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

by Lionel Casey

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 mentioned with the aid of CNN Tech Reporter Brian Fung in a sequence of tweets June 18.

In reaction, Rep. Patrick McHenry, also of the Financial Services Committee, stated the following:
The implications of those statements stay doubtful, as does their significance for Facebook and Project Libra.

This news comes the identical day that Facebook launched the white paper for its new crypto assignment, as Cointelegraph reported.

Recently, Facebook has been assembling buyers into its “Libra Association,” a who’s who of the main charge and tech organizations inclined to make investments $10 million each into Project Libra.

Only the ultimate month, the Financial Services Committee handed a decision to form the Task Force on Financial Technology. The Task Force’s venture is to “look at the modern-day criminal framework for fintech, how fintech is used in lending and how customers interact with fintech.”

Bancor Seeks to Exclude US Users From Trading Over Regulatory Uncertainty

Decentralized alternate platform Bancor plans to limit United States citizens from buying and selling tokens on July 8; the organization showed in a weblog post on June 18.

Citing a lack of readability from regulators, executives said they chose to prohibit all users with a US IP cope with from exchanging cryptocurrency.

“This decision has been made in mild of multiplied regulatory uncertainty; at this time, we trust that is the aptest selection for all the contributors of our atmosphere,” the weblog put up reads. It continues:

Bancor runs as a decentralized protocol using a P2P setup. While it is doubtful what particular component encouraged the circulate, the regulatory state of affairs involving some other decentralized change (DEX), Etherdelta, in 2018, demonstrates the difficulties of running any such provider inside the US.

As Cointelegraph said in November of the remaining year, u . S . ‘s Securities and Exchange Commission charged the writer of Etherdelta, Zachary Coburn, with operating an unregistered securities buying and selling platform, in addition to an over $300,000 quality.

Bancor adds that each one of its users will still be able to hold and transfer tokens while conceding that the decentralized portions of its network were beyond its management and would, for this reason, stay open to US Buyers.

“We would like to clarify that this capability can be blocked to customers gaining access to the internet site bancor. Community, which offers an interface to blockchain activity,” the weblog submit maintains. It notes:

New worldwide recommendations from the Financial Action Task Force, set for ebook this week, will enforce stringent new ID requirements on any entity facilitating cryptocurrency buying and selling, both inside the US and elsewhere.

Euroclear, EIB, Santander, and EY to Pursue Blockchain Pilot for ECP Settlement

Euroclear, one of the international’s biggest securities depositories, says it’s going to push ahead with building a pilot blockchain-primarily based platform for the issuance and settlement of European business papers (ECP). The news became stated using Euroclear on June 19.

Euroclear settled €791 trillion ($885.48 trillion) in securities transactions and held an average of €28. Eight trillion ($32.24 trillion) in patron assets in 2018, consistent with outcomes published this March.

The monetary services titan has today revealed that it correctly finished an evidence-of-price look at an ECP-focused blockchain platform together with the European Investment Bank, Spain’s Santander, and “Big Four” auditor EY.

The blockchain platform will reportedly serve to give up-to-give up for issuing and settling ECPs — unsecured brief-time period debt units issued by way of banks or companies, which constitute a $1.2 trillion market.

The press release notes that “based at the initiative’s fulfillment, Euroclear intends to move directly to pilot phase quickly.”

A disintermediated blockchain platform might offer time efficiencies with the aid of replacing bulky bilateral processing between marketplace individuals with a consolidated machine, in line with the clicking release. Euroclear has reportedly similarly outlined that:

As stated, German economic offerings enterprise Commerzbank, French corporate and investment bank Natixis, and Dutch financial services company Rabobank together completed a live industrial paper transaction using the Euro Debt Solution application developed by organization blockchain consortium R3’s for its Corda platform.

In 2017, Euroclear and blockchain trust organization Paxos abruptly ended their cooperation on growing a settlement carrier using the blockchain era for the London bullion marketplace despite completing a series of successful assessments.

Paxos has launched its very own Ethereum (ETH) blockchain-based stable coin, dubbed Paxos Standard Token (PAX).

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