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Seeds of Wisdom
CRYPTO ADVOCATE FRENCH HILL PICKED TO LEAD HOUSE FINANCIAL SERVICES COMMITTEE IN 2025
As chair, Hill will oversee Federal Reserve, Wall Street, and crypto sector regulations amid growing scrutiny. Congressman French Hill has been appointed as the next chair of the House Financial Services Committee.
He will succeed North Carolina’s Patrick McHenry, who is retiring after a 20-year stint in Congress, including multiple terms leading Republicans on the board.
Hill’s Vision
The Arkansas Republican announced the news on December 13 via X:
“I am humbled that my colleagues have placed their trust in me to lead FinancialCmte as their next Chairman.”
The party’s steering committee appointed the lawmaker to the role on Thursday while finalizing committee leadership for the 119th Congress, which begins next year. This position means Hill will be key for legislative initiatives for the crypto industry that will take shape in the coming year.
In a formal statement, the 68-year-old highlighted his promise to work closely with Speaker Mike Johnson, Majority Leader Steve Scalise, Majority Whip Tom Emmer, and House Republican Conference Chair Lisa McClain in the future.
He also mentioned that he’s looking forward to collaborating with President-elect Donald Trump and Senate Banking Committee Chairman Tim Scott on what he described as “a new era of American prosperity’ for all citizens.
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Crypto Legislative Efforts
The Financial Services Committee oversees critical areas, including the Federal Reserve, Wall Street regulations, and the increasingly scrutinized cryptocurrency sector. Hill, who currently chairs the Digital Assets, Financial Technology, and Inclusion subcommittee, has been a vocal proponent of crypto-related legislation.
His efforts include championing bills to clarify regulatory jurisdiction between the Securities and Exchange Commission (SEC) and the Commodities and Futures Trading Commission (CFTC).
He has also collaborated with California Representative Maxine Waters on stablecoin legislation, though the bill was ultimately not introduced.
Additionally, the Arkansan has pledged to investigate Operation Chokepoint 2.0, which he described as an initiative targeting the cryptocurrency sector through politicized debanking.
Trump has previously vowed to end the Biden administration’s war on crypto. Following his re-e------n, reports came out that his transition team was considering various crypto-friendly candidates for key regulatory positions.
Since then, the President-elect has appointed David Sacks as AI and Crypto Czar and Paul Atkins as the SEC’s new chairman. Hill will officially take on the leadership role when the new congressional session convenes on January 3, 2025.
@ Newshounds News™
Source: Crypto Potato
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COINBASE TO START RESTRICTING STABLECOINS IN EU BASED ON MICA COMPLIANCE
▪️ Coinbase will restrict non-compliant stablecoins under MiCA, including USDT, PAX, PYUSD, and DAI, starting tomorrow.
▪️ Algorand identified Circle’s USDC and Quantoz’s EURD as compliant alternatives amid shifting EU stablecoin market dynamics
▪️ Tether exited Europe but invested in Quantoz, signaling strategic pivots as Circle partners with Binance to challenge Tether’s dominance.
According to Algorand, Coinbase began notifying its European clients that it will begin restricting stablecoins that don’t meet Markets in Crypto Assets (MiCA) requirements tomorrow.
Coinbase Prepares for MiCA
This news comes from the Algorand Foundation, a proof-of-stake blockchain and cryptocurrency.
Algorand directly posted their notice from Coinbase through a social media post and listed the MiCA-compliant stablecoins that its users could switch to. Both of these options, Circle and Quantoz, are entangled in a new struggle for EU stablecoin dominance.
“Dear Client, as a reminder, due to the new MiCA regulation, Coinbase will implement restrictions for stablecoin services that do not meet MiCA requirements. Based on the latest information, we currently expect we will have to restrict services for the following assets: USDT, PAX, PYUSD, GUSD, GYEN, and DAI,” Coinbase claimed in its notice.
MiCA is a comprehensive new regulatory framework for cryptoassets in the EU, and its advent is creating dramatic new market opportunities.
Before this year, Tether was the dominant stablecoin in this market, but it quickly became apparent that the stablecoin giant would not meet compliance. Several firms consider this moment a chance to overtake Tether’s market share.
Tether, for its part, is acting strategically. On one hand, it significantly scaled back EU operations in November. The company also heavily invested in Quantoz, which launched one of two MiCA-compliant stablecoins that Algorand identified. The other approved asset, Circle’s USDC, represents an effort to directly muscle in on Tether’s old territory.
