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On Wednesday, Telegram responded to the Securities and Exchange Commission’s October 11 emergency action seeking a preliminary injunction against the company and its Gram digital token. In an October 16 court filing, the company asked the federal court to reject the SEC’s preliminary injunction request, arguing that the action could be “misconstrued” by the public, Telegram’s customers, and investors:
Bermuda’s government is now offering residents the option to use USD Coin (USDC) stablecoin to pay taxes, fees, and other government services. A blog post from Circle noted that the move is part of the Bermuda government’s broader effort to support dollar-backed stablecoin use and decentralize “finance protocols and services.”
The Libra Association has confirmed its initial membership, as the 21 remaining members gathered in Geneva to formally sign on to the organization’s charter, CNBC reports. The signing came after a tumultuous two weeks that saw one quarter of the original 28 founders withdraw from the project.
A group of major automobile manufacturers are planning to begin field testing of a new blockchain-based vehicle ID system in the United States next month, Nikkei Asian Review reports. The system reportedly uses blockchain technology to enable drivers to pay highway tolls and parking costs automatically.
The United States Securities and Exchange Commission announced Friday that it has obtained a temporary restraining order against Telegram Group and its subsidiary TON Issuer. In a press release, the SEC said that the complaint alleges that Telegram and TON Issuer have been conducting an ongoing, unregistered digital token offering in violation of Securities Act registration provisions.
Facebook’s Libra project suffered yet another public setback on Friday, as four of the Libra Association’s founding members announced their exit from the project, CNBC reports. The four early project backers – Visa, eBay, Stripe, and Mastercard – all indicated that they continue to support efforts like Libra but have decided to focus their attention on their own business goals.
Bank of Russia chair Elvira Nabiullina downplayed any possibility that the central bank might issue its own national digital currency, noting that there was no obvious need to do so, Tass reports. Nabiullina made the remarks during this week’s Finopolus forum on innovative fintech in Sochi, Russia.
The United Nations Children’s Fund (UNICEF) has formally launched a fund to enable donors to make donations using the bitcoin and ether digital currencies, CNBC reports. The UNICEF cryptocurrency fund will be used for donation storage and distribution of those donations.
A class-action lawsuit filed on Sunday accuses Bitfinex and Tether of manipulating the price of Bitcoin, and “propping and popping the largest bubble in history,” Bloomberg reports. The lawsuit alleges that the defendants’ actions have likely caused damages of more than $1.4 trillion.
The Financial Conduct Authority (FCA), the regulatory agency responsible for overseeing the UK financial industry, has dramatically increased its scrutiny of cryptocurrency-related businesses over the last year, the Financial Times reports.