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G7 Approves Japan’s Cryptocurrency-Primarily based SWIFT Various

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The Japanese government is attempting to spearhead the creation of a new, global cryptocurrency payments network that would be similar to SWIFT.

Replace SWIFT with a global crypto payments network?

Citing an anonymous source, a Reuters report published on July 18 claimed that the country’s push for the network is motivated by a resolve to combat money laundering more effectively.

While plans are being kept firmly under wraps, the source alleged that Tokyo hopes to have the network established within the next few years. 

Plans for the network were reportedly initially proposed by Japan’s Ministry of Finance and its national regulator, the Financial Services Agency (FSA).

The prospective network has been approved for oversight by the Financial Action Task Force — a G7-initiated intergovernmental organization that promotes legal, regulatory and operational measures that aim to fight money laundering on a global scale. 

As Reuters notes, anti-money-laundering (AML) compliance has loomed large in regulators’, central banks’ and governments’ scrutiny of Facebook’s plans to launch its own stablecoin, dubbed Libra.  

Ahead of this week’s meeting of G7 finance ministers in France this week, Japan had set up a national liaison conference — involving the Bank of Japan, the Ministry of Finance and the FSA — tasked with investigating the impact of Libra on monetary policy and financial stability. 

The G7, cryptocurrencies and the fight against money laundering

France had pre-empted Japan in creating a G7 taskforce that will examine how central banks can regulate cryptocurrencies like Libra.

In June, the FATF revealed plans to strengthen control over crypto exchanges to preclude digital currencies from being used in money laundering and related financial crimes.

This spring, the Japanese House of Representatives officially approved a new bill to amend national laws that govern crypto regulation. The revised acts — which include specific AML measures focused on privacy coins — are set to come into force in April 2020.





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Australia shares decrease at shut of commerce; S&P/ASX 200 down 0.36% By Investing.com

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© Reuters. Australia stocks lower at close of trade; S&P/ASX 200 down 0.36%

Investing.com – Australia stocks were lower after the close on Thursday, as losses in the , and sectors led shares lower.

At the close in Sydney, the lost 0.36%.

The best performers of the session on the were Western Areas Ltd (ASX:), which rose 5.33% or 0.120 points to trade at 2.370 at the close. Meanwhile, Evolution Mining Ltd (ASX:) added 5.19% or 0.230 points to end at 4.660 and Saracen Mineral Holdings Ltd (ASX:) was up 4.95% or 0.190 points to 4.030 in late trade.

The worst performers of the session were Cimic Group Ltd (ASX:), which fell 18.98% or 8.690 points to trade at 37.090 at the close. Eclipx Group Ltd (ASX:) declined 5.99% or 0.095 points to end at 1.490 and Beach Energy Ltd (ASX:) was down 5.36% or 0.105 points to 1.855.

Falling stocks outnumbered advancing ones on the Sydney Stock Exchange by 585 to 569 and 387 ended unchanged.

Shares in Cimic Group Ltd (ASX:) fell to 52-week lows; falling 18.98% or 8.690 to 37.090. Shares in Evolution Mining Ltd (ASX:) rose to all time highs; gaining 5.19% or 0.230 to 4.660. Shares in Saracen Mineral Holdings Ltd (ASX:) rose to all time highs; rising 4.95% or 0.190 to 4.030.

The , which measures the implied volatility of S&P/ASX 200 options, was down 0.29% to 10.866.

Gold Futures for August delivery was down 0.06% or 0.85 to $1422.45 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in August fell 0.02% or 0.01 to hit $56.77 a barrel, while the September Brent oil contract rose 0.25% or 0.16 to trade at $63.82 a barrel.

AUD/USD was up 0.40% to 0.7037, while AUD/JPY rose 0.15% to 75.78.

The US Dollar Index Futures was down 0.10% at 96.752.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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High Tales, Worth Actions, Quotes and FUD of the Week

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Coming every Sunday, the Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions, and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitstamp Starts Investigation After Large BTC Sell Leads to $250 Million Liquidated on BitMEX

Major crypto exchange Bitstamp launched an investigation this week after a large bitcoin (BTC) sell order heavily impacted its order book. Bitstamp reported on the execution of the large bitcoin sell order from BTC to United States dollars, without specifying themselves the details of the transaction. Other crypto media noted that it involved a sell order that led to a liquidation of $250 million long positions on the BitMEX exchange with 5,000 BTC sold at $6,200, which further resulted in price declines on other crypto exchanges. Some crypto commentators suggested that the sell order could be made by mistake, with the order’s owner having meant to sell his/her bitcoin at $8,200 instead of $6,200.

