Cryptocurrencies

Ahead of Zuckerberg testimony, new setbacks for Libra

In this image, Zuckerberg's profile is turned away from the camera as he faces it head-on. He's wearing a suit
Mark Zuckerberg leaves a meeting with Sen. John Cornyn (R-Texas) on Sept. 19. Photo: Samuel Corum/Getty Images

Facebook CEO Mark Zuckerberg plans to testify on Libra, Facebook's proposed global cryptocurrency, on Oct. 23. — in the wake of Visa, Mastercard, eBay, Stripe and PayPal pulling out of the project.

The big picture: Visa, Mastercard and Paypal were the largest payment companies in Facebook's "Founding Members" group, or organizations that said it would back the Switzerland-based foundation that plans to manage the Libra cryptocurrency.

SEC halts high-profile Telegram digital tokens

Photo Illustration: Rafael Henrique/SOPA Images/LightRocket via Getty Images

The U.S. Securities and Exchange Commission has obtained a court order to temporarily halt the distribution of digital tokens sold by messaging app Telegram for failing to register as a sale of securities.

Why it matters: This is the most high-profile "initial coin offering" (ICO) in which the SEC has intervened. The ICO attracted buyers that included top Silicon Valley VCs and cryptocurrency investors (the commission found that it sold 1 billion tokens to 39 U.S. purchasers).