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Seeds of Wisdom
NEW HOUSE FINANCIAL SERVICES LEADERSHIP TARGETS DIGITAL ASSET REGULATION
The House Financial Services Committee has chosen leadership with an eye toward digital asset regulation.
Rep. French Hill (R-Ark.) announced the new appointments Thursday (Jan. 9), promising to “right-size the regulatory system for particularly community banks,” and “create a regulatory framework for digital assets that will protect investors and consumers.”
In addition, Hill said the committee would “ensure agencies are focused on their core statutory directed missions” and not political agendas.
The committee’s vice chairman — a position held by Hill in the last term — will be Rep. Bill Huizenga (R-Mich.). In addition, Hill said, Rep. Mike Lawler (R-N.Y.) will serve as vice chair for communications, and Rep. Mike Haridopolos (R-Fla.) will be committee whip, the latter to “ensure our Republicans are working together toward our common goal.”
In addition, the committee has announced chairs for its various subcommittees, including: Rep. Ann W----r (R-Maine), Capital Markets; Rep. Andy Barr (R-Ky.), Financial Institutions; Rep. Bryan Steil (R-Wis.), Digital Assets, Financial Technology and Artificial Intelligence.
Rep. Warren Davidson (R-Ohio) was named chair of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions, with Rep. Dan Meuser (R-PA) overseeing the Subcommittee on Oversight and Investigations. Lastly, the Subcommittee on Housing and Insurance will be chaired by Nebraska Republican Rep. Mike Flood.
As PYMNTS wrote earlier this week in a look at the upcoming legislative session, there have been a number of attempts at laws to create frameworks around digital asset markets.
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For example, the Financial Innovation and Technology for the 21st Century Act was passed by the House but not the Senate. The act would, among other things, establish standards for digital assets and consumer protections, and segregation of funds.
And then there’s the question of cryptocurrency. Speaking with PYMNTS, Mike Katz, a partner in Manatt, Phelps and Phillips Financial Services Group, said that “despite the razor-thin Republican majorities, there is a growing bipartisan consensus in Congress around the need for thoughtful, innovation-focused crypto and AI legislation.
“It will be interesting to see if any digital asset bills are part of the tax-and-border-focused reconciliation package already being discussed in Congress. I’d expect a strong stablecoin bill to move quickly given existing bipartisan support,” he added.
@ Newshounds News™
Source: Pymnts
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BRICS NEWS: BRICS: US DOLLAR REMAINS IN HIGH DEMAND, DE-DOLLARIZATION FAILING
The BRICS alliance which kick-started the de-dollarization agenda is now under the mercy of the US dollar in 2025. The US dollar remained in the green for nine consecutive days in the DXY index and tramping other local currencies.
The Indian rupee has fallen to a lifetime low of 85.93 and is on the brink of dipping to the 86 level. The Chinese yuan and the Japanese yen are facing similar lows and are unable to take on the rising US dollar.
The US dollar singlehandedly outperformed all local currencies in 2025 taking the top spot in the currency markets. The USD has now reached a high of 109.30 in the DXY index and could breach its all-time high of 109.53. The currencies of BRICS members are the hardest hit despite the alliance pushing the de-dollarization agenda to bring the US dollar down.
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BRICS: Here’s Why the US Dollar is Rising and De-Dollarization is Failing
The first boost to the dollar came in early January after US weekly Initial Jobless Claims declined to 201,000 from the previous 211,000. The US Department of Labor (DOL) published the report indicating that the jobs market could ease out leading to employability.
In addition, Fed Governor Christopher Waller made an announcement saying that inflation could continue to fall in 2025. These two events early this month boosted the US dollar’s prospects and dented the BRICS’ de-dollarization initiative.
The BRICS bloc now remains under pressure as local currencies are facing an uphill task to sustain themselves. The raging US dollar is showing no signs of stopping and is taking the de-dollarization agenda by the horns.