Flexa Launches App Where Shoppers Can Spend Crypto at 15 Major U.S. Retailers

Payments startup Flexa unveiled an app this week that allows consumers to spend cryptocurrencies at major American retailers. The app, called Spedn, is currently set up to work with retailers including Barnes & Noble, Bed Bath & Beyond, GameStop, Lowe’s, Nordstrom, Office Depot and Whole Foods Market, with more stores to be added in the coming months. Stores that aren’t able to accept cryptocurrency will require the crypto to be instantly converted to fiat when an item is purchased. As of now, purchase on Spedn can be made with bitcoin, ether (ETH), bitcoin cash (BCH) as well as the gemini dollar (GUSD) stablecoin.

U.S. SEC Delays Decision on Bitwise Bitcoin ETF, Seeks Public Comment

The U.S. Securities and Exchange Commission (SEC) has again delayed its decision to approve or disapprove cryptocurrency index fund provider Bitwise Asset Management’s bitcoin (BTC) exchange-traded fund (ETF) application. In this week’s filing, the SEC also noted that it requested public comment from interested parties, asking for “written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal.” Bitwise had initially filed for an ETF in February, under the condition that the SEC would reach a decision in 45 days, with its application differing from others in that it draws prices from a variety of cryptocurrency exchanges, with the aim of better representing the market.

Bakkt to Roll Out First Bitcoin Futures Testing in July 2019

Institutional crypto exchange Bakkt plans to roll out testing for bitcoin futures trading in early July 2019, according to its CEO, Kelly Loeffler. Loeffler noted in a Medium post this week that Bakkt is working with both the Intercontinental Exchange (ICE) Futures U.S. exchange and ICE Clear U.S. clearing house to prepare the first testing of bitcoin futures trading and custody. In the announcement, Bakkt noted that it has been working with the U.S. Commodity Futures Trading Commission in order to be compliant with federal regulations, as well as to meet major requirements in terms of investors protection. Bakkt was first introduced in August 2018, with the stated goal of offering physically backed bitcoin futures.

EBay Denies Rumors It Will Start Accepting Crypto, Despite Advertising at Crypto Event

EBay has denied rumors after Blockchain Week that it is going to start accepting cryptocurrency as a payment method. Rumors have mounted that the online retail giant would be offering crypto as a payment option since ads were shown at crypto conference Consensus stating: “Virtual currency. It’s happening on eBay.” However, it does currently have a section marked Virtual Currency, where people can use traditional monetary forms to purchase crypto from sellers. In response to the rumors, an eBay spokesperson said that “cryptocurrency is not accepted as a form of payment on the eBay platform, nor is it part of our payments strategy.”

Winners and Losers

The top three altcoin gainers of the week are ultra coin, icechain and pwr coin. The top three altcoin losers of the week are segwit2x, blockport and sharpe platform token.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“The more interaction, and willingness that people want to engage with us, the happier we are because we want this to work. We want there to be innovation in these markets. We want there to be change.”

– Amy Starr, chief of the office of capital markets trends at the U.S. SEC

“It is a useless currency, that’s what I believe. Look, I realize that people have different opinions, but to me, it’s garbage.”

– Shark Tank’s Kevin O’Leary

“In a small number of months, we should have a fully operational testnet and possibly, by the end of this year we’ll have a fully operational phase 0 Ethereum 2.0.”

– Joseph Lubin, Ethereum co-founder

“I believe that there are use cases that makes sense today, we have yet to find them at scale in financial services. We’re experimenting heavily, we have more patents than any other financial institution in the blockchain space, but have yet to find something that makes a difference for our clients or our customer.”

– Catherine Bessant, chief technology officer at Bank of America

“There is a broad discussion in Washington around 5G being dominated by foreign firms and the U.S. being reliant on foreign technology and foreign expertise. […] With blockchain and crypto, I think there’s a recognition now that these will be part of our future infrastructure. […] It’s important both for national security and from an economic perspective, that the U.S. is a leader in that.”

