Bitcoin 

Rep. Davidson Sees Place for Blockchain in US Manufacturing Despite Congress’ Concerns

United States pro-crypto Congressman Warren Davidson (R-OH) has once again called for clear regulations of blockchain industry to maintain U.S. economic dominance. On Nov. 4, Davidson published a letter in the Wall Street Journal in response to an Oct. 24 report on automation in manufacturing. The congressman urged the U.S. government to encourage innovators to stay in the country. The letter read: “If we allow fear to stifle their efforts, we risk surrendering global superiority and sacrificing improvements in quality of living.”  Rust-belt woes in the face of changing manufacturing…

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Blockchain 

Upbit Exchange Delists Privacy Coins Due to Money Laundering Concerns

South Korean cryptocurrency exchange Upbit announced that it will cease trading support for six cryptocurrencies, including some so-called privacy coins. Block the possibility of money laundering In a Sept. 20 notice, UpBit announced that the exchange will delist and cease trading support for Monero (XMR), DASH, ZCash (ZEC), Haven (XHV), BitTube (TUBE) and PIVX by Sept. 30. The exchange added that it will no longer support deposits in these cryptocurrencies and will cancel orders requested before the end of the transaction support in Korean won, Bitcoin (BTC), Ether (ETH) and…

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Cryptocurrency 

International Central Banks to Question Libra Over Security Concerns

Libra, the planned cryptocurrency led by Facebook, is to be questioned by officials from 26 central banks in Switzerland today. Representatives from the heavily scrutinized project will face a grilling by officials from central banks, including the US Federal Reserve and the Bank of England, over the cryptocurrency’s “scope and design.” Since being announced in June, Libra has come in for significant perusal from government officials and regulators around the world due to concerns regarding the security of the Facebook-led coin. Libra to Be Blocked in Europe? Today’s meeting of the…

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Blockchain 

After Switzerland Visit, Crypto Concerns Remain for US Regulators

Following a visit to Switzerland to meet with the country’s financial regulators, United States lawmakers are still concerned over Facebook’s proposed cryptocurrency project, Libra. Meetings with multiple agencies According to an official statement from Representative Maxine Waters, members of the U.S. House of Representatives Financial Services Committee met with multiple regulatory agencies and lawmakers. These included the State Secretariat for International Financial Matters, the Federal Data Protection and Information Commissioner and the Financial Market Supervisory Authority. As announced earlier this month, the representatives aimed to clarify how various Swiss authorities…

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Bitcoin 

US Treasury Secretary Shares Trump’s Concerns on Crypto, Stresses Compliance

United States Treasury Secretary Steven Mnuchin shares President Donald Trump’s concerns on the use of cryptocurrency to finance illicit activity, and stresses the role of enforcing FinCEN regulations with respect to crypto-dealing organizations. Mnuchin made his remarks at a press conference on July 15. Mnuchin called the use of cryptocurrencies to fund illicit activity a national security issue, saying that billions of dollars have been used for this purpose: “Cryptocurrencies such as Bitcoin have been exploited to support billions of dollars of illicit activity, like cybercrime, tax evasion, extortion, randomware,…

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Ethereum 

Bitcoin Price Slips 10% in 24 hrs as Fed Raises Facebook Libra Concerns

Bitcoin price (BTC) shed more than 10% on July 11 as markets appeared to react to criticism of Facebook’s Libra from a senior U.S. lawmaker. Market visualization courtesy of Coin360 Data from Coin360 sees the majority of cryptocurrencies firmly in the red Thursday, hours after Federal Reserve Chairman Jerome Powell said Facebook’s offering should not continue development. Libra, which aims to act firstly as a cross-border payment method, allegedly buoyed Bitcoin throughout recent weeks, with commentators arguing its public profile was driving publicity and uptake of Bitcoin itself.  Powell’s demands,…

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Ethereum 

Fed Chair Says Facebook Needs to Satisfy Regulatory Concerns Regarding Libra

Federal Reserve Chair Jerome Powell said there needs to be broad satisfaction with the way Facebook is handling regulatory concerns regarding its forthcoming stablecoin Libra. Powell gave his comments in a hearing before the House Financial Services Committee on July 10. Rep. Steve Stivers asked Powell during the meeting, “if Facebook can’t sufficiently answer your questions about anti-money laundering, Know Your Customer, what would your message be to the banks that provide banking to Facebook, and what would your advice to Facebook be?” Powell replied: “ … I just think…

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Ethereum 

Weiss Crypto Ratings Downgrades EOS Due to Centralization Concerns

United States-based financial research firm Weiss Ratings announced that it has downgraded its rating of cryptocurrency EOS because of the blockchain’s “serious problems” with centralization. Weiss announced the report in a tweet published on June 7. In the tweet, Weiss Ratings claims that the cryptocurrency in question has severe centralization issues and that “their event last week did anything to alleviate that,” evidently referring to an event hosted by EOS developer, Block.one on June 1. Weiss decided to lower EOS’ technology score, given the development. The tweet also hinted that…

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Blockchain 

Indian Authorities Express Concerns Over Facebook’s Libra

India’s authorities have expressed concern over Facebook’s forthcoming stablecoin Libra, Bloomberg reported on July 8. Subhash Garg, Economic Affairs Secretary at India’s Ministry of Finance, told Bloomberg that the “design of the Facebook currency has not been fully explained. But whatever it is, it would be a private cryptocurrency and that’s not something we have been comfortable with.” Facebook’s Libra is set to be a stablecoin pegged to a reserve of assets which would purportedly preclude the coin from volatility. In late June, Dovey Wan of Primitive Ventures argued that…

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Blockchain 

Concerns Over Facebook’s Libra ‘Not Trivial’

Singapore’s central bank has held discussions with Facebook about its upcoming libra cryptocurrency, Bloomberg reported on June 27. Ravi Menon, the managing director of the Monetary Authority of Singapore, reportedly acknowledged libra’s potential benefits — such as making payments cheaper or supporting the unbanked — but said the regulator needs to understand exactly how the tech giant’s system will work. As well as warning that it isn’t clear whether libra would offer a superior alternative to other electronic payment mechanisms, Menon said Singapore would be seeking assurances on security and privacy issues before making a regulatory decision.…

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