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TRUST FACEBOOK? Facebook blockchain lead David Marcus addressed a number of “questions and a few misunderstandings” about the social media giant’s Libra crypto project in a note on Wednesday, telling users that “You won’t have to trust Facebook to get the benefit of Libra. Facebook will not have any access to financial data through Calibra, and the company will have the same amount of power over the network as its 27 Libra Association launch partners. The network is also expected to gradually decentralize even after launch. Full story
LIBRA LOCKDOWN: Four more U.S. lawmakers are joining the call for Facebook to shut down development of its libra cryptocurrency. In a letter sent to the social media giant Tuesday evening, House Democrats Carolyn Maloney, William Lacy Clay, Al Green and Stephen Lynch, all of whom are chair subcommittees, joined Financial Services Committee chair Maxine Waters in asking Facebook to cease development until hearings can be held. The lawmakers have concerns about Facebook’s use of user data and consumer privacy, according to the letter. Waters, who has now called for this moratorium multiple times, scheduled a hearing on July 17. Tuesday’s letter follows a petition by consumer protection watchdog groups asking Congress to impose a similar halt on development until more is known about how libra would operate. Full story
120 TOKENS: The eToro crypto wallet is adding support for up to 120 ERC-20 tokens, starting with Maker (MKR), Basic Attention Token (BAT) and OmiseGo (OMG), the company announced. Doron Rosenblum, managing director of eToro subsidiary eToroX explained that “One of the main barriers to mass adoption of cryptoassets is lack of access.” Support for these tokens makes it easier for customers to access or use them, he added. Full story
MIDEAST MONEY: Virgil Griffith, head of special projects at the Ethereum Foundation, is looking for fresh sources of funding in the Middle East. He told CoinDesk that the nonprofit organization is partnering with experts in the Gulf Coast to demonstrate to potential donors that the network is compatible with Islamic law. Griffith said, “Probably nothing will happen. But there’s a hypothetical case where say, the Saudi sovereign wealth fund invests, like, a trillion dollars [in ethereum projects], which would be a real boon. That would be really great.” Full story
MOBILE LIGHTNING: Bitcoin security startup Casa has released a new mobile app to help users manage lightning nodes through their phones. The Sats App acts as a noncustodial wallet, with a goal of helping newcomers to bitcoin more easily learn how to manage a lightning node. The startup also intends to roll out a rewards program through the app, allowing users to earn small amounts of bitcoin by using it. CEO Jeremy Welch told CoinDesk that “You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.” Full story
FCA FOCUS: The U.K.’s Financial Conduct Authority (FCA) is considering banning cryptocurrency-based derivatives products for retail consumers. In a press release Wednesday, the agency explained that it was consulting over this decision because it believes financial products tied to crypto assets are “ill-suited” for retail customers. The move comes a day after the FCA approved a full-scope alternative investment fund which focuses on cryptoassets. Prime Factor Capital was approved as the first regulated crypto hedge fund in the U.K., though it will abide by European regulations. Full stories here and here |
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HURDLE AHEAD: Bitcoin's price has risen sharply in the last 24 hours, establishing strong support at $9,600. A bull revival, however, would only be confirmed if prices find acceptance above the bearish lower high of $12,448 carved out on June 28. The prospects of a breakout to recent highs would weaken if prices drop below $10,800, reinforcing short-term bearish moving averages. Full story |
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| MATURING MARKET: Institutional investors believe that cryptocurrencies may have “longterm potential” as an asset class, says Kathryn Tully of BNY Mellon. The fact that crypto assets have performed better than other asset classes over the past 10 years is one reason for this, while the fact that there is increasing regulatory certainty and better market infrastructure may ultimately drive greater demand for these products. The rapid evolution of the crypto market is also a factor here, with the Intercontinental Exchange’s Bakkt planning to launch bitcoin futures in the near future and Fidelity opening its own digital asset division recently. |
WHO WON #CRYPTOTWITTER  |
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Libra pushback