Goldilocks’ Comments and Global Economic News for July 16, 2023
RJ: Good afternoon Dinar Recaps,
Goldilocks posted comments and News links this morning:
“Senator Lummis urges clear crypto regulations after XRP ruling”
Back to work this week on those crypto regulations. We are still looking for regulations that will set a precedence for monetary policies going forward.
Now that Ripple has been declared NOT a security, this changes the landscape on crypto regulations going forward. This is why crypto regulations have been reintroduced in Congress.
Ripple being seen as a commodity and a banking coin at the same time will give us a commodity-based system regulated and run by artificial intelligence through smart contracts.
Put all of this together and you have a gold standard inside a new digital economy that is about to be approved in Congress.
© Goldilocks
CoinTelegraph LINK
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Weekly Recap
1) 🇺🇸 US judge rules Ripple XRP is not a security.
2) 🇺🇸 US inflation falls to 3%, lower than expectations.
3) 🇪🇺 Europe to launch first spot Bitcoin ETF this month.
4) 🇺🇸 Former SEC Chairman says Spot Bitcoin ETFs should be approved.
5) Coinbase relists Ripple XRP.
6) $9 trillion asset manager BlackRock CEO says crypto will transcend international currencies due to global demand.
7) 🇺🇸 SEC acknowledges BlackRock’s Spot Bitcoin ETF application.
8) 🇺🇸 SEC acknowledges Fidelity, VanEck, WidsomTree, and Invesco Spot Bitcoin ETF applications.
9) 🇺�� Bank of America ordered to pay $250 million for charging illegal fees and opening credit-card accounts without customer consent.
10) 🇦🇺 Australian Securities Exchange receives its first spot Bitcoin ETF application.
@WatcherGuru
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The US dollar as a World Reserve Status currency is not expected to be a swift transition.
The dollar is expected to have rapid downturns with small upturns before it makes its next moves down until it finds its real value. This is just what happens when you enter into a bear market.
Central banks are reducing the percentages they hold of the US dollar around the world and including other foreign currency reserves to slowly replace the dollar’s dominance.
The other major currencies sharing a percentage of holdings in Central Banks around the world include: the euro, the yen, the pound, and the renminbi.
“The other currencies in the pile at the bottom: Canadian dollar (2.43%, up a hair), Australian dollar (1.98%, up a hair), and Swiss franc (0.25%, up a hair). The other currencies, each with a share even smaller than the Swiss franc’s share, have a combined share of 3.65%.”
© Goldilocks
Wolfstreet LINK
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“DeFi applications are built on open and permissionless. This means anyone can deploy a transparent code and users can interact with each other through computer code without the need for intermediaries such as banks, brokers and lawyers, etc.”
Currently, people are using applications on their phones or computer to trade in the markets through coinbase, lobstr, uphold, and more. In other words, we are moving from a centralized trading system to a decentralized trading system.
This will allow more people to get involved with the new digital economy without going through the expense of having a brokered account.
© Goldilocks
FutureLearn LINK
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From RJ — In case you are not familiar with the term DeFi, like me, here is a little info on it from the above article.
Decentralized Finance, or DeFi for short, represents a system of financial products built on top of decentralized and open-source blockchains.
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