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Seeds of Wisdom
GENSLER GONE, CRENSHAW OUT, RLUSD LIVE: RIPPLE VS SEC FINAL SHOWDOWN ON JAN 15?
Ripple sees a boost as SEC Chair Gary Gensler resigns, and RLUSD launch signals global growth for XRP ahead of key January 15 deadline.
January 15 could be pivotal for XRP as SEC files briefs in Ripple lawsuit; new leadership brings hope for relaxed crypto regulations.
It looks like the clouds are clearing for Ripple as recent events have given it a boost, possibly changing the course of its legal battle. Trump’s promise to fire SEC Chair Gary Gensler on day one seems to be coming true, as Gensler announced his resignation on January 20, the same day Trump is inaugurated. This big news helped push XRP to new yearly highs.
Plus, Ripple’s RLUSD launched on December 17, taking a big step toward global growth. Meanwhile, SEC Commissioner Caroline Crenshaw became a target of the crypto community due to her strong anti-crypto stance and was denied renomination.
All of these events could lead to something big on January 15, especially with Paul Atkins soon taking over as SEC Chair. Many are hopeful that this will bring a more relaxed approach to crypto regulation.
What Will Happen on January 15?
The SEC has requested an extension to file its principal brief in the ongoing XRP lawsuit with Ripple Labs. The new deadline for filing is set for January 15, 2025.
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According to attorney Fred Rispoli, this part of the case is strictly about paperwork — no new evidence or jury trial. There are two appeals in process: one from the SEC and another from Ripple, called a “cross-appeal.”
Each side will submit an opening brief, followed by an opposition brief, and then a reply brief. Afterward, there will be a 15-minute o--l argument in front of three judges.
Fred said that while the argument is brief, it will be crucial, as the judges’ questions can provide insight into their initial thoughts on the case. However, he also said that the entire process could take up to a year and a half, despite the short duration of the o--l argument.
Ripple vs. SEC drama heats up will the outcome boost XRP? Reda XRP price prediction points to a potential surge as key decisions loom.
Even if the legal case continues, supporters remain optimistic that the new government will implement the right measures to support the crypto industry. Another bullish development is that Empower Oversight is urging Congress to release an SEC Inspector General report on former chairman Jay Clayton’s actions. This report could bolster their investigation before Clayton is confirmed as U.S. Attorney for the Southern District of New York.
@ Newshounds News™
Source: CoinPedia
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US TREASURY ISSUES SANCTIONS OVER NORTH KOREAN CRYPTO MONEY LAUNDERING
Alleged crypto money launderers with links to the North Korean regime have been sanctioned by U.S. authorities.
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North Korea’s government has been c----t red handed—again.
That’s according to the feds, who today announced that they have sanctioned two individuals tied to a crypto money laundering network with alleged ties to the D--------c People’s Republic of Korea.
In a Tuesday statement, the Department of the Treasury’s Office of Foreign Assets Control said it had sanctioned Lu Huaying and Zhang Jian for allegedly laundering digital assets to fund the already heavily sanctioned government in Pyongyang.
The Treasury Department alleged that a front company in the United Arab Emirates, named Green Alpine Trading LLC, was used to turn crypto into cash. The agency credited the UAE for help in targeting the sanctioned individuals.
“Today’s sanctions are a part of ongoing efforts to disrupt the DPRK’s money laundering operations, which finance the regime’s unlawful weapons of mass destruction and ballistic missile programs,” Tuesday’s statement reads.
The sanctions mean that both Huaying and Jian have had their assets frozen and that Americans won’t be able to do business with them or with their company.
Acting Under Secretary of the Treasury for T-------m and Financial Intelligence Bradley T. Smith added that the North Korean regime used “complex criminal schemes” to fund its missile program—including “exploiting digital assets.”
North Korean actors are no stranger to crypto: Hacking groups with ties to the country’s ruler, such as Lazarus, have used mixing tools like Tornado Cash and other apps in order to hide the trace of d---y funds, U.S. authorities have alleged.
Other digital asset researchers and blockchain trackers have released data showing that hackers with government ties target crypto exchanges to steal funds.
The U.S. only yesterday hit North Korea with more sanctions, targeting a number of banks and officials with the aim of disrupting the hermit kingdom’s support of Russia’s war in U-----e.
@ Newshounds News™
Source: Decrypt
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UK’S FIRST DIGITAL SECURITIES SANDBOX PARTICIPANTS GET PRELIMINARY APPROVAL
The UK’s Financial Conduct Authority (FCA) opened the Digital Securities Sandbox (DSS) for applications at the end of September. It relaxes certain rules for DLT market infrastructures.
Some of the first applicants have already received preliminary approval, although admittedly it doesn’t mean that much because they can’t go live. However, given it’s only been six weeks since applications opened, it appears the FCA plans to move fast.
The two entities that have announced preliminary approval are (intended) central securities depository (CSD) Montis (owned by Archax) and ClearToken, which plans to operate as a central clearinghouse for crypto and tokenized assets. ClearToken is backed by Nomura’s Laser Digital and Standard Chartered’s Zodia Custody, amongst others.
Like the EU’s DLT Pilot Regime, the DSS plans to relax the rule that exchanges and central securities depositories must always be separate. With DLT, that split is sometimes impractical. The first EU approval of CSD Prague happened 18 months after the legislation came into force. Only two EU entities have been approved so far.
