Crypto News Roundup — July 27, 2019

Weekly Crypto News

Crypto News Roundup — July 27, 2019

At-A-Glance

  • The US Senate Banking Committee will hold an additional hearing to debate crypto and blockchain regulations on July 30 at 10 A.M. EST.
  • Last month, Tron founder Justin Sun went all-in on his bid for a charity lunch with Warren Buffet, but now he’s postponed the lunch and apologized for his “failed over-marketing.”
  • An Indian inter-ministerial committee has recommended the creation of a “digital rupee” and a ban on all cryptocurrencies in that country.
  • Bitcoin price has retaken $10K, but analysts believe these gains are unstable — a bull revival is only clear if BTC prices print a UCT close above $11,120.

US Senate to Hold Debate on Crypto, Blockchain Regulatory Frameworks

Cointelegraph

On the heels of last week’s hearings regarding Facebook’s Libra, The US Senate Banking Committee has announced that it will hold a broader debate on crypto and blockchain next week. The hearing, titled “Examining Regulatory Frameworks for Digital Currencies and Blockchain,” will be held on July 30 at 10 A.M. EST. It will be broadcast live so that the American public can get real-time insights into the debate.

The witnesses will include the following: Jeremy Allaire, Co-Founder, Chairman and Chief Executive Officer, Circle, on behalf of The Blockchain Association; Rebecca M. Nelson, Specialist in International Trade and Finance, Congressional Research Service; and Mehrsa Baradaran, Professor of Law, University of California, Irvine School of Law. The goal of this hearing is to discuss a more comprehensive regulatory framework for cryptocurrencies and blockchain technologies, beyond the context of Libra.

The announced hearing comes on the heels of proceedings before congressional committees on Facebook’s Libra earlier this month. As reported, the Banking Committee of the U.S. Senate grilled social media titan Facebook on its planned cryptocurrency project Libra, homing in on concerns such as privacy, trust and regulatory compliance.

In the aftermath of the Banking Committee Hearing [on Libra], Chairman Mike Crapo said: “We’ve got to look at how we structure data protection in the United States […] We need to move to a comprehensive approach. What that structure exactly is, I can’t tell you.”

Tron crypto founder Justin Sun apologizes for conduct, denies reports of China travel ban

Yahoo! Finance

Last month, Chinese crypto entrepreneur and founder of Tron, Justin Sun, went all-in on a charity lunch with Warren Buffet, bidding an astronomical $4.56 million. Sun explained that he planned to use the lunch to open Buffet’s mind to the progress and potential of crypto and blockchain. However, on Monday Sun postponed the lunch, claiming that he was sick with kidney stones. On Wednesday, he followed up in a post on Weibo, apologizing for his “immature behavior,” and “failed over-marketing.”

Chinese outlets soon came out with an alternate version of the story: Caixin reported that Sun was being held in China due to a travel ban. Sun’s spokesperson has told Yahoo Finance that they were not aware of any travel ban, and Justin Sun has received no subpoena from the Chinese government regarding this. Now a report from CoinDesk suggests that Sun has landed in San Francisco. Regardless of the facts, there does seem to be a correlation between the rumors and the price of Tron (TRX), as noted by News BTC.

Sun writes that his bid for the Buffett lunch originated from his admiration of Buffett, his love of charity, and his desire to promote the blockchain industry… But Sun now says his own “selfishness” and “immature words and deeds” detracted from the effort… He refers to his own efforts as “failed over-marketing, which has generated a lot of consequences that I completely did not expect.”

A spokesperson for Warren Buffett tells Yahoo Finance that Buffett “is not commenting on anything in respect to Justin Sun.”

Newsflash: Indian Regulators Officially Propose Total Cryptocurrency Ban

CCN

This week, an Indian inter-ministerial committee on crypto and blockchain technologies released a 200-page report recommending the creation of a “digital rupee” and a ban on all cryptocurrencies. The report recognizes the value of digital ledgers for banks and financial institutions but recommends barring private citizens from all crypto activity. If enacted, India’s “Banning of Cryptocurrency and Regulation of Official Digital Currency Act, 2019” would criminalize all crypto activities. It recommends a minimum sentence of one year in prison, with possible sentences up to ten years long. Meanwhile, the “digital rupee” would be the only legal crypto in India.

This is not the first time Indian legislators have hinted at such a ban. However, this new proposal coincides with a global conversation around Facebook’s new cryptocurrency, and its potential to create an alternative financial system. If this proposed ban is carried out, India would become the first major country to completely ban citizens from holding cryptocurrency assets.

India’s “Banning of Cryptocurrency and Regulation of Official Digital Currency Act, 2019” would make it a crime to do virtually anything related to cryptocurrency. If convicted, an offender would face not less than 1 year in prison with possible sentences up to ten years long… Penalties also include fines, which seem more likely, of up to “three times” the amount a person earned. So if you somehow made $1 million in crypto, the Indian government could come after you for $3 million, and so forth.

Bitcoin Price Retakes $10K But Remains Short of Bull Revival

CoinDesk

Bitcoin (BTC) price has shown unsettling volatility over the past few months, with a notable spike following the announcement of Facebook’s Libra. It then saw massive losses over a short time frame, which some analysts attribute to inflation due to the use of leverage. Now BTC has broken $10,000, but the lower-highs pattern remains intact. This suggests that the recovery isn’t stable, and the price may fall back to $9,600 soon. BTC needs to clear resistance around $10,200 on high volumes before these gains can be seen as stable. Overall, a bull revival is would only be clear if BTC prices print a UCT close above $11,120, which could enable it to reclaim June highs above $13,000.

Bitcoin has again charted a recovery to above $10,000, but the outlook remains bearish with the lower-highs pattern intact… A UTC close above $11,120 is needed to revive the bullish view. That level could come into play if BTC clears key resistances around $10,200 on high volumes.

Continued low trading volumes further question the sustainability of the recovery seen in the last 24 hours…Hence, a fall back to $9,600 cannot be ruled out.

That’s the roundup for July 27th. Check in next week for the latest news of cryptocurrency innovation and regulation around the world!

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