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Seeds of Wisdom
BRICS NEWS: INDONESIA WANTS RUSSIAN OIL DEAL, IS UNAFRAID OF TRUMP WARNING
With the ongoing geopolitical concerns waging between the global south and the west, the plot has certainly thickened. Indeed, the BRICS expansion nation, Indonesia, has recently stated it wants to buy Russian oil while stating it remains unafraid of Western retaliation or the ongoing tariff warning from US President-elect Donald Trump.
Since Trump emerged victorious in the 2024 presidential e------n, he has issued a stark threat to the economic alliance specifically. Although focused on de-dollarization, oil bought from Russia would only further its local currency promotion policies. Therefore, it could be subject to the same consequence from the West. The question is, does it matter to nations now joining the group?
Indonesia Eyes Increased BRICS Trade as They Remain Willing to Pay ‘Geopolitical Costs’
For the last two years, the BRICS alliance has been the subject of interest for a number of nations. With the bloc championing economic equality on a global scale, it has sought to challenge the dollar. Now, that pursuit has elicited a harrowing response from the incoming US President. Yet, that has not deterred one of its most recent expansion countries.
The newest BRICS country, Indonesia, is reportedly seeking to buy Russian oil, while also noting they remain undeterred by Trump’s 100% tariff threat. Moreover, they have discussed increased exports to both China and India, with eyes on solidifying its place in the collective.
Indonesia’s Minister of Energy and Mineral Resources, Bahlil Lahadalia, recently said, “An opportunity to acquire oil from Russia emerged after we joined BRICS.” He noted that the opportunity would be one they accept.
“As long as it complies with regulations and presents no issues, why not?” Minster Lahadalia added. His sentiments were similar to Indonesia’s National Economic Council Chair, Luhut Binsar Pandjaitan.
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“As long as it benefits the Republic of Indonesia, we are open to discussing it. If this step allows us to purchase oil at US$20 or US$22 cheaper, why not?” he added. This drove some concerns over Western retaliation. Yet Trade Minister Zulkifil Hasan answered those, noting that the country would not operate its trade dealings out of fear.
“Why don’t we want to [buy Russian oil]? We’re afraid? There’s no room for being afraid in trade. How can one conduct trade if one is afraid?” However, international relations and Indonesian politics expert, Ahmad Risky Umar, notes that “there is likely to be geopolitical costs.” Moreover, the country president, Pabowo Subianto, is said to be aware of and prepared to navigate them.
@ Newshounds News™
Source: Watcher Guru
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ELON MUSK FIRES BACK AT ‘BROKEN’ SEC AMID $150M X LAWSUIT
▪️ SEC sued Elon Musk for delaying disclosure of his X share acquisitions in 2022.
▪️ Musk criticized the SEC as the community backed him.
The U.S. Securities and Exchange Commission (SEC) has sued Elon Musk. They accuse him of failing to disclose his large Twitter share acquisition on time in early 2022.
The SEC alleges this delay allowed Musk to secure his stake at an artificially reduced price, saving $150 million.
The late disclosure also affected other investors. They missed the chance to sell their shares at potentially higher values, unaware of Musk’s involvement.
Why did the SEC sue Musk?
Under SEC rules, investors surpassing a 5% stake in a public company must report it within ten days—a requirement Musk allegedly exceeded by eleven days.
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The SEC alleged stating,
“Because Musk failed to timely disclose his beneficial ownership, he was able to make these purchases from the unsuspecting public at artificially low prices.”
The SEC also added,
“That day, Twitter’s stock price increased more than 27% over its previous day’s closing price.”
For context, the SEC alleges that Tesla CEO Elon Musk began acquiring Twitter shares in early 2022. By March 14th, he had surpassed a 5% ownership threshold.
Between the 24th of March and the 4th of April 2022, Musk reportedly spent over $500 million to buy additional shares, underpaying Twitter investors by more than $150 million.
The regulator claims that Musk’s failure to disclose his ownership on time allowed him to buy shares at artificially low prices. The market was unaware of his significant stake, a material fact that would have influenced stock valuations.
