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!

We're Hiring! Learn more. | Sponsorship opportunities Copyright © 2019 Inside.com, All rights reserved. Our mailing address is: Inside.com 767 Bryant St. #203 San Francisco, CA 94107 Did someone forward this email to you? Head over to inside.com to get your very own free subscription! You received this email because you subscribed to Inside Libra. Click here to unsubscribe from Inside Libra list or manage your subscriptions.

EXCLUSIVE INTERVIEW: Google CEO Sundar Pichai

Check out the latest developments in quantum computing. 

View in your browser What's trending in tech this week? Google CEO Sundar Pichai on achieving quantum supremacy In an exclusive interview with MIT Technology Review, Pichai explains why quantum computing could be as important for Google as AI. Read more → Quantum supremacy from Google? Not so fast, says IBM. Read more → Here's what quantum supremacy does—and doesn't—mean for computing Read more → Get The Download newsletter every weekday. Today's news explained. Sign up for free Copyright © 2019 MIT Technology Review, All rights reserved. You are receiving this email because you opted in to receive newsletters and/or promotional emails from MIT Technology Review. Our mailing address is: MIT Technology Review 1 Main St Cambridge, MA 02142-1531 Add us to your address book Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

This email was sent to contacto1745.send-mail@blogger.com why did I get this?    unsubscribe from this list    update subscription preferences MIT Technology Review · 1 Main St · Cambridge, MA 02142-1531 · USA

Crypto Dad speaks out

To view this email as a web page, go here.

October 23, 2019 BUBBLE BURST: The Trump administration acted to deflate the 2017 bitcoin bubble by allowing the introduction of futures products, a former official said. “One of the untold stories of the past few years is that the [U.S. Commodity Futures Trading Commission], 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,” said Christopher Giancarlo, former director of the CFTC. Full story ALL SECURITIES? Congress may consider a bill to classify stablecoins as securities. In an apparent response to the Facebook-led Libra cryptocurrency, Rep. Sylvia Garcia introduced a draft bill to the House Financial Services Committee to regulate stablecoins under the Securities Act of 1933. If signed into law, the rule would give the SEC authority over stablecoins and their issuers. Full story   ETF ATTEMPT: The former managing director of the World Gold Council and the portfolio manager behind SPDR Gold Shares is developing a bitcoin exchange-traded fund (ETF) with boutique asset manager Kryptoin Investment Advisors. The Cayman Islands-based firm has filed an initial registration statement with the SEC for a fund that would track the CME CF Bitcoin Reference Rate to reflect bitcoin’s actual market price. The SEC is yet to approve a bitcoin ETF, despite numerous proposals crossing its desk. Full story BITLICENSE REVIEW: The New York Department of Financial Services (NYDFS) is revisiting its controversial virtual currency license. Speaking at DC Fintech Week, NYDFS Superintendent Linda Lacewell said the agency is looking into the BitLicense, which requires companies conducting cryptocurrency transactions with New York residents to be licensed to operate within the state. “This is a good time to take a look, a responsible look, and see how our regime is fitting the current market,” she said. Full story ISLAMIC APPROVAL: Algorand has been certified as sharia-compliant, the Boston-based company said Monday. The certification was provided by Shariya Review Bureau, in Bahrain, and indicates that the Algorand platform adheres to the tenets of Islamic law. The news could open up the platform to a global network of Islamic investors and billions of dollars of potential investment. Full story FLASH CRASH: Bitcoin has nosedived to four-month lows below $7,500, confirming a downside break of the recent trading range. A follow-through to $7,200 could be seen over the next few days as the daily chart indicators are still not reporting oversold conditions. Full story NO CASH YET: None of the 20 member firms of the Libra Association have yet contributed any funding to the project, according to a BBC report. While partners are ultimately expected to hand over $10 million each, no formal agreement has been made so far and the issue wasn’t brought up at the association’s inaugural assembly last week, sources said. Member firms told the BBC that no timeline has yet been set for the funding and that they would deposit the money when asked. WHO WON #CRYPTOTWITTER   Copyright © 2019 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list