Crypto Weekly (Oct. 16th, 2019)
Weekly recap...
- Libra Association dropouts are avoiding regulatory spotlight
- The BTC rich are getting richer
- BTC's 4-hour RSI becoming oversold as BTC tests key 7.7K support
Center Story
1. Libra membership is not for the faint of heart
No one knows for sure what will happen with Libra. But we do know dropouts have returned to "business as usual."
The Libra Association had their inaugural meeting on Monday, October 14th. There are 21 council members remaining of the original 28, which means there have been seven exits: Booking Holdings, eBay, Mastercard, Mercado Pago, PayPal, Stripe, Visa.
Most of those that have left share a common vertical, payments.
Payments regulations are onerous and as Warren Buffet famously said, "If a cop follows you for 500 miles, you’re going to get a ticket."
Visa and Mastercard have had their own regulatory and legal headaches pertaining to interchange. The last thing these payments companies want is the US government following them for the next 500 miles because they joined the Libra Council.
And per the WSJ: "Sens. Brown and Brian Schatz (D., Hawaii) warned the CEOs of Visa, Mastercard and Stripe that if they stayed involved, they could “expect a high level of scrutiny from regulators not only on libra-related payment activities, but on all pay...