Blockchain 

Full House: Crypto Cards Show a Strong Hand in 2019

Until recently, cryptocurrency debit cards appeared to fall short of expectations. Despite many failed efforts in recent years, crypto debit cards are enjoying a second wind thanks to a surge in crypto prices over the summer. With some of the crypto world’s biggest names launching crypto debit cards, Cointelegraph takes a look at the latest updates in the burgeoning payments sector.  What are cryptocurrency debit cards and how do they work?  Cryptocurrency debit cards are almost exactly the same as the bank card you carry around every day in your wallet,…

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Blockchain 

Key Comments From Libra Hearing at US House of Representatives

The United States House of Representatives Financial Services Committee heard testimony from from Facebook’s David Marcus, today July 17. Marcus, the CEO of the Calibra wallet service for the social media giant’s forthcoming Libra stablecoin, attempted to assuage regulators’ concerns regarding the project and educate lawmakers on its purpose and potential. Cointelegraph has compiled some key quotes from the hearing, which you can view here. [2:50] Rep. Maxine Waters, chair of the Financial Services Committee: “Demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax……

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Ethereum 

New US House Bill Would Fine Facebook’s Libra $1 Million Per Day

A proposed bill to fine major tech firms such as Facebook $1 million per day if they issue cryptocurrencies is being circulated by Democrats, Reuters reports on July 15. Reuters cites a copy of draft legislation — reported on by Cointelegraph when it first surfaced online last week — and notes that it proposes to impose a $1 million fine daily upon any firm that violates its proposed rules. Per Reuters, the bill is being put forward for discussion by the Democratic majority leading the United States House Financial Services…

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Blockchain 

Mob Burns Down Purported Crypto Ponzi Schemer’s House in South Africa

An angry mob in Ladysmith, South Africa has reportedly torched the residence of Sphelele Mbatha, known as Sgumza, a manager of alleged crypto Ponzi scheme Bitcoin Wallet. The mob was likely a collection of victims who lost money through Bitcoin Wallet, according to the report by Ladysmith Gazette on July 10.  The local police have been investigating an unnamed Ponzi Scheme in Ladysmith, as reported by IOL. According to the report, however, Bitcoin Wallet minimally appears to have made get-rich-quick promises to prospective investors.  An unnamed community member reportedly told…

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Bitcoin 

SEC-Registered Clearing House Brings Crypto Trading to 5 Million Clients

American financial clearing and execution company Apex Clearing and its crypto investment subsidiary Apex Crypto have launched a new trading platform for broker-dealers and financial advisors to help their clients trade crypto more effectively.  According to a June 27 press release announcing the new broker-integrated Apex Crypto platform, equity investors will be able to seamlessly open and fund new crypto trading accounts “within minutes” — rather than the purported weeks it would usually take clients to do so. Founded in 2012, Apex Clearing is an SEC-registered and FINRA member digital…

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Blockchain 

House Reps Question FinCEN Director on Libra’s Potential for Illegal Usage

Director of the Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco briefed several members of the United States House on the potential for Libra’s use in money laundering, illicit financing, and other illegal activities, according to a press release from Representative Emanuel Cleaver II. Leading the meeting were Reps. Cleaver, Trey Hollingsworth, Bill Foster, and French Hill, all members of the Committee on Financial Services. Rep. Cleaver, chairman of the Subcommittee on National Security, International Development, and Monetary Policy, said in his statement:  “With the evolution of virtual currencies and new…

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Blockchain 

US House of Representatives to Hold Hearing on Facebook’s Libra in July

The United States House Financial Services Committee will be holding a hearing on the social media giant Facebook’s proposed virtual currency Libra on July 17, according to a press release on June 24. The announcement comes by way of committee chairwoman Rep. Maxine Waters, who previously had called on Facebook to cease work on Libra until Congress and regulators had a chance to scrutinize the proposal: “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress…

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Bitcoin 

Chair of House Financial Services Committee Requests Halt on Facebook’s Crypto Project

Disclaimer: this story is breaking and will be subject to updates. Rep. Maxine Waters, chairwoman of the United States House of Representatives’ Financial Services Committee is requesting that Facebook halt development on its cryptocurrency, the Libra, as reported by CNN Tech Reporter Brian Fung in a series of tweets June 18. In her statement, Rep. Waters explained: “Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and…

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Bitcoin 

Japanese Parliament Moves New Crypto Regulations to the Upper House

The Japanese House of Representatives has passed new crypto regulation in the upper house of the National Diet, local news agency Nikkei reports on May 21. The lower house has reportedly moved crypto-related amendments to the existing financial law to the House of Councillors at a recent plenary session.                  According to Nikkei, the amendments to two of Japan’s financial laws — the Financial Instruments and Exchange Act and Payment Services Act — intend to strengthen local regulations on cryptocurrency trading process. The amendments reportedly extend the regulation by adding…

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Bitcoin 

Michigan House of Representatives Votes to Include Cryptocurrencies in Criminal Laws

The Michigan House of Representatives has passed a bill, HB 4102, on April 9 that would include cryptocurrencies in criminal codes regarding illegal actions for financial gain. Michigan lawmakers have voted to introduce amendments to various sections of the Michigan Penal Code, specifying that cryptocurrency would be included in provisions relating to money laundering, embezzlement, credit card fraud and financial transactions involving the proceeds of a criminal offense. The legislation also prohibits the collection of cryptocurrency — or any currency — for the fighting, baiting or shooting of an animal.…

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