– Ryan Zagone, Ripple’s Director of Regulatory Relations

Prediction of the Week

Joseph Lubin on Ethereum 2.0: ETH to Become 1,000 Times More Scalable Within 24 Months

Joseph Lubin, Ethereum co-founder, said in an interview with Cointelegraph this week that the Ethereum blockchain will become about 1,000 times more scalable in 18 to 24 months. In the interview, Lubin noted that Ethereum 2.0, also called Serenity, will be responsible for bringing the drastic scalability increase to the ecosystem. The development, which Lubin noted is divided into four phases, already has eight groups developing clients for the new chain. He explained that there are several ways in which the new chain could be connected with the old one, noting “there may be bidirectional mechanisms” in moving ether (ETH) tokens from the old chain to the new chain.

FUD of the Week

Floyd Mayweather and DJ Khaled Escape Lawsuit Brought by Defrauded ICO Investors

High-profile boxer Floyd Mayweather and music producer DJ Khaled were dismissed this week from a lawsuit brought by investors in a fraudulent initial coin offering (ICO). The two celebrities had been involved in promoting Centra Tech’s ICO, and had originally been charged last November with unlawfully advertising the aforementioned ICO. This week, a judge ruled that the investors who had brought the legal action against the ICO had not proven that they had bought tokens as a direct result of the pair’s actions. In the settlement where neither of the parties admitted to nor denied the charges against them, Mayweather was fined more than $600,000, while Khaled was fined more than $150,000.

Tron Co-Founder and CTO Leaves Project, Alleging Excessive Centralization

Lucien Chen — the former chief technical officer and co-founder of blockchain protocol Tron — announced that he is leaving the project, citing an excessive centralization. In his announcement, Chen noted that in spite of the project’s success, irreconcilable contradictions between himself and co-founder Justin Sun have led him to choose to leave Tron. In the post, Chen noted that Tron is no longer staying true to its founding principle of decentralizing the web, critiquing Tron’s delegated proof-of-stake (DPoS) consensus mechanism and Super Representative governance and block production nodes.

Hacked New Zealand Exchange Cryptopia Appoints Liquidators, Trading Suspended

Hacked New Zealand-based cryptocurrency exchange Cryptopia said this week that trading was suspended and it was appointing liquidators. The exchange specifically said that it has appointed David Ruscoe and Russell Moore from consultancy and audit firm network Grant Thornton New Zealand as the aforementioned liquidators. In mid-January of this year, Cryptopia had said that it was the target of a security breach resulting in significant losses. According to the liquidators, the exchange decided to go into liquidation, as it has been unable to return the business to profitability, notwithstanding management’s reported efforts to reduce costs. The liquidators plan to conduct an investigation with the aim of securing assets for the benefit of the stakeholders.

Best Cointelegraph Features

Major Crypto Exchange in Korea Shut Down in April: 2018 Was a Nightmare for Most

Joseph Young explains what’s been happening with South Korean cryptocurrency exchanges, as they suffered through a freeze on accepting new registrations as well as the overall bear market.

What Crypto Exchanges Do to Comply With KYC, AML and CFT Regulations

Since most altcoins require crypto enthusiasts to purchase them via cryptocurrency exchanges, Cointelegraph takes a look at how these exchanges work with Anti-Money Laundering (AML), Know Your Customer (KYC) and Combating the Financing of Terrorism (CFT) regulations to ensure both safety and regulatory compliance.

Blockchain as Key to Vienna’s Digital Future — Interview with Ulrike Huemer, CIO of Vienna, Austria

Cointelegraph’s German division spoke with the chief information officer of Vienna’s digital future initiative about the ways the city can evolve to integrate more emerging technologies, including, of course, blockchain.




#Litecoin #LitecoinNews ##LitecoinUpdates

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7 Causes You Haven’t Obtained Your Tax Refund

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Tax season is over, and if you were anticipating a refund this year, you’re not alone. According to data released by the Internal Revenue Service, approximately 77,925,000 million refunds have been issued for the 2018 tax year, with the average taxpayer netting a refund of $2,833.


However, you may be one of those people asking themselves, “Where’s my Refund?” if you haven’t received it yet and are wondering what happened to it. While you can check the status of your federal tax refund using the Where’s My Refund tool, the system doesn’t offer detailed explanations of why your money may be delayed.



7 Reasons for a Late Tax Refund

There are a number of things that can hold up the processing of your tax refund. Here are some of the most common reasons for a delay.


1. Your return includes inaccurate information


If your tax return contained numerical errors or other mistakes, that can slow down the pace of your refund. When an error is detected, your return is earmarked for human review, meaning an IRS employee must comb through it to find the mistake. That can add days or weeks to the processing time.


