#CryptoCorner: Coinbase CEO Critical of Senators’ Treatment of Libra (NASDAQ: $FB), Telegram May Delay Crypto Launch Following SEC Pressure
#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 -
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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
For investors following the sector Investor Ideas has a
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