This occurred days before Gensler’s resignation
Interestingly, the timing of the SEC’s lawsuit coincides with significant leadership transitions, as Chair Gary Gensler prepares to step down on 20th January, marking the start of Donald Trump’s presidency.
This period also aligns with Musk’s upcoming role as the head of the newly established “Department of Government Efficiency” (D.O.G.E.), where he will advise the incoming administration on streamlining government operations.
The overlap of these developments adds an intriguing layer to the unfolding legal and political narrative surrounding Musk and his involvement with X(formerly Twitter).
As anticipated, Musk took to X to voice his criticism of the SEC, and stated,
“Totally broken organization. They spend their time on s--t like this when there are so many actual c----s that go unpunished.”
Needless to say, the community stood in favor of Musk.
@ Newshounds News™
Read more: AMB Crypto
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CONGRESSMAN TOM EMMER APPOINTED AS VICE CHAIR OF DIGITAL ASSETS SUBCOMMITTEE, PROMISES AMERICA WILL GUIDE CRYPTO FUTURE
Emmer is a pro-crypto Congressman who now joins Bryan Steil as part of the subcommittee’s leadership to oversee crypto regulation in the US.
▪️ Under Trump’s leadership, Emmer will serve as the vice chair of the crypto and AI subcommittee.
▪️ Emmer promises to put the country at the forefront of crypto progress and innovation, especially with SEC Chair Gary Gensler gone.
▪️ Emmer is crypto-forward, and has contributed to multiple bills, including an anti-surveillance bill passed last year.
Congressman for Minnesota’s 6th District, Tom Emmer, has been appointed as Vice Chairman of the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence. In an X post published earlier today, Emmer expressed eagerness to work with subcommittee Chairman Bryan Steil as they steer the future of crypto and AI.
@ Newshounds News™
Read more: CoinSpeaker
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Source: Dinar Recaps
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THE SEC PLANS TO MOVE FAST ON CRYPTO POLICY OVERHAUL UPON TRUMP’S INAUGURATION
▪️ The SEC is preparing to overhaul crypto policy under a new pro-industry chair, Paul Atkins, replacing Gary Gensler.
▪️ Commissioners Hester Peirce and Mark Uyeda plan to clarify which cryptoassets are securities and reduce enforcement actions.
▪️ Experts expect Congress and the White House to join the SEC in promoting innovation-friendly regulations.
Under Trump’s administration, the SEC is set to begin an overhaul of its crypto policy as soon as next week. Rumored first steps include reassessing which cryptoassets are securities and cooling off enforcement actions.
Commissioners Hester Peirce and Mark Uyeda both worked with incoming Chair Paul Atkins in the past and are actively planning to cooperate again as a pro-crypto majority.
The SEC’s Role in Crypto Policy
According to a report from Reuters, the SEC is ready to hit the ground running with radical changes to crypto policy. Less than a week remains until Donald Trump’s inauguration, and some experts anticipate a new rally.
New rumors of pro-crypto executive orders already juiced Bitcoin’s price, and Congressional industry allies are planning their own moves:
“Under Gensler, the SEC refused to provide clarity to the crypto industry. Moving forward, [we] will work to build a regulatory framework that… will promote consumer choice, education, and protection [and] foster an open-minded environment for new, innovative financial technologies and digital asset products,” claimed Senator Tim Scott.
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In other words, the SEC is only one player in a broad coalition of crypto policy reform. To that end, the Commission is preparing for its Chair, Gary Gensler, to resign on Inauguration Day. A pro-industry replacement, Paul Atkins, has already been selected, but some of its sitting Commissioners are already planning their next moves.
Hester Pierce, who has long opposed SEC crypto crackdowns, and fellow pro-crypto Commissioner Mark Uyeda are weighing a few options to influence policy.
The pair both worked closely with Atkins in the past, and sources have claimed they plan to clarify which cryptoassets legally qualify as securities. They have yet to comment on other specific changes.
Trump’s SEC team is here to shake things up in crypto! Hester Peirce and Mark Uyeda are taking a second look at the ongoing cases—some might even get frozen if no fraud’s involved. The big play? Boosting Bitcoin. Pompliano’s already throwing ideas like a national Bitcoin reserve and no capital gains tax on BTC payments,” wrote Mario Nawfal.
