Investor Alert

July 26, 2019, 12:41 p.m. EDT

CryptoCorner: Monex Groups Wants to Join Libra, Zuckerberg Says Facebook Will Wait "However Long It Takes" for Regulatory Clarity for Libra, SEC Greenlights Crypto Gaming Startup with ETH-Based Tokens

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Jul 26, 2019 (Investorideas.com via COMTEX) -- Point Roberts, WA and Delta, BC - July 26, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID ( NASDAQ: NXTD ) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.

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Reuters Japan reports that Monex Group, which owns Japanese crypto exchange Coincheck, wants to join Facebook's ( NasdaqGS:FB ) Libra. The company's CEO Oki Matsumoto said in a Q2 results meeting:

"There are various possibilities," including "financial inclusion" and cross-border product sales, which extend financial services to people who can not obtain bank loans because of poverty.

According to Cointelegraph , Matsumoto announced in that same meeting that the company had actually filed an application to join the Libra Association, which would make Monex Group the first Japanese company to do so.

In a Q2 Results Conference Call , Mark Zuckerberg himself addressed the regulatory uncertainty surrounding Libra. Zuckerberg, who is, of course, the CEO of Facebook, explained that the company will be patient with regulators:

Facebook from a few years ago would have probably just showed up and tried to release a product on our own, now the approach on all of these fronts is to outline the ideas and the values that we think an eventual service should have.

We've opened a period of - however long it takes to address regulators and different experts and constituents' questions about this and then figure out what the best way to move forward is.

The U.S. Securities and Exchange Commission (SEC) has given the green light to crypto gaming startup Pocketful of Quarters, Inc. (PoQ) to issue blockchain tokens on the Ethereum ( ETH ) network. PoQ gamers earn tokens, which are called "Quarters", and are only used for gaming applications. Jonathan A. Ingram, the chief legal advisor of the SEC's FinHub division wrote :

Based on the facts presented, the Division will not recommend enforcement action to the Commission if, in reliance on your opinion as counsel that the Quarters are not securities, PoQ offers and sells the Quarters without registration under Section 5 of the Securities Act and does not register Quarters as a class of equity securities under Section 12(g) of the Exchange Act. Capitalized terms have the same meanings as defined in your letter.

Abra, a crypto investment app, has announced the restriction of some services for U.S. customers in a blog post yesterday. In response to regulatory uncertainty in the crypto space, the company has implemented the following changes:

  • US users will no longer be eligible to hold QTUM, BTG, EOS, OMG, SNT after August 29, 2019

  • After August 29, 2019, New York residents will only be able to hold Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) on Abra.

Sam Mowers, Investorideas

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