 |
FACEBOOK MEETS DC: Facebook will have to defend its Libra cryptocurrency before Congress on Tuesday and Wednesday, when the Senate Banking Committee and House Financial Services Committee respectively hold hearings on the crypto project. David Marcus, who heads up Facebook’s blockchain efforts and leads its Calibra subsidiary, said in pre-written testimony that the company would be taking the time to ensure the cryptocurrency is compliant with applicable anti-money laundering and other related laws. In advance of the hearings, U.S. Treasury Secretary Steven Mnuchin participated in a press conference, saying he would not be comfortable with Libra launching in its current state. Full stories here and here
TECH FIRM CRYPTO BAN? Lawmakers in the U.S. are discussing a bill that seeks to prevent large technology institutions in the country from issuing cryptocurrencies. According to a report from Reuters on Monday and a copy of the draft bill circulating online, policymakers in the U.S. House of Representatives are looking to block big tech firms that are interested in moving into crypto finance. The draft says that any tech firm with over $25 billion in global annual revenue could fall into this category and any violation of the proposed regulation should be subject to a fine of “not more than $1 million per each day of such violation.” Full story
MINERS BUSTED: Police in eastern China busted a bitcoin mining operation following a surge in local electricity usage, according to a wire report from AFP. The police, who confiscated 4,000 “mining devices,” allege the mining farm misappropriated nearly 20 million yuan ($3 million) in electricity costs. The investigators learned of the theft from a local power provider. “In value, it is the largest case in the amount of electricity stolen that Jiangsu has cracked since the founding of New China, and a rare sight in the whole country,” Zhenjiang police reportedly said. Full story
CRIME CRACKDOWN: The U.K. government has drawn up an action plan aimed to combat financial crimes that it says will include “action on cryptoassets.” The new Economic Crime Plan from H.M. Treasury and the Home Office is aimed to overhaul the way economic crime is tackled, building better cooperation between government, law enforcement and the private sector. The agencies also intend to take action to ensure cryptocurrencies are not used for money laundering and other illicit activity, establishing a new crypto assets regime in conjunction with the U.K.’s Financial Conduct Authority. Full story
CRYPTO TAX CHECKS: The U.S. Internal Revenue Service (IRS) may consider subpoenaing major tech companies in search of taxpayers’ unreported cryptocurrency holdings. That’s according to a slide deck presentation from an IRS cyber training session, which details a number of ways the agency’s criminal investigators might find potential crypto tax cheats. “Issuance of a Grand Jury Subpoena should be considered for Apple, Google, and Microsoft for the Subject’s complete application download history,” says the slide deck prepared by James Daniels, the program manager for cyber crimes at the IRS’ criminal investigation unit. The deck was leaked by a certified public accountant named Laura Walter and the IRS confirmed to CoinDesk that the slides are genuine. Full story
GOLD ALTERNATIVE: Federal Reserve Chairman Jerome Powell said he can envision a return to an era where multiple currencies are in use in the United States. During Powell’s testimony before the Senate Banking Committee on Facebook’s planned Libra cryptocurrency, he said: “The size of Facebook’s network means it could be, essentially, immediately systemically important.” Powell went on to address other cryptos, saying: “Almost no one uses bitcoin for payments, they use it more as an alternative to gold,” he said Thursday afternoon. “It’s a speculative store of value.” Full story |
|
|
|
|
 |
| EYES ON THE U.S.: Bitcoin fell sharply to print lows below $10,000 over the weekend and may remain on the defensive amid growing efforts to scrutinize Facebook's Libra cryptocurrency. Bitcoin may bounce back to challenge recent highs near $13,800 if U.S. congressional hearings due on June 16-17 turn out to be not too ominous for crypto. A negative tone, though, could see prices drop to below $9,000 – a move also backed by the technical charts. Full story |
|
|
|
|
| | EXPANDING CIRCLE: Seven individuals were arrested in India for kidnapping, torturing and attempting to extort three crypto traders, the Hindustan Times reported Monday. The kidnappers tried to extort 80 bitcoins from two of the traders, while asking for ₹10 lakh (about $14,600 USD) for the third victim, who was also kidnapped at a later date. Local police reported that the rescue effort saw six different stations coordinate a 13-hour mission on Sunday. |
WHO WON #CRYPTOTWITTER  |
|
| | | | | | |
