{[{item.pair.split("_")[0]}]} ${[{item.price.toFixed(4)}]}
{[{item.change24}]}%
{[{item.change24}]}%
+ Become a member of Interactive Crypto
+ Create a FREE Interactive Crypto Account to Access Premium Content
We’re sorry, but the content you are trying to access is for members only.
CREATE ACCOUNT
July 18, 2019 |
Darryn Pollock | 2 Comments|598 Views
Get Into Cryptocurrency Trading Today
During the first day of testimony in the US Senate, it quickly became clear that the United States' Senate Banking Committee is very skeptical of Facebook trying to create a new currency. In contrast, there did not seem to be too much protestation against cryptocurrencies in general.
Committee chair Rep. Maxine Waters, is leading the hearing, labeled "Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System." She was the representative that spoke out candidly against Libra on its official announcement.
Walters, in Day two of the hearing, also reiterated many of Facebook's past indiscretions, stating that Facebook: "demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax."
Facebook has faced the US Senate before, primarily over issues of data protection. Their failings in this regard have enough of a tangible link as to be relevant to dealing with a financial tool.
Walters even brought up allegations that Facebook allowed malicious Russian state actors to purchase and target ad which purportedly influenced the 2016 US presidential elections.
Part of the legislative power behind Walter's and the senate is a recently surfaced bill called "Keep Big Tech Out of Finance Act." The goal of this bill would be to prevent large tech companies like Facebook from creating their own digital assets.
The draft reads:
"A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, a unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System."
After this opening grilling by the senate, David Marcus, CEO of Facebook's crypto wallet Calibra, stressed that the social media giant would not launch the cryptocurrency project before they address all regulatory concerns.
Some of these regulatory concerns involve major financial issues, such as AML (anti-money laundering), and KYC (Know Your Customer). In the publications thus far from Facebook, there is no mention of how these will be dealt with in using the new cryptocurrency.
These are fundamental regulatory concerns that any financial institution would need to get right before launching, but with Facebook's stature and public image, these gaping holes in regulatory preparedness are only magnified.
Furthermore, even though Marcus promises to comply fully before the launch of Libra, this senate hearing has outlined a bevy of regulatory hurdles that are still in the way of Facebook and its cryptocurrency project.
Yosef Eliyahou Az
Will affect the Bitcoin price?
0 Reply 1 year ago from: Israel
Emma
Great post thks!
1 Reply 1 year ago from: France
All COINS
TRENDING
WATCHLIST
Market Cap {[{ marketcap }]}
Symbol
Price
Change
Chart
Trade
{[{ item.pair.split('_')[0] }]}
${[{ item.price }]}
{[{ item.change24 }]}
{[{ item.change24 }]}
Market Cap {[{ marketcap }]}
Symbol
Price
Change
Chart
Trade
{[{ item.pair.split('_')[0] }]}
${[{ item.price }]}
{[{ item.change24 }]}
{[{ item.change24 }]}
US Senate Libra Hearing Proves More Distrust In Facebook Than Cryptocurrency
During the first day of testimony in the US Senate, it quickly became clear that the United...
Silver Miller Files Class Action Lawsuit Against Crypto 'Festival'
On May 7, 2020: David Silver of law-firm ‘Silver Miller’ filed a class action lawsuit in the...
The dip of Bitcoin, the flight of Bitcoin Cash!
The dip of Bitcoin, the flight of Bitcoin Cash!After the controversial decision to cancel...
Gold is gaining popularity among cryptocurrencies investors
When markets are unsafe, people always tend to turn their attention to assets that don’t have to...
Crypto Trading | What Does It Mean Cryptocurrency Trading?
As it is currently defined and understood, Cryptocurrency started back in 2008 with the launch...
1 DOGE to USD | What is Dogecoin, Exchange Rates?
Dogecoin (DOGE) is, according to the official website, a decentralized and “open-source...
Plus500
Risk warning: 80.5% of retail investor accounts lose money when trading CFDs with this...
EOS Price Soars by 30% as eosDAC Release Date Approaches
While cryptocurrencies have seen a severe slump in their values during last few months, against...
Free & Fast BTC Mining
The more Bitcoin becomes popular, the more miners it attracts. Mining the coin comes with...
Best 10 Cryptos to Invest in 2020
Investing in crypto takes time. Besides being a new medium of exchange, several coins available...
Should I Sell My Altcoins for Bitcoin?
What Are the Disadvantages of Bitcoin?
Does Apple accept Bitcoin?
Can I buy house with Bitcoin?
Can I transfer Bitcoin to my bank account?
Is Ripple The Cryptocurrency of 2018? - In Depth Review of Ripple XRP
What Is Ripple? / DefinitionRipple is a name for a cryptocurrency denoted by Ripple XRP and it's als...
Is IOTA Going to Overtake Bitcoin and Other Cryptocurrencies? - IOTA (MIOTA)Review
Verge Review
Binance Review
Dogecoin Review
LegacyFX
Many forms of cryptocurrency and altcoin trading are available in today’s financial markets. A...
Excentral
Risk warning: CFDs are complex financial products. They have a speculative character. Trading in...
EagleFX
EagleFX is one of the latest forex trading brokerages to join the sector. It got founded back in...
Vantagefx
VantageFX is a leading Australian forex broker that specializes in ensuring the complete and ful...
Xtrade
Xtrade is one of the most popular financial trading sites in the world. Started over a decade ago, t...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Cryptopay.me
Updated, Apr 04, 2020 Cryptopay is a revolution for Bitcoin users. This platform offers its custo...
Mycelium
MyCelium is an application for Mobile that offers many possibilities of security and confidentiality...
COMMENTS
2 Comments
Like this article