#CryptoCorner: Monex Groups Wants to Join Libra, Zuckerberg Says Facebook Will Wait “However Long It Takes” for Regulatory Clarity for Libra, SEC Greenlights #Crypto Gaming Startup with ETH-Based Tokens
#CryptoCorner: Monex Groups Wants to Join Libra, Zuckerberg
Says Facebook Will Wait “However Long It Takes” for Regulatory Clarity for
Libra, SEC Greenlights #Crypto Gaming Startup with ETH-Based Tokens
Point Roberts WA, Delta BC, July 26, 2019
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Stocks
discussed: (NasdaqGS:FB)
Reuters Japan reports that Monex Group,
which owns Japanese crypto exchange Coincheck, wants to join Facebook’s (NasdaqGS:FB) Libra. The company’s CEO Oki
Matsumoto said in a Q2 results meeting:
"There
are various possibilities," including "financial inclusion" and
cross-border product sales, which extend financial services to people who can
not obtain bank loans because of poverty.
According to Cointelegraph, Matsumoto announced in
that same meeting that the company had
actually filed an application to join the Libra Association, which would make
Monex Group the first Japanese company to do so.
In a Q2 Results Conference Call, Mark Zuckerberg
himself addressed the regulatory uncertainty surrounding Libra. Zuckerberg, who
is, of course, the CEO of Facebook, explained that the company will be patient
with regulators:
Facebook
from a few years ago would have probably just showed up and tried to release a
product on our own, now the approach on all of these fronts is to outline the
ideas and the values that we think an eventual service should have.
We've
opened a period of - however long it takes to address regulators and different
experts and constituents’ questions about this and then figure out what the
best way to move forward is.
The U.S. Securities and
Exchange Commission (SEC) has given the green light to crypto gaming startup
Pocketful of Quarters, Inc. (PoQ) to issue blockchain tokens on the Ethereum (ETH) network. PoQ gamers earn tokens, which
are called “Quarters”, and are only used for gaming applications. Jonathan A.
Ingram, the chief legal advisor of the SEC’s FinHub division wrote:
Based
on the facts presented, the Division will not recommend enforcement action to
the Commission if, in reliance on your opinion as counsel that the Quarters are
not securities, PoQ offers and sells the Quarters without registration under
Section 5 of the Securities Act and does not register Quarters as a class of
equity securities under Section 12(g) of the Exchange Act. Capitalized terms
have the same meanings as defined in your letter.
Abra, a crypto investment
app, has announced the restriction of some services for U.S. customers in a blog
post
yesterday. In response to regulatory uncertainty in the crypto space, the
company has implemented the following changes:
● US users will no longer be eligible to
hold QTUM, BTG, EOS, OMG, SNT after August 29, 2019
● After August 29, 2019, New York
residents will only be able to hold Bitcoin (BTC), Ether (ETH), Litecoin (LTC)
and Bitcoin Cash (BCH) on Abra.
Sam
Mowers, Investorideas
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