Goldilocks’ Comments and Global Economic News Monday Evening 12-11-23
Good evening
Banking Announcement:
A US Congressional Bill HR 8950 is set for a vote in January 2024 that will cement cryptocurrencies as commodities and not securities.
All crypto on the blockchain will be regulated as a commodity by the CFTC – this will be signed into US law as early as January when the H.R.8950 – Digital Commodities Consumer Protection Act of 2022 – goes for final vote and presidential signature.
The SEC will get jurisdiction on Securities backed by crypto assets like Spot ETFs.
https://youtu.be/4ZekspEA-b4 https://youtu.be/4ZekspEA-b4
© Bull Runners
Banks who are prepared to make their move in January 2024 will benefit greatly from this decision. They will be able to revalue their gold reserves.
Once this legislative bill is signed into law, it will create a market signal for gold to run to its real value.
It will begin creating price pressures on the Commodity Market, Cryptocurrency Market, and all Tokenized Assets in the Market backed by gold and other commodities.
This will begin to reset prices across all sectors of the Global Market.
© Goldilocks
Congress Link
“This bill grants exclusive jurisdiction to the Commodity Futures Trading Commission over activity involving digital commodities as specified by the bill.
The bill defines digital commodities as fungible digital forms of personal property that can be transferred from person to person without an intermediary. Excluded from this definition are securities, interests in physical commodities, and U.S.-backed digital currencies. The commission does not have jurisdiction over digital commodities used solely for the purchase or sale of a good or service.
Digital commodity platforms (including brokers, custodians, dealers, and trading facilities) must register with the commission and comply with risk management and good governance procedures. The bill also sets forth recordkeeping requirements, conflict of interest standards, and other consumer protections.”
And more…
“Google will allow ads for U.S. based-crypto trusts from January, with the change seemingly coming in the same month that spot Bitcoin ETFs are predicted to be approved.
In a Dec. 6 policy change log, Google said its crypto and related products ad policy will be updated on Jan. 29, 2024, to allow ads from “advertisers offering Cryptocurrency Coin Trust targeting the United States.”
Cryptocurrency Coin Trusts were exampled as “financial products that allow investors to trade shares in trusts holding large pools of digital currency” — likely including ETFs.
https://en.bitcoinsistemi.com/google-announces-a-change-in-its-cryptocurrency-policy/
👆 Goldilocks pointed to this 👆
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Banking Announcement:
Cantons of Basel, Zurich have moved from their pilot program to settling their digital bonds with wholesale CBDCs.
The settlement happened on December 1, 2023 as part of Project Helvetia Phase III. This project was first announced by the Saudi National Bank in November 2023.
“The initiative explores real-world use cases of a wholesale CBDC for commercial banks and is designed to run until the middle of 2024.”
© Goldilocks
https://coingeek.com/cantons-of-basel-zurich-settle-digital-bonds-with-wholesale-cbdcs/
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Banking Announcement:
“IBM applauds EU negotiators for reaching a provisional agreement on the world’s first comprehensive AI legislation. We have long urged the EU to take a carefully balanced approach, focused on regulating high-risk applications of AI while promoting transparency, explainability, and safety among all AI models. As lawmakers work through the remaining technical details, we encourage EU policymakers to retain this focus on risk and accountability, rather than algorithms.
We share the goals of enabling AI’s safe and trustworthy development and creating an open, pro-innovation AI ecosystem, and recognize that both government and industry have roles to play. Recently, IBM announced watsonx-governance (https://www.ibm.com/products/watsonx-governance) to provide organizations with the toolkit they need to manage risk, embrace transparency, and anticipate compliance with AI-focused regulation like this.
IBM looks forward to working with the EU institutions, governments, and other stakeholders to support the responsible uptake and governance of AI so its benefits are enjoyed broadly across business and society.” https://newsroom.ibm.com/IBM-Statement-on-the-Landmark-EU-AI-Act
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Protocol 20 Announcement:
“Stellar’s Galactic Reset: Protocol 20 Upgrade Shines Bright on December 18th”
“The Stellar network has been preparing to support smart contracts through the Soroban platform that has been in development for the past two years with an initial funding of $100 million.
