(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
INDIA OFFICIALLY REJECTS BRICS CURRENCY, CALLS IT ‘IMPOSSIBLE’
India officially confirmed that they do not support the formation of a BRICS currency to challenge the US dollar. The Modi government made it clear that India embraces the US dollar and will use the currency for cross-border transactions.
The country will settle payments in local currencies with other developing nations only when it seems fit. The U-turn comes after Trump spared India from tariffs but imposed them on Canada, Mexico, and China.
BRICS member China might not take India’s stance lightly as the C-------t country wants to launch the new currency. It is working closely with Russia and Iran for the formation of the currency to uproot the US dollar’s global dominance.
BRICS: India Says ‘Cannot Share a Currency With China’
Union Commerce Minister Piyush Goyal confirmed that India does not support any form of BRICS currency. He made it clear that India does not want to share a common currency with China.
For the uninitiated, India and China have been at loggerheads for more than five decades with border disputes and trade wars. Accepting China’s stance would make the Modi government look weaker and hamper its e-------l prospects.
“We are on record—We don’t support any BRICS currency. Imagine us having a currency shared with China. We have no plans. It is impossible to think of a BRICS currency,” said India’s Union Commerce Minister Piyush Goyal during a press conference at the IT-BT roundtable 2025 in New Delhi, reported Business Today.
However, the plans to launch a BRICS currency are still alive as China, Russia, and Iran are pursuing the idea. De-dollarization is the first and foremost goal of the trio as they aim to end reliance on the US dollar.
@ Newshounds News™
Source: Watcher Guru
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RIPPLE NEWS: XRP DEPOSITORY RECEIPTS TO BE OFFERED TO ACCREDITED INVESTORS
▪️ XRP DRs Launch – Accredited investors can now gain regulated XRP exposure via Depository Receipts, simplifying institutional crypto access.
▪️ Secure & Regulated – XRP DRs are held by Anchorage, a federally regulated bank, ensuring safe custody and compliance for institutional investors.
XRP depository receipts (DRs) will soon be available for purchase by accredited investors through Receipts Depositary and DWP Advisors, according to reports from Fox Business Eleanor Terrett. This new financial product offers a regulated way for investors to gain exposure to XRP without purchasing the cryptocurrency directly from exchanges.
The concept of XRP DRs is similar to traditional American Depository Receipts (ADRs), which represent shares of foreign companies listed on U.S. exchanges.
The XRP DRs will represent ownership of the underlying XRP, providing investors an easy way to gain exposure to the asset without the complexities of directly trading it on crypto exchanges.
These DRs offer similar benefits to exchange-traded funds (ETFs), making it easier for institutional investors to access crypto assets.
This launch is considered a major step in bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi), as it makes digital assets more accessible to a broader audience.
Custody and Regulation: Anchorage and the OCC
The XRP DRs will be held by Anchorage, a federally chartered bank regulated by the U.S. Office of the Comptroller of the Currency (OCC).
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Anchorage is a trusted institution specializing in secure custody for crypto assets, ensuring that the XRP behind the DRs is safely managed within a regulated framework. This adds a layer of security and confidence for institutional investors looking to enter the crypto space.
Expanding Product Offerings
Receipts Depositary Corporation (RDC), the company behind the XRP-backed securities, has been steadily expanding its product offerings. This expansion offers institutional investors more ways to engage with cryptocurrency in a regulated market environment.
The Advantages of XRP Depository Receipts
Unlike ETFs, where shares are redeemed for cash, XRP DRs provide accredited investors with direct ownership of XRP. This gives investors the opportunity to hold the asset directly while benefiting from a structured and regulated investment vehicle. This difference could appeal to institutions that seek direct ownership of digital assets but require compliance with traditional financial market regulations.
@ Newshounds News™
Source: Coinpedia
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Source: Dinar Recaps
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COINBASE TO FACE LAWSUIT OVER UNREGISTERED SECURITIES SALES, JUDGE RULES
Coinbase said the judge’s opinion “narrowed the scope of discovery in this case,” adding, “We look forward to vindicating the remaining claims” in court.
A US federal judge has rejected Coinbase’s argument that it does not meet the definition of a “statutory seller” under federal law, forcing the cryptocurrency exchange to face an investor lawsuit in the state of New York.
According to a Feb. 7 Reuters report, US District Judge Paul Engelmayer has compelled Coinbase to face plaintiffs’ a---------s that it sold securities without registering as a broker-dealer. Specifically, the plaintiffs a-----d Coinbase of selling 79 cryptocurrencies that were securities without proper registration.
As Cointelegraph reported, the class-action lawsuit was initially dismissed in the District Court of Southern New York in February 2023. However, the Circuit Court of Appeals revived parts of the lawsuit more than one year later.
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As Reuters reported, Judge Engelmayer said that “customers on Coinbase transact solely with Coinbase itself,” which suggests that the exchange was a seller.
In a written response to Cointelegraph, a Coinbase spokesperson said:
“Coinbase does not list, offer or sell securities on its exchange. Today’s opinion importantly narrowed the scope of discovery in this case, which is significant. We look forward to vindicating the remaining claims in the district court.”
Ongoing lawsuit with the SEC
Coinbase has been mired in a lawsuit with the US Securities and Exchange Commission since June 2023, when the regulator a-----d the exchange of operating an unregistered securities platform and failing to register as a broker.
In January, Coinbase asked a US appeals court to rule that cryptocurrency trades are not securities. In the filing, Coinbase argued that trades facilitated on its platform should not be classified as securities trades “but asset sales of digital assets rather than physical ones.”
Coinbase has also sued the SEC and Federal Deposit Insurance Corporation for allegedly attempting to “cut off digital-asset firms from essential banking services.” The exchange also alleged that both agencies failed to comply with Freedom of Information Act requests.
Coinbase plays a major role in the US cryptocurrency market. It’s not only the country’s largest crypto exchange by trading volume but is also the largest custodian for the US spot Bitcoin exchange-traded funds.
@ Newshounds News™
Source: CoinTelegraph
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PETER SCHIFF SLAMS BITCOIN SUPER BOWL AD, SPARKS DEBATE
Peter Schiff criticized a Bitcoin Super Bowl ad, accusing it of false advertising for claiming Bitcoin is backed by energy.
He argued Bitcoin neither stores nor can be redeemed for energy, urging FTC intervention.
In response, Dan Victor, CFA, highlighted that Bitcoin relies on decentralized computing power, which requires energy.
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Schiff dismissed this as semantics, asserting Bitcoin resembles fiat currency, backed by faith rather than tangible assets like gold.
This sparked renewed debate over Bitcoin’s intrinsic value, especially as mainstream promotions like Super Bowl ads amplify crypto’s reach.
@ Newshounds News™
Source: Coinpedia
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Source: Dinar Recaps
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