October 22

“Mark Zuckerberg will tell Congress [tomorrow] that Libra can bring financial services to the world’s 1.7 billion unbanked. And if Libra doesn’t do it, he said, China’s new central-bank crypto will.

He added that Facebook will not be part of launching Libra “anywhere in the world” until “all U.S. regulators” approve of the project.

The CEO also emphasized that Facebook does not “expect to be leading” any efforts to further Libra’s development given that the project’s governing council, the Libra Association, has now been formally signed into existence.

Zuckerberg claimed that Libra has no intention of competing with sovereign currencies or with participating in monetary policy.

[The Libra Association] will work with the Federal Reserve and other central banks responsible for monetary policy to make sure that is the case.”

See Also: Facebook’s Marcus Says China Wins With Digital Renminbi if US Nixes Libra
See Also: Banks May Cut Ties With Facebook if Libra Is Launched: ING CEO

“The proposed legislation appears to be a response to the Facebook-led Libra cryptocurrency.

The market value of such digital asset is determined, in whole or in significant part, directly or indirectly, by reference to the value of a pool or basket of assets, including digital assets, held, designated, or managed by one or more persons.

If signed into law, the rule would give the U.S. Securities and Exchange Commission (SEC) jurisdictional authority over all stablecoins and their issuers. It is unclear what sort of support the bill has at present.”

“Tarbert told moderator Chris Brummer that he “absolutely” believes ether futures could trade in the next six to 12 months.

I’d say it is likely that you would see a futures contract in the next six months to a year.

Tarbert first declared ether a commodity earlier this month, announcing that his agency would be willing to approve futures contracts on the world’s second-largest cryptocurrency by market capitalization.”

The Trump administration acted to deflate the bitcoin bubble of 2017 by allowing the introduction of futures products, a former official said Monday.

One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked.

Bitcoin’s dramatic price run-up in December 2017 was the first major bubble following the 2008 financial crisis. That’s why the Trump administration acted in concert to address it in a pro-markets manner, he said.

Without shorts, a market has no pessimists. ‘If you don’t have that derivative, then all you’ve got are believers [and] it’s a believers’ market.’

I believe it shows the power of markets to bring discipline to prices.”

“Morgan Creek revealed that the same institutions from the first fund, including two public pension funds, have increased their investments in the second by more than twofold.

Together, Fairfax County’s Virginia’s Police Officer’s Retirement System and Employees’ Retirement System are investing a combined $50 million in the second fund, up from $21 million in its first fund that closed in February.

We hear folks saying institutions aren’t interested, but this initial close along with the conversations we’re having with tens of other institutions, shows that there is no lack of interest.”

See Also: Bitcoin Futures: Institutional Long Positions Value Doubled in October

“You can now pay for things using Bitcoin and Tron in-browser, following last year’s integration of Ethereum into Opera.

This makes Opera one of the only major browsers to have native crypto support. On Chrome and Safari browsers, users have to use third-party crypto extensions to access decentralised services. Opera’s main competitor in the crypto space is the privacy browser, Brave.”

The report marks a distinction between pseudo-anonymous and anonymous tokens, noting that pseudonymity allows the analysis of transactions in public blockchains and the evaluation of suspicious movements, while fully anonymous tokens like Monero (XMR) and Zcash (ZEC) enable transactions to remain untraceable and are thus vulnerable to involvement in illegal activities.

In this regard, the Ministry urges oversight of anonymous cryptocurrencies in the future. Although the market capitalization of such coins is still relatively low, the report notes, they are gaining popularity and acceptance in the darknet and eventually may become a real alternative to Bitcoin (BTC).”

See Also: FATF’s Regulations to Push Criminals to Privacy Coins: CipherTrace CEO

“The license, considered the toughest such state regulation in the country, has long been unpopular with blockchain startups, who complain of onerous paperwork and long approval times. 

This is a good time to take a look, a responsible look and see how our regime is fitting the current market and … what if any adjustments should we think about making to continue to adapt.

NYDFS wants to hear from industry participants to see what improvements, if any, the agency could implement.”

“The Cyberspace Administration of China, the country’s central Internet regulator, censor, oversight and control agency, has published its second list of registered blockchain service providers.

Chinese blockchain service providers must verify their users’ real names via a national ID or phone number, as well as store and provide their clients’ data to authorities for inspection.

The new batch comprises 309 companies that are representatives of various industries, including cultural tourism, education, e-commerce, law, healthcare and supply chains.”

“Back explained that sidechains could bring the features of altcoins to Bitcoin, but that economic incentives decrease the motivation to develop such systems. 

It is worth mentioning that Back’s Blockstream is the company that launched the Liquid Bitcoin sidechain. Nevertheless, he admits that current sidechain solutions are still not trustless or secure enough.”

“Gelernter and Rosenthal are planning to ensure user privacy with blockchain technology, also providing maximum security and enabling decentralization. The new social media platform will return control of personal data to individuals who could share it or sell to others.

It is a way to quit that ownership that those two companies have over people’s lives.

Gelernter and Rosenthal also plan to conduct an initial coin offering [and] hope that the project will be completed in early 2020.”