Rep. Maxine Waters, chairwoman of the United States House of Representatives Financial Services Committee, requests 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 on June 18.
In reaction, Rep. Patrick McHenry, also of the Financial Services Committee, stated the following:
Those statements’ implications remain doubtful, as does their significance for Facebook and Project Libra.
This news comes on the same 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 invest $10 million each in Project Libra.
Only in the ultimate month did the Financial Services Committee decide to form the Task Force on Financial Technology. The Task Force’s mission 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’ buying and selling of tokens on July 8, the organization announced in a weblog post on June 18.
Citing regulators’ lack of clarity, executives said they chose to prohibit all users with a US IP address 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, the 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 user 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 submission 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 world’s biggest securities depositories, says it’s going ahead with building a pilot blockchain-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 € 28.8 trillion ($32.24 trillion) in patron assets in 2018, consistent with the outcomes published this March.
The monetary services titan has today revealed that it correctly completed an evidence-of-price review of 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 banks or companies, constituting a $1.2 trillion market.
The press release notes, “Euroclonr intends to move directly to the pilot phase quickly based on the initiative tie’s fulfillment.”
A disintermediated blockchain platform might offer time efficiencies by 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 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 own Ethereum (ETH) blockchain-based stablecoin, Paxos Standard Token (PAX).
