Hodlers Digest, July 15–21: Libra Special! Top Stories, Price Movements, Quotes and FUDs of the Week
Coming every Sunday, the Hodlers 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
A godsend to drug dealers. More dangerous than 9/11. A global economic threat. Congress was given two days to grill the head of Facebooks Calibra wallet, David Marcus, over the upcoming Libra cryptocurrency, and it didnt hold back. The Senate Banking Committee went first on Tuesday, with lawmakers describing the social network as dangerous and unfit to handle financial data given past scandals. Politicians also demanded to know why Facebook had chosen to base Libra in Switzerland rather than the United States. Wednesday was the House Financial Services Committees turn. In a four-hour grilling, Marcus was asked whether the tech giant will delay Libras launch until regulatory concerns are addressed — and he ducked a question about whether the coin would be available to people banned from Facebooks platforms.
Surprisingly, Marcus wasnt uploading selfies of his trip to Washington on Instagram and telling his followers how much fun he was having. Thats because he was probably navigating questions he rather wouldnt answer — and trying to convince Congress that Facebook will have no special privilege and no control over Libra and Calibra. Alas, this was easier said than done — with politicians unwilling or unable to hide their skepticism. Marcus insisted that Facebook was committed to cooperating with U.S. regulators, and stressed Libras Swiss headquarters has nothing to do about evading responsibilities. And, after constant cajoling from one senator, he said he would be willing to get his entire salary paid in the stablecoin. Aside from the theatrics of it all, Marcuss main point was this: If the U.S. fails to embrace digital currencies, others will — and their values could differ radically. Chinas going to be thrilled with that not-so-subtle dig.
Its been another tumultuous week for Bitcoin. From July 10 to July 16, prices slumped from $13,200 to $9,684. Major exchanges reported a 26.6% drop in just seven days. While some anal ...