Cryptocurrency Transactions Not Protected by 4th Amendment

The United States Court of Appeals for the Fifth Circuit has ruled that cryptocurrency transactions fall under the third-party exception to the Fourth Amendment. This means that cryptocurrency transactions can be monitored without a warrant, and law enforcement can seek information on cryptocurrency exchanges without consulting people who trade on those exchanges. This ruling will likely have a chilling effect on cryptocurrencies everywhere, as one of the central appeals of cryptocurrency is the supposed anonymity it affords. Continue reading “Cryptocurrency Transactions Not Protected by 4th Amendment”

Swiss President Declares Facebook Libra Cryptocurrency “Failed”

Facebook thumbs-downFacebook’s new proposed cryptocurrency, known as Libra, has faced numerous hurdles in the lead up to its launch sometime in 2020. Among those hurdles has been the inability to convince a single country’s central bank to accept Libra, making it unlikely that the cryptocurrency will be able to be used as an actual currency. This led Ueli Maurer, the President of Switzerland, to declare Libra had “failed” in its current form. Continue reading “Swiss President Declares Facebook Libra Cryptocurrency “Failed””

Facebook’s New Cryptocurrency Faces Regulatory Scrutiny

Facebook CryptocurrencyFacebook intended to launch a new cryptocurrency, known as Libra, but it has faced increased scrutiny from regulators, both in the United States and abroad. Libra would supposedly have permitted financial transactions to be done worldwide, without relying on Wall Street banks or other financial institutions. Although Facebook had initially managed to secure the partnership of major companies like Mastercard, Visa, eBay and PayPal, most of these partners have since dropped their support. As a result, Libra appears to be in serious trouble, and it is unclear whether it will ever launch at all. Continue reading “Facebook’s New Cryptocurrency Faces Regulatory Scrutiny”