Crypto Lawsuits Are Likely to Slow Down
One strong possibility for a policy change is the SEC drastically reducing its crypto crackdowns. In his last days, Gensler has been recalcitrant about maintaining a fight with Ripple, even though his effort could soon fall apart.
After he leaves, the SEC may drop this and “dozens” of other enforcement actions. As BeInCrypto reported earlier, Trump is already expected to sign a pro-crypto executive order on his first day. The order will likely overturn controversial SAB 121, which restricts banks from holding crypto.
Although the courts may not approve of such a cool-down period, there is precedent. Shortly after Trump’s e------n, the US Attorney for the SDNY signaled that his office would scale back crypto prosecutions.
This district enforces many high-profile finance activities, including the Sam-Bankman Fried case, but it still openly plans to ease off.
In other words, the SEC has many avenues for impacting US crypto policy in short order. Pierce and Uyeda haven’t signaled any other immediate plans besides classifying assets’ security status and reviewing enforcement cases. However, they are closely considering the issue.
Between a friendly SEC, Congress, and President, sweeping changes will be easy to implement.
@ Newshounds News™
Source: Be In Crypto
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U.K.’S NEW ECONOMIC SECRETARY EMMA REYNOLDS TO OVERSEE CRYPTO
Emma Reynolds, former parliamentary secretary at the Treasury, has been appointed the new economic secretary.
Reynolds’s appointment follows the resignation of Tulip Siddiq, who stepped down in a letter to the Prime Minister. Siddiq, the member of parliament for Hampstead and Highgate, cited personal reasons for her departure.
The new economic secretary will play a key role in shaping the government’s crypto regulation agenda. In addition to digital assets, Reynolds will oversee the U.K.’s central bank digital currency plans.
Her appointment comes as the U.K. continues to push for greater regulatory compliance in the crypto sector. The government has pursued this approach over the past few years as part of its ambition to become a leading hub for digital assets innovation.
Market watchdogs, such as the Financial Conduct Authority, have adopted a more supportive stance toward the crypto industry in recent months, contrasting with the stricter approach taken by the U.S. under outgoing SEC Chair Gary Gensler.
The landscape has shifted since Donald Trump’s e------n, and industry players are optimistic about what the new SEC leadership could mean for the crypto ecosystem in the U.S. Trump will be inaugurated on Jan. 20.
As crypto.news highlighted, the SEC plans to move away from its “regulation by enforcement” strategy and freeze certain ongoing lawsuits that do not involve fraud.
While it remains to be seen how Reynolds will impact the U.K.’s crypto policies, the general sentiment is that the country aims to remain competitive amid growing global crypto adoption.
In December 2024, the European Union’s Markets in Crypto Assets (MICA) rules came into full effect, with industry players keen on leveraging the clarity MiCA offers to expand across the bloc.
The U.K.’s own legislation on cryptocurrencies and stablecoins is expected to be finalized in early 2025.
@ Newshounds News™
Source: Crupto News
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H.R.369 – To provide for the elimination of the Department of Education, and for other purposes.
Sponsor: Rep. Rouzer, David [R-NC-7] (Introduced 01/13/2025)
Committees: House – Education and Workforce
Latest Action: House – 01/13/2025 Referred to the House Committee on Education and Workforce.
As of 01/15/2025 text has not been received for H.R.369 – To provide for the elimination of the Department of Education, and for other purposes.
[Congressional Record Volume 171, Number 6 (Monday, January 13, 2025)]
[House]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
By Mr. ROUZER:
H.R. 369.
Congress has the power to enact this legislation pursuant
to the following:
Article I, Section VIII
[Page H112]
About Constitutional Authority and Single Subject Statements
Pursuant to clause 7(c) of House Rule XII and Section 3(c) of 118th Congress H.Res. 5, Rule XII, to be accepted for introduction by the House Clerk, all bills (H.R.) and joint resolutions (H.J.Res.) must provide a document stating “a statement setting forth the single subject of the bill or joint resolution” and “as specifically as practicable the power or powers granted to Congress in the Constitution to enact the bill or joint resolution.”
@ Newshounds News™
Source: Congress
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Source: Dinar Recaps
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