We are always looking for ways to improve your experience and add new features while still protecting your right to self-custody and privacy, which is something we all value. In November, we are offering our KYC (Know Your Customer) verification process for free.
The world is slowly moving toward a mix of self-custody and permissioned blockchain services, and we are excited to announce a limited-time opportunity that helps align with this evolving landscape. This is a chance to add a layer of trust to your Xumm wallet without cost.
Why Consider KYC?
Legitimacy: An account that has been KYC-verified gets a badge on XRPL explorers, such as bithomp.com and xrpscan.com, showcasing it passed the KYC procedure.
Future-Proof: Verified status, not personal data, will be on the ledger for XRPL and Xahau, futureproofing use with Hooks and Layer 2 solutions. Stay ahead as regulations evolve, with KYC expected to become a standard.
Privacy Respected: Your personal information will not be shared, as stated in our privacy statement.
Ecosystem Recognition: Within Xumm, verified status allows xApps and developers to recognize your trust level, enabling access to advanced features based on the extra verification.
Looking ahead, we're working with more and more partners in the ecosystem that trust the KYCverification Xumm has performed. These partners can seamlessly offer their services and make the experience much more streamlined. Your autonomy is paramount; you will be fully in control, as you have the power to grant or withhold consent at any stage, ensuring you remain in the driver's seat.
We will publish on the ledger that a user has successfully completed KYC verification for XRPL and Xahau, which ecosystem participants, layer 2 decentralized applications, and even hooks can use while keeping the sensitive data completely private.
We are simplifying interactions within the ecosystem while maintaining the highest privacy and security standards. We will never share your personal data without your consent.
How to Get KYC Verified?
Start by accessing the KYC xApp within Xumm, or click here to begin the process. Remember, this offer is available until November 28th.
The KYC process requires that you have an official government-issued document to help identify who you are.
Your Choice, Your Control
Remember, KYC at Xumm is and will always be optional. We are offering this free verification to empower you with more choices, not as a requirement.
For more information on KYC and its benefits, visit our detailed FAQ here.
Stay vigilant, stay secure, and stay ahead with Xumm.
🚨 JUST IN: Patriot Tom Fitton, who has been fighting DOJ and FBI to release documents for years, has practically thrown in the towel.
👉 "The justice department and the FBI are irredeemably compromised and corrupted.
The leadership needs to understand that and act accordingly." ~Tom Fitton
👉 Coinbase just launched an AI agent for Crypto Trading
Custom AI assistants that print money in your sleep? 🔜
The future of Crypto x AI is about to go crazy.
👉 Here’s what you need to know:
💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit
👉 What this means for the future of Crypto:
1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025
🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.
👉 Coinbase just launched an AI agent for Crypto Trading
👉 Coinbase just launched an AI agent for Crypto Trading
🎁 As of July 8th there have been 84 VERI SmartMetal NFT Activations (1.3%). With shipments ramping up, we witness the corresponding jump in activations.
🚨BREAKING: The US House Committee on Financial Services says that next week the House will deliver on President Trump's call to make the US the "crypto capital of the world!
Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown
Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.
This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.
The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.
As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."
This action followed a series of Israeli attacks on Iranian targets.
Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.
Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."
During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.
MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.
Musk confirmed the activation, noting on Saturday, "The beams are on."
This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.
Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.
"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.
Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch,called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.
Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.
In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.
Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forcesand civilians, ensuring they could maintain contact and access vital information under dire circumstances.
The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.
Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."
"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.
Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.
GENIUS Act lets State banks conduct some business nationwide. Regulators object
The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.
The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.
The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:
“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”
The National Conference of State Legislatures expressed similar concerns in early June, stating:
“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”
Evolution of nationwide authorization
Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.
Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.
Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.
However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.
Is it that bad?
As originally drafted, the clause seemed overly permissive.
The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.
The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.
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Welcome to the Dinarian on Locals, where we discuss everything blockchain and digital asset related. We are here to learn from one another as this is a new and ever evolving space. Please post and share what you like, but be respectful to others as they are here to learn as well.
Knowledge is power, using that knowledge can be extremely powerful,
The Dinarian