In the News
TBCASoft, IBM, and SoftBank announced a blockchain-based cross-carrier system (CCPS) for mobile payments. This payment system would enable its users for payments using their phones on local merchants. CCPS is designed for interoperability across different telecom carriers, which should allow the creation of a network of merchants accessible to users of the CCPS system.
OKEx leading exchange platform launches an initiative for the creation of a Global self-Regulated Organization(SRO) aimed at standardizing exchange practices and policies. This idea was launched at the Malta Summit by Enzo Villani, OKEx Head of International Strategy and Innovation, and former Nasdaq executive.
Draft legislation has been posted on the US House of Representatives, Financial Services Committee website that may designate "stablecoins" as securities.
Sponsored by Representative Sylvia Garcia, the ‘‘Stablecoins are Securities Act of 2019″ would mandate that stablecoins are investment contracts and thus are regulated under existing securities law. Stablecoins would then fall under the bailiwick of the US Securities and Exchange Commission (SEC).
The bill would target stablecoins where:
"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."
WASHINGTON (CNN) — A slew of policy changes this week at Facebook shows how the social media giant can act decisively on pressing public policy matters — when it chooses to.
But as CEO Mark Zuckerberg prepares to testify on Capitol Hill on Wednesday, the announcements also highlight some things Facebook is choosing not to do, such as insist on truth in political advertising run on its platform, that has become a source of growing concern to politicians and elected officials.
Facebook CEO Mark Zuckerberg faces a tough test Wednesday as he testifies publicly before a House panel on Libra, his company's controversial effort to launch a global cryptocurrency.
Zuckerberg's testimony, which will be his first before Congress since the Cambridge Analytica scandal, comes at a crucial time for the project.
Under his leadership, Facebook has led the charge to launch a digital currency that could upend entrenched financial systems around the world. But Facebook is also facing a barrage of high-profile controversies, and its reputation has taken a hit in Washington.
Facebook CEO Mark Zuckerberg faces a tough test Wednesday as he testifies publicly before a House panel on Libra, his company's controversial effort to launch a global cryptocurrency.
Zuckerberg's testimony, which will be his first before Congress since the Cambridge Analytica scandal, comes at a crucial time for the project.
Under his leadership, Facebook has led the charge to launch a digital currency that could upend entrenched financial systems around the world. But Facebook is also facing a barrage of high-profile controversies, and its reputation has taken a hit in Washington.
A slew of policy changes this week at Facebook show how the social media giant can act decisively on pressing public policy matters — when it chooses to.
But as CEO Mark Zuckerberg prepares to testify on Capitol Hill on Wednesday, the announcements also highlight some things Facebook is choosing not to do, such as insist on truth in political advertising run on its platform, that have become a source of growing concern to politicians and elected officials.
On Monday, Facebook rolled out sweeping updates to its products and policies surrounding elections and disinformation and said it had caught dozens of fake Russian-controlled accounts seeking to influence the 2020 election.
United States Congress is considering a draft bill that claims all managed stablecoins must be seen as investment contracts and therefore as securities.
Libra in the United States
The U.S. Representative for Texas's 29th congressional district, Sylvia Garcia, introduced a draft bill to the House Financial Services Committee on Oct. 18. The draft bill, called the ‘‘Stablecoins are Securities Act of 2019," seeks to regulate stablecoins under the Securities Act of 1933. This entails "amending statutory definitions of the term security" to include the term "managed stablecoins."
Ahead of Facebook Chief Mark Zuckerberg's appearance on Capitol Hill, Congresswoman Sylvia Garcia (D-TX) spoke with Cheddar about what to expect. Zuckerberg will discuss the future of Libra in both domestic and foreign markets, and will make his pitch in front of the House Financial Services Committee.
Facebook CEO Mark Zuckerberg plans to tell lawmakers that he understands Facebook is not the "ideal messenger" for its cryptocurrency project and he supports delaying Libra's launch until regulatory concerns are addressed.
Congress may consider a bill to classify stablecoins – cryptocurrencies whose values are pegged to a fiat currency or other assets – as securities.