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Seeds of Wisdom
CONGRESSMAN THAT LED SAB 121 HOUSE VOTE, VOWS TO OVERTURN CRYPTO CUSTODY RULE
Earlier this year, both the House and Senate voted to overturn the SEC’s SAB 121 accounting rule that prevented banks from providing crypto custody solutions. However, President Biden used his veto so the rule still stands. Mike Flood, the Congressman that led the bipartisan House vote, has vowed to work with a new SEC Chair to ditch SAB 121 for good.
However, Flood’s work wasn’t entirely wasted. The dual votes highlighted the issue that forcing banks to put assets under custody on their balance sheet is both unconventional and affects their compliance with bank balance sheet rules.
As a result, it makes it prohibitively expensive for banks to provide crypto custody and inhibits innovation on the tokenization front.
Since then, the SEC has softened its stance a little. Banks can apply for exceptions and it has granted them. That’s not a practical solution, because banks have to consult the SEC on most deals.
“SAB 121, despite widespread opposition, works effectively as a regulation even though it never went through the normal Administrative Procedures Act process required for one,” Congressman Flood wrote.
“I look forward to working with the next SEC Chair to rollback SAB 121.” He didn’t pull his punches about SEC Chair Gensler. “Whether the chair leaves on his own or President Trump delivers his famous line on January 20, 2025, there’s an incredible opportunity for the new administration to turn the page on the Gensler era.”
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“It should be no surprise that Gensler opposed the digital assets regulatory framework that passed the House earlier this year on a bipartisan basis. 71 D-------s joined House Republicans to pass this common sense framework.
Even though the D------t-led Senate has refused to take it up, it represents a breakthrough moment for cryptocurrency and is likely to inform the work of the unified Republican government as the next Congress begins in January.”
@ Newshounds News™
Source: Ledger Insights
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CFTC COMMISSIONER URGES US CRYPTO POLICY REFORMS
The CFTC’s Summer Mersinger advocated structured crypto regulations and urged the industry to engage with the incoming US administration.
Speaking at the North American Blockchain Summit on Nov. 21, CFTC Commissioner Summer Mersinger discussed the need for standard US crypto-related policies through notice and comment regulation.
The United States Commodity Futures Trading Commission (CFTC) has played a role in implementing the current “regulation by enforcement” strategy alongside the Securities and Exchange Commission (SEC) under the outgoing administration, as evidenced by recent charges against Uniswap Labs.
Mersinger also said recent litigation against a decentralized autonomous organization (DAO) required the CFTC to seek a court verdict for entity classification. In this case, the CFTC wanted to classify the DAO as a corporation or association:
“I really started to get uncomfortable with this idea that we were kind of setting some sort of policy through our enforcement cases and through going to court. To me, how you’re going to treat an entity that’s a policy question.”
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Need for regulated relief for the crypto industry
Mersinger said that while crypto entities, including decentralized finance (DeFi), are often charged under existing categories and expected to operate under the same laws, there is no provision for them to be officially registered. She added:
“This is really tricky settlements because the information we share publicly with our enforcement settlements really doesn’t offer a lot of guidance for anyone who’s trying to do the right thing.”
As a result, Uniswap tried to do the right thing but ended up attracting more charges, Mersinger said. Still, Uniswap settled with the CFTC for a “very small fine.”
Despite its small size compared with the other agencies such as the SEC, Mersinger said that the CFTC is the “ideal regulator for the cryptocurrency spot market” as it can implement major legislative changes fairly quickly without disruptions to the market.
New laws can help crypto companies fight wrongful litigation
Moreover, she supported the introduction of new laws and regulations for crypto firms despite her predominantly conservative stance:
“What we’re seeing right now is that without those laws, you have agencies like the Federal Communications Commission (FCC) who can come in and create chaos and bring charges where maybe it doesn’t fit.”
Mersinger also recommended that the crypto industry start engaging with the new administration as soon as its leadership has been identified. “Don’t be afraid to start knocking on doors on day one because I think it’s critical to start” the conversations early on, she said.
@ Newshounds News™
Source: CoinTelegraph
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THE DOLLAR GAIN MEANS WHAT? | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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BRICS: WHY 2025 COULD BE THE END OF ITS DE-DOLLARIZATION EFFORTS
Despite being the BRICS focus over the last two years, 2025 could mark the end of the alliance’s de-dollarization efforts. Although the bloc has sought increased financial prominence, it has yet to truly strike at international Western hegemony.
With President-elect Donald Trump set to take over the White House in the coming years, his relationship with Russia’s V------------n could orchestrate a massive shift in perspective for the group. Since Trump won the 2024 e------n, P---n has already assured he is no longer interested in abandoning the US dollar.
BRICS Fight Against the US Dollar Coming to Its Final Bell: Why Trump Changes Everything
2022 remains one of the most important years, geopolitically speaking.
That year marked the start of Russia’s invasion of U-----e. Moreover, it forced the hand of the West, with the United States moving to sanction the country in response to its military advancement.
