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Facebook's crypto-project initiative ‘Libra' has been confronting various hindrances before an actual take-off, talk of the town across the globe as some G7 finance ministers and the central bank governors showed some sort of scepticism on this project but reinstating the project is the most buzzing topic even within the U.S. region. The recent trend is that, in the house of representatives for Texas's 29th congressional district, Sylvia Garcia, announced a draft bill to the House Financial Services Committee on Oct. 18.
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.
On Tuesday, Rep. Sylvia Garcia (D-Texas) proposed a draft bill that may include stablecoins into the scope of the Securities Act of 1933.
WASHINGTON (Reuters) - Facebook Inc CEO Mark Zuckerberg conceded on Wednesday that the company's planned digital currency Libra was a "risky project," but sought to reassure skeptical U.S. lawmakers that it could lower the cost of electronic payments and open up the global financial system to more people.
Sporting a suit and tie, Zuckerberg also fended off aggressive questions on election interference, free speech, hate groups and fake news from members of the U.S. House of Representatives Financial Services Committee.
United States Congress is considering a draft bill that claims all managed stablecoins must be seen as investment contracts and therefore as securities.
Congress may consider a bill to classify stablecoins – cryptocurrencies whose values are pegged to a fiat currency or other assets – as securities.
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).
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.
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.