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TRUMP CONGRATULATES REPUBLICANS AFTER ‘BIG BEAUTIFUL BILL’ PASSES HOUSE PANEL
President Donald Trump praised House Republicans after a narrow but pivotal vote late Sunday night advanced what he called the “One Big Beautiful Bill Act,” containing many of his top legislative priorities.
“CONGRATULATIONS REPUBLICANS!!!” the president posted on Truth Social just before 1 a.m. Monday. “MAKE AMERICA GREAT AGAIN!!!”
The House Budget Committee voted 17-16 in a rare late-night session to move the bill forward. The proposed legislation aims to:
- Extend Trump’s 2017 tax cuts
- Boost immigration enforcement funding
- Cut spending on select social programs
House Republicans had spent the previous week negotiating details, particularly around spending cuts and the bill’s potential impact on the long-term national debt.
Notably, four GOP members who had previously blocked the bill’s advancement — Reps. Ralph Norman (S.C.), Chip Roy (Texas), Andrew Clyde (Ga.), and Josh Brecheen (Okla.) — shifted their stance and voted present, allowing the bill to proceed.
Speaker Mike Johnson (R-La.) said the process is far from over, stating the House will continue refining the measure as it moves to the Rules Committee:
“There’s a lot more work to do, we’ve always acknowledged that towards the end there will be more details to iron out, we have several more to take care of,” Johnson told reporters.
@ Newshounds News™
Source: The Hill
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DUBAI REGULATOR SETS COMPLIANCE DEADLINE FOR UPDATED CRYPTO RULES
Dubai’s Virtual Assets Regulatory Authority (VARA) has issued Version 2.0 of its activity-based Rulebooks, giving all licensed virtual asset service providers (VASPs) until June 19, 2025, to comply. The updated framework aims to strengthen market integrity, standardize regulatory terms, and enhance risk management across the digital asset ecosystem.
The revised rules, announced on May 19, tighten oversight for key activities including margin trading, token distribution, brokerage, custody, exchange, lending and borrowing, virtual asset management, and transfer and settlement services. VARA has harmonized compliance obligations across these areas, reducing ambiguity and streamlining operational expectations for VASPs.
Among the most notable updates are enhanced supervisory mechanisms and clearer definitions of core concepts such as “client assets,” “qualified custodians,” and “collateral requirements.” VARA also aligned disclosure obligations where service categories overlap, aiming to ease cross-functional compliance.
Margin trading regulations have been specifically tightened. Leverage thresholds have been reduced, and VASPs are now subject to stricter collateralization standards and real-time monitoring obligations. These measures are designed to curb systemic risks associated with overleveraged trading, particularly in volatile markets.
The new Rulebooks also introduce a dedicated section on token distribution. This includes clear licensing prerequisites, investor protection requirements, and robust marketing restrictions—especially for retail-facing offers—intended to align with global regulatory standards.
A VARA spokesperson emphasized that the updates aim to close observed regulatory gaps and create a consistent, secure environment for virtual asset activity in Dubai.
VASPs must comply within the 30-day transition period to avoid penalties. VARA’s supervisory team will be engaging directly with regulated firms to facilitate the transition and ensure readiness by the June 19 deadline.
@ Newshounds News™
Source: CoinTelegraph
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BRICS: 5 COUNTRIES PAY 93% OF TRADE IN NATIONAL CURRENCIES
BRICS member Russia is advancing the de-dollarization agenda, convincing economic alliances to settle trade payments in national currencies instead of the US dollar. In the latest move, Russia confirmed that 93% of cross-border payments within the Eurasian Economic Union (EAEU) are now settled in national currencies.
This significant shift reflects a growing global trend away from the U.S. dollar as the dominant medium for international trade. After BRICS, several other economic alliances are following suit, putting further pressure on the dollar’s global reserve status. Emerging economies are asserting greater control over the global financial order, independently of Western influence.
BRICS: Eurasian Economic Union (EAEU) Sidelines the US Dollar
The EAEU alliance consists of five countries: Russia, Armenia, Belarus, Kazakhstan, and Kyrgyzstan. In 2015, only 70% of the bloc’s trade was conducted in national currencies. A decade later, that figure has climbed to a record 93%, reflecting a steady transition fueled by BRICS-inspired monetary strategies.
“If in 2015 the share of the ruble and other national currencies was about 70% in settlements with our partners in the EAEU, then by the end of last year we reached a record 93%,”
— Dmitry Volvach, Russian Deputy Minister of Economic Development
Russia has extended the BRICS ideology to the EAEU, pushing national currencies ahead of the US dollar in global trade. Today, BRICS, CIS, SCO, GCC, ASEAN, and EAEU are increasingly transacting in their own currencies, significantly reducing reliance on the dollar.
No Force—Only Incentives to De-Dollarize
Volvach stressed that no nation was coerced into de-dollarization. Instead, the transition was driven by practical benefits and national interests:
“It is impossible to artificially force participants in foreign economic activity to switch to one currency. This is a good foundation for further growth,”
— Dmitry Volvach
BRICS and EAEU now stand at the forefront of de-dollarization, marking a pivotal moment where national currencies gain global relevance over the long-dominant U.S. dollar.
@ Newshounds News™
Source: Watcher Guru
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