📌 Zuck in D.C., Telegram Losses, and Trump Deflates Bitcoin

MUST READS  Mr. Zuckerberg Goes to Washington Today is arguably the most significant day in Libra's short history. The Zuck testified before Congress with high hopes of trying to convince US regulators that project Libra could legally proceed in the US You can check out his entire testimony here. Of course, as we all expected, not a whole lot got accomplished during the regulatory quagmire. But there were a few entertaining zingers and key points along the way... Zuckerberg said that Facebook won't be involved in Libra's launch unless it gets US approval. Zuckerberg essentially took the "If America doesn't lead on this, others will" stance – pushing for the US to innovate and invoking China's work as a warning. (watch clip here) Generally speaking, those hoping for a "Libra" hearing were utterly disappointed. The bulk of the scolding questions were about Facebook as a company, rather than Libra as a global payment plan. Get your play by plays - here & here. They'll save you a lot of time.   Binance CEO: Russian Ruble to Be First Fiat-Crypto Trading Option Speaking at the Open Innovations 2019 conference in Moscow on Monday, Binance CEO, Changpeng "CZ" Zhao, confirmed that fiat options are on the way, kicking off with the Russian ruble. This is a significant step for the platform as up until now it has only supported crypto-to-crypto trading.   A Startling Admission... Former head of the U.S. Commodity Futures Trading Commission (CFTC) said in an interview this past Monday that "the Trump administration acted to deflate the bitcoin bubble of 2017." "One of the untold stories of the past few years is that the CFTC, the Treasury, the SEC and the [National Economic Council] director at the time, Gary Cohn, believed that the launch of bitcoin futures would have the impact of popping the bitcoin bubble. And it worked." h/t @MartyBent who expanded on this startling admission soon after the news broke.    SPONSORED  How to Make More Money Than You Can With Options — Trading a Group of Tiny Stocks It's no secret that options trading can help you make a lot of money — quickly. But here's something you may not know: There's a small group of tiny stocks that offer all the upside of options — with much less risk. And if you know how to trade them, it's not uncommon to see gains like 90%, 238%, 308%, and even 600% in a short amount of time. The only catch is that you're running out of time to access this wealth of information. The event began at 8 pm ET, but you can still tune in now.    DEEP DIVE  👥 The 100 Most Influential People in Crypto - 2019 Edition 2019 has been another record year for the blockchain and crypto industry - and these 100 individuals are leading the way in transforming the way people buy, sell, and invest crypto around the world. Mega props.    SPONSORED  Bill Gates: "This Technology Will Be Worth 10 Microsofts" Bill Gates – together with a few other billionaires – recently invested in a controversial new technology. He's on record as saying this technology will be worth 10 Microsofts. PricewaterhouseCoopers predicts it will create a $15 trillion fortune for early adopters and investors. If you're looking to strike it rich in tech stocks… this is THE technology to have on your radar right now.    REGULATORY FRONT  Telegram Warns of Losses Last week, the SEC halted Telegram's $1.7B ICO. And this week, Telegram has responded, arguing that Gram – the native cryptocurrency for the Telegram Open Network (TON) – is not a security. Here's a solid breakdown, courtesy of Avichal Garg, of the monumental SEC filing against Telegram for those interested... More to the story, Telegram is telling investors who helped fund the creation of its digital token that they'll only receive 77% of their money back unless they agree to postpone the launch of the cryptocurrency for six months.   Maduro Unveils Aggressive Plan to Fund Venezuela's Economy in Petro Cryptocurrency Last week, Venezuela's President, Nicolás Maduro, announced that he will soon create several government funds, denominated in petros, as a way to encourage economic development. The announcement follows Maduro's acknowledgment that his government owns an undisclosed amount of Bitcoin and Ethereum as part of its international reserves, and that he plans to develop a mechanism to pay debts and charge for services using crypto to bypass U.S. sanctions.    TWEET OF THE WEEK  Other Articles You May Enjoy Brave reaches 8 million monthly active users and delivers nearly 400 privacy-preserving ad campaigns   Bitcoin briefly drops below $7,500, touching five-month low   Crypto critic Nouriel 'admitted' BTC has some store of value... baby steps 👍   Poloniex spins out from Circle to form new exchange not available in US   Opera becomes first major browser to enable direct bitcoin payments   The 18 millionth bitcoin to be mined this Friday, only 3 million left   🎙️ [PODCAST] Eric Snowden was just a guest on The Joe Rogan Podcast   Blockchain emerging as new traceability option for cannabis   How bitcoin transactions were used to track down the 23-year-old South Korean operating a global child exploitation site from his bedroom   Bitmain launches 'world's largest' bitcoin mining facility in Texas The CoinSnacks weekly digest is a manually curated newsletter that delivers fresh content covering cryptoassets and the evolving blockchain community for investors around the world. 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Zuckerberg testifies / Deficiencies and failures / "American innovation on trial"

Inside Libra presented by Bright Cellars.