In an attempt to address these sorts of delays, the UK has created a gate system, with Gate 1 as preliminary approval, and Gate 2 as permission to go live within the sandbox. These preliminary approvals are only for Gate 1. For existing regulated entities, the gap between Gate 1 and Gate 2 should not be too significant.
The FCA said early bank applicants could earn Gate 2 approval by February 2025, with unregulated entities closer to November 2025. Others would be somewhere in between.
Both of the startups, Montis and ClearToken, are yet to receive regulatory approval, so they are likely to have to wait a while to receive Gate 2 clearance. That said, Montis has been working on its CSD licensing for years.
“By applying to the DSS, we are taking a significant step toward creating a dynamic, globally connected financial ecosystem based in the UK,” said Montis Group CEO Martin Watkins.
“Our proven capabilities in Luxembourg, where we have built an infrastructure service aggregate and record both conventional and natively digital securities using DLT, will provide a strong foundation for the UK’s digital securities markets.”
@ Newshounds News™
Source: Ledger Insights
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TOP ECONOMIST SHARES WHY SILVER IS THE SAFEST BET RIGHT NOW | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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BREAKING: FED SLASHES INTEREST RATES BY 25 BPS
The US Federal Reserve has finally announced its eighth and last policy decision for 2024 after a two-day Federal Open Market Committee (FOMC) meeting. It has cut interest rates by 25 bps. Notably, this is the third rate cut in 2024 from the Fed.
Notably, Wall Street had expected the central bank to slash the benchmark interest rate by 25 basis points (bps) for the second straight meeting after lowering it to 4.50 – 4.75 per cent in November. Markets were confident in a rate reduction, with CME Group’s FedWatch tool indicating a 99% probability.
The last policy verdict by the central bank came just after Republican Donald Trump secured a landslide victory in the 2024 US Presidential e-------s. In the September meeting, the US Fed slashed the benchmark interest rate by 50 basis points to 4.75 per cent-5 per cent for the first time in four years after policymakers expressed confidence that inflation was consistently on track to come near the target level.
Fed Not In A Hurry To Slash Rates
The US Fed policymakers estimate the benchmark interest rate falling by another half-point by the end of this year, another full percentage point in 2025, and a final half-point reduction in 2026 to end in a 2.75 per cent-3.00 per cent range.
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The Fed Chair Chairman Jerome Powell had earlier indicated that the committee is in no hurry to reduce the key benchmark interest rates and that the committee will be more careful in the rate cut approach.
Also, earlier, Goldman analysts referenced a speech by Beth Hammack, president of the Federal Reserve Bank of Cleveland, where she stated that resilient growth, a strong labor market, and elevated inflation justify maintaining a modestly restrictive monetary policy for some time, as it could help to “sustainably return inflation back to 2 percent in a timely fashion.”
Impact On Crypto
“While a rate cut is undoubtedly favorable for Bitcoin’s price, the market appears to have already priced in a 25 basis point cut in December,” Min Jung, research analyst at Presto Labs, noted. He added that, as a result, the actual rate cut may have a minimal direct impact on Bitcoin’s price.
Jung emphasized that attention will turn to the December FOMC meeting’s Summary of Economic Projections and comments from Powell on future rate cuts. He noted that any unexpected developments or surprises from these factors will likely be the key drivers of Bitcoin’s price action.
Just recently, Bitcoin (BTC) took a pause after hitting an all-time high of $108,268 as traders awaited the Federal Reserve’s anticipated interest rate cut and optimism from strategic Bitcoin reserve plans.
@ Newshounds News™
Source: CoinPedia
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BRICS NEWS: BRICS ANNOUNCE PARTNER NATION RULES WITH ONE KEY DIFFERENCE
With the BRICS expanding for the second time in two years, the economic alliance has announced its newly instituted partner nation rules, with one key difference among them. Indeed, the bloc welcomed 13 new countries with partnership status as its global standing continues to strengthen.
The decision was officially unveiled at this year’s annual summit. Moreover, it happened 12 months after the bloc officially expanded for the first time since 2001. Specifically, it welcomed four countries to join the BRICS bloc, with the United Arab Emirates (UAE), Egypt, Iran, and Ethiopia joining the group.
BRICS Partner Nations Unveiled as Alliance Announce Rule Change
The last two years have seen massive shifts take place in a geopolitical realm. Following Russia’s invasion of U-----e, Western sanctions took a massive toll on the invading country. Thereafter, Moscow turned to its BRICS allies and the global south as de-dollarization became an immense priority.
The allure of those policies was clearly shown in nations jockeying to join that emerging group. Now, the bloc has expanded twice. Indeed, the official membership list has grown, as well as the development of its very own partnership nation-tier coming to fruition. Now, BRICS has announced partner nation rules with one very important difference.
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According to Russian Deputy Foreign Minister Sergey Ryabkov, BRICS partners are able to submit ideas but are not permitted to vote on them. According to Ryabkov, partner status “presupposes participation in BRICS mechanisms,” yet he assured, that “they are not allowed to make decisions.”
This aspect of the partnership plan was not made public prior to the announcement of its creation this year. It will be interesting to hear how nations react to the terms. Moreover, its impact on future participation and interest will showcase how the economic alliance is viewed internationally.
@ Newshounds News™
Source: Watcher Guru
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Source: Dinar Recaps
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