TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. Concerned by Libra, US Congress targets crypto industry with its draft, “Keep Big Tech Out Of Finance” bill. Crypto used as a way of sidestepping US sanctions, according to the FDD. Tether mints$5 billion USDT … erroneously? BitMEX finally releases full Dr. Doom and Hayes debate.
US Congress Targets Crypto Industry, Uses Facebook Coin as Pretext
The US Congress is targeting cryptocurrency by going after Libraa, Facebook’s sorta-kinda cryptocurrency, has been born out of fear it could be the start of a new financial system promoted and owned by big tech companies. The bill, called “Keep Big Tech Out of Finance Act” proposes big tech companies with annual revenue of more than $25 billion will be unable to have a digital asset to use as a means of exchange. The penalty for violation is reported to be $1 million daily. The draft was leaked just days before Libra representatives make their way to a congressional hearing.
Bitcoin Volatility Goes Mainstream
CNN Business and Paul La Monica are about as mainstream a news source as you can get. All the popular assumptions are there, including calls for more regulation, higher taxation, and expansion of government spending to stimulate the economy. Bitcoin has again found its way to their digital pages, and it’s easy to predict how: price volatility. The world’s most popular cryptocurrency rockets one day to $14,000, shoots back down to the $9K region, and then back up to flirt with $13K, only to fall once again. That store of value narrative is becoming a harder sell.
Tether Issues 5 Billion USDT, Burns Tokens Later
While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals. Please check the burn transactions below @Tether_tohttps://t.co/reEW51qCqihttps://t.co/zo5i3ayTuQ https://t.co/h1Y9Mnr4Oq
— Paolo Ardoino (@paoloardoino) July 13, 2019
Tether, the company behind USDT stablecoin, surprised cryptocurrency users and traders when they issued $5 billion in USDT. It turns out they committed a mistake with token decimal numbers, and instead of minting $50 million they issued $5 billion onto the Tron blockchain, as was explained by Tether CTO Paolo Ardoino. The other tokens were burned, but still, it could impact markets.
Crypto Used as a Tool to Undermine US Supremacy
A new report published by the FDD (Foundation for Defense of Democracies), a nonpartisan nonprofit research institute, indicates crypto is being used to replace the US dollar hegemony by countries like Russia, Venezuela, Iran, and China in the form of new blockchain-based alternatives. The report states that “U.S. adversaries see this development as an opportunity to reduce Washington’s ability to impose economic sanctions, which depend on intermediaries like traditional banks to monitor compliance.”
BitMEX Finally Releases Full Debate Between Roubini and Its CEO
Give cryptocurrency exchange BitMEX credit. They trolled Dr. Doom, economist Nouriel Roubini hard, slow-burning clips from a very contentious debate between himself and CEO Arthur Hayes. CoinSpice reported on the initial impression, but the video is worth watching in context all the way through. Roubini is relentless, and from where he summons that anger one can only guess. He hates cryptocurrency. Hayes is a nice guy and an affable personality, but it’s clear he was not ready for Roubini’s hate. That, and Hayes’ retorts were too mild to compete, according to some observers.
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