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⚠️Banks Take a Proactive Stand to Resolve Zelle Issues before Regulators Make their Mark⚠️
December 03, 2022
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Zelle payments are more popular than ever, but some consumer protections are not in place to adequately protect users. In 2021, Zelle transacted $490 billion worth of payments, and the numbers are growing. More than 1,800 banks utilize Zelle’s P2P money transfer system. Zelle users deduct cash from their checking account and send it to the payee. This allows the payee immediate access to that cash. Since Zelle payments are considered “immediate payments,” settlement is final.  This makes the nature of Zelle payments irrevocable, an issue that becomes prominent when dealing with scammers. According FYI, your link pointed to the file I sent you on your hard drive.  In an article posted by Wall Street Journal, big banks are banding together to create remedies for scammed consumers. They are hoping to be a step ahead of regulators.

How Did This Become a Problem in the First Place?

Scammers got clever and took advantage of the irrevocable nature of Zelle’s instant payments. Many consumers sent cash to what appeared to be their own bank accounts. But the scammers hooked their accounts up to the receiving end of the payment.

Many consumers may assume they are protected against scams; banks are required by legislation to refund consumers for transactions they did not authorize. This works for traditional debit and credit transactions. But since there is no real “authorization” messaging in immediate payment processing, some banks refuse to provide reimbursement to the consumer. Some banks on the Zelle network have their own policies in place to reimburse scammed consumers, but there is no consistency across all financial institutions today.

What Is Being Done?

Lawmakers are pressuring banks into doing more to help victims of P2P payment scams in a consistent manner. The Consumer Financial Protection Bureau is in the works of preparing new guidance aimed at requiring banks to provide reimbursements to scammed consumers on Zelle and other P2P money transfer systems. The banks would simply need to withdraw the cash from the scam account and deposit it back into the consumer’s account. If the guidance is solidified into new rules, all banks participating on Zelle’s network would have to comply.

The big banks behind Zelle are partially on board with the legislators. Zelle’s owners include Bank of America, Capital One, Chase, PNC, Truist, U.S. Bancorp and Wells Fargo. According to WSJ, “by agreeing to share liability inside Zelle’s system and guaranteeing to reimburse each other, the banks hope more customers will get their money back.” However, there are limitations. The banks would not extend reimbursement protections to consumers seeking refunds for goods or services they did not receive, or for people who made type-o’s when inputting the receiver’s account.

The new guidance is rumored to become effective in 2023. According to the WSJ:

  • The new refund rules could kick in as soon as early next year. The banks are running tests to make sure the changes wouldn’t result in a fresh surge of scams. 
  • If the new rules are put in place, financial institutions that participate in Zelle would have to agree to them or risk being kicked out of the network, people familiar with the matter said.

With the push to faster payments, fleshing out the liability issue is imperative for financial institutions… and consumers.

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The future of Crypto x AI is about to go crazy.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

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If you find value in my content, consider showing your support via:

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🔗 Crypto
XRP: r9pid4yrQgs6XSFWhMZ8NkxW3gkydWNyQX
XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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Pyth Network (PYTH) To Rally Higher? This Emerging Fractal Setup Saying Yes!

The cryptocurrency market is undergoing a healthy cooldown as Ethereum (ETH) eases to $4,440 from its recent peak of $4,780. The pullback has weighed on most major altcoins — including Pyth Network (PYTH) — which is down about 5% over the past week.

But while the short-term dip might look discouraging, PYTH’s chart is showing something far more interesting: a price structure that mirrors the exact same bullish breakout pattern that sent Skale (SKL) soaring by triple digits earlier this month.

PYTH Mirrors SKL’s Breakout Structure

A glance at SKL’s daily chart reveals a textbook falling wedge formation — a well-known bullish reversal pattern. Once SKL broke above the wedge and printed a higher high followed by a higher low, it flipped both the 200-day and 100-day moving averages into firm support. That technical shift triggered a 148% rally in just days.

PYTH appears to be tracing the same path.

Like SKL, PYTH has already broken out from its falling wedge and formed a higher high and higher low. It is now consolidating just beneath a critical confluence of resistance, with the 100-day MA at $0.1235 and the 200-day MA at $0.1481 — a setup eerily similar to SKL’s pre-breakout structure.

What’s Next for PYTH?

For the bullish fractal to fully play out, PYTH will need to close decisively above the $0.1235–$0.1481 zone, ideally on rising volume. A confirmed breakout could open the door to the first upside target of $0.21, representing roughly 78% potential gains from current levels.

However, confirmation is key. Until PYTH clears these moving average hurdles, it remains vulnerable to extended consolidation or even a false breakout. Still, the fractal similarity to SKL is hard to overlook — and if history repeats, PYTH bulls could be on the verge of a major move.

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