Crypto Roundup: Facebook Starts Work on Stablecoin, Report Exposes Exchange Volume, Coinbase Makes Mega Transfer

A roundup of interesting news items from across the crypto space.

Anonymous informants have divulged that Facebook is working on a stablecoin pegged to the US dollar. The coin would be used as a way to send money through WhatsApp.

According to Bloomberg, there is still some way to go before Facebook releases the coin. Facebook is looking to target the remittances market with the stablecoin, with a particular focus on India.

Report explores exchange transparency

The Blockchain Transparency Institute released a report delving into the reported trading volume of crypto exchange. The report analyses whether exchanges process legitimate volume or wash trading.

The results were collected by monitoring order books, talking to market makers and high volume traders, and analyzing volume data.

The report focused on the top 25 Bitcoin trading pairs from Coinmarketcap with the results showing that only three out of the top 25 (including Liquid’s BTC/JPY pair) are 100% real trading volume.

 

US congressmen propose excluding crypto from securities laws

The Token Taxonomy Act is a proposed bill by two US congressmen, Warren Davidson and Darren Soto, aiming to prevent digital tokens from being classified as securities in the United States.

Earlier this month, Davidson also proposed the creation of a new asset class for cryptocurrencies, which would prevent cryptos or digital assets from being labelled as securities, while also providing additional regulatory control for ICOs.

Coinbase completes largest crypto transfer on record

Coinbase completed what is likely the largest cryptocurrency move ever recorded. The transfer shifted 5% of the world’s total supply of BTC, 8% of ETH and 25% of LTC, worth around USD5 billion. This was potentially the largest transfer in any currency in history.