Updating Live: Zuckerberg Hearings Before Congress on Libra

Disclaimer: This article will be updating live for the duration of the Oct. 23 hearing. Please check in for the latest from the hearing. In Advance: In a much-anticipated meeting of politics and tech, Facebook CEO Mark Zuckerberg has finally made his way to United States regulators. He will be testifying before the House Financial […]Read More

Facebook Libra is walking a tightrope—what else is new?

Occupying the majority of regulators’ time in countries around the world, Facebook’s Libra stablecoin doesn’t appear to be getting any closer to finding a viable solution. Facebook CEO Mark Zuckerberg is desperately trying to convince lawmakers that Libra has merit, while the company is looking at the possible end to banking relationships if it decides […]Read More

None of 20 Facebook’s Libra Partners Yet Committed Any Money:

None of the 21 founding members of the Libra Association, except Facebook, have yet committed any money to support Libra, according to the BBC. $10 million investment initially required Since the announcement of the Libra Association Council in June 2019, no financial agreement for the founding partners has been made to date, BBC reports Oct. […]Read More

Binance America Breaks $10 Million Daily Volume for the First

The United States-based branch of major crypto exchange Binance, Binance.US, has broken the $10 million volume mark. “Took Binance longer to unlock this achievement back in the day” As of press time, the exchange has seen $10,481,594 in daily traded volume, according to data shared by Binance America CEO, Catherine Coley.  As Cointelegraph previously reported, […]Read More

US Congress Considers A Draft Bill Claiming Stablecoins Are Securities

United States Congress is considering a draft bill that claims all managed stablecoins must be seen as investment contracts and therefore as securities. Libra in the United States The U.S. Representative for Texas’s 29th congressional district, Sylvia Garcia, introduced a draft bill to the House Financial Services Committee on Oct. 18. The draft bill, called […]Read More

Zuckerberg: Facebook Will Not Launch Libra Without US Approval

Mark Zuckerberg, the founder of social media giant Facebook, plans to tell United States Congress that Libra will not launch anywhere in the world until U.S. regulators approve it. Libra won’t launch anywhere without Congressional approval Per Zuckerberg’s prepared remarks released on Oct. 22 in advance of planned hearings before the U.S. House Financial Services […]Read More

Germany Warns of Privacy Token Usage in Money Laundering and

The German Federal Ministry of Finance has expressed concerns about rising use of privacy tokens due to their association with criminal activities and difficulties in tracking them. Published on Oct. 19, the ministry’s “First Money Laundering and Terrorist Financing National Risk Assessment” for 2018-2019 provided analysis aimed at the identification of existing and future risks […]Read More

Banks May Cut Ties With Facebook if Libra Is Launched:

Banks may be bound to stop working with social media giant Facebook if the firm launches its Libra stablecoin, according to ING CEO Ralph Hamers. Bank can choose to “not accept the client” Financial news outlet Financial Times reported on Hamers’ remarks on Oct. 22. Per the report, he explained that institutions like ING have […]Read More

Former Fed Nominee Stephen Moore Backs Fractional Reserve Stablecoin

Stephen Moore, who backed out from a nomination to the Federal Reserve Board of Governors, is now trying to upend central banks. On Monday, the economist announced his involvement with Frax, a stablecoin backed by a fractional reserve. Coming via a partnership with Sam Kazemian, CEO of Wikipedia rival Everpedia, the stablecoin would be pegged […]Read More

Anti-Money Laundering Laws Apply to Crypto Too, Says FinCEN Chief

The United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco spoke at the University of Georgetown where he made it clear that Anti-Money Laundering (AML) laws apply to everyone. On Oct. 21, banking trade publication American Banker reported that Blanco said that fintech firms offering cryptocurrency users anonymity must comply with AML laws “just […]Read More