U.S. SEC deems $1.7 billion Telegram offering illegal, orders halt...
One week in review:
Oct. 7–13 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1 U.S. SEC deems $1.7 billion Telegram offering illegal, orders halt | | | In what may be the highest-level action it has ever taken, the SEC has halted the $1.7 billion digital token offering for Gram tokens. In a massive setback for the upcoming TON, the regulator have filed an emergency action and restraining order against the two offshore entities behind it. Telegram is accused of failing to provide buyers with information about its business operations, financial condition and risk factors — disclosures that are required under the Securities Act of 1933. The official Telegram channel for TON investors has suggested that the launch, which was scheduled for Oct. 31, could be postponed. In a letter to investors, TON developers claimed they had been seeking feedback from the commission for 18 months. | | #2 Zuckerberg to testify before Congress regarding Libra stablecoin | | | Wednesday brought news that Mark Zuckerberg is going to testify in front of the House of Representatives Financial Committee on Oct. 23. The topic? Yes, you guessed it… Facebook's Libra stablecoin. Katie Haun, a former federal prosecutor who is now a partner at Andreessen Horowitz, warned of national security implications if the U.S. blocks the digital currency. A crypto derivatives exchange unveiled plans to launch physically delivered futures contracts that will be settled based on whether Libra launches in 2020. Meanwhile, a German finance minister rejected Libra and said he wants to see an electronic version of the euro instead. As the team at Menlo Park went to reach for headache pills, news then emerged that Facebook is being sued for trademark infringement because for its Libra logo. | | #3 Class action accuses Tether and Bitfinex of market manipulation | | | Facebook isn't the only one facing drama in New York's courts this week. A legal firm has filed a lawsuit against Tether and Bitfinex, accusing them of market manipulation. On Twitter, the founding partner of Roche Freedman, Kyle Roche, accused the companies of creating the "largest bubble in history," with a "sophisticated scheme" that was "part-fraud, part-pump-and-dump and part-money laundering." The issue of whether Tether tokens (USDT) are fully backed by U.S. dollars is also part of the lawsuit. Both companies have described the allegations as baseless and have vowed to vigorously defend themselves. | | #4 Official: Alipay to ban all Bitcoin-related transactions | | | Alipay has declared that it's going to ban any transactions related to BTC and other cryptos. The digital payment arm of Chinese e-commerce giant Alibaba warned consumers that it is closely monitoring over-the-counter transactions to identify irregular behavior and ensure it is compliant with relevant regulations. This comes after multiple reports that Alipay is being used for BTC transactions. | | #5. Prediction of the Week TON's value to surpass $20 billion over five years, says new research | | | Decentral Park Capital believes TON's value has the potential to surpass $20 billion over the next five years, and its native cryptocurrency, Gram (GRM), could become one of the top 10 protocol assets. The blockchain venture and digital assets fund said TON can help "bank the unbanked" and serve as a gateway for crypto assets. It also believes that TON could become a vital discovery platform for Web 3.0 applications, just like the App Store was in Web 2.0. | | #6. FUD of the Week Ripple criticized for alleged misrepresentation of relationship to XRP | | | Ripple Labs was on the naughty step this week after it said it "discovered" rather than created the XRP token — claims that have been described as misleading. Coinmetrics.io co-founder Nic Carter was among those furious about the company's remarks, writing: "For the record, these psychopaths are still literally and without a shred of irony claiming that they 'discovered' XRP as opposed to having created it." | | Feel free to explore the most important news with Hodler's Digest by Thomas Simm:
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