Lawmakers React to Facebook’s Libra, Bitmain’s IPO: The Weekly Show

It’s been another busy past week in the cryptocurrency space. Facebook has generated a huge reaction from lawmakers and regulators across the world. To discuss Facebook’s Libra project and more, we caught up with BloxLive TV in our latest edition of The Weekly Show.

Here’s what we discussed.

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United States lawmakers respond to Facebook’s Libra

United States lawmakers have responded to Facebook’s cryptocurrency project by announcing they will be holding two hearings – one by the Senate and one by the House – later this month.

The Senate Committee on Banking, Housing, and Urban Affairs will primarily examine data privacy issues surrounding the new currency.

The House hearing is called “Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System”, which gives insight into what will be covered.

According to reports, David Marcus, the co-creator and leader of Project Libra, is expected to testify at the hearings.

BIS calls for regulatory action to respond to the Libra project

The Bank for International Settlements (BIS) issued a warning last week that Facebook’s new stablecoin project could pose a threat to the dominance of the global banking sector.

In its report, the BIS said that the entry of “big tech” into the global finance industry “holds the promise of efficiency gains and can enhance financial inclusion,” however “big techs’ entry presents new and complex trade-offs between financial stability, competition and data protection.”

BIS explained that international collaboration to develop regulations is extremely important. “As the operations of big techs straddle regulatory perimeters and geographical borders, coordination among authorities – national and international – is crucial.”

Bitmain is considering a second IPO attempt

After a recent bull run in the crypto sector, Chinese Bitcoin mining giant Bitmain Technologies is reportedly considering a second attempt to go public, but this time in the United States.

According to a report from Bloomberg, which cites people with knowledge of the matter the company’s shareholders are discussing with advisers the plan to list its shares in New York before the end of 2019. 

The filing of Bitmain IPO prospectus with the US Securities and Exchange Commission is expected in July, although no final decision had been taken as regards the venue.

If you missed our last episode of The Weekly Show, never fear, you can catch up on your crypto news here.

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