With that being more than two years ago now, things have changed. The invasion sparked increased cooperation with the global South BRICS alliance. Specifically, Russia sought to forge plans to lessen international reliance on the US dollar. Effectively, he struck back against the West in any way he could.
Yet, things have changed. Specifically, Trump is back in office, and the sentiment from the Russian president has shifted greatly. More importantly, things for the BRICS bloc could be set to change, as 2025 could be the end of its ongoing de-dollarization efforts.
A Reuters report notes that P---n has expressed a willingness to sit down with Donald Trump and discuss ending the ongoing war in U-----e. Although he has extensive conditions, his openness for a ceasefire is progress nonetheless.
Moreover, that comes as he already denounced a desire to truly abandon the US dollar after Trump was elected as the incumbent US President.
Trump has been outspoken about his stance regarding de-dollarization. Just as certain, the 45th president has been vocal about his belief in his own capacity to end the U-----e war. Those two things could create a perfect storm that only hinders the nations that put their faith in BRICS de-dollarization.
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It is not out of the realm of possibility to see an increase in Russian and US cooperation. That is especially true amid Trump’s return. Such an action would threaten its advances on the US dollar. More importantly, it could ensure Trump gets what he wants, assuring the greenback’s position atop global economics.
@ Newshounds News™
Source: Watcher Guru
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SEC COMMISSIONER JAIME LIZÁRRAGA TO STEP DOWN IN JANUARY
The U.S. Securities and Exchange Commission will see yet another exit in January after Commissioner Jaime Lizárraga announced he will step down.
Bloomberg Law reports that the former congressional aide has said he will leave the agency on January 17. The announcement comes just a day after SEC Chair Gary Gensler announced his resignation effective January 20.
Lizárraga, Gensler, and Caroline Crenshaw are the three D------t commissioners among the SEC’s five members. The two exits will leave Crenshaw, Hester Peirce, and Mark Uyeda, the latter two having dissented on various SEC decisions.
Notably, Lizárraga and Gensler will exit as Donald Trump, elected on Nov. 5, gets into office amid expectations of a pro-crypto White House. Reports that the T------------------n is eyeing a “crypto czar” have added to optimism, even as the industry debates on who would be the best pick for SEC Chair.
Lizárraga joined the SEC in 2022, with his term ending in 2027. Lizárraga faced criticism for overreach, with his corporate reporting regulations burdening small businesses. He was also criticized for the controversial policies that the market saw as prioritizing politics over investors.
He says his resignation is for family reasons.
“In reflecting on the challenges that lie ahead, we have decided that it is in the best interests of our family to close this chapter in my 34-year public service journey,” he said in a statement quoted by Bloomberg Law.
The crypto industry has largely criticized the SEC’s approach over the past four years, pointing to what many see as an anti-crypto stance. Trump has pledged to fire Gensler immediately upon taking office, vowing to end the current administration’s “war on crypto.”
@ Newshounds News™
Source: Crypto News
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MASTERCARD INTEGRATES ITS MTN BLOCKCHAIN NETWORK WITH JP MORGAN’S KINEXYS DIGITAL PAYMENTS (JPM COIN)
Today Mastercard announced it has integrated its Multi-Token Network (MTN) for tokenized deposits and tokenized assets with Kinexys Digital Payments (formerly JPM Coin).
It allows clients of the two solutions to send payments across the networks. Both companies emphasized the benefits for cross border payments because of traditional challenges with speed, transparency and time zone differences.
Kinexys Digital Payments is designed to support clients with JP Morgan bank accounts, so it’s mainly used by corporates that want to move money between JP Morgan branches dotted around the world. MTN provides a simplified solution to enable banks to engage with tokenized deposits.
Instead of developing their own blockchain networks, it offers banks an API driven solution. Additionally, it provides interoperability with multiple blockchain networks. Kinexys is an example of one of those networks.
“For years, both Mastercard and Kinexys by J.P. Morgan have been committed to innovating for the future of digital asset and commercial infrastructure,” said Raj Dhamodharan, EVP, Blockchain and Digital Assets at Mastercard.
“By bringing together the power and connectivity of Mastercard’s MTN with Kinexys Digital Payments, we are unlocking greater speed and settlement capabilities for the entire value chain.”
Both solutions represent bank payments on a blockchain. Conventional cross border payments involve Swift messages being sent between banks, often with intermediary banks involved. The banks then move the money separately from the message. That works fine most of the time, but not always.
With blockchain-based transfers, there is no separation of the message and money movement. That avoids issues where money has departed the sender’s account but has not arrived at the recipient.
If there’s an issue with the payment, such as an AML query, then the transfer should not start until that’s resolved.
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Kinexys and MTN experience
Kinexys Digital Payments are relatively mature, having launched in 2020. It now processes on average $2 billion in payments daily. Kinexys supports both Euros and Dollars, with plans to support instant FX soon. By contrast, MTN was first announced in mid 2023, and e------d its first live transaction in a sandbox with Standard Chartered in May.
Both projects are explored in Ledger Insight’s new report on bank stablecoins and deposit tokens.
@ Newshounds News™
Source: Ledger Insights
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Source: Dinar Recaps
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