Blockchain 

House Financial Services Committee Will Continue Libra Review

Representative Maxine Waters, chair of the United States House of Representatives’ Financial Services Committee, says the committee will continue to review Facebook’s proposed cryptocurrency Libra and the corresponding digital wallet Calibra. A priority for autumn 2019 Waters announced the committee’s priorities for fall 2019 on Aug. 23. According to the statement, the committee plans to receive the testimony and opinions from governmental officials and regulators.  Specifically, Waters lists Treasury Secretary Mnuchin, Consumer Financial Protection Bureau Director Kraninger, Federal Housing Finance Agency Director Calabria and Federal Reserve Vice Chairman Quarles. Waters…

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Ethereum 

Cryptocurrencies Used to Buy Illicit Drugs, Says White House

On Aug. 21, the White House issued two advisories regarding illicit drug purchases in the United States that contain references to the specific cryptocurrencies allegedly used as a part of this process. The advisories were addressed to various financial institutions as well as digital payments platforms. The documents state: “An analysis of sensitive financial data indicates that domestic illicit drug manufacturers, dealers, and consumers use online payment platforms or CVC to purchase precursor chemicals or completely synthesized narcotics primarily sourced from China.” White House: crypto used to pay for foreign…

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Bitcoin 

Crypto Tax Bill Introduced in the US House of Representatives

A tax bill seeking to allow the exclusion of gain or loss on like-kind exchanges of virtual currency has been introduced in the United States House of Representatives. To amend the Internal Revenue Code of 1986 The bill dubbed the “Virtual Value Tax Fix Act of 2019” was initially introduced by Rep. Ted Budd (NC-R) on July 25 and referred to the Committee on Ways and Means. The bill seeks to introduce amendments to the Internal Revenue Code of 1986, which specifically determines: “No gain or loss shall be recognized…

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Ethereum 

Austrian State Printing House Has Made a Cryptocurrency Cold Wallet

  Youniqx Identity AG, a subsidiary of the Austrian State Printing House, has developed a cryptocurrency hardware wallet, reveals a press release published on July 29. Per the report, the hardware wallet — named Chainlock — enables the offline storage of private keys allowing access to cryptocurrency wallets. The device is reportedly capable of generating the private key, and is also water and heat resistant. The wallet in question will be available via the firm’s partners, including Tokenize Exchange in Singapore and Coinfinity in Central Europe. The release further claims…

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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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