David Marcus Senate / Jerome Powell Libra / South Korea Regulation / Bitcoin vs Libra

Inside Libra presented by TWiT Podcasts.

Presented by Subscribe | View in browser Market Watch: The market is red across the board and no coins in the top 22 by market cap have had a positive change over the past 24 hours.  Bitcoin: $12,234.04 (⬇️ 2.59%) // $217.89 billion market cap. Ethereum: $286.69 (⬇️ 7.91%) // $30.63billion market cap. XRP: $0.36 (⬇️8.25%) // $15.44 billion market cap. Litecoin: $107.92 (⬇️ 7.21%) // $6.92 billion market cap. Top 100 Winner: Bezant: $0.09 (⬆️ 106.11%) // $68 million market cap. Top 100 Loser: MadeSafeCoin: $0.16 (⬇️ 17.09%) // $76 million market cap. Prices are as of 1:46 pm EDT.       1. In a letter to the Senate Banking Committee on Monday, David Marcus, the head of Libra, stated that Facebook will respect the privacy of its users and personal data would not be attached to transactions. Marcus wrote, "Similar to existing and widespread cryptocurrencies such as Ethereum and Bitcoin, transactions that take place directly on the Libra Blockchain are 'pseudonymous,' meaning that the user's identity is not publicly visible. Regulators of Calibra and other digital wallet services can require them to collect information about the identity and activities of their users and make such information available to law enforcement and regulatory agencies, such as for AML, CFT [counter-financing of terrorism], and sanctions purposes." - COIN DESK       2. Fed Chairman Jerome Powell said to the House Financial Services Committee on Wednesday that Libra raises serious concerns that include money laundering. Powell said, "Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability. These are concerns that should be thoroughly and publicly addressed. We do support responsible innovation in the financial services industry as long as the associated risks are appropriately identified and managed." Powell also said that his agency is working with other regulators and central banks around the world to work on a consensus regulatory framework regarding Libra. - CNBC       A MESSAGE FROM TWIT PODCASTS One of the Longest Running Tech Podcasts Get caught up on everything happening in the world of tech. Check out the lively discussion as Leo Laporte and top tech pundits cover the latest news, innovations, privacy, gear, plus the pitfalls and blunders in the world of tech. Subscribe to This Week in Tech on your favorite podcatcher 3. South Korea's financial regulator said Libra could cause instability in worldwide financial markets. The nations' Financial Services Commission took a look at would happen "if 2.4 billion Facebook users worldwide transfer one-tenth of their bank deposits to Libra." The results were that banks' liquidity and solvency would diminish, as well as their loan reserves, causing a threat to emerging nations. The report stated, "If a company such as Facebook buys a bond instead of making a bank deposit with customer funds, the financial condition of the bank may be worsened." - COIN DESK       4. Peter Van Valkenburgh from Coin Center wrote about the difference between Libra and Bitcoin.  Bitcoin: A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Basis of Value - Economic Scarcity Read access to the ledger: Public Write access to the ledger: Permissionless Libra: The goal of the Libra Blockchain is to serve as a solid foundation for financial services, including a new global currency, which could meet the daily financial needs of billions of people. Basis of Value - Trust in Issuer Read access to the ledger: Public Write access to the ledger: Permissioned - COIN CENTER       A MESSAGE FROM ATLASSIAN Join us for 2019 Atlassian Open We're bringing the best of Atlassian Summit 2019 to Vienna, Sydney, and Boston. Whether you're leading a team, or working on one, you're invited to discover new ways to make teamwork productive, fulfilling, and more human. For a limited time only, save $100 on your pass when you register. Get discount here 5. Some in the tech industry are doubting Libra will launch in 2020. Bismarck Lepe, CEO of Wizeline, said, "I think two years from now we're going to be like 'Do you remember that Facebook thing? Libra?' Anuj Nayar, financial health officer at LendingClub​​ said​​​​​, "While the innovation in Libra certainly has potential, we should expect increased scrutiny not just from the federal government, but at the state level too, not to mention regulators in many markets outside the U.S." Charley Moore, CEO of Rocket Lawyer, stated, "To successfully launch Libra and Calibra, Facebook will have to overcome numerous financial regulations regarding anti-money laundering, money transfer, securities, and data privacy." - CNBC       6. Tyler and Cameron Winklevoss may work with Mark Zuckerberg as the Winklevosses' crypto exchange Gemini may join the Libra Association. Tyler said, "Our feeling is, this is the first of many FANG [Facebook, Amazon, Netflix, and Google] companies to have a token project. Our prediction is in the next 24 months almost every FANG company will have a coin or be working on some sort of project." Having the Gemini exchange join the association would back what Libra wrote in its whitepaper saying a competitive network of exchanges buying and selling Libra would create more liquidity and enable holders to more easily convert the coin. - COIN DESK       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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