Presented by Subscribe | View in browser 1. Facebook CEO Mark Zuckerberg told Congress that he believes Libra is something that needs to be built but Facebook is "not the ideal messenger right now." Facing around 60 politicians on Capitol Hill, Zuckerberg faced questions from the U.S. House Financial Services Committee about the proposed plans for the stablecoin. Since its announcement back in June, global regulators have voiced their concern over it regarding its potential threat to the financial system. However, according to Zuckerberg, Libra could help to improve the lives of millions of people, particularly those who send money to families abroad. In his opinion, "if America doesn't innovate, our financial leadership is not guaranteed." His appearance comes at a time when eight of the original Libra Association members have stepped away from the project. Yet, while the remaining 20 have reconfirmed their commitment to Libra, none have delivered on the $10 million to financially back it. –THE GUARDIAN Why It Matters: Zuckerberg faces a tough time trying to convince lawmakers to get on board with Libra. Not only that, but he will have to show that this could be the perfect opportunity for America to demonstrate its innovativeness, certainly at a time when China is working at launching its own central bank digital currency.       2. Maxine Waters, chair of the House Financial Services Committee, has said that Facebook should focus on addressing "existing deficiencies and failures" before launching Libra. Waters made her opening remarks as part of the Congress hearing that sees Mark Zuckerberg answer questions on Facebook's plans for Libra. Whereas, Ann Wagner (R-Missouri) said that it was "highly concerning" that several founding members had left the project. For live updates on today's hearing, check them out here. –YOUTUBE       A MESSAGE FROM BRIGHT CELLARS Can your taste for tea predict wines you'll like? With an algorithm developed by two MIT grads, Bright Cellars uses a quiz to determine your tastes and match you to wines you're likely to enjoy - delivered straight to your door. The best part? We're giving Inside readers 50% off their first order! Take the quiz now to see your top 6 wines matches.   3. Republican Representative Patrick McHenry (R-North Carolina) has said that the Libra hearing is putting "American innovation on trial" because those in Washington don't understand it. In his opinion, policymakers are "pouncing" on Facebook because they're a big company doing something new. Because of this, it "sends a chilling message to innovation in the United States," he added. McHenry, who called for a hearing back in June, stated, at the time, that he wanted to know what the project was proposing, how they were going to use it, the opportunity, and intention of it. –CNBC       4. The 20 remaining companies that are behind Libra have yet to back it financially. Back in June, when the project was first announced, the original 28 Libra Association members were expected to inject $10 million each into backing efforts. However, it's reported that no agreement has been reached and it wasn't discussed at the first association meeting last week in Geneva. Yet, according to those still within the Libra Association, no timeline has been set for introducing the $10 million fee and that they are likely to invest in the project when asked to do so. The companies that have stepped away include PayPal, Mastercard, Visa, eBay, and Stripe. –BBC       A MESSAGE FROM SMARTASSET People Who Retire Comfortably Avoid These 7 Mistakes Whether you're already retired or still have 25 years to go, working with a financial advisor is a crucial component of any successful retirement plan. However, most people make these 7 costly yet avoidable mistakes when hiring one. See the list 5. Dmitry Peskov, President Vladimir Putin's special representative for IT, has said that if the U.S. blocks Libra it will ban Facebook if the currency is not controlled. Speaking to reporters, Peskov, who also mentioned Telegram's Gram token in the same light, made his comments clear stating that the nation would follow the U.S. in how it handles the stablecoin. He went on to say that if Libra is unchecked, the possibility of a shutdown in Russia and other countries "will increase significantly." Russia has already threatened, in the past, to ban Facebook due to a row over data storage. –LET KNOW       6. Libra was a shock to central banks. That's according to Simon Potter, a fellow at the Peterson Institute. In his opinion, Facebook failed to think about how important the control of currency is for governments and central banks. Given the near three billion users on Facebook's platforms, the concern central bankers have is that Libra could somehow take monetary policy control from them. –FINANCIAL TIMES       7. David Marcus, the head of the Libra project, has said that it's open to currency-pegged stablecoins for Libra. Speaking in front of a banking seminar in Washington earlier this week, Marcus said that instead of having a "synthetic unit," it could have a series of stablecoins, such as a euro, dollar, or pound stablecoin. He added, though, that currency-pegged stablecoins aren't Libra's preferred option. The plan is still to launch it next June, but Marcus noted that it would only do so once it had answered all concerns and received "proper regulatory approval." –REUTERS       8. Jaime Dimon, JPMorgan Chase CEO, has voiced his opinions about Bitcoin in the past. Now, he's voicing them about Libra. Speaking last Friday at a conference hosted by the Institute of International Finance in Washington, Dimon stated that while Facebook's proposed stablecoin was a "neat idea," it would "never happen." –BLOOMBERG       This newsletter was written and curated by Rebecca Campbell. She has been writing and reporting on various industries for the past 10 years, more specifically tech in the last three. Connect with her on Twitter. Editor: David Stegon (senior editor at Inside, whose reporting experience includes cryptocurrency and technology).       Ad Bright Cellars is the subscription matches you to wine with a quiz. Get started now!

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