2. Your return was incomplete


Having an incomplete return can also trigger an IRS review, which could mean a longer wait for your refund. If you filed a paper return, for example, and forgot to enter in a key piece of information like your Social Security number, or you didn’t sign your tax forms, the IRS wouldn’t be able to process your return until those items are checked off.


3. You’re a victim of tax fraud


Tax fraud occurs when someone uses your personal information to file a fraudulent tax return and claim a refund in your name. In 2016, the IRS identified 240,260 tax returns with $1.5 billion claimed in fraudulent refunds. If you think you’re a victim of tax-related identity theft, you’re encouraged to contact the IRS and the Federal Trade Commission to report fraud.


4. Your refund was sent to the wrong bank


Filing your return electronically is the fastest way to get your refund if you’re using direct deposit. That assumes, however, that you plugged in the right numbers for your bank account. If you transposed a digit in the routing or account number and your money was sent to someone else’s account, you’ll have to work with the bank that received the refund to recover the money. Keep in mind that the IRS can’t compel banks to turn over the money to you.


Key Takeaways

  • The reasons you haven’t gotten your tax refund include your return has inaccurate information or was incomplete.
  • You’re a victim of tax fraud, or your refund was sent to the wrong bank.
  • You amended your return, or you claimed certain tax credits.
  • Your refund has been offset to pay a debt.

5. You claimed certain tax credits


Tax credits reduce your tax liability on a dollar-for-dollar basis. Certain tax credits, including the Earned Income Credit and the Additional Child Tax Credit, often draw scrutiny from the IRS, due to taxpayers claiming these credits fraudulently. If you claimed either credit, that could be the reason why your refund hasn’t arrived yet.


6. You amended your return


Amending your tax return can also create a delay. Amended returns must be mailed, rather than filed electronically. When you amend a return, it can take up to three weeks for it to show up in the IRS system, and another 16 weeks to be processed, meaning you may be waiting several months for your refund.


7. Your refund has been offset to pay a debt


If you owe certain debts, including unpaid child support, unpaid state taxes, or federal student loans, the IRS can offset your refund by the balance owed. If your refund is offset, you’ll receive a notice from the Bureau of Fiscal Services advising you why your refund was taken and which agency the debt was owed to. You have the right to dispute the debt with the agency that received your refund.


77,925,000 million

The number of refunds issued for the 2018 tax year.


The Bottom Line

These are the most common reasons for a delayed refund. A refund could also be late if it’s lost in the mail. Having your refund stolen from your mailbox is another possibility. If the Where’s My Refund tool isn’t offering any answers, you can turn to your local IRS office for help. The IRS may be able to trace your refund to find out what’s happened to it and issue a replacement check if needed.




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SoftBank’s Son says Japan lacks funding alternatives, is AI ‘creating nation’ By Reuters

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TOKYO (Reuters) – SoftBank Group Corp (T:) founder and Chief Executive Masayoshi Son said on Thursday that there is a dearth of investment opportunities in Japan, which he said is lagging in the race to develop artificial intelligence (AI).

“Until recently Japan was at the technological leading edge. In the most important current technology revolution – artificial intelligence – Japan has become a developing country,” Son said at an annual SoftBank event for suppliers and customers.

While SoftBank’s $100 billion Saudi-backed Vision Fund has poured tens of billions of dollars into bets on late-stage tech startups around the world, it has overlooked Japan in favor of countries such as the United States, China and India.

“Unfortunately there are virtually no companies that can be called global No. 1 unicorns,” Son said of Japan, referring to startups reaching $1 billion valuations.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Why Blockchain’s Largest Menace Could Be Fb

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Blockchain technology, now used by mainstream companies worldwide, such as JPMorgan Chase & Co. (JPM) and Toyota Motor Corp. (TM), to run parts of their operations, faces a major threat. According to several critics, including one of the respected leaders in the computer science world, Mihai Alisie, co-founder of Ethereum, the blockchain of choice for most business and finance projects, Facebook Inc.’s (FB) foray into the cryptocurrency space is bad news for technology. 



Libra Security Concerns

In June, Facebook announced plans to develop its own digital coin called Libra, set to be backed by cash and short-term securities. Like other cryptocurrencies, Libra would run off blockchain technology, allowing the platform’s more than 2 billion users to send Libra coin to one another, and use it for transactions across Instagram, WhatsApp and Messenger. The idea is to create a secure and low-cost way for consumers to move money around the world. 


