Good Morning ,
SEC Chair Paul Atkins says the right to self-custody is a ‘foundational American value’
▪️SEC Chair Paul Atkins hinted at more of an openness toward self-custody, marking a departure from the previous administration.
▪️Since President Donald Trump took office and following former Chair Gary Gensler’s departure, the agency has taken a warmer approach to crypto.
A New Crypto Vision Under the Trump and Atkins Era
U.S. Securities and Exchange Commission Chairman Paul Atkins is turning a new page at the agency in how it views self-custody, describing it as a “foundational American value.”
In remarks delivered Monday at the SEC’s final Crypto Task Force Roundtable, titled “DeFi and the American Spirit,” Atkins hinted more of an openness toward self-custody, marking a departure from the previous administration.
“The right to have self-custody of one’s private property is a foundational American value that should not disappear when one logs onto the internet,” Atkins said Monday. “I am in favor of affording greater flexibility to market participants to self-custody crypto assets, especially where intermediation imposes unnecessary transaction costs or restricts the ability to engage in staking and other on-chain activities.”
Since President Donald Trump took office and following former SEC Chair Gary Gensler’s departure, the agency has taken a warmer approach to crypto in part through dropping enforcement actions against major crypto industry players and creating the crypto task force.
The task force has hosted five roundtable discussions over the past few months with a focus on tokenization, custody, trading, and defining securities.
Atkins has criticized the agency’s previous approach, and on Monday, accused the agency of undermining the innovation in self-custody by asserting that developers could be brokers, and therefore, need to follow the SEC’s rules.
“I do not believe that we should allow century-old regulatory frameworks to stifle innovation with technologies that could upend and most importantly improve and advance our current, traditional intermediated model,” Atkins said. “We should not automatically fear the future.”
Atkins also said he asked SEC staff to look into next steps.
“I have asked the Commission staff to explore whether further guidance or rulemaking may be helpful for enabling registrants to transact with these software systems in compliance with applicable law,” he said.
@ Newshounds News™
Source: The Block
~~~~~~~~~
Trump’s CFTC pick Quintenz pledges clear crypto classification in written remarks for Senate hearing
▪️Brian Quintenz, nominee for new CFTC chair, said he would support bringing clarity to crypto classification and jurisdiction for market oversight.
▪️Quintenz said he would utilize his experience as head of policy at a16z crypto to shape future regulations around crypto.
Brian Quintenz, nominee to lead the U.S. Commodity Futures Trading Commission, has pledged to provide clear classification and jurisdictional clarity for digital asset market regulation in a written statement shared ahead of his nomination hearing.
The former CFTC commissioner was nominated by President Donald Trump in February, and is scheduled to appear before the Senate Agriculture Committee for a nomination hearing on Tuesday.
“It is time for a comprehensive regulatory framework for crypto assets, including token classification clarity and clear jurisdiction for trading market oversight,” said Quintenz. “I am fully prepared to use my experience and expertise to assist in that effort as well in executing any expanded mission should legislation pass into law.”
@ Newshounds News™
Source: The Block
~~~~~~~~
Nigeria Calls on BRICS To Switch Trading in Local Currencies
Nigeria has called on BRICS to switch to trading in local currencies and refrain from using the US dollar for cross-border transactions. During a meeting at the BRICS trade forum held in Brazil, Nigeria’s House Committee on Foreign Affairs, Wole Oke, said that the alliance must begin investing in each other’s economy to maintain equal economic stability for all.
At the trade forum, he urged BRICS to reduce usage of US dollar transactions and begin payments in local currencies. He also urged the bloc to reduce dependency on Western powers and uplift the economies of developing countries.
“Strengthening BRICS trade is no longer optional, it is a necessity. We must trade more with each other, invest in one another, and build a trade ecosystem that puts our people first,” he said, stressing that the time to use local currencies for trade is ripe.
The lawmaker proposed BRICS to create a new establishment for local currency settlements that cuts exposure to “volatile currency politics”. He added that investments must be made in all business sectors including pharmaceuticals, agriculture, manufacturing, and clean energy.
The foreign minister stressed that BRICS members have an overall GDP of 40% of the global economy, and the potential to make it even bigger is untapped and can be a success if local currencies are made the norm. Nigeria is among the 13 partner members of BRICS and is considering reshaping the global finances.
Nigeria Follows the Footsteps of BRICS, Makes Local Currencies Official
Just recently, the government of Nigeria announced that only their local currency, the Nigerian naira will be the official tender for oil trade in the country, ending dependency on the US dollar.
All oil-refiners must use the local currency and the move could boost its prospects in the forex markets. The African country is looking to tackle the US dollar’s dominance by putting it second in line for oil payments.
@ Newshounds News™
Source: Watcher Guru
~~~~~~~~~
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
