(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
RIPPLE CEO ON 60 MINUTES: GARLINGHOUSE OPENS UP ON $150 MILLION SEC FIGHT, CRYPTO WAR AND MORE
Ripple CEO Brad Garlinghouse appeared in an interview on 60 Minutes, airing on December 8, 2024, where he discussed the company’s ongoing legal fight with the U.S. Securities and Exchange Commission (SEC).
Garlinghouse criticized the SEC’s approach, stating that it was a key reason why Ripple and two other companies formed the industry super PAC, FairShake, to fight back against what he described as a “war on crypto.” He suggested that FairShake might not have existed if the SEC had a different chairman than Gary Gensler.
When an SEC spokesperson said that the amount spent by the crypto industry on legal defense is minimal compared to the losses investors have faced due to frauds and market failures, Garlinghouse revealed Ripple’s financial contributions, revealing that the company has spent over $150 million fighting the SEC’s stance on XRP.
He said that Ripple argues XRP should not be treated like a stock and be subject to the same registration and disclosure requirements. Garlinghouse stressed that Ripple is not seeking to be deregulated but instead asking for clear regulations from Congress to address the unique nature of digital assets.
“I went to Harvard Business School. I think I’m reasonably intelligent about something like, “What is a security?” So never once had I considered the possibility– that, “Okay, maybe XRP’s a security. We haven’t been asking to be deregulated. We’ve been asking to be regulated. So we have been saying, “Hey, look, just give us clear rules of the road,” he said.
XRP Price Reacts:
XRP, Ripple’s cryptocurrency, is currently experiencing a surge, approaching the $2.60 mark. At the time of writing, it was trading at $2.55, a 4.5% increase. Investors are optimistic about the future of the crypto industry, especially under a potential Trump presidency, as Ripple’s blockchain-based payment system continues to gain attention.
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Previously, XRP’s price saw a boost following speculation about a possible meeting between Garlinghouse and President-elect Trump, as well as news about SEC Chairman Gary Gensler’s resignation.
@ Newshounds News™
Source: Coinpedia
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HONG KONG TO INTRODUCE STABLECOIN FRAMEWORK
Hong Kong is establishing a bill that outlines a detailed framework for stablecoin issuers and marketers.
Under the proposed framework, stablecoin issuers and marketers must secure licenses from the Hong Kong Monetary Authority (HKMA).
The rule applies to all stablecoins, including those pegged to the Hong Kong dollar, while issuers are required to maintain reserve assets in local banks. Foreign custody might also be allowed by HKMA under specific conditions.
New compliance measures will be implemented, such as a minimum paid-up capital requirement of HK$25 million, as well as proof of robust financial health, sufficient liquidity, and risk management frameworks. Misrepresentation or false promotion of stablecoins is explicitly prohibited.
HKMA has also further expanded its authority to oversee, investigate, and enforce compliance.
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The Stablecoins Bill will be introduced into the Legislative Council for a first reading on December 18.
“The legislative proposal is essential for Hong Kong in fulfilling our obligations as a member of the Financial Stability Board,” Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, said in a statement.
“This risk-based proposal aims to promote a robust regulatory environment, which is in line with Hong Kong’s approach to virtual-asset development.”
Hong Kong’s bill positions it as an early mover alongside the EU and Japan. In July, Circle, the issuer of the USD Coin (USDC) and Euro Coin (EURC) stablecoins became the first global stablecoin issuer to achieve compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulatory framework.
In June, the Japanese parliament enacted a law recognizing stablecoins as a form of digital currency. According to the legislation, stablecoins must be tied to the yen and ensure holders can redeem each token at its full face value.
Hong Kong has made significant strides in an attempt to establish itself as a crypto-friendly regional hub. Just last month, Hong Kong proposed waiving crypto tax for wealthy individuals in an attempt to strengthen its position as a leading regional crypto hub.
In a 20-page proposal, the Hong Kong government said the tax exemption would apply to private equity funds, hedge funds, and the investment vehicles of wealthy individuals on cryptocurrency gains, private credit investments, and other asset classes.