Since the day the news about Libra broke, Facebook has faced criticism from lawmakers. The company has battled with regulatory issues over the recent years, following a wave of scandals and a massive data breach involving political consulting firm Cambridge Analytica. Many have ridiculed CEO Mark Zuckerberg for not better managing Russian interference in the 2016 Presidential race. 


The key issue is that the social media behemoth, which is under constant scrutiny for the way it monetizes the personal data of its users, threatens the privacy and user sovereignty that is crucial for blockchain, per the experts cited by Bloomberg. Ethereum co-founder Alisie highlights the fact that an integral aspect of blockchain is that no person or corporation owns the underlying systems, comparing it to how the Internet is free for anyone to use. Ownership by Facebook threatens this key pillar of the blockchain system, said the cryptocurrency trailblazer.


“This has implications on so many areas, from the economic to the political to the technological to surveillance and data privacy,” according to Alisie. 


He criticizes Facebook for prioritized growth over user privacy, and for its role in the Russian election meddling. “It’s a very well-oiled machine of surveillance… It is actively manipulating the behavior of people on a global scale,” added the Ethereum co-founder, who created the cryptocurrency in 2014 and 2015 and more recently founded Ethereum-backed social network Akasha Project. 



What Blockchain Could Lose for Mainstream Adoption

Facebook has already partnered with more than 20 companies including PayPal Holdings Inc. (PYPL), Visa Inc. (V) and Mastercard Inc. (MA). David Marcus, the head of Facebook’s Libra subsidiary Calibra, says that by the time the cryptocurrency is live, 100 companies will be in its network. 


Team Libra thinks it can help bring cryptocurrency to the mainstream in ways that Bitcoin and Ethereum have failed. Dante Disparte, head of policy and communications at the Libra Association, is confident that the scale of Libra over the next five years will help it ride the adoption curve and reach billions of people. Within this time, Libra will be “totally permissionless and totally decentralized,” said Disparte. 


While many have attributed Bitcoin and other cryptocurrencies’ rally in 2019 to Facebook’s interest in the space, Alisie fears that having the blockchain infrastructure owned by a company is “not an upgrade” but “downgrade for what blockchain means.” He says Libra would take away a fundamental aspect of blockchain that gave power back to individuals who no longer needed to rely on third parties like Facebook or Verizon. 


Facebook says that it has reached out to regulators around the world to ensure that it is in compliance, upholding consumer protection and making sure that central banks and governments are appropriately involved with Libra. 


Blockchain’s threat from Facebook comes as studies have shown that blockchain is susceptible to macro leaks, and also is slower and more costly to operate than expected, as outlined in a previous Investopedia report. 



What’s Next?

All of this comes as Facebook executives involved in the Libra project have faced questions from Congressional committees this week.


Federal Reserve Chairman Jerome Powell has raised concerns that he indicates must be addressed before the plan moves forward. “Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Powell told lawmakers at a House Financial Services Committee hearing in Washington.




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How a $5 Billion Fats Finger Commerce is Rattling The Crypto World

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Skepticism around Bitcoin and cryptocurrencies in recent days wasn’t helped by a so-called “fat finger” trading error, in which the company behind stablecoin issuer Tether mistakenly created more than $5 billion of its dollar-backed currency at once. This move increased the amount of stablecoin in circulation by over 100%, according to a report by the Wall Street Journal.



The Background

The drawn out “crypto winter,” which began after the price of Bitcoin came tumbling down from an all-time high near $20,000 at the end of 2017, persisted for the majority of 2018. Then this year, crypto bulls have been re-energized by a comeback of the blockchain-backed currency, as Bitcoin surpassed the key $13,000 level. 


While Tether is designed to operate digitally like Bitcoin, it is pegged to the dollar. Therefore, Tether’s price doesn’t fluctuate as widely as Bitcoin has been known to. Currently, there’s around $3.9 billion of Tether circulating in the market. About 60% of investors trade Bitcoin, the most actively traded digital coin, with Tether. 



Fat Finger Sheds Light on Crypto Concerns

On Saturday, the sudden flood of stablecoin into the market spooked investors. The trading error reportedly happened when the crypto firm was helping exchange Polonix conduct a chain swap, in which it was moving tethers from the Omni to the Tron blockchains, per CoinDesk. Tether CTO Paolo Ardoino explained the error as an “issue with the token decimals,” when preparing the issuance for the swap.


