Zuckerberg Had a Hard Time In This Facebook Libra hearing!!!

It’s really great to see you guys catching up with our CryptoPig daily news segment. Now, in this video, we are going through a list of 4 trending pieces of news in the crypto sphere. First up, in the hearing with the House Financial Services Committee on Wednesday, Oct 23, Facebook CEO Mark Zuckerberg mentioned that Facebook would ‘leave the association’ if the Libra token is launched without the approval from the US regulators. Second up, we have more news related to Libra. While it currently has 20 partners, excluding Facebook, none of them have actually committed any money to the project. Third up, the volume of Bitcoin futures traded on Bakkt has hit a new all-time high, with up to 452 Bitcoin futures contracts traded at press time. And lastly, Changpeng Zhao, CEO of the global cryptocurrency exchange Binance, has named a specific President as the most influential person in the blockchain industry. If you want to figure out who this president is, and from which country, please stick with me right until the very end of this video.


The Market Today

As you can see, today all the major tokens are plummeting guys. Bitcoin is in a deep red with a 6.84% loss, falling all the way back to $7,423. Similarly, ETH and XRP are dropping by 3.71% and 5.93% respectively. Other altcoins like EOS, BNB, and LTC are plummeting 6% to 7% each.


Zuckerberg: Facebook will leave Libra if it launches without regulatory approval

In the hearing on Wednesday, Oct 23 with the House Financial Services Committee, Mark Zuckerberg, the CEO of the social media giant, confirmed that Facebook will withdraw from the Libra Association if the Association launches the LIbra token without gaining all the needed regulatory approvals. Now, the question was raised by Rep. Bill Huizenga who wanted to see exactly how independent Facebook is from the Libra Association. Huizenga asked,

“You said that you won’t launch without US regulator approval. What happens if the association decides to launch despite that?”


Zuckerberg responded:

“If we don’t receive the clearances that we feel like we need to move forward and the association chooses to move forward without us then we will be in a position where we will not be a part of the association.”


When Representative Ann Wagner asked Zuckerberg why Visa, Mastercard, PayPal, and eBay all pulled out of the Association a few weeks ago, Zuckerberg mentioned that it was because Libra is indeed a risky project. Regarding the crypto wallet Calibra, the CEO committed to prohibiting the misuse of the wallet but stopped short of promising lawmakers that the Libra cryptocurrency would never be used without identification. Zuckerberg, however, assured lawmakers that they are working with all the regulators to build a system that can counter-terrorism financing and support anti-money-laundering practices. It appears as though lawmakers were not satisfied with the response, mentioning that you can’t have strong Anti-money laundering practices and anonymous wallets which can be a new loophole for criminals looking to hide money. Zuckerberg responded that Calibra, the Facebook subsidiary will have strong identity verification and work with regulators to make sure they’re at the standard of Anti-money laundering of Counter terrorism financing that people expect. While he couldn’t speak for the whole association, he mentioned that they have his commitment from Facebook. While Zuckerberg carefully called Libra an independent association from Facebook, it doesn’t look like many of the Representatives are convinced. Representative Ayanna Pressley even mentioned that Facebook is Libra, with Zuckerberg acting as the face of the company and therefore the new cryptocurrency token.


No founding members invested in Libra yet

According to the BBC, none of the 21 founding members of the Libra Association, except for Facebook, have committed any money to support Libra. It looks like since the announcement of the Libra Association Council in June 2019,  no financial agreement for the founding partners has been made. Although Facebook announced alongside the release of the Libra whitepaper in June that each founding member had to make a minimum investment of $10 million to seal the position and secure a vote on the council, the members haven’t actually discussed the fee at the Libra Association’s first general assembly last week. For those who are not aware, Libra originally had 28 founding members. However, it has just lost seven partners, who reportedly withdrew from the association, including eBay, PayPal, Mastercard, Stripe, Mercado Pago, and Booking. The remaining members include Spotify, Coinbase, and Uber just to name a few.


Bakkt crossed 450 Bitcoin futures contracts traded

According to a report on Cointelegraph, the digital asset platform Bakkt has just witnessed an all-time high, Bitcoin futures contract trading volume peaking at 452 BTC futures contracts traded at press time. According to historical data from the Intercontinental Exchange – the operator of Bakkt, tokay the platform traded 441 Bitcoin futures for November 2019, with the last recorded trading price settling at $7,400 per Bitcoin. The 11 remaining futures contracts for December have been sold with the last recorded trading price at $7,404. On Twitter, Bakkt Volume Bot, which constantly tracks the platform performance, projected that the number of BTC futures contracts is forecasted to reach 1,089 BTC by the end of the day. While Bakkt has had a bit of a shaky start, it looks like they’re doing much better now with an almost 800% increase in trading volume.


Changpeng Zhao: Putin is the most influential person in the crypto industry

In an interview with RBC News, Changpeng Zhao, CEO of major cryptocurrency exchange Binance, brought up Russian President Vladimir Putin as the most influential person in the blockchain space. CZ believes that the Russian Federation may adopt the bill on regulating digital assets in the foreseeable future. He also noted that, in order to keep the Binance safe and regulated, the company may provide user information to Russian financial regulators:

“As a rule, we do not provide information to any regulator en masse. But in individual cases – yes […] therefore, if you are engaged in crime, you don’t sign up with Binance.”


In another move, Binance will soon add support for the Russian ruble. Once the new feature is released, users in Russia can buy cryptocurrencies directly with their rubles.


And there you have it guys! So what are your thoughts regarding all the news?

What are your thoughts on the Libra token now? Will they be launching anytime soon? Or is the future bleak and dismal for the Libra token?

Do you think other founding members in the Libra Association will withdraw from the group?

Are you excited to see the upsurge in BTC futures traded on the Bakkt platform?

Do you agree with CZ that Vladimir Putin is potentially the most powerful person in the crypto industry? 


Please leave a comment right below to let me know what you guys are thinking.

It’s your girl Cindy with CryptoPig, I’ll see you guys soon.


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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.

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