(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
WHO IS DAVID SACKS? AND WHY HAS DONALD TRUMP MADE HIM CRYPTO CZAR?
▪️ David O. Sacks Becomes White House AI & Crypto Czar Under Trump’s Administration.
▪️ Former PayPal COO Brings Expertise in Tech and Venture Capital to Federal Leadership.
▪️ Close Ties to Trump and Musk May Boost Fresh AI-Crypto Strategies for U.S. Leadership.
Former PayPal executive and renowned venture capitalist David O. Sacks has been appointed by Donald Trump as the White House’s first “AI & Crypto Czar.” This new role is part of Trump’s plan to position America as a global leader in artificial intelligence (AI) and cryptocurrency, two rapidly growing fields shaping the future. The announcement came shortly after Bitcoin reached its $100k milestone.
Why Trump Appointed David Sacks Only?
In a post on Truth Social, Trump announced Sacks’ appointment and highlighted his mission to create a clear legal framework for the cryptocurrency sector. However, Trump’s decision to appoint Sacks arose from his impressive track record as a tech entrepreneur and investor.
Sacks, a founding-era COO of PayPal and a key member of the “PayPal M---a,” has built and supported some of Silicon Valley’s most successful ventures. His expertise in technology and finance makes him tackle the challenges and opportunities in AI and crypto effectively.
Meanwhile, some experts even hint that Trump’s decision to appoint Sacks is seen as a reward for his loyal support during the campaign. Sacks played a pivotal role in fundraising for Trump, helping to raise $12 million during a high-profile event earlier this year.
What Changes Could Sacks Bring?
David Sacks will focus on creating clear rules for cryptocurrencies to remove confusion and help the U.S. digital asset industry grow. His goal is to support crypto businesses and position the United States as a global leader in digital innovation.
Advertisement
______________________________________________________
According to Trump, he will “steer us away from Big Tech bias and censorship,” ensuring a balanced digital landscape that supports open discourse. Sacks will also focus on safeguarding free speech in the online space.
Additionally, Sacks will chair the Presidential Council of Advisors for Science and Technology, guiding the administration’s policies on emerging technologies.
Sacks Close Ties to Trump and Musk
Sacks has been a strong Trump supporter of Trump, hosting fundraisers and rallying tech industry donors. He also shares close ties with Elon Musk, who has made waves in AI through his company xAI and chatbot Grok. This connection could bring fresh ideas and partnerships to the administration’s tech strategy.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
PHILIPPINES COMPLETES WHOLESALE CBDC TRIAL
Today Bangko Sentral ng Pilipinas (BSP) said it completed Proof of Concept trials for its Project Agila wholesale central bank digital currency (wCBDC) along with participating financial institutions.
Specifically, the latest trial tested whether banks in the Philippines can pay each other outside of bank operating hours during evenings, weekends and holidays.
“Wholesale CBDCs are expected to enhance liquidity management, reduce settlement risks, and support financial stability,” said BSP Governor Eli M. Remolona, Jr.
Advertisement
______________________________________________________
“Insights from this project will guide the BSP’s CBDC roadmap. Our goal is to leverage new technologies to further enhance the efficiency and resilience of the national payment system.”
While the bank hasn’t yet released a report about specific findings, the central bank shared its plans earlier in the year. Many wCBDC trials are quite speculative, but this one is less so.
The central bank plans to launch a wCBDC during Mr Remolona’s term, which ends in 2029. It is expected to be sooner rather than later, with 2025 or 2026 previously floated as potential timeframes.
Apart from out of hours payments, the wCBDC will potentially be used for securities settlement and cross border payments. The central bank is an observer in the mBridge DLT cross border payment system used by the central banks of China, Hong Kong, Saudi Arabia, Thailand and the UAE.
During 2023 the BSP assessed various blockchain technologies, selecting Hyperledger Fabric.
@ Newshounds News™
Source: Ledger Insights
~~~~~~~~~
Source: Dinar Recaps
=======================================
XRP LAWSUIT NEWS: ATKINS WON’T DISMISS THE RIPPLE CASE, SEC VS XRP TO CONTINUE
Gary Gensler’s departure in January 2025 could leave the SEC’s stance on Ripple unchanged, with Jorge Tenreiro playing a key role in the ongoing case.
As the SEC’s appeal deadline for Ripple approaches in January 2025, the transition in leadership raises questions about the future of crypto regulations.
