Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegram's Blockchain

Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegram’s Blockchain

One other week, one other of Crypto Tidbits. This week, Bitcoin traded inside a comparatively big selection — $8,200 to $8,900 — however is closing at a really comparable degree to final week.  Analysts are presently divided over what this consolidation means for the cryptocurrency market’s short-term future.

Value motion (or lack thereof) apart, this week was hectic for the cryptocurrency business at massive. Fb’s blockchain mission, Libra, suffered when an array of key companions determined to not pursue collaboration; the U.S. Securities and Alternate Fee (SEC) got here down onerous on a Bitcoin exchange-traded fund utility; and the Inside Income Service got here out swinging, unveiling extra measures that may intention to forestall tax evasion through digital property.

Associated Studying: Crypto Tidbits: SEC Declares Bitcoin a Non-Safety, Ethereum DeFi Positive factors Traction, PayPal Leaves Libra

Bitcoin & Crypto Tidbits

  • Libra Loses Key Companions: On Friday, eBay, Stripe, Visa, and Mastercard all dropped out of the Libra Affiliation.
  • Bitcoin ETF Denied: On Wednesday, the SEC  lastly issued a verdict on Bitwise’s Bitcoin ETF utility after months of ready and delays. And sadly, it wasn’t all too fairly for Bitwise. Introduced by way of a 112-page order printed on Wednesday afternoon, the SEC has “disapproved” the ETF proposal from making it by way of its powerful regulatory gauntlet.
  • SEC Cracks Down on Telegram’s Crypto Ambitions: In a SEC press launch printed on Friday afternoon, it was revealed that the company has “filed an emergency motion and obtained short-term restraining order” in opposition to two entities behind the $1.7 billion Telegram ICO for the Telegram Open Community (TON). The press launch talked about that the 2 entities are Telegram Group Inc. and TON Issuer. The SEC’s co-director of Enforcement claimed within the launch that it’s doing this to “stop Telegram from flooding the U.S. markets with digital tokens that we allege had been unlawfully bought.” Stephanie Avakian added that the corporate, within the eyes of the SEC, has “failed to supply buyers with info concerning Grams and Telegram’s enterprise operations, monetary situation, danger components, and administration that the securities legal guidelines require.”
  • Zuckerberg to Seem within the Home to Speak Crypto: Congresswoman Maxine Waters of California revealed that she has known as on Mark Zuckerberg to testify on Libra at an October 23rd listening to of the Home Monetary Providers Committee. Fb CEO Zuckerberg is slated to be the only real witness on the aforementioned listening to, which has been entitled “An Examination of Fb and Its Affect on the Monetary Providers and Housing Sectors.” Whereas Waters’s announcement didn’t focus on what actual matters can be mentioned, she has beforehand been important of the mission’s potential to pose a menace to conventional finance and of Fb’s checkered historical past with information and the privateness of mentioned information.
  • UNICEF Unveils Bitcoin and Ethereum Donation Fund: This Wednesday, UNICEF revealed that it could be launching the UNICEF Cryptocurrency Fund, which is able to “have the ability to obtain, maintain and disburse donations of cryptocurrencies Ethereum and Bitcoin.” The cryptocurrencies acquired by the fund can be allotted in the direction of open-source know-how benefiting “kids and younger folks around the globe”. Curiously, in contrast to another crypto-focused charity initiatives, the Fund can be distributing cryptocurrencies, not the fiat obtained from the sale of Bitcoin or Ethereum donations.
  • Alipay Doubles Down on Bitcoin Ban: Earlier this week, Changpeng “CZ” Zhao of Binance revealed that the corporate would enable shoppers to deposit funds into their accounts through AliPay and WeChat’s fee providers to buy cryptocurrencies like Bitcoin. AliPay, curiously, was fast to beg to vary. In a Twitter thread printed by Alipay’s English social media groups, it was mentioned that the agency “intently screens over-the-counter transactions to determine irregular habits and guarantee compliance with related laws.” Transactions discovered to not be in compliance with the laws, together with transactions that contain Bitcoin, can be “instantly stopped.”
  • NBA’s Sacramento Kings Enter Crypto Recreation: The NBA’s Sacramento Kings has created a “blockchain-powered reward program” that includes a “blockchain-driven token”. The Sacramento Kings, in collaboration with Blockparty, can be implementing a free blockchain rewards system into the NBA’s first predictive gaming utility, “Name the Shot”. The discharge says that Blockparty will observe the engagements of Kings followers, whereas additionally permitting customers to build up factors, beforehand described as “blockchain-driven tokens”, in a digital pockets. These factors can be utilized to redeem “prizes and distinctive occasions together with signed merchandise and courtside tickets.”
  • German Vice-Chancellor Desires a Eurozone Crypto: Talking to WirtschaftsWoche, a German enterprise newspaper, Olaf Scholz — some of the highly effective folks within the European nation — mentioned {that a} widely-adopted crypto asset fee system “can be good for the monetary heart Europe and its integration into the world monetary system. We should always not depart the sphere to China, Russia, the US or any non-public suppliers.” Scholz isn’t the one distinguished European politician to have severely thought of a digital Euro. France’s equal of Scholz, Bruno Le Maire, was reported in September that the European Union ought to throw its hat into the cryptocurrency ring with a “public digital forex”.
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