Yesterday, Binance announced a partnership with Circle, seemingly to expand in Europe. Coinbase partially owns Circle, and thus, this public gesture took place despite these two massive exchanges’ rivalry. With their combined capital and resources, the pair could make significant strides in the EU market.
For non-stablecoin crypto firms like Algorand, however, this “MiCA market opportunity” might not impact regular operations. The firm has enjoyed an impressive rally in recent months, and its announcement claimed that users could seamlessly use either USDC or EURD from Quantoz.
@ Newshounds News™
Source: Be In Crypto
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Source: Dinar Recaps
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BRICS NEWS: BRICS ANNOUNCE CREATION OF NEW KEY ALLIANCE: WHAT IT MEANS
Amid the shifting geopolitical landscape, the BRICS bloc has announced the creation of a new key alliance that could have massive ramifications. Indeed, the economic alliance has seen its members come together to establish a new collaborative effort to focus on technological growth over the next six years.
The BRICS bloc has ramped up cooperation over the last two years. As Russia has navigated increased Western sanctions following its invasion of U-----e in 2022, it has looked to its allies in the global south to continue fortifying its global position. That is poised to continue with the launch of this new alliance.
BRICS Launch New Alliance With Massive GDP Growth Expected
The past two years have been massive for the BRICS alliance. It has grown from a five-member bloc to a nine-member collective and introduced a new 13-nation partnership association. Yet alongside its growth has been an ongoing and worldwide technology revolution. Now, the bloc has instituted a new initiative to take advantage of those changes.
The BRICS bloc has announced the creation of its very own AI alliance, according to a Reuters report. Indeed, Russian President V------------n announced that the country would spearhead plans to develop AI technology within the BRICS nations. The move will see the global south seek to better compete with the world in various emerging technologies.
Russia must participate on equal terms in the global race to create strong artificial intelligence,” P---n said at an AI conference in Moscow. “It is precisely the advanced solutions hat Russian scientists are currently working on.”
Additionally, P---n said the bloc will “invite scientists from all over the world to join in the collaboration.” Currently, Western sanctions have affected Russia’s access to microchips necessary for AI development. Therefore, it is once again turning to its BRICS allies to help it keep pace while the U-----e war that is driving sanctions persists.
@ Newshounds News™
Source: Watcher Gurur
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TRUMP TEAM EXPLORES CONSOLIDATING OR ENDING BANKING OVERSIGHT BODIES—BIG WIN FOR CRYPTO?
▪️ Donald Trump’s presidential transition team is reportedly discussing the possibility of reducing the number of banking regulators, merging agencies, or even eliminating some entirely.
▪️ With the potential consolidation or reform of the FDIC, OCC, and Federal Reserve, alongside the CFPB, the crypto market could benefit from a more streamlined regulatory environment, allowing it to flourish more freely.
Advisers to President-elect Donald Trump and officials of the Department of Government Efficiency (D.O.G.E), Elon Musk and Vivek Ramaswamy, are reportedly debating on strategies to slim down or even abolish key financial watchdogs.
According to a report by The Wall Street Journal, this discussion comes as part of a broader push to reconfigure the regulatory framework affecting the banking and crypto sector, which some in Trump’s circle view as overly burdensome. These advisers argue that a significant rollback of regulatory powers could foster a more business-friendly environment for cryptocurrencies.
In interviews, Trump’s advisers have raised questions about the feasibility of consolidating bank deposit insurance functions into the Treasury Department.
Additionally, conversations have included suggestions to combine various regulatory bodies, including the FDIC, the Office of the Comptroller of the Currency (OCC), and the Federal Reserve.
A significant opportunity has emerged for Trump to appoint a new leader to the Federal Deposit Insurance Corporation (FDIC).
Meanwhile, Brian Quintenz, a prominent name in cryptocurrency policy, is being considered for the chair position at the Commodity Futures Trading Commission (CFTC). Current FDIC Chair Martin Gruenberg has announced his retirement, effective January 19.
However, as he steps down, he faces considerable challenges. Republican House of Representatives member Tom Emmer publicly a-----d Gruenberg of being the “architect of Operation Chokepoint 2.0. and failing to protect his own employees”.
Emmer’s comment is based on a congressional hearing where Gruenberg testified about an investigation revealing a culture of s----l assault, harassment, and mistreatment at the FDIC during his tenure.
