Good Morning ,
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!
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
~~~~~~~~~
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.
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
~~~~~~~~~
Seeds of Wisdom Team RV Currency Facts Youtube and Rumble
Newshound’s News Telegram Room Link
Follow the Roadmap
Follow the Timeline
Seeds of Wisdom Team™ Website
