Blockchain 

Crypto Community Reaction to Facebook Libra US Congressional Hearings

As countless eyes watched and followed the recent U.S. congressional hearings regarding Facebook-backed cryptocurrency Libra, it was evident that it will not be easy for the social media giant and the Libra Foundation to find a way of convincing the regulators of the merits their product could bring to the world. David Marcus, head of Facebook’s Calibra wallet that is built on blockchain technology, who has long been a leader in the centralized digital currency space, testified before the Senate Committee on Banking as well as the House Financial Services…

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Blockchain 

All There Is to Know Ahead of Hearings

This week is crucial for the future of Libra: Facebook’s cryptocurrency project will be subject to two back-to-back hearings in the United States Congress. First, the Senate Banking Committee will discuss the token on July 16. Then, on the following day, Libra will be reviewed by the House Financial Services Committee. The cryptocurrency’s co-creator, David Marcus, has announced that he will testify at both hearings. Libra has been making waves worldwide since its white paper was unveiled in June. Specifically, the project has been experiencing massive political and regulatory pushback.…

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Blockchain 

Drafted “Keep Big Tech out of Finance” Act Surfaces Days Before Libra Hearings

A drafted bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly deriving from within the United States House of Representatives Financial Services Committee. The document’s metadata dates it July 12. The bill’s provenance is unconfirmed, but crypto news site The Block quotes an inside source as saying it is with the Financial Services Committee.  The document reads:  “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value,…

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Ethereum 

Advocacy Groups Call on Congress to Stop Libra Development Until July Hearings Take Place

Over 30 advocacy groups have appeared as signatories on a request that Congress and regulators implement an official moratorium on Libra development, as per the letter published on July 2. The letter was also addressed to Facebook, with Mark Zuckerberg himself cc’d, and asked that the social media giant wait until Congress and regulators have scrutinized a detailed presentation of the proposed stablecoin-esque virtual currency. The letter includes a number of questions that the signatories say need answers before Libra can proceed, including the following: “The plan for Libra makes…

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