If the momentum persists, BRICS can only dream of de-dollarization and never make it a reality. The US dollar has sustained many whiplashes over the last seven decades and has faced all challenges head-on.
@ Newshounds News™
Source: Watcher Guru
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Source: Dinar Recaps
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RIPPLE’S RLUSD EXPANSION PLANS UNVEILED FOR MAJOR EXCHANGES, INCLUDING COINBASE LISTING STRATEGY
Ripple’s newly launched U.S. dollar-pegged stablecoin, RLUSD, is gaining momentum following its debut on Ethereum and the XRP Ledger last month.
Approved by the New York State Department of Financial Services (NYDFS), RLUSD has already been listed on Bitstamp, and Ripple is now in discussions with major exchanges like Coinbase to broaden its availability.
Jack McDonald, Ripple’s Senior Vice President of Stablecoins, outlined the technical and strategic challenges of exchange listings during an interview.
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“It’s not just a handshake agreement,” he explained, emphasizing the need for exchanges to adapt to different blockchain protocols. Ripple’s CTO, David Schwartz, hinted at eventual expansion to additional networks, further increasing the stablecoin’s reach.
Challenges in securing listings with major exchanges
Despite Ripple’s approval from NYDFS providing a regulatory edge, McDonald acknowledged the complexities of securing support from major exchanges like Coinbase and Binance, which often maintain exclusivity with certain stablecoins.
For instance, Coinbase’s close partnership with Circle’s USDC presents challenges, though McDonald believes Coinbase might gradually diversify its stablecoin offerings.
Volume and demand are also critical factors. Exchanges assess the cost-benefit of listing new assets, considering both technical integration and the ongoing support required. “They want to make sure that there is demand for it,” McDonald noted.
Looking ahead, McDonald predicts that institutional-backed issuers with strong compliance frameworks will dominate the stablecoin market. Smaller players may struggle to meet regulatory costs, leading to a consolidation of market share among established names. Liquidity, regulatory approval, and institutional relationships are likely to play pivotal roles in determining market leaders.
Ripple’s focus on robust compliance and institutional support positions RLUSD as a key player in this evolving landscape, with further listings expected to drive adoption in 2025.
In addition, Ripple collaborates with Chainlink to improve RLUSD adoption
@ Newshounds News™
Source: Traders Union
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XRP LEGAL BATTLE BEGINS ON WEDNESDAY
The SEC, the US Securities and Exchange Commission, has until January 15, 2025, to submit its initial brief on the Ripple case. The court had previously decided that XRP was not a security in and of itself when the appeal was filed.
The financial watchdog contesting some of the ruling’s findings, including how Ripple’s XRP sales on cryptocurrency exchanges and the private XRP sales of Chris Larsen and Brad Garlinghouse, two of the company’s executives, should be categorized. The upcoming brief will most likely revolve around those arguments.
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SEC chair Gensler, who has spearheaded the agency’s vigorous targeting of the cryptocurrency sector, will resign on January 20. Donald Trump, the president-elect, will take office on the 20th.
Gary Gensler will be replaced as SEC Chair by Paul Atkins, suggesting possible adjustments to the agency’s stance on crypto regulation. The case may likely be resolved given Gensler’s departure.
Media reports predict that the SEC may cut back on or drop some crypto lawsuits. The SEC may instead prefer settlements, also known as “consent decrees,” which provide industry clarity and permit negotiated resolutions.
These settlements may help the industry meet regulatory requirements without completely abandoning cases by encouraging the SEC to create more precise guidelines and regulations.
Brad Garlinghouse, the CEO of Ripple, voiced optimism, pointing out that Atkins could “bring common sense back to the agency.” “XRP may solidify its non-security status and possibly start a bullish price trend if the SEC withdraws its appeal as a result of this leadership change.
@ Newshounds News™
Source: FX Leaders
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Source: Dinar Recaps
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