(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
IRAQ’S 2025 BUDGET WON’T REACH PARLIAMENT IN NEXT TWO MONTHS
Shafaq News/ Iraq’s government is unlikely to submit the 2025 budget tables to parliament within the next two months, a senior lawmaker said on Wednesday.
Ikhlas al-Dulaimi, deputy head of the Parliamentary Finance Committee, told Shafaq News that the Finance Ministry had yet to send the budget tables to the cabinet, despite a legal requirement to do so by October 2024 for approval before the new fiscal year.
“The total budget amounts to 216 trillion dinars (about $165B), while actual expenditures are estimated at around 160 trillion dinars (about $122,)” al-Dulaimi said, ruling out the possibility of sending the tables to parliament soon, which could push the approval process into Iraq’s e------n period.
In February, Iraq’s parliament passed the first amendment to the federal general budget law for the fiscal years 2023–2025, originally enacted as Law No. 13 of 2023.
@ Newshounds News™
Source: Shafaq
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AMERICA MUST BACK PRO-STABLECOIN LAWS, REJECT CBDCS — US REP. EMMER
Emmer called CBDCs a “threat to American values” and reintroduced the Anti-Surveillance State Act to block a federal digital dollar.
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US Representative Tom Emmer argued for prioritizing pro-stablecoin legislation in a March 11 House Financial Services Committee hearing, while calling central bank digital currencies (CBDC) a threat to American values.
On March 6, Emmer reintroduced the CBDC Anti-Surveillance State Act in the House of Representatives. Emmer renewed his call for Congress to pass the legislation at the March 11 hearing. The legislation aims to block future administrations from launching a US CBDC without explicit approval from Congress.
“CBDC technology is inherently un-American,” Emmer said at the hearing, warning that allowing unelected bureaucrats to issue a CBDC “could upend the American way of life.”
On Jan. 23, President Donald Trump signed an executive order prohibiting “the establishment, issuance, circulation, and use” of a CBDC in the US. Emmer said that the legislation he reintroduced could “prevent a future administration from creating such an obvious tool for financial surveillance against its own citizens” if signed into law, citing concerns about privacy and financial independence.
At the same hearing, Paxos CEO Charles Cascarilla urged lawmakers to create consistent stablecoin regulations across jurisdictions to avoid regulatory arbitrage. Paxos, a significant issuer of stablecoins, recommended clear guidelines and reciprocal rules with global regulators:
“We want to make sure we have the same set of rules in the US as we have around the world so that there isn’t some arbitrage that is possible to issue from another jurisdiction. And by having that same set of rules that everyone has to meet in order to access the US market, it will actually create a race to the top, not a race to the bottom.”
Emmer, a Minnesota Republican, also criticized inherent privacy risks associated with CBDCs, saying thatstablecoins could bring traditional finance onchain at a global scale while reserving privacy:
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“This underscores why we must prioritize pro-stablecoin legislation alongside anti-CBDC legislation.”
Against the backdrop of rapid pro-crypto developments, a report by the Center for Political Accountability (CPA) raised concerns about the growing political influence of crypto companies in the US and potential risks to regulatory stability.
Cryptocurrency firms shelled out a cumulative $134 million on the 2024 US e-------s in “unchecked political spending,” which presents some critical challenges, the March 7 report said.
@ Newshounds News™
Source: CoinTelegraph
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Source: Dinar Recaps
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