A Yale professor and Goldman Sachs veteran are planning to complete a new project of a blockchain-based Facebook rival in 2020. Returning control of data to users David Gelernter, a Yale’s professor of computer science and Mirror Worlds creator, and Rob Rosenthal, a 19-year veteran of Goldman Sachs, are collaborating on a new social network called Revolution Populi, Business Insider reports Oct. 22. Gelernter and Rosenthal are planning to ensure user privacy with blockchain technology, also providing maximum security and enabling decentralization. According to Gelernter and Rosenthal, the new social media platform will return control of personal data to individuals …

In an interview with Cointelegraph on Friday, Oct. 18, United States Representative Warren Davidson gave his thoughts on the Securities Exchange Commission’s (SEC) flawed approach to regulating digital assets as well as Mark Zuckerberg’s upcoming Oct. 23 testimony before the House Financial Services Committee. Congressman Davidson (R-OH) is a figure familiar to many in the crypto world for his role in authoring the Token Taxonomy Act, as well as his general optimism about the role of blockchain in the U.S. On regulating Libra as a security While discussing regulating cryptocurrencies at large as opposed to Libra, Davidson was highly precise …

Banks may be bound to stop working with social media giant Facebook if the firm launches its Libra stablecoin, according to ING CEO Ralph Hamers. Bank can choose to “not accept the client” Financial news outlet Financial Times reported on Hamers’ remarks on Oct. 22. Per the report, he explained that institutions like ING have to guard the financial system to prevent criminal activity. Because of this, concerns over Libra’s potential for illegal use may result in a response from the banks: “We can take measures and exit the client, or not accept the client, so those are discussions you …

The United States Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco spoke at the University of Georgetown where he made it clear that Anti-Money Laundering (AML) laws apply to everyone. On Oct. 21, banking trade publication American Banker reported that Blanco said that fintech firms offering cryptocurrency users anonymity must comply with AML laws “just like everyone else.” Blanco highlights responsibilities and the Bank Secrecy Act Blanco seemed to direct his comments toward anonymous crypto payment systems that could conceal criminal activity and or enable users to anonymously engage in criminal behavior. The FinCEN head pointed in his speech to …

Ever since the vision for a Libra stablecoin was unveiled in its white paper back in June, Facebook has suffered a startling backlash from countries around the world. Some American politicians have claimed the digital currency has the potential to be more dangerous than 9/11. Lawmakers over in Europe haven’t been too kind either, with Germany’s finance minister warning he is “very, very skeptical” about the project. The main bone of contention with Libra has been the notion of a private company creating a currency designed to rival the likes of the dollar and the pound. Critics fear it would …

Finance Minister Nirmala Sitharaman has said that India — like many others, in his view — is showing a high degree of caution in regard to Facebook’s Libra. During last week’s 2019 Annual Meetings of the International Monetary Fund and the World Bank in Washington, D.C. — which included a discussion of the Libra project — Sitharaman told reporters from the New Indian Express that: “On our side, the Reserve Bank Governor spoke about it during our turn to intervene. I got the sense that many countries were cautioning on rushing into this [...]. Countries will have to show extreme …

Facebook is reportedly open to the idea of using national currency-pegged stablecoins for its forthcoming Libra project. According to Reuters on Oct. 20, David Marcus, the head of the Libra project for Facebook and CEO of Facebook’s wallet service Calibra, said that Libra could use various fiat-based stablecoins, instead of the initially proposed token. Speaking at a banking seminar on Sunday, Marcus reportedly stated that the main goal of the project was to create a more efficient payment system and that it was not opposed to looking at alternative approaches. Marcus said: “We could do it differently,” he said. “Instead …

Earlier this week, initial members of the Libra Association formalized a governance structure after holding their inaugural meeting in Geneva. The transition happened just days after seven high-profile participants, including Visa, eBay and Mastercard, chose to leave the organization. Libra’s setback happened amid general regulatory upheaval in the crypto industry: In October alone, United States authorities fined EOS developer Block.One for holding an unregistered securities offering and halted TON — the largest private token offering — over similar charges. Related: TON’s ‘Force Majeure’ Clause — Is Telegram About to Refund Investors? Regardless, Facebook’s idea for creating an accessible stablecoin for …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week New York district court postpones Telegram’s TON hearing to 2020 It looks like we’re all going to be waiting a while for the legal showdown between Telegram and the United States Securities and Exchange Commission. A district court in New York has said the next hearing will be held on Feb. 18 and 19 next …

Earlier in October 2019, Binance announced a fiat on-ramp for crypto trading via Chinese payment services Alipay and WeChat. This move was part of the exchange giant’s peer-to-peer (P2P) trading rollout for Bitcoin (BTC), Ether (ETH) and Tether (USDT) against the Chinese yuan. The public nature of this announcement did bring questions to the fore regarding the use of payment channels like Alipay and WeChat for crypto trading. Alipay did, in fact, release statements distancing itself from cryptocurrency trading activities, with Binance later clarifying that it wasn’t working directly with the aforementioned payment services. Meanwhile the evolving narrative around the …

The G20 finance chiefs of the world agree that global stablecoins give rise to a set of public policy and regulatory risks. On Oct. 18, Reuters reported that the G20, an international forum for the governments and central bank governors from 19 countries and the European Union, have called upon the International Monetary Fund to examine various macroeconomic implications of global stablecoins, including monetary sovereignty issues in its member countries. Members say stablecoins pose a serious risk to global finance Per the report, the nations agreed that global acceptance of stablecoins will give rise to a set of serious public …

German Federal Minister of Finance Olaf Scholz has doubled down on his previous statement that policymakers should prevent the issuance of Facebook’s Libra stablecoin. At the International Monetary Fund and World Bank fall meeting on Friday, Scholz stressed that stablecoins could pose international risks, Reuters reported on Oct. 18. Scholz expressed his utter skepticism regarding the social media giant’s plans, stating: “We will carefully monitor the situation with all the means at our disposal. I am not in favour of the successful creation of such a world currency because that is the responsibility of democratic states.” Scholz notes that the …