Anyone who runs Stellar-associated software has been informed to update the respective versions before January 30, 2024, when the public network will be upgraded to enable it to support DeFi protocols.” CryptoNewsFlash Link
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New Banking Settlement Announcements:
China is persuading African nations to use the Chinese Yuan instead of the US dollar for cross-border transactions as it moves to expand the BRICS alliance.
Zambia exports raw and processed copper to China each year for $2 billion. China is pushing de-dollarization by encouraging Zambia to pay for copper using the Yuan.
China has been instrumental in promoting the de-dollarization movement across many developing countries, including those in Africa.
https://www.cryptopolitan.com/brics-to-ditch-dollar-in-2b-copper-deal/
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Today’s sale of 3-year Treasury notes was met with low demand, with *primary dealers forced to take on a large portion of the treasury sale to make up for a lack of bidders.
*Primary dealers are trading counterparties of the New York Fed in its implementation of monetary policy. Primary dealers are expected to make markets for the New York Fed on behalf of its *official accountholders.
*Official accountholders for the NT Fed are the U.S. government, foreign governments, other central banks, and official international organizations.
From Greg Mannarino
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The average perceived probability of missing a minimum debt payment over the next three months decreased by 0.2 percentage point to 11.8% in November, a level comparable to those prevailing just before the pandemic.
After reaching its lowest reading in three years last month, the median expected year-ahead change in taxes (at current income level) bounced back by 0.3 percentage point to 4.1% in November.
Median year-ahead expected growth in government debt increased to 10% in November from 9.8% in October.
The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months decreased by 0.8 percentage point to 29.5%.
Perceptions about households’ current financial situation were mostly unchanged compared to last month. In contrast, consumers were more optimistic about their year-ahead financial situation with a smaller share expecting to be worse off.
The mean perceived probability that U.S. stock prices will be higher 12 months from now rose by 2.3 percentage points to 36.5%.
About the Survey of Consumer Expectations (SCE)
The SCE contains information about how consumers expect overall inflation and prices for food, gas, housing, and education to behave. It also provides insight into Americans’ views about job prospects and earnings growth and their expectations about future spending and access to credit.
The SCE also provides measures of uncertainty regarding consumers’ outlooks. Expectations are also available by age, geography, income, education, and numeracy.
The SCE is a nationally representative, internet-based survey of a rotating panel of approximately 1,300 household heads. Respondents participate in the panel for up to 12 months, with a roughly equal number rotating in and out of the panel each month.
Unlike comparable surveys based on repeated cross-sections with a different set of respondents in each wave, this panel allows us to observe the changes in expectations and behavior of the same individuals over time. For further information on the SCE, please refer to an overview of the survey methodology here, the interactive chart guide, and the survey questionnaire
Contact Mariah Measey (347) 978-3071 [email protected]
An Overview of the Survey of Consumer Expectations
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Swiss finance sector told to ‘green’ up its act
https://www.swissinfo.ch/eng/swiss-finance-sector-told-to–green–up-its-act/49036014
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Navigating Currency Exchange Risks With Multicurrency Accounts Forbes Link
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BREAKING: REPORTS SUGGEST #XRP TO BE BACKED BY GOLD IN 12-24 MONTHS BY THE BRITISH MULTI-NATONAL BANK.
https://twitter.com/CryptoGeekNews/status/1733979142629032430?t=Y8Zlk2frsDdcSHa-KDlLBw&s=35
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JUST IN: $150 million liquidated from the crypto market in the past 45 minutes. @WatcherGuru
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I’ve NEVER BEEN MORE BULLISH ON SILVER! This Is Will Be the Catalyst for 100 Oz – Andy Schectman
