#CryptoCorner: Coinbase CEO Critical of Senators’ Treatment of Libra (NASDAQ: $FB), Telegram May Delay Crypto Launch Following SEC Pressure
Point Roberts, WA, Delta BC, October 14, 2019 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Stocks discussed: (NasdaqGS:FB) (NYSE:MA)
Brian Armstrong, the CEO of crypto exchange giant Coinbase, expressed concern about the behaviour of U.S. senators toward Facebook’s (NasdaqGS:FB) Libra project via a series of tweets. The tweets were made yesterday in reply to a CoinDesk article that identifies letters sent by Senator Brian Schatz (D-HI) and Sherrod Brown (D-OH) to the respective CEOs of erstwhile Libra Association members Mastercard (NYSE:MA) and Stripe warning that their continued support of the crypto project may subject them to “a high level of scrutiny from regulators”. Armstrong tweeted:
“Something feels very un-american about this. Two senators writing to Visa, Mastercard, and Stripe to ask them to withdraw from Libra.
Doesn't matter what you think of Libra. If it's not a useful tool or innovation, people won't use it. Why the need for the intimidation tactics? This would be called anti-competitive/monopolistic behavior if any private company did it.
Do we want to have a centrally planned economy, or let 1,000 ideas be tried in a free market to see which ones break through and deliver real value? Breakthroughs are by definition contrarian ideas, otherwise they would have already have been tried.”
Speaking of Libra, a draft report from the G7 has identified major risks associated with Libra-like stablecoins, according to a BBC News article today. Some criticisms from the G7 taskforce, which comprises senior officials from central banks, the International Monetary Fund (IMF) and the Financial Stability Board, include: difficulty in setting interest rates, stifling competition, and general regulatory difficulty. An excerpt from the report reads:
"The G7 believe that no stablecoin project should begin operation until the legal, regulatory and oversight challenges and risks are adequately addressed.”
CoinDesk reports that foreign exchange trading platform FXCM Group has launched CryptoMajor, a basket of five cryptocurrencies aimed at retail investors. The five crypto include: Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC). FXCM Group CEO Brendan Callan commented:
“Trading a basket of cryptocurrencies means our users are freed from the hassle of constantly monitoring the markets. CryptoMajor therefore streamlines the trading process and protects our customers from unanticipated and adverse market movements.”
Bloomberg reports that messaging giant Telegram may be delaying the launch of its planned cryptocurrency “Gram”, following a restraining order filed by the Securities and Exchanges Commission (SEC) that would prevent sales of the token in the U.S. Though the firm raised $425 million from investors, the SEC claims the fund-raising was illegal in the U.S. because Telegram never registered its offering with the regulator, according to a filing made public October 11. An excerpt from a note sent to investors by Telegram, and seen by Bloomberg reads:
“We were surprised and disappointed that the SEC chose to file the lawsuit under these circumstances.”
Sam Mowers, Investorideas
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