More

    It Has Not Been All Peaches And Crypto For Libra As Calibra CEO Waits To Appear In Washington

    Facebook’s Libra coin, this past week, has been receiving backlash after backlash, most of it coming from prominent personalities. It started with Chairman of the Fed Reserve, Jerome Powell, bashing the now-popular social media-backed cryptocurrency. President Donald Trump tweeted about it soon after, questioning the coin’s dependability.

    Yet again, it is the start of another busy week for the coin which has been dominating headlines.

    Already, the coin’s management hierarchy is under the watchful eye of the Securities Exchange Commission. According to a report by the Wall Street Journal, the SEC is now thinking of how it could regulate Libra and other digital assets.

    The biggest question that the regulatory body is yet to answer is whether Libra should be classified as an exchange-traded fund (ETF) or not. The born of contention among those questioning the coin is because it is backed by several payment companies, including Mastercard, PayPal and Visa.

    Another huge reason that could yet define Calibra is what its CEO, David Marcus, would say once he testifies before the Committee on Financial Services. The committee will first hold a meeting, slated for 10 am on July 17, 2019, in Washington. Among the topics expected to be talked about would be to examine Libra, how it is likely to affect its consumers, investors and the entire financial system.

    There’s a general perception that Libra poses a huge danger to the conventional financial industry. Many seemingly believe that it might finally dismantle the mainstream financial landscape.

    The Wall Street Journal report also mentions the use of the “Howey test” by the SEC. This test basically is a list of several guidelines plus if any particular cryptocurrency meets them. Ideally, through the “Howey test,” a coin is declared to be a security and thus registered with the SEC.

    When all’s said and done, this week could finally decide the future of Libra.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Lillian Peter
    Lillian Peter
    Lillian P has a knack for anything that teases the mind, with a keen interest in the blockchain technology, cryptocurrencies, and anything in between. Can bring to life the most difficult and boring concepts in the blockchain space. Lillian is a brilliant writer working with various publications.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,345FansLike
    2,772FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    Coinbase Commerce Crosses $200,000,000 In Crypto Payments Since Launch

    Covid-19 hasn't kept consumers from using bitcoin (BTC) as a means of payments for goods and services according to a merchant transaction report from...

    Singapore Exempts Binance, Coinbase, Gemini, and Ripple From its Current PSA Crypto Act

    Singapore is counted among one of the crypto hubs of the world as it offers ease of business for these crypto service providers when...

    The World Has Gone Full Crypto in 2020; Volatility is Up, Stocks Are trading like A Sh*tcoins

    The global markets are on a rollercoaster for the past few weeks, one day they are recording historical one-day gains the next they are...

    South Korea May Get A New Crypto Custodian After Largest Bank Files Trademark App

    KB Kookmin Bank, the largest bank in South Korea, is preparing to launch its cryptocurrency custody service as soon as possible. As per the local...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.