Politics

The Political Pressure on Facebook's Libra Continues

The Political Pressure on Facebook’s Libra Continues

  • A lengthy back-and-forth focused once again on privacy and money laundering issues.
  • More predominant this time were comparisons of Libra to a bank, suggesting the project should be regulated as one.
Facebook's Libra Under Heavy Attack in Senate Hearing

Facebook’s Libra Under Heavy Attack in Senate Hearing

  • Most senators raised concerns over Facebook's repeated history of privacy issues and lack of trust by the general public.
  • AML and KYC compliance was also central to the hearing, as was the registration of Calibra in Switzerland.
The Blockchain Promotion Act has been Approved by the U.S. Senate Committee

The Blockchain Promotion Act has been Approved by the U.S. Senate Committee

  • The Blockchain Promotion Act is a bipartisan legislation that will direct the Department of Commerce (DoC) to come up with a definition of blockchain at the federal level.
  • It will also establish a blockchain working group within the DoC.
Singapore’s Tax Agency Suggests Relieving Crypto Transactions from GST

Singapore’s Tax Agency Suggests Relieving Crypto Transactions from GST

  • Singapore’s Tax Agency proposes sparing Crypto transactions from GST.
  • The initial suggestion does not apply to stablecoins such as USDT and DAI.
The FCA Proposes Prohibition on all Cryptocurrency-Related Products

The FCA Proposes Prohibition on all Cryptocurrency-Related Products

  • The Financial Conduct Authority asks for a ban on all cryptocurrency-related products due to investor risks.
  • Christopher Woolard warns that the high volatility of digital assets might harm small investors.
US Congress Requests Facebook Freezes Development of the Libra Project

U.S. Congress Requests that Facebook Freeze Development of Libra

  • This Tuesday U.S. lawmakers wrote an open letter to Facebook, requesting the firm to agree to a moratorium on the development of Libra.
  • Facebook already has 2 hearings scheduled by the Senate Banking Committee and the House Financial Services Committee for 16 and 17 July respectively.
Will Facebook’s Libra Enable Foreign Interference on Elections?

Will Facebook’s Libra Enable Foreign Interference on Elections?

  • Facebook is trying to assure United States regulators that they can fight foreign interference with elections.
  • Cryptocurrency will take a big part in the 2020 Presidential elections.
US Capitol Building at sunset along street in Washington, DC, USA

Senate Banking Committee Schedules a Hearing on Facebook’s Libra Cryptocurrency for July 16

  • The U.S. Senate Banking Committee has scheduled a hearing on Facebook's Libra for July 16.
  • The head of the U.S. Federal Reserve has said that he recognizes both potential benefits and risks to Facebook's new project.
A lawyer's desk

Australian Securities & Investments Commission Releases ICO Guidance

  • Australian Securities & Investments Commission has released guidelines for conducting an ICO in the country
  • The institution recognises that most ICOs fall under the "financial products" category, meaning that an Australian Financial Services licence is required.
EU Flag

Blockchain Interoperability Standards Recommended in EU Report

A report, submitted to the European Union, has recommended the introduction of interoperability and scalability standards, as a way to develop blockchain technology.