(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
US CONGRESS SEEKS TO END THE PENNY BY INTRODUCING THE COMMON CENTS ACT
The ‘Common Cents’ Act, which has bipartisan support, seeks to end the production of the $0.01 coin, commonly known as the cent, as its production and distribution costs exceed its face value. Representatives Lisa McClain and Robert Garcia, along with Senators Cynthia Lummis and Kirsten Gillibrand, are behind this proposal.
Common Cents Act Gets Introduced to Stop Penny Production
The U.S. Congress will consider ending the production of the $0.01 coin, commonly known as the penny, to combat government inefficiency. A proposal called the ‘Common Cents Act’ seeks to eliminate the production of the cent coin to reduce government spending on a coin that is no longer widely used.
Introduced by a bipartisan group of lawmakers, including Representatives Lisa McClain and Robert Garcia, as well as Senators Cynthia Lummis and Kirsten Gillibrand, the act would direct the Secretary of the Treasury to cease production of one-cent coins for regular use.
However, special issuances for coin collectors would still be allowed, provided the sale price of the coin ‘equals or exceeds the total cost of production, including variable costs and the appropriate share of fixed costs.’
Additionally, the bill proposes rounding prices to the nearest five cents, a resolution adopted by several countries implementing similar reforms. This would enable people to complete all cash payments without issue.
Senator Cynthia Lummis highlighted the wasteful spending that the U.S. Mint executes with the issuance of each penny. Lummis stated:
The fiscal reality is undeniable: the U.S. Mint spends three cents to produce each one-cent coin. With a $36 trillion national debt, we have to implement meaningful opportunities to reduce costs, update our currency system, and codify the elimination of government inefficiencies. It just makes cents!
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In February, President Donald Trump decided to end the production of the penny, assessing that the whole operation was “wasteful.” Nonetheless, experts stated that this decision was not his to make, as Congress is the institution that dictates the specifics of coin production.
Analysts expect Trump to tackle nickel production in the future, as it is also produced at a loss.
@ Newshounds News™
Source: Bitcoin News
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COULD XRP ETF APPROVAL BE NEAR? RIPPLE TO MEET SEC CHAIR PAUL ATKINS ON MAY 2
As positive shifts in cryptocurrency regulation unfold under President Donald Trump’s second administration, speculation is mounting regarding the potential approval of spot XRP ETF applications.
This anticipation is fueled by significant changes at the US Securities and Exchange Commission (SEC), particularly the appointment of Paul Atkins as the new chair. Known for his pro-crypto stance, Atkins represents a departure from the stringent regulatory environment established by former chair Gary Gensler.
Speculation Rises Around XRP ETF Applications
The timing of a possible XRP ETF approval is further ignited by reports of a potential meeting between Ripple Labs’ executive chairman and co-founder Chris Larsen and SEC Chair Paul Atkins. Such discussions could pave the way for expedited decisions on XRP ETF applications.
Earlier this week, Bitcoinist highlighted that the SEC has set a new deadline of June 17, 2025, for either approving or disapproving the XRP ETF application submitted by asset manager Franklin Templeton or initiating further proceedings to assess the proposal.
Bloomberg ETF expert James Seyffart has indicated that while the June deadline is crucial, market participants should prepare for a series of decisions expected in the fourth quarter of 2025.
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However, Bloomberg’s ETF expert specifically pointed to mid-October—around the 18th of this year—as a pivotal date for a potential spot XRP ETF decision by the regulatory body.
Ripple Labs Sees Renewed Hope
Adding to the excitement, crypto investor Steph Is Crypto recently shared on social media site X (formerly Twitter), that insiders suggest the meeting between Larsen and Atkins, reportedly scheduled for May 2, could bring the approval of XRP ETF applications closer to reality. However, as of Thursday, no official confirmation or statements have been released by either party, leaving this scenario uncertain.
The ongoing speculation for XRP ETF applications come amid a more favorable environment for Ripple Labs, which has long advocated for regulatory changes in the US.
The previous administration faced criticism for its enforcement actions and lawsuits targeting major players in the crypto sector, including Ripple Labs itself.
Since Gensler’s resignation on January 20, 2025, several lawsuits against prominent companies like Coinbase, Robinhood, Uniswap Labs, and Kraken have been dropped, further easing regulatory pressures.
This renewed optimism not only fuels hopes for XRP ETF approval but also raises expectations for other crypto ETFs, including those for Litecoin (LTC), Solana (SOL), Dogecoin (DOGE), and Cardano (ADA), which may also receive approvals later this year.
At the time of writing, XRP, currently the fifth largest cryptocurrency on the market in terms of capitalization, is trading at $2.21, up 8% in fourteen days amid renewed optimism in the market after a challenging few months.