Although the company was able to destroy them promptly after the mistake, the damage was already done. While the error had nothing to do with Bitcoin, it has shed nearly 15% of its value since last Saturday. On Wednesday afternoon, it traded as low as $9,942. 


At large, the instantaneous disaster for Bitcoin shows just how vulnerable the nascent industry is to unforeseen hurdles. The cryptocurrency world has been scrutinized for hosting rampant fraud, money laundering, and other illicit activities. 


Tether’s hiccup wouldn’t be the first time that Tether Ltd., the company that issues the dollar-backed coin, made headlines. In April, the New York attorney general said the company used Tether’s dollar reserves to cover up $850 million in missing funds.


While Tether’s error might be associated with Bitcoin’s sudden drop, other factors may be weighing on its price. Regulatory scrutiny of Facebook.com Inc.’s (FB) plans to release its own digital coin may have spoiled the initial hype surrounding the announcement. While the social media titan’s foray into the crypto world was first seen as an event that would bring Bitcoin further into the mainstream, push back from Washington and regulators around the world may be doling out a harsher slice of reality. 




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Key Feedback From Libra Listening to at US Home of Representatives

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The United States House of Representatives Financial Services Committee heard testimony from from Facebook’s David Marcus, today July 17. Marcus, the CEO of the Calibra wallet service for the social media giant’s forthcoming Libra stablecoin, attempted to assuage regulators’ concerns regarding the project and educate lawmakers on its purpose and potential. Cointelegraph has compiled some key quotes from the hearing, which you can view here.

[2:50] Rep. Maxine Waters, chair of the Financial Services Committee: “Demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax… Facebook also allowed malicious Russian state actors to purchase and target ads”.

[5:40] Rep. Patrick McHenry: ”We’re here to go beyond the headlines… Washington must go beyond the hype to ensure that we are not the place where innovation goes to die.”

[13:49] David Marcus: “That’s what Libra is about: developing a safe, secure and low-cost way for people to send money around the world.”

[27:] McHenry: “Why are you doing this in Switzerland and why are you using a basket of currencies? Why not the good old American dollar”

Marcus: “…The choice of Switzerland has nothing to do about evading responsibilities or oversight. The goal of Switzerland is to home this Libra in an international place…” 

[0:40:10] Rep. Nydia Velasquez: “Will you commit yourself to not launch before all the concerns from the Federal Reserve and all the regulators are addressed?”

Marcus: “Absolutely Congresswoman and I want to reiterate this commitment that this was the spirit in which we announced early…”

[1:01:51] Rep. David Scott: “Neither your white paper nor your subsequent Facebook post offered any concrete details as to how you plan to implement or enforce strong Anti-Money Laundering, how you plan to enforce Know Your Customer protections, and most importantly, to ensure — and that’s what all of us are concerned about — the safety of our financial system.[…] what do you see as the responsibilities of Libra to combat money laundering, to protect our financial system?”

Marcus: “[Libra] will have an AML program and will have guidelines for all the members to enforce the AML, KYC, CFT standards. […] Blockchain gives additional information to law enforcement and regulators compared to our current system.”

Scott: “What are you anticipating as some of the new ways that criminals may attempt to export and exploit Libra for illicit use and how are you combating [this]?” 

Marcus: “I couldn’t agree more with you Congressman, and I believe that we can improve on the current system because we have a chance this time around to think through how the network is designed, the way that the on and off ramps are properly regulated with proper KYC controls, the proper way to monitor new activity and report it with new technologies and I think this system might be potentially better on these fronts.”

[1:17:44] Rep. Sean Duffy: “Who gets to use Calibra and Libra? 

Marcus: “Anyone that can open an account, goes through KYC, in countries where we can operate.”

Duffy: “Who can use a $20 bill? […] This $20 bill doesn’t discriminate on anything you can be a murderer say horrible things, you can say great things. This $20 bill can be used by every single person that possesses it. With regard to your network, can Milos Yianopolous and Louis Farrakhan use Libra?” [both have been banned from FB]

Marcus: “I don’t know yet, congressman.”

