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Hearings in the case of Telegram were postponed to February 18-19 the next year; Roskomnadzor blocked the Cointelegraph; Ripple reduced the proceeds from the sale of XRP.

Hearings in the case of Telegram were postponed to February 18-19 the next year; Roskomnadzor blocked the Cointelegraph; Ripple reduced the proceeds from the sale of XRP.

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1. Traditionally for this week, we begin our overview with the situation that is happening around Telegram. The company has officially responded to allegations by the US Securities and Exchange Commission (SEC), calling the token sale restriction illegal. Telegram asks the federal court to reject the regulator’s claims and states that Gram is not really a security, and that the SEC’s actions violate not only the law, but also its own views and common sense.

 

«Telegram has entered into a private agreement with a limited circle of highly qualified buyers that provides for the future payment of Gram. Telegram designed a closed placement as an offer of securities, subject to a corresponding exclusion from the registration rules in accordance with the Law on Securities. Gram tokens are not currency, commodity or security» it is said in the document.

As a result, the company announced its readiness to delay the launch of the blockchain network and the distribution of tokens while resolving all disagreements with the regulator.

Telegram asks the court to reject the SEC requirements for the provision of documents and witnesses, as well as to help resolve the situation as soon as possible.

The SEC is not satisfied with Telegram’s promises to postpone the launch of the platform and the distribution of tokens. The commission asked the court to uphold the prohibition imposed on it during the proceedings.

According to the regulator, if the Telegram application is satisfied, the company will continue to commit offenses in 5 months. The plaintiff considered the arguments that the Gram is not a security to be unconvincing.

As a result, the court decided to postpone the hearing to February 18-19, 2020. It should be noted, that the date was October 24 this year.

Defendants are not allowed to distribute the Gram in any way until after the hearing scheduled for February 18-19.

 

2. Roskomnadzor blocked the popular English-language crypto-news portal Cointelegraph.

According to the Cointelegraph, the decision to block the resource was made back in 2017, but it was only a couple of days ago that it was possible to implement the restriction at a technical level.

«URL were included in the blacklist by Roskomnadzor, which was sent to Internet providers yesterday» the developer of the popular censorship extension, who wished to remain anonymous, said.

According to Cointelegraph, many Russian providers have already blocked the site, but some users still have access.

 

3. The finance ministers of France and Germany once again stated that they would not allow the development of Libra in their jurisdiction.

 

4. The Financial Action Task Force on Money Laundering (FATF) presented a report identifying the risks associated with the possibility of money laundering and terrorist financing by using stablecoins.

The organization separately allocates cryptocurrencies that are tied to fiat currencies, and believes that they can significantly affect the financial system.

«The so-called stablecoins have the potential to cause a change in the ecosystem of virtual assets and have implications for money laundering and terrorist financing» it is said in the document.

 

5. James Dimon, the head of the American banking holding JPMorgan Chase, believes that Libra is a great idea, but it is not feasible.

«This is a great idea that is not destined to come true. I can’t say anything more about this» he said.

Dimon also added that the idea of Facebook is actually not new, citing the development of the JPM Coin stablecoin as an example.

 

6. G7 representatives believe that Bitcoin and other cryptocurrencies have not become a «reliable and attractive» means of payment or accumulation.

In the final version of the report, presented on Thursday, they recognize that the existing calculation mechanisms are rather slow and costly, but digital currencies have the potential to solve a number of problems. However, they are also have certain risks.

According to G7, due to the huge volatility, cryptocurrencies cannot be considered as a tool for settling. In addition, they are difficult to handle and cause certain problems in the context of regulation.

«We can conclude that cryptocurrencies are more of a tool for speculation, but also attractive to users involved in illegal activities» it is said in the report.

The authors note that stablecoins lack some of the above disadvantages, but at the moment they don`t have an international classification and are not always stable. But still they have more potential for use as a means of payment and means of accumulation.

 

7. According to Reuters, the G20 called on the IMF to study the macroeconomic consequences of the spread of stablecoins.

«Risks associated with money laundering, illegal money transfers and consumer protection require assessment and an appropriate response» the ministers said.

 

8. Ripple reduce XRP sales revenue immediately by 74%. If in the second quarter the indicator was $ 251.5 million, then in the third quarter it dropped to $ 66.2 million.

According to company representatives, this trend is associated with conscious efforts in accordance with the plan that was outlined in the second quarter. Ripple, among other things, decided to stop the «programmed sales» made through a network of partners in the market and focus on over-the-counter sales to several strategic investors.

As a result, institutional funds were sold for $ 50.12 million, while programmatic sales accounted for $ 16.12 million.

«In the fourth quarter, we intend to take the same approach» the company wrote.

 

9. Tom Lee, well known in the cryptocurrency community by bullish predictions regarding the Bitcoin exchange rate, made an uncharacteristic statement.
One of the users left this message on Twitter:

«The best days of the cryptocurrency market are behind. It is slowly dying and shrinking, while exchanges, developers, and early adopters take all the money».
Lee wrote in a comment on this post:

«This is possible».

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