Amid the regulatory storm facing Libra, the project’s hierarchy is looking to change one important detail of the payment system: using fiat-pegged stablecoins rather than a token supported by a basket of national currencies. The Libra Association says such considerations are part of efforts to create a more agile payment platform. Meanwhile, the furor over the controversial Libra has begun to take a more political undertone, both within and outside the United States. Arguments for and against the project now seem to include issues surrounding the trade war between the U.S. and China. In Europe, China’s response to Facebook’s crypto …

Coming every Sunday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week Bitcoin price back over $10,000 following 36% gains on the day The world’s largest cryptocurrency has had us all in for a white-knuckle ride this week. Wednesday saw Bitcoin (BTC) crash $500 in a matter of minutes and sink to $7,500 — a five-month low. Saturday was a different story. At one point, BTC had …

Yesterday, Oct. 23, Cointelegraph reported from the United States House of Representatives as the Financial Services Committee questioned Facebook CEO Mark Zuckerberg for over six hours. While focused on the Libra Association and its planned Libra token, the hearing expanded to touch on a wide range of concerns and controversies surrounding Facebook. The hearing was often contentious, with several members of Congress using their allotted five minutes of questioning to rail against Zuckerberg rather than ask him a single question. As Congressman Warren Davidson wryly commented to Cointelegraph, “I don’t think day-to-day at his company he gets treated that way …

Facebook CEO Mark Zuckerberg testified before the United States House of Representatives Financial Services Committee today regarding the Libra stablecoin project. Facebook’s Libra vs. China’s digital renminbi During the much-anticipated hearings before Congress on Oct. 23, lawmakers and the CEO discussed the growing competition with China on the economic and geopolitical stage. In his prepared statements to the Committee, Zuckerberg stated that the project would ensure that the U.S. stays a financial leader globally: "China is moving quickly to launch a similar idea in the coming months. We can't sit here and assume that because America is today the leader …

Facebook could withdraw from the Libra Association — the governing body of the eponymous stablecoin project — should it launch without approval from regulators in the United States. Libra could lose its primary member In a Congressional hearing on Oct. 23, Facebook CEO and founder Mark Zuckerberg reiterated the company’s commitment to not launch its planned cryptocurrency project until it receives the green light from U.S. regulators. Zuckerberg delivered his statements before the House of Representatives Financial Services Committee, where lawmakers grilled him on various aspects of the company’s activities including Libra, data practices and the handling of hate speech …

Disclaimer: This article will be updating live for the duration of the Oct. 23 hearing. Please check in for the latest from the hearing. In Advance: In a much-anticipated meeting of politics and tech, Facebook CEO Mark Zuckerberg has finally made his way to United States regulators. He will be testifying before the House Financial Services Committee on Facebook’s Libra. The planned stablecoin has been the subject of much controversy since it’s June whitepaper. Days after, Chairwoman of the committee Maxine Waters called for a moratorium on Libra’s development. According to Zuckerberg’s prepared remarks released yesterday, he plans to assure …

None of the 21 founding members of the Libra Association, except Facebook, have yet committed any money to support Libra, according to the BBC. $10 million investment initially required Since the announcement of the Libra Association Council in June 2019, no financial agreement for the founding partners has been made to date, BBC reports Oct. 23, citing several unspecified sources. Alongside the release of the Libra whitepaper in June, Facebook announced that each of the founding members was required to make a minimum investment of $10 million in order to seal the position and secure a vote on the council. …

United States Congress is considering a draft bill that claims all managed stablecoins must be seen as investment contracts and therefore as securities. Libra in the United States The U.S. Representative for Texas's 29th congressional district, Sylvia Garcia, introduced a draft bill to the House Financial Services Committee on Oct. 18. The draft bill, called the ‘‘Stablecoins are Securities Act of 2019,” seeks to regulate stablecoins under the Securities Act of 1933. This entails “amending statutory definitions of the term security” to include the term “managed stablecoins.” The proposed bill seems to be directed at Facebook’s Libra stablecoin, which is …

In an interview with Cointelegraph on Friday, Oct. 18, United States Representative Warren Davidson gave his thoughts on the Securities Exchange Commission’s (SEC) flawed approach to regulating digital assets as well as Mark Zuckerberg’s upcoming Oct. 23 testimony before the House Financial Services Committee. Congressman Davidson (R-OH) is a figure familiar to many in the crypto world for his role in authoring the Token Taxonomy Act, as well as his general optimism about the role of blockchain in the U.S. On regulating Libra as a security While discussing regulating cryptocurrencies at large as opposed to Libra, Davidson was highly precise …

Facebook CEO Mark Zuckerberg will testify before the House of Representatives Financial Services Committee on Oct. 23 regarding the firm’s proposed Libra stablecoin project. On Oct. 9, Congresswoman Maxine Waters officially announced that Zuckerberg will attend a congressional hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” Libra and Calibra moratorium The announcement notes that Waters and other Democrats on the commitee sent a letter to Facebook in July, requesting an immediate moratorium on the implementation of proposed cryptocurrency Libra and digital wallet Calibra. The statement also mentions the draft bill “Keep Big …

Newly leaked audio from Q&A sessions between Facebook’s CEO and employees has revealed Facebook’s early strategy for Libra's launch. On Oct. 1, tech news site The Verge published audio and text from two internal meetings held at Facebook in July. Along with major topics such as Facebook’s potential breakup by regulators, Mark Zuckerberg devoted a significant part of the sessions to the company’s much-discussed cryptocurrency project Libra, which was officially unveiled in June. Consultative approach Zuckerberg underlined the consultative approach around Libra, stressing that both Facebook and the Libra Association want to do their best to solve a number of …

When Facebook published the Libra white paper in June 2019, shockwaves were felt across the crypto markets the world over. Triggering the end of a long bear market, Bitcoin soared past the iconic $10,000 mark, and many prominent altcoins rose on the back of a phenomenon now known as the “Libra Effect.” As so often occurs alongside milestone cryptocurrency announcements, Facebook’s venture into digital payments was also met with a barrage of criticism. Regulators and politicians on both sides of the Atlantic are calling either for intense scrutiny of the project or an outright ban. Fears abound that by launching …