[1:33:00] Rep. Brad Sherman: “We need to get Mr. Zuckerberg here. This is the biggest thing or this tries to biggest thing this committee will deal with this decade […] Now we’re told by some that innovation is always good, the most innovative thing that happened this century is when Osama bin Laden came up with the idea of flying two airplanes into the twin towers. That’s the most consequential innovation, although this will do more to endanger America than even that […] If cryptocurrency is used to finance the next horrific terrorist attack, 100 lawyers standing in a row, charging $200,000 an hour, are not going to protect his [Zuckerber’s] rear end from the wrath of the American people.”

[2:37:00] Rep. Ayanna Pressley: “It is long past time that we stop compromising consumers’ privacy in pursuit of profit. […] Would you trust your money with a company who essential admits it’s just winging it?”

[2:50:00] Rep. Alexandria Ocasio-Cortez: “I believe we’re here today because Facebook, which is a publishing platform, an advertising network, a surveillance corporation, a content distributor now always wants to establish a currency and act through its wallet as at minimum a payment processor. Why should these activities be consolidated under one corporation?”

Marcus: “The one thing we are focused on is solving problems for the very people who are left behind right now and we believe it’s important because we have the ability to invest and the products to deliver those services that will solve problems.”

[3:11:30] Madeleine: “No, we do need to trust you. We absolutely need to trust you […] Could you be specific as to the wrong-doing that generated a $5 billion fine? It’s tough to trust when the collection, storage and misuse of the information of your customers generated a $5 billion fine.”




#CryptoRegulation #Crypto #BitcoinRegulation

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Ocasio-Cortez Criticizes Company-Managed Cash in Home’s Libra Listening to

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New York Congresswoman Alexandria Ocasio-Cortez addressed the control of Facebook’s Libra cryptocurrency in today’s United States House Committee on Financial Services hearing.

As per a recording of the event, provided by C-Span on July 17, Ocasio-Cortez addressed Calibra wallet CEO David Marcus, asking, “[Facebook] wants to establish a currency and act through its wallet as — at minimum — a payment processor. Why should these activities be consolidated under one corporation?”

Regarding the membership of the Libra Association, Ocasio-Cortez asked, “Were they [the members] democratically elected?” After Marcus answered that it was not, but was governed by membership standards, Ocasio-Cortez summed up Libra as “a currency controlled by an undemocratically-selected coalition of largely massive corporations.” 

From the issue of corporate control, the representative pivoted to an issue of monetary policy saying:

“You stated yesterday in front of the Senate Committee that you would be open to accepting 100% of your pay in Libra. In the history of this country, there is a term for being paid in a corporate-controlled currency … It’s called ‘scrip.’ The idea that your pay could be controlled by a corporation instead of a sovereign government. Do you think that there is any risk here? We’ve seen from scrip, to the issues with how Facebook handled our elections, we’re seeing a destabilizing in our public goods.”

Company scrip has been illegal as a form of payment in the U.S. for almost a century, as they were discluded from counting as “proper mediums of payments” with the Fair Labor Standards Act of 1938. 

Ocasio-Cortez also questioned Marcus’ view on whether Libra, as well as currency in general, should be a public good. Marcus said that “sovereign currency should remain sovereign,” and stated it was not his place to determine whether Libra should be a public good.

As previously reported by Cointelegraph, JPMorgan Chase CEO Jamie Dimon claimed that Libra will not be a threat to the financial giant in the foreseeable future.




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Coinbase Publicizes Three Knowledge-Primarily based Buying and selling Indicators for Customers

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American cryptocurrency exchange and wallet service Coinbase announced that it has released aggregated data in the form of three trading signals to its customers. Coinbase announced the new offerings in an official blog post on July 17.

The three trading signals that are being offered are top holder activity, typical hold time and popularity, and price correlation. The purported aim of each of these offerings is to allow investors to create more informed trading strategies, by means of insights that go beyond raw price metrics.

The typical hold time signal, for instance, tracks the median number of days that a given asset is held before it is moved via a new transaction. Asset popularity, in the same category, tracks how many users hold a given cryptocurrency. These metrics purport to allow investors to better understand user behavior, in an aggregate and anonymous form.

According to the announcement, these new insights are “the first of their kind in crypto.” Coinbase also notes that the metrics will be offered alongside traditional market data, which it has already been providing.

As previously reported by Cointelegraph, Coinbase released a report on digital currency adoption and awareness trends in the U.S. on June 28. Coinbase drew on data from a survey that collected responses from 2,000 participants this year. Of those surveyed, 58% of Americans said that they had heard of Bitcoin.





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