G20 Says It Is Not Focusing on Creation of New Rules for Cryptocurrency Regulation
According to Reuters, the G20’s Financial Stability Board (FSB) has stated that it will “pivot more toward reviewing existing rules and away from designing new ones.” The G20 has also said it will not regulate cryptocurrencies. The reasons the G20 has changed it stance include more international cooperation is needed and the cryptocurrency market only equating to 1 percent of the global GDP.
SkyNews Reporting that Twitter Will Ban ICO and Cryptocurrency Ads Within Next Two Weeks
SkyNews is reporting that Twitter is “preparing to prohibit a range of cryptocurrency advertisements amid looming regulatory intervention in the sector” within the next two weeks. Both Facebook and Google have already enacted such bans on ICOs and cryptocurrency-related companies. Twitter’s alleged ban, if true, would also apply to most cryptocurrency exchanges.
FTC Stops Scheme that Falsely Promised Large Returns
At the request of the Federal Trade Commission, a federal court has stopped a scheme carried out by at least three individuals who falsely promised large returns by paying cryptocurrency such as Bitcoin or Litecoin to enroll in their investment program. According to the South Florida Reporter, the FTC alleges that “three defendants — Thomas Dluca, Louis Gatto, and Eric Pinkston — promoted chain referral schemes known as Bitcoin Funding Team and My7Network.” They promoted their scheme using YouTube videos, social media, and conference calls.