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.
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 YouGov reveals that the vast majority of Americans have at least some passing familiarity with cryptocurrency. In fact, the researchers discovered that 81 percent of those surveyed reported that they had heard of at least one digital currency.
In August, Bank of England Governor Mark Carney called for the world to end the U.S. dollar’s status as the dominant global reserve currency, and suggested Facebook’s proposed Libra cryptocurrency as one possible replacement option. According to former Federal Reserve official Simon Potter, however, that argument makes no sense.