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:
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.
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.
In a series of tweets this weekend, Coinbase CEO Brian Armstrong let the world know what he thought about the United States government’s response to Facebook’s proposed Libra digital currency payment system. In his tweets, Armstrong called the U.S. response “ridiculous” and suggested that the government was acting like it wanted “to be left behind.”
Payment services giant PayPal announced Friday that it will no longer be participating in the Libra Association, CNBC reports. In a statement, PayPal said that it still support’s the Libra project’s goals, but plans to focus on its own business priorities for improving access to financial services:
When asked this week whether his company would be launching its own cryptocurrency to compete with Facebook’s proposed Libra digital currency payment system, Apple CEO Tim Cook told the newspaper Les Echos that there are no plans for an Apple digital currency, CNBC reports.
Ohio Treasurer Robert Sprague announced yesterday that his office is immediately suspending the OhioCrypto.com site, which was launched last November by former Treasurer Josh Mandel to provide the state’s businesses with an option to pay their taxes using bitcoin.
The Libra Association has asked its 28 members to formalize their involvement with Facebook’s Libra project by signing on to a charter later this month, according to a Bloomberg report that cited “people familiar with the matter.” Those sources told Bloomberg that four of those early project backers appear to be undecided about whether to formally sign the organizing charter.
The U.S. Securities and Exchange Commission announced on Monday that it has reached a settlement with Block One to address the company’s unregistered initial coin offering for its EOS project. The firm reportedly raised $4 billion in an ICO conducted from June 2017 until June 2018. Block One agreed to pay a monetary penalty of $24 million.
When Facebook announced its Libra digital currency project several months ago, the company expected to launch its Libra token in June 2020. According to Libra Association managing director Bertrand Perez, however, that launch could be delayed as the project’s backers work to allay regulators’ concerns.
Australian cryptocurrency rewards platform Incent has unveiled a new 20 percent cryptocurrency rewards offering for customers who make purchases at United Petrol. In a September 26 press release, the company said that the move was in response to rising fuel prices across the country.
A new survey from Big Four accounting firm and professional services provider KPMG suggests that American consumers appear to be increasingly open to using blockchain-based tokens, VentureBeat reports. According to the company, their survey findings confirm the important role tokenization can play in the future of commerce.
After much speculation from observers, Facebook has reportedly revealed the composition of the basket of currencies it plans to use to back its Libra cryptocurrency, according to Der Spiegel. The token will apparently be backed by U.S. dollars, euros, Japanese yen, the British pound, and Singapore dollars.
The Intercontinental Exchange’s Bakkt bitcoin futures trading officially launched on Sunday, with the first physically-deliverable bitcoin futures trade executed at a price of $10,115, according to a tweet from Bakkt. According to reports, trading was relatively slow, with only five contracts traded in the first hour and a little more than two-dozen completed within the next ten hours.
San Francisco-based digital currency exchange Coinbase announced Friday that it is considering 17 new digital assets for listings on its platform. The announcement comes just days after Coinbase launched support for the DASH token on the company’s professional platform, Coinbase Pro.
Traditionally, governments have held a monopoly over the economic systems and financial barter used in their nation. Today, however, with all the possibilities inherent in robust cryptocurrencies, large multinationals like Facebook, Twitter, and Google/YouTube see new opportunities to embed financial operations in their core business model.