Seeds of Wisdom RV and Economic Updates Sunday Morning 2-16-25

16/02/2025

Good Morning ,

IRS WILL LAY OFF THOUSANDS OF PROBATIONARY WORKERS IN THE MIDDLE OF TAX SEASON

WASHINGTON (AP) — The IRS will lay off thousands of probationary workers in the middle of tax season, according to two sources familiar with the agency’s plans, and cuts could happen as soon as next week.

This comes as the Trump administration intensified sweeping efforts to shrink the size of the federal workforce, by ordering agencies to lay off nearly all probationary employees who had not yet gained civil service protection.

It’s unclear how many IRS workers will be affected.

Previously, the administration announced a plan to offer buyouts to almost all federal employees through a “deferred resignation program” to quickly reduce the government workforce. The program deadline was Feb. 6, and administration officials said employees who accept will be able to stop working while still collecting a paycheck until Sept. 30.

However, IRS employees involved in the 2025 tax season were told they will not be allowed to accept a buyout offer from the Trump administration until after the taxpayer filing deadline, according to a letter sent recently to IRS employees.

It is unclear how many workers will be impacted by the layoff announcement plan. Representatives from the U.S. Treasury and IRS did not respond to Associated Press requests for comment.

Jan. 27 was the official start date of the 2025 tax season, and the IRS expects more than 140 million tax returns to be filed by the April 15 deadline.

The Biden administration invested heavily in the IRS through an $80 billion infusion of funds in Democrats’ Inflation Reduction Act, which included plans to hire tens of thousands of new employees to help with customer service and enforcement as well as new technology to update the tax collection agency.

Republicans have been successful at clawing back that money, and billionaire Elon Musk and his Department of Government Efficiency have called for the U.S. to “delete entire agencies” from the federal government as part of his to radically cut spending and restructure its priorities.

Elected officials are trying to fight against DOGE plans. Attorneys general from 14 states challenged the authority to access sensitive government data and exercise “virtually unchecked power” in a lawsuit filed Thursday.

The lawsuit, filed in federal court in Washington, says the actions taken by Musk at the helm of DOGE can only be taken by a nominated and Senate-confirmed official. It cites constitutional provisions that delineate the powers of Congress and the president.

@ Newshounds News™

Source: AP News

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XRP NEWS: MAJOR RIPPLE DEVELOPMENTS AND GLOBAL PARTNERSHIPS UNVEILED

▪️XRP surges as SEC acknowledges ETF filings, fueling speculation of a Ripple lawsuit resolution and massive market breakout!

▪️Ripple expands globally with major partnerships, rebrands focus on Web3, and boosts XRP adoption—biggest breakout ahead?

Under new SEC leadership, excitement is building around XRP as crypto exchange Bitrue hints at major developments. In a recent post on X, Bitrue urged the community to pay close attention, suggesting that something big is brewing.

The message quickly gained traction, sparking speculation about what’s driving the surge in XRP’s price and market activity. Investors are now eagerly watching for the next big move, as XRP continues to capture attention with a string of major events.

XRP ETF Frenzy Takes Over

One of the biggest drivers behind the excitement is the SEC’s unexpected attention to XRP ETF filings. On Thursday, the SEC officially recognized Grayscale’s XRP ETF application, triggering a strong 12% price rally, making XRP the best performer among the top ten cryptos.

The momentum didn’t stop there. The very next day, the SEC acknowledged another XRP ETF filing—this time from 21Shares—pushing XRP’s weekly gains to an impressive 17%.

The market response has been electric, with traders now eyeing the possibility of XRP reclaiming its all-time high of $3. The shift in the SEC’s stance is surprising, given its history of rejecting altcoin ETFs.

Is the Ripple Lawsuit Nearing Its End?

The ETF news has fueled speculation that the SEC might soon settle its long-running lawsuit against Ripple. Many believe that the shift in regulatory behavior—especially under acting chairman Mark Uyeda—could pave the way for a resolution.

Ripple’s New Look and a Change in Strategy?

In the meanwhile, Ripple has also done some major transformation, rebranding its website to focus on its vision of the “Internet of Value.” The refreshed site highlights its work in cross-border payments, digital asset custody, and stablecoins like Ripple USD (RLUSD). However, one notable change stands out—Ripple has removed all references to Central Bank Digital Currencies (CBDCs).

This move is giving positive vibes to the market with changing U.S. regulations on cards. Alongside the rebrand, Ripple has also emphasized its $600 million investment in Web3 and its more than 70 direct investments, shows its commitment to driving the next phase of crypto adoption.

XRP Expands Through Major Partnerships

Ripple is continuing its push for global adoption, forming new partnerships that strengthen XRP’s position in the market. One of the biggest recent moves was its collaboration with Portugal’s largest currency exchange, signaling its expanding footprint in Europe.

In Japan, SBI Remit has also expanded its international money transfer services in partnership with SBI Shinsei Bank. The key takeaway here is that SBI Remit is already using XRP for cross-border transactions, highlighting its growing role in the global remittance space.

Institutional interest in XRP is growing, with Japanese energy company Remixpoint making a major move. The company recently purchased $3.9 million worth of XRP and Dogecoin as part of its expanding crypto reserves.

While one user said this is just half the things on the horizon.

With new changes on the cards, XRP could be on track for one of its biggest breakouts yet. The big question now is whether it can ride this wave back to its all-time high and beyond.

@ Newshounds News™

Source: Coinpedia

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