Cryptocurrencies such as Libra risk upsetting the world’s financial system if they are not regulated tightly, G7 finance ministers have warned. According to Reuters, French finance minister Bruno Le Maire told a news conference on July 18 that the G7 “cannot accept private companies issuing their own currencies without democratic control.” His remarks followed informal talks in Paris, where the Group of Seven expressed vehement opposition to the prospect of firms having as much power as countries in creating means of payment. The ministers and central bank governors also warned: “Stablecoins and other various new products currently being developed, including …

New York Congresswoman Alexandria Ocasio-Cortez addressed the control of Facebook’s Libra cryptocurrency in today’s United States House Committee on Financial Services hearing. As per a recording of the event, provided by C-Span on July 17, Ocasio-Cortez addressed Calibra wallet CEO David Marcus, asking, “Facebook wants to establish a currency and act through its wallet as — at minimum — a payment processor. Why should these activities be consolidated under one corporation?” Regarding the membership of the Libra Association, Ocasio-Cortez asked, “Were they democratically elected?” After Marcus answered that it was not, but was governed by membership standards, Ocasio-Cortez summed up …

Today, lawmakers on the United States House of Representatives Financial Services Committee are meeting to discuss the possible effects of Facebook’s proposed Libra cryptocurrency project on the financial system. As a Cointelegraph respondent reports on July 17, committee chair Rep. Maxine Waters has opened the hearing with an indictment of Facebook’s past behavior. In her statement, Waters said that there was a “demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax.” Waters also stated that Facebook, “allowed malicious Russian state actors to purchase and target ads,” which purportedly influenced the 2016 U.S. presidential elections. …

Libra is a “recipe for more corporate power over markets and over consumers,” according to United States Senator Sherrod Brown, ranking member of the Senate Banking Committee. Senator Brown’s recent comments came by way of an official video tweet by political news outlet NowThis News on July 16, posted hours after the Senate Banking Committee hearing on Facebook’s Libra. Brown appeared especially concerned about Facebook gaining the ability to force people to use their money and play by their rules. He remarked: "What happens when Facebook forces businesses to quit accepting your credit card or your debit card? You could …

United States Senators Mike Crapo and Sherrod Brown, respectively the Senate Banking Committee chair and ranking member, shared their views on crypto regulations. Both appear to want comprehensive policy for big tech companies. The senators made their remarks while speaking with the press following the Senate Banking Hearing on Facebook’s Libra on July 16. Senator Crapo stressed the importance of building an overarching regulatory framework for data protection — not just for Facebook, but for all Internet companies looking to launch their own cryptocurrencies, á la the Financial Stability Oversight Council for banks. Crapo said: “We've got to look at …

A drafted bill entitled “Keep Big Tech out of Finance” has surfaced online, allegedly deriving from within the United States House of Representatives Financial Services Committee. The document’s metadata dates it July 12. The bill’s provenance is unconfirmed, but crypto news site The Block quotes an inside source as saying it is with the Financial Services Committee. The document reads: “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board …

Facebook’s unveiling of its Libra cryptocurrency has generated a lot of attention in the financial world, as well as in the crypto space. So far, the company has announced that its Libra blockchain network will be launched in 2020 and backed by a separate entity, the Libra Foundation. The cryptocurrency is set to enable users to make faster and cheaper international payments online, using platforms such as WhatsApp or Facebook Messenger. The Libra currency Just like any other cryptocurrency, Libra is set to have its own wallet called Calibra. Users would be able to send and receive Libra through this …

The Federal Election Commission (FEC) has tentatively approved an ERC-20 token issued by Omar Reyes to use in an incentives program for his congressional campaign. The FEC reviewed the coin project in a draft advisory opinion on July 5. According to the draft letter, the FEC believes Reyes is within his rights to issue his Ethereum-based “Omar2020Token” (OMR) as part of his campaign to join the United States House of Representatives from the 22nd Congressional District of Florida. The FEC argues that because the tokens are essentially souvenirs, with no monetary value, Reyes’ committee is free to issue them as …

Federal Reserve Chair Jerome Powell said there needs to be broad satisfaction with the way Facebook is handling regulatory concerns regarding its forthcoming stablecoin Libra. Powell gave his comments in a hearing before the House Financial Services Committee on July 10. Rep. Steve Stivers asked Powell during the meeting, “if Facebook can’t sufficiently answer your questions about anti-money laundering, Know Your Customer, what would your message be to the banks that provide banking to Facebook, and what would your advice to Facebook be?” Powell replied: “ … I just think it cannot go forward without there being broad satisfaction with …

United States Congressman Tom Emmer has reintroduced his Safe Harbor for Taxpayers with Forked Assets bill, according to a press release published July 9. The reintroduced version of the bill appears to have been published on July 3, based on the date printed within the document. Emmer initially announced plans for the Forked Assets bill in 2018 as a means to simplify tax laws pertaining to assets held on blockchains with hard forks. A hard fork on a blockchain splits the chain in two, with one path following the original protocol and another path diverging with different features. The new …

David Marcus, the head of Calibra at Facebook, has written a letter to Chairwoman Maxine Waters and members of the House Financial Services Committee in preparation for the upcoming Libra hearings, according to a report by The Hill on July 9. According to the report, Marcus wrote, "I want to give you my personal assurance that we are committed to taking the time to do this right.” In addition to being the head of the Calibra wallet, LinkedIn lists David Marcus as the co-creator of Libra. Marcus’ letter is only the latest in a lengthy rally between Congress and Facebook …

Saeed Zarandi, Iranian Assistant Minister of Industry, Trade, and Supply, said that the United States Congress is working to stop Iran’s access to cryptocurrencies and bitcoin (BTC) mining, as reported by local news service Al-Fars on July 6. According to Zarandi, Congress considers cryptocurrency a tool for evading sanctions and money laundering, and is therefore trying to legislate against Iran’s access to it, complicating Iran’s legislation. Commenting that the issue of cryptocurrencies remained unsettled in Iran, Zarandi reportedly said that Iranian ministries are working with the Central Bank of Iran to settle the subject of cryptocurrencies and their usage within …