Advertisement
______________________________________________________
Gary Gensler, the controversial head of the U.S. Securities and Exchange Commission (SEC), will step down on January 20, 2025, as announced by the agency recently. Gensler, who was widely criticized by crypto investors during his tenure, will leave just days before a major decision in the SEC’s ongoing legal battle with Ripple, set for January 25, 2025.
What Gary Gensler’s Departure Means for the SEC’s Ripple Lawsuit
However, despite Gensler’s departure, the future of the SEC’s approach to crypto remains uncertain. Bill Morgan, an attorney closely following the case, pointed out that the SEC’s new chief litigation counsel, Jorge Tenreiro, is deeply involved in the Ripple litigation.
Tenreiro, who will be the key lawyer in the SEC v. Ripple case, may continue in this role even after the confirmation of the new SEC commissioner, Paul Atkins. Morgan expressed skepticism about any significant shift in the SEC’s stance on crypto if Tenreiro remains in charge of the litigation.
Morgan warned against assuming that the SEC’s decision not to file its brief in the Ripple case by January 15, 2025, signals a change in approach. He said that Tenreiro would still be handling it.
Morgan wrote, “If Tenreiro stays in the new role it will not signal a big change in SEC enforcement policy towards crypto. Even if there is a change the SEC v Ripple Appeal may continue.”
Jorge Tenreiro’s Role: Will the SEC’s Stance on XRP Change?
In response, Marc Fagel, a former SEC lawyer, clarified that trial counsel like Tenreiro do not make policy decisions; they handle enforcement actions approved by the SEC’s Commissioners.
Fagel asked whether there was any example of a new SEC administration dismissing a pending enforcement action, though he acknowledged that future changes could deviate from past norms.
As the January 2025 appeal deadline approaches, it remains to be seen how the SEC’s leadership transition will impact the outcome of the Ripple case and the agency’s overall approach to the cryptocurrency market.
FAQs
What impact will Gensler’s departure have on the Ripple lawsuit?
Despite Gensler’s exit, the SEC’s approach may remain the same, with Jorge Tenreiro continuing to handle the Ripple case.
Will the SEC’s stance on crypto change after Gary Gensler leaves?
Legal experts suggest the SEC’s crypto policy may not change significantly, even with a leadership transition and Tenreiro in charge.
What is the significance of the January 2025 Ripple case appeal deadline?
The Ripple appeal deadline in January 2025 is pivotal for the future of crypto regulation, potentially shaping the SEC’s approach.
@ Newshounds News™
Source: Coinpedia
~~~~~~~~~
Advertisement
______________________________________________________
RIPPLE TARGETING YEAR-END RLUSD STABLECOIN LAUNCH: REPORT
Ripple is pushing to launch its U.S. dollar-pegged stablecoin, RLUSD, by the end of 2024, though regulatory approvals and the holiday season could cause delays.
This sentiment comes from Ripple CTO David Schwartz. Speaking at The Block’s Emergence conference in Prague, Schwartz expressed optimism despite challenges.
“I’m very hopeful it will happen this year, but once you start running into Christmas and New Year’s, people are gone,” he said, according to The Block.
RLUSD was initially announced in April and will operate on both the XRP Ledger and Ethereum. Testing began in August, and Ripple has partnered with exchanges Uphold, Bitstamp, and Bitso, alongside market makers B2C2 and Keyrock, to ensure liquidity.
No release on December 4
One of the main obstacles is obtaining regulatory approval from the New York State Department of Financial Services
There was speculation that Ripple’s stablecoin would be released on December 4. However, the company addressed this speculation on X, stating, “Despite some rumors, RLUSD isn’t launching today. We’re working closely with the NYDFS on final approval and will share updates as soon as possible.”
@ Newshounds News™
Source: Crypto News
~~~~~~~~~
I SPENT YEARS RESEARCHING THE RV AND HERE’S WHAT I FOUND! YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
~~~~~~~~~
Advertisement
______________________________________________________
Source: Dinar Recaps
______________________________________________________
If you wish to contact the author of a post, you can send us an email at voyagesoflight@gmail.com and we’ll forward your request to the author (if available). If you have any questions about a post or the website, you may also forward your questions and concerns to the same email address.
______________________________________________________
All articles, videos, and images posted on Dinar Chronicles were submitted by readers and/or handpicked by the site itself for informational and/or entertainment purposes.
Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on this site. Information posted on this site may or may not be fictitious. We do not intend to and are not providing financial, legal, tax, political or any other advice to readers of this website.
Copyright © Dinar Chronicles