@ Newshounds News™
Source: Bitcoinist
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Source: Dinar Recaps
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BITCOIN IS A MATTER OF NATIONAL SECURITY — DEPUTY C-A DIRECTOR
Deputy C-A director Michael Ellis’ comments reflect Bitcoin’s maturation as an asset but conflict with the cypherpunk philosophy.
The US Central Intelligence Agency is increasingly incorporating Bitcoin as a tool in its operations, and working with the cryptocurrency is a matter of national security, Michael Ellis, the agency’s deputy director, told podcast host Anthony Pompliano.
In an appearance on the market analyst and investor’s show, Ellis told Pompliano that the intelligence agency works with law enforcement to track BTC, and it is a point of data collection in counter-intelligence operations. Ellis added:
“Bitcoin is here to stay — cryptocurrency is here to stay. As you know, more and more institutions are adopting it, and I think that is a great trend. One that this administration has obviously been leaning forward into.”
“It’s another area of competition where we need to ensure the United States is well-positioned against China and other adversaries,” Ellis said.
Although Ellis’s comments point to Bitcoin maturing as an asset, they also reflect the increased involvement of governments and institutions, which runs contrary to the libertarian and cypherpunk ethos originally inherent in crypto.
Bitcoin: from cypherpunk experiment to state reserve asset
US President Donald Trump signed an executive order establishing a Bitcoin Strategic Reserve on March 7, to mixed reactions from the Bitcoin community.
Bitcoin Magazine CEO David Bailey celebrated the move, while Venice AI founder and BTC advocate Erik Vorhees warned against government ownership of Bitcoin but added that if the US government is to adopt any crypto reserve, it should be Bitcoin-only.
Concerns that cryptocurrencies have lost their cypherpunk roots predate the current market cycle and any strategic reserve legislation or comprehensive regulatory frameworks for digital assets.
In March 2020, Therese Chambers, the former director of retail and regulatory investigations at the UK’s Financial Conduct Authority (FCA), argued that cryptocurrencies had become increasingly financialized and institutionalized.
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Chambers added that digital assets were behaving far more like traditional financial instruments than the privacy-preserving tools they were initially billed as.
@ Newshounds News™
Source: CoinTelegraph
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CAPITOL CRYPTO: CONGRESSMAN PROPOSES BITCOIN ATMS IN GOVERNMENT FACILITIES
A Texas Republican congressman has proposed installing cryptocurrency ATMs in United States federal buildings. Rep. Lance Gooden wrote a May 1 letter to Stephen Ehikian, who is presently acting administrator for the General Services Administration (GSA), news reports said.
Trump Ally Frames Proposal As “Educational Resource”
Gooden, one of the president’s well-known Republican allies, recommended in his letter that installing crypto ATMs in government buildings would be an “educational resource” for the public.
He requested that the GSA start exploring guidelines and regulations necessary for installing such machines on federally owned properties across the country.
Public documents filed with the House of Representatives indicate Gooden has not declared any cryptocurrency investment or ATM firms since being elected in 2019. There are no reported financial disclosures in public records available for the Texas representative as of 2025.
Authority Questions Unanswered
The GSA regulates and manages government-owned properties. Although its website states that it can offer space for federal credit union ATMs, it is not certain if Ehikian can extend these regulations to digital asset ATMs provided by private companies.
Reports suggest Ehikian, who was sworn in by US President Donald Trump, may not have a mandate to introduce these types of ATMs without consent from Congress. Reports also disclose that the finances for such an endeavor may demand an act of Congress.
President’s Crypto Connections Raise Questions
Meanwhile, Trump has extensive engagement with digital coins and asset firms across multiple avenues. These range from his individual investments, presidential campaign accounts, family-backed enterprises, and the TRUMP meme coin.
Trump reportedly hosted a dinner in Washington, DC in April for the leading holders of his meme coin. This link creates questions regarding potential policy influences related to cryptocurrency infrastructure in government buildings.
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Senate Considers Tougher Crypto ATM Regulations
Gooden’s bill comes as legislators in the Senate are considering bills to combat fraud using digital currency ATMs. Last February, Illinois Senator D--k Durbin introduced the Crypto ATM Fraud Prevention Act with the goal of establishing “common sense guardrails” against scams that have hurt many elderly Americans.
The timing provides a telling contrast between Gooden’s initiative to expand access to crypto technology and Durbin’s push for more protection from possible a---e of the same systems.
This brings to the fore the debate surrounding how to achieve a balance between innovation and consumer protection in the world of cryptocurrencies.
@ Newshounds News™
Source: Bitcoinist
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Source: Dinar Recaps
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