Senate Banking Committee / U.S. Crypto Regulation / Russian Libra Regulation

Inside Bitcoin presented by Hackajob.

Presented by Subscribe | View in browser Market Watch: Bitcoin added $6 billion to its market cap since yesterday and is leading the top 10, up 3.5%. The market of the top 10 cryptocurrencies is split with 5 currencies down over the past 24 hours and 5 up.  Bitcoin: $9,460.09 (⬆️ 3.48%) // $168.10 billion market cap. Ethereum: $268.88 (⬆️ 0.70%) // $28.65 billion market cap. XRP: $0.43 (⬇️1.01%) // $18.27 billion market cap. Litecoin: $134.35 (⬇️ 3.20%) // $8.37 billion market cap. Top 100 Winner: Egretia: $0.02 (⬆️ 29.78%) // $97 million market cap. Top 100 Loser: Komodo: $1.41 (⬇️ 9.43%) // $161 million market cap. Prices are as of 3:43 EST.       1. The Senate Banking Committee will hold a hearing regarding Facebook Libra on July 16th. Sen. Sherrod Brown(D-OH) the top-ranking Democrat on the committee said, "Facebook is already too big and too powerful, and it has used that power to exploit users' data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight." - THE VERGE       2. More than 40 crypto companies are waiting on rulings from the SEC and FINRA regarding their regulatory status to become legal brokerages. The governing bodies have been slow to create structured guidelines and approve applications from crypto startups. Recently, there has been a rash of crypto companies cutting off access to U.S-based users because of the opaque regulatory environment. Hester Pierce, an SEC commissioner and a known crypto friendly regulator said, "The SEC has yet to provide guidance to the public or Finra on any of the core questions. The result is that many would-be brokers and trading platforms are stuck in a frustrating waiting mode." - WALL STREET JOURNAL       A MESSAGE FROM HACKAJOB The companies that change the world have one thing in common - world-class talent. We work with over 100k developers and software engineers to match them with the right role. We automate it using our unbiased AI so we're fairer, faster and cheaper than anywhere else. It works, with a time to hire of 17 days and more live candidates than anywhere else in Europe. Check us out. 3. Throwback Thursday: With Ethereum Classic announcing a hard fork in September, let's take a look back at the events that caused Ethereum Classic to come into existence just over three years ago.  The DAO, a decentralized autonomous organization, raised more than $150 million through a crowdfunding campaign in May of 2016. The money was intended to fund decentralized applications on Ethereum. Investors in the DAO paid in ETH to receive DAO Tokens, which gave them a certain amount of voting power. Projects looking to raise money from the DAO would have their project voted on by token holders. If a project received more than 20 percent approval from investors it would be awarded funds. However, on June 17, 2016, $50 million was hacked and stolen from the fund. At the time the DAO held around 14 percent of the total amount of Ethereum in existence. The majority of the community wanted to create a hard fork of the original Ethereum blockchain and reverse the funds that were stolen, however, only about 10 percent of the community believed in immutability and did not want to fork the blockchain.  On July 20 of that year, the fork took place but not without controversy. The original unforked blockchain was maintained as Ethereum Classic, thus breaking Ethereum into two separate active blockchains, each with its own cryptocurrency. The hard fork did take place and the new blockchain continued with the name Ethereum as we know it today while the original blockchain is known as Ethereum Classic.        4. Facebook Libra will not be legal in Russia. However, Russians will be able to purchase Libra on foreign financial platforms. Chairman of the Russian State Duma Committee on Financial Markets, Anatoly Aksakov, stated, "In theory, we should talk about the possibility of organizing all kinds of exchanges, trading platforms and sales of such currencies. We, I believe, will limit or prohibit the creation of such sites. Those who want to acquire these tools using foreign legislation can do it at their own risk." - COIN TELEGRAPH       A MESSAGE FROM ATLASSIAN Atlassian is heading to a city near you If every company is now a software company, what does that mean for your IT team? Come join the conversation and enable your teams to innovate, transform and lead your organization forward at Atlassian Team Tour: Future of IT. Explore topics around the future of work, the changing role of IT, and the importance of agile and open practices with Atlassian leadership and local peers. Register Now 5. Facebook discussed their cryptocurrency Libra with the Federal Reserve prior to the announcement of the project. - CNBC 6. Facebook Libra will not launch initially in India as current regulations do not allow banks to accept cryptocurrency transactions. - THE ECONOMIC TIMES 7. Russia will adopt a new cryptocurrency bill that outlines regulation of digital assets within the next two weeks. - IB TIMES 8. Australia's Central Bank chief is skeptical about Facebook Libra becoming legal within the country. - BLOOMBERG 9. LINE may soon receive a crypto exchange license from the Japanese Financial Services Agency. - COIN DESK 10. Bitcoin futures contracts on the Chicago Mercantile Exchange reached an all-time high totaling 5,311. - COIN TELEGRAPH       Written and curated by Darren Webb. He created Currencylists and has worked in marketing roles for a multitude of cryptocurrency and blockchain projects since 2014. Based in NYC, Darren loves to read and continue to learn about cryptocurrency and emerging technology in his spare time. You can find him on Twitter @Dwebbny. Editing team: Kim Lyons (Pittsburgh-based journalist and managing editor at Inside), David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology), and Bobby Cherry (senior editor at Inside, who's always on social media).

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