Bitcoin Evangelist Calls to Boycott Edward Snowden’s Book

4m
newsbtc

Ethereum Price Analysis: ETH Flexing Muscles But Can It Rise to $240 Over the Weekend?

8m
coingape

Craig Wright and Kleiman Estate hoping to resolve the biggest Bitcoin battle

9m
bitcoinwarrior

CME Group To Offer “Options” On Bitcoin Futures in Early 2020

9m
coingape

Roku Stock Spirals Further Despite New 4K HDR Device Upgrades –…

30m
cryptonewmedia

Bitcoin ATM Installations Up 500% Since 2016

31m
cryptonewmedia

DeversiFi (previously Ethfinex) restructures exchange governance token

32m
cryptonewmedia

XRP Securities Lawsuit Dismissed By Ripple

33m
cryptodaily

XRP Securities Lawsuit Dismissed By Ripple

33m
cryptonewmedia

CME Group Aiming to Launch Options on Its Bitcoin Futures Contracts In Q1 2020

33m
cryptoglobe

Coinbase Lists Dash, Considers Adding Even More Digital Assets

34m
beincrypto

TRON CEO Invites USDT Users to Migrate to Tron from Ethereum; Gets Trolled Heavily

39m
coingape

CME Group Is Launching Bitcoin Options Early in 2020

43m
coindesk

Bitwise Tells SEC: ‘Bitcoin Now a Regulated Market of Significant Size’

1h
cointelegraph

Central Banker: CBDC Flexible Tool for Zero-Interest Rate World

1h
bitcoinnews

Bitcoin prepares for high volatility in the vicinity of Bakkt’s futures contracts launch

1h
cryptoslate

Verizon Just Won a Patent to Create Virtual SIMs on a Blockchain

1h
coindesk

Bitcoin (BTC) Outlook Remains Bleak While Altcoins Continue To Rally

1h
cryptodaily

Bitcoin Giant Grayscale Caught Spreading Rumors about Fiat

1h
newsbtc

Could BTC/USD Dive Under $10,000 Be A Necessary Evil? |

1h
cryptonewmedia

Bitcoin Price Back Above $10k, Targets New ATH Amid Bakkt Monday…

1h
cryptonewmedia

IMF Contemplates the Risks and Rewards of Stablecoins

1h
cryptonewmedia

Marco Polo and Bank of America will work on efficient trading that employs blockchain

1h
bitcoinwarrior

South Korea’s CJ Corp Taps Amazon’s Blockchain for Music Copyrights

1h
cointelegraph

Fundstrat’s Thomas Lee “Very Positive” About Bakkt’s Impact; 3 Days to Launch!

1h
coingape


Bitcoin [BTC] Price Drops Below 10k as Libra Senate Meeting Concludes – Here’s What Happened

coingape

2mon ago

Various members of the United States Committee on Banking, Housing, and Urban Affairs questioned David Marcus regarding their plans with Libra. Mr. Michael Dean Crapo, the Chairman of the committee headed the meeting.

The meeting which was broadcasted live here addressed the concerns of the senators one by one; all senators were given five minutes to question Marcus. Their concerns were varied on a variety of topics which not only included security concerns about involved other questions around the governance of Libra Association.

While the senators were not entirely against the payment module, their doubts were focused around privacy and money laundering to finance illicit activities.

So much so that, Senator Martha McSally began with her questioning with the statement, “I don’t trust Facebook.” Senators were concerned around the alleged use of Facebook’s data in 2016 Presidential elections for which the FTC has fined $5 billion to Facebook.

Furthermore, Senator Smith also questioned the governance model of Libra – “Who is in charge of the Libra Association?”. David Marcus replied by saying that the charter for the governance model and nomination of lead representatives is yet to the layout. They intend to seek advice from the members and the regulatory body on the issue.

A couple of senators also question Libra around the accountability that the Association will hold in case of fraud, theft, and issues involving cross-country transactions. Senator asked about the responsibility that Libra will hold as creators of a medium for fraud, “Will they act as Criminal Defendant?”

