Stebbins prefer the law and rules of the road to be vague. WE NEED REFORMERS AS REGULATORS LIKE Brian Brooks and Brad Bondi,” he noted.
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Deaton’s remarks highlight the need for a modernized framework that accommodates emerging technologies.
Deaton’s ‘Dream Team’
Amidst the speculations of the current SEC Chair Gary Gensler’s resignation,Deaton has endorsed Brad Bondi as a suitable replacement. Deaton noted that Bondi represents a more balanced and progressive approach to regulatory oversight and voiced skepticism over other contenders, such as Bob Stebbins.
The US Treasury Secretary and the SEC Chairman are the two most important remaining positions to be filled. Deaton emphasized that these two selectionsmust be compatible and complement each other to truly implement the America First Agenda envisioned by President Trump.
Elon Musk had recently suggested that Howard Lutnick might be the right choice for Treasury secretary but had also suggested others to provide input on who President Trump should select to be America’s next Treasury secretary.
Deaton expressed his views by stating:
“The Dream Team that would foster innovation in America, securing its place as the number one market in the world, causing an economic explosion in our capital, crypto, and IPO markets, while bolstering demand for the USD and ensuring its dominance around the world, while, at the same time, shaking things up and reforming the agencies is Brian Brooks as Treasury Secretary and Brad Bondi as SECGov Chairman.”
@ Newshounds News™
Source: Coinpedia
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Source: Dinar Recaps
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CHAINLINK COLLABORATES WITH MICROSOFT ON CBDC COMMISSIONED BY BRAZIL’S CENTRAL BANK
Blockchain oracle service provider Chainlink (LINK) is working on a pilot project for Brazil’s proposed central bank digital currency (CBDC) called DREX with Microsoft and other firms in the country.
In a press release, Chainlink says it is collaborating with Microsoft Brazil, digital bank Banco Inter and blockchain finance firm 7COMm to build a trade finance solution as part of the second phase of the DREX pilot.
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The goal of the pilot, according to the announcement, is to “demonstrate the automated settlement of agricultural commodity transactions across borders, across platforms, and via different currencies.”
Chainlink will use its Cross-Chain Interoperability Protocol (CCIP) to create interoperability between Brazil’s Central Bank and other foreign banks using DREX, ensuring efficient transaction settlements.
The pilot also aims to tokenize an Electronic Bill of Lading (eBoL) – or receipts for cargo used by shippers and carriers – and put them on-chain using supply chain data to trigger payments to exporters.
Says Angela Walker, global head of banking and capital markets at Chainlink Labs,
“We look forward to working with the Central Bank of Brazil, Banco Inter, and Microsoft to demonstrate how the adoption of blockchain technology combined with Chainlink’s interoperability protocol CCIP can transform trade finance… Chainlink CCIP is essential to enabling secure cross-border, cross-currency, and cross-chain transactions and will help showcase what tokenized assets can do at scale for this key CBDC use case in Brazil.”
Chainlink’s CCIP technology was recently used by Swiss crypto firm Taurus in its proof-of-concept run with asset management giant State Street to tokenize funds.
Chainlink creator Sergey Nazarov recently predicted that CCIP would help real-world assets (RWAs) overtake the value of all other sectors in crypto, and become the main mechanisms that allows traditional finance to bring trillions of dollars into the blockchain industry.
“So this is kind of the world that I think we should all be preparing for, and that the Chainlink ecosystem is working towards, by both enabling DeFi to grow and be secure and reach the kind of level of reliability and guarantees that the DeFi community needs and that the TradFi community needs, and enabling the TradFi community’s value to flow onto blockchains and into the DeFi ecosystem eventually.
What this will result in, if it works as intended, is CCIP (cross-chain interoperability protocol) becoming one of the key protocols of the Internet, what we call the Internet of contracts and internet of value. Because CCIP is fundamentally the data and value transport mechanism by which that data and value flows into and across all of those chains.”
@ Newshounds News™
Source: The Daily Hodl
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BRIAN ARMSTRONG PROPOSES US SOVEREIGN WEALTH FUND THAT PAYS AMERICANS DIVIDENDS THROUGH ELON MUSK’S D.O.G.E.
Coinbase co-founder and CEO Brian Armstrong is proposing a plan that would pay dividends to Americans while making the size of the government leaner.
Armstrong says on the social media platform X that President-elect Donald Trump’s proposed Department of Government Efficiency (DOGE) is a “once in a lifetime opportunity” to “cut the size of government back to health.”
According to the Coinbase CEO, America’s founding fathers may have failed to anticipate the tendency of politicians to promise more free stuff in an effort to get more votes.
“To future-proof this, we may need a constitutional amendment capping total government expenditure (at say 10%), or a way to align incentives.”
Armstrong says that the creation of a US sovereign wealth fund could potentially help in increasing federal government spending when necessary while curtailing expenditure over the long term.
“You’d ideally have a way to temporarily dial up burn (say in wartime), but still have the right incentives to not let spending get totally out of control longer term.
An example would be a US sovereign wealth fund, where every citizen gets a share (maybe people can buy more if they want), and any budget surplus pays a dividend.
Every citizen then has skin in the game. Maybe Congress gets a slightly larger stake.”
To support his argument for a leaner US federal government, the Coinbase CEO says,
“[Economist and Nobel laureate] Milton Friedman famously suggested the function of government be limited to:
1. Courts to enforce contracts and settle disputes.
2. Police to keep the peace at home (enforce laws, protect property rights).
3. Military for national defense.”
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Billionaire tech mogul Elon Musk, who was handpicked by Trump to spearhead the Department of Government Efficiency (DOGE), responded to Armstrong saying, “Milton Friedman was great.”
Last week, President-elect Donald Trump announced he was appointing Musk and biotech entrepreneur, Vivek Ramaswamy, to lead DOGE shortly after his e------n. Trump said DOGE would help his administration’s quest to “dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies.”
@ Newshounds News™
Source: The Daily Hodl
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Source: Dinar Recaps
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