@ Newshounds News™
Source: BlockHead
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Source: Dinar Recaps
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IRAN MOVES TO REGULATE CRYPTO INSTEAD OF IMPOSING LIMITS: REPORT
Iran’s finance minister said the country’s government plans to regulate cryptocurrencies instead of limiting their usage.
The Iranian government is looking to embrace crypto assets by adding more regulations instead of outright restrictions, its Minister of Economic Affairs and Finance Abdolnaser Hemmati said.
According to a report from Iran’s state-run news agency Nour News, Hemmati said during a national event on Saturday that the government aims to eliminate the negative impacts of cryptocurrency on the economy, and leverage its positive effects. The minister added that digital money falls under the jurisdiction of the Iranian central bank.
Hemmati said he hopes to see cryptocurrencies used to boost youth employment in Iran, help counter U.S. sanctions and align the country’s activities with the global economy.
On the same day as Hemmati’s speech, the Central Bank of Iran published a new document that summarized its arrangement for upcoming policies on cryptocurrencies, Nour News reported. The upcoming policies aim to support crypto traders to comply with local tax and anti-money laundering laws, according to the report.
Iranian investors currently hold an estimated $30 billion to $50 billion worth of crypto assets, the report said, citing economist Mohammad Sadegh Alhosseini. This is roughly equivalent to a third of the entire gold market in the country, according to the expert.
The announcement from the Iranian government comes as U.S. President-elect Donald Trump builds anticipation for a positive regulatory environment for cryptocurrencies.
Since his reelection last month, Trump has appointed several pro-crypto candidates to spearhead various efforts during his upcoming term, recently naming long-time crypto supporter Paul Atkins to head the Securities and Exchange Commission.
@ Newshounds News™
Source: The Block
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CZECH REPUBLIC IS NOW CRYPTO-FRIENDLY! HERE’S WHAT CHANGED
The Czech Republic has introduced new crypto-friendly laws, making it easier for crypto businesses to operate in the country.
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These laws include easier access to bank accounts for crypto businesses and a three-year tax exemption on crypto investments.
These reforms aim to attract more crypto businesses to the Czech Republic and prevent them from moving to other countries.
The Czech Republic has made the news headlines with bold new crypto regulations aimed at transforming the sector. These changes address long-standing challenges for crypto businesses and could make the country a hotspot for digital asset innovation.
Crypto Firms Finally Get a Break
Crypto businesses in the Czech Republic have long struggled to open bank accounts due to skepticism from financial institutions. Banks, wary of crypto’s volatility, often denied these businesses basic banking services, making operations incredibly challenging.
That’s about to change. The new reforms will make it easier for crypto companies to access banking services, removing a major barrier to growth. This shift could pave the way for smoother operations and attract more businesses to the Czech market.
A Tax Break to Boost Investments
But wait, there’s more. A three-year tax exemption for crypto investments has also been introduced. This means that profits from crypto will be treated just like profits from stocks. So, crypto businesses can breathe a little easier, knowing they’re now on the same playing field as more traditional investments. It’s a big win, and it’s meant to make the Czech market way more attractive to investors—both local and international.
Why Act Now? The Clock’s Ticking
Deputy Speaker Jan Skopeček explained the need for swift action, emphasizing that the government had to act now to retain crypto businesses. Without these changes, many companies could relocate to countries with more favorable crypto laws, leading to economic losses.
The urgency also ties to the European Union’s upcoming Markets in Crypto Assets (MiCA) regulation. While MiCA aims to harmonize crypto rules across the EU, its rollout has caused uncertainty. Many companies are still awaiting approvals or navigating compliance challenges, and some have already left Europe or modified their operations to align with the evolving rules.
The Road Ahead Is Not Easy
These reforms show the Czech Republic’s determination to stay ahead in the digital revolution. By easing banking access and offering tax incentives, the country is positioning itself as a more attractive hub for crypto firms.
However, challenges remain. While the reforms are promising, businesses may still encounter unexpected hurdles as the new policies are implemented. The coming months will reveal whether the Czech Republic can truly establish itself as a crypto-friendly destination.
@ Newshounds News™
Source: Coinpedia
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FINANCIAL REVOLUTION 2024: WHAT YOU NEED TO KNOW! | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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