To this, David replied that local constituencies would be set up and it will comply with FinCEN regulations.

On questions about Facebook’s monetary policy with Libra, David Marcus said,

Facebook has 90 million businesses that advertise on Facebook. Libra could lead to more commercialization and hence would mean more money for Facebook.

However, Senator McSally suggested that they would sell more of consumer data with Libra and Facebook would continue its unethical practices.

David Marcus welcomed each concern with care. Moreover, he reassured the Senate that the whitepaper was announced before the launch to address the concerns around it. They would be changed and adapted to the requirements accordingly.

Last but not least, he also said,

“We will not move or launch libra on the Facebook platform if required”

He reiterated the fact the Libra is an independent organization with its own set of rules and that it would provide for regulatory inclusion and interoperability.

The meeting concluded with a profound disregard for Facebook and questions around its activities. The senators were not evidently not convinced at the moment. However, they expect Facebook and the Libra Association to work along with the Senate in making the innovative idea a success.

Nevertheless, the extreme grilling, negative concerns, and the eventual delay have affected Bitcoin prices negatively. Bitcoin [BTC] dropped below $10,000 as the proceedings concluded. The price of Bitcoin at 14: 30 hours UTC on 16th July 2019 is $9980.

Do you think David will get a positive response from the Financial Services Hearing tomorrow? Please share your views with us.

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Bitcoin [BTC] Greed and Fear Index Shifts Vastly Over Regulatory Concerns: Expert Opinion

Various members of the United States Committee on Banking, Housing, and Urban Affairs questioned David Marcus regarding their plans with Libra. Mr. Michael Dean Crapo, the Chairman of the committee headed the meeting.

The meeting which was broadcasted live here addressed the concerns of the senators one by one; all senators were given five minutes to question Marcus. Their concerns were varied on a variety of topics which not only included security concerns about involved other questions around the governance of Libra Association.

While the senators were not entirely against the payment module, their doubts were focused around privacy and money laundering to finance illicit activities.

So much so that, Senator Martha McSally began with her questioning with the statement, “I don’t trust Facebook.” Senators were concerned around the alleged use of Facebook’s data in 2016 Presidential elections for which the FTC has fined $5 billion to Facebook.

Furthermore, Senator Smith also questioned the governance model of Libra – “Who is in charge of the Libra Association?”. David Marcus replied by saying that the charter for the governance model and nomination of lead representatives is yet to the layout. They intend to seek advice from the members and the regulatory body on the issue.

A couple of senators also question Libra around the accountability that the Association will hold in case of fraud, theft, and issues involving cross-country transactions. Senator asked about the responsibility that Libra will hold as creators of a medium for fraud, “Will they act as Criminal Defendant?”

To this, David replied that local constituencies would be set up and it will comply with FinCEN regulations.

On questions about Facebook’s monetary policy with Libra, David Marcus said,

Facebook has 90 million businesses that advertise on Facebook. Libra could lead to more commercialization and hence would mean more money for Facebook.

However, Senator McSally suggested that they would sell more of consumer data with Libra and Facebook would continue its unethical practices.

David Marcus welcomed each concern with care. Moreover, he reassured the Senate that the whitepaper was announced before the launch to address the concerns around it. They would be changed and adapted to the requirements accordingly.

Last but not least, he also said,

“We will not move or launch libra on the Facebook platform if required”

He reiterated the fact the Libra is an independent organization with its own set of rules and that it would provide for regulatory inclusion and interoperability.

The meeting concluded with a profound disregard for Facebook and questions around its activities. The senators were not evidently not convinced at the moment. However, they expect Facebook and the Libra Association to work along with the Senate in making the innovative idea a success.

Nevertheless, the extreme grilling, negative concerns, and the eventual delay have affected Bitcoin prices negatively. Bitcoin [BTC] dropped below $10,000 as the proceedings concluded. The price of Bitcoin at 14: 30 hours UTC on 16th July 2019 is $9980.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments