EU antitrust action on Libra / SEC dings ICO rating sites / CEOs vs. China on Hong Kong

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 21 August 2019

⏱️ 19 minutes

🔗️ Recording | iTunes | RSS

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Summary

Well that didn't take long. The European Union has already started looking into antitrust action on Facebook around Libra. In other regulatory news, US Sec of State Mike Pompeo says crypto should be regulated like SWIFT, India central bank fights for crypto ban, and the SEC announced a settlement with an ICO rating site that was paid by projects. It's all about the incentives, ultimately. Finally, we close with a look the way the Hong Kong protests are creating tension between independent private businesses and the Chinese government. Featuring commentary from longtime bitcoiner and HK resident Leo Weese. Watch: https://www.youtube.com/nathanielwhittemorecrypto

Transcript

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0:00.0	Welcome back to another Crypto Daily 3 at 3. All right, guys, what's going on? So today we're going to look at first, a new EU antitrust probe around Libra and just kind of a state of regulatory roundup from around the world. Second, we're going to look at the ICO or an SEC ICO settlement, basically.
0:23.7	The SEC targeted a ICO promotion site or a rating site. It has some interesting implications,
0:29.9	but I want to talk about it in the context of just what the ICO movement meant in terms of
0:34.2	liquidity. So that's number two. And then number three, we're going to take a
0:39.3	quick detour over into Hong Kong, where we have some commentary from Leo Weiss, who's a Bitcoiner,
0:45.5	who lives in Hong Kong and has for a long time, and has been to the recent protests. So
0:49.6	anyways, let's dive right into this Libra antitrust probe. So basically, Facebook Libra is back in
0:56.4	the news today. They are apparently already under investigation by the European Union over
1:02.7	antitrust issues. So this was first reported in Bloomberg, which I don't have pulled up because I
1:07.8	don't have a subscription and I'm paywalled. And it sounds like they're
1:12.8	kind of investigating the grab bag of regulatory concerns in terms of how the power structure is going
1:21.5	to work with all these companies and what the competitive issues are around data. So I think that
1:27.3	this is most notable,
1:28.8	not in the fact that it's super far down the line
1:30.9	or that there's a huge amount of substance here,
1:32.9	but particularly in the context of the news
1:34.5	we had earlier this week from Binance,
1:36.9	around their Venus program,
1:38.8	which is taking this much different,
1:41.0	or at least theoretically,
1:42.1	is taking this much different bottoms up approach to regulatory compliance by actually trying to get governments involved effectively with their own versions of Libra or their own regional versions of Libra. So kind of interesting to see just, you know, what amount in Facebook has to climb in terms of getting governments on board
2:02.3	and just how many different jurisdictions they seemingly have to deal with. Meanwhile, back in the
	...

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