For context, “Operation Chokepoint 2.0” is an alleged and unconfirmed initiative suggesting that the U.S. government pressured banks to limit services to cryptocurrency businesses, which may have impacted crypto exchanges like Binance and Coinbase.
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Deregulation: A Double-Edged Sword for Crypto?
Nic Carter, a partner at Castle Island Ventures, recently stated that Silvergate Bank likely would have survived if it hadn’t been forced into voluntary liquidation by U.S. regulators.
The bank paid out large fines to its regulators: $43 million to the Federal Reserve, $20 million to California’s Department of Financial Protection, and $50 million to the Securities and Exchange Commission (SEC). Carter revealed that an insider at Silvergate informed him the bank had to limit its crypto deposits to 15% to avoid regulatory repercussions.
Signature Bank and Silicon Valley Bank, both of which were known for their support of cryptocurrency, are additional examples of banks affected by the actions of the FDIC. These banks, which had partnerships with venture capital firms like Andreessen Horowitz and Pantera Capital, shut down in early 2023.
Recently, a federal judge reprimanded the FDIC for its lack of transparency regarding its oversight of banks involved in cryptocurrency. This criticism highlights the need for reforms in the agency.
Additionally, the potential dissolution of the Consumer Financial Protection Bureau (CFPB) adds another challenge for the crypto sector.
The judge’s comments arose during a Freedom of Information Act (FOIA) lawsuit backed by Coinbase, which questioned the FDIC’s redactions of “pause letters” issued to banks concerning their crypto activities.
By abolishing the watchdogs, it can allocate resources more efficiently and encourage innovation in the crypto industry. However, if regulatory changes disrupt the existing financial oversight structure, the crypto industry might find itself in a precarious position as agencies like the SEC, CFTC, and OCC vie for authority over various facets of blockchain.
This process could either clarify regulations or lead to confusion and instability within the industry.
With support from Coinbase and other major crypto firms, the e------n of pro-crypto candidates marked a pivotal moment for the industry.
The cryptocurrency sector invested over $119 million to support such candidates, resulting in the e------n of more than 240 pro-crypto lawmakers to the House of Representatives and Senate, a notable success for the push for clearer regulations and leadership in the US.
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Coinbase CEO Brian Armstrong declared this as “America’s most pro-crypto Congress ever,” suggesting that the potential abolition of banking watchdogs would represent a substantial win for the crypto industry and could bolster investor confidence.
Additionally, it could enable cryptocurrencies to operate more efficiently, leading to real-time transactions, lower fees, and increased mainstream acceptance.
@ Newshounds News™
Source: Crypto News Flash
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CARDANO (ADA) JUST RELEASED DAEDALUS V7.0.0: MAIN CHANGES
Cardano’s developer Input Output announced the release of Daedalus v7.0.0, an updated version of full-node desktop wallet software. Deadalus mechanisms are optimized for a new design of ADA delegation that is necessary for the upcoming Cardano Constitution referendum.
Cardano’s Daedalus v7 is out: What changed?
Input Output Global, the development entity behind PoS blockchain Cardano, announced the release of a new version of Daedalus, its full-node wallet software. Daedalus v7.0.0 arrives with major changes of the ADA delegation mechanism.
The new release, which was revealed by IOG on Dec. 10, 2024, enables users to delegate their voting power to delegated representatives (DReps), as voting actors in governance mechanism.
Also, with Daedalus v7.0.0, ADA wallets can choose an automatic voting option (abstain or no confidence), ensuring that the Daedalus community has a voice in crucial developments for Cardano.
Daedalus v7.0.0 build is now available in mainnet, pre-prod and preview iterations. The team of IOG reiterated that the ADA community should be ultra-cautious about Daedalus-related scams.
ADA community to vote on Cardano Constitution in January 2025
Namely, Cardanians should always keep in mind that Daedalus full node wallet is only available for desktops. All announcements regarding “mobile Daedalus” wallets and ADA delegation in them are blatant scams.
Also, in the new voting tab, users can select their registration preference for each wallet held in Daedalus. Existing users will get a prompt to update via the Daedalus newsfeed.
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As covered by U.Today previously, Cardano inches closer to the greatest referendum in years. In January 2025, the ADA community will approve or reject Cardano Constitution, an ambitious decentralization principles code.
In early December, Cardano’s Constitution draft was approved by a convention in Buenos Aires.
@ Newshounds News™
Source: Trading View
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Source: Dinar Recaps
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