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Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegram’s Blockchain

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Another week, another of Crypto Tidbits. This week, Bitcoin traded within a relatively wide range — $8,200 to $8,900 — but is closing at a very similar level to last week.  Analysts are currently divided over what this consolidation means for the cryptocurrency market’s short-term future.Price action (or lack thereof) aside, this week was hectic for the cryptocurrency industry at large. Facebook’s blockchain project, Libra, suffered when an array of key partners decided not to pursue collaboration; the U.S. Securities and Exchange Commission (SEC) came down hard on a Bitcoin exchange-traded fund application; and the Internal Revenue Service came out swinging, unveiling more measures that would aim to prevent tax evasion via digital assets.Related Reading: Crypto Tidbits: SEC Declares Bitcoin a Non-Security, Ethereum DeFi Gains Traction, PayPal Leaves LibraBitcoin & Crypto TidbitsLibra Loses Key PartnersOn Friday, eBay, Stripe, Visa, and Mastercard all dropped out of the Libra Association.Bitcoin ETF Denied: On Wednesday, the SEC  finally issued a verdict on Bitwise’s Bitcoin ETF application after months of waiting and delays. And unfortunately, it wasn’t all too pretty for Bitwise. Announced through a 112-page order published on Wednesday afternoon, the SEC has “disapproved” the ETF proposal from making it through its tough regulatory gauntlet.SEC Cracks Down on Telegram’s Crypto Ambitions: In a SEC press release published on Friday afternoon, it was revealed that the agency has “filed an emergency action and obtained temporary restraining order” against two entities behind the $1.7 billion Telegram ICO for the Telegram Open Network (TON). The press release mentioned that the two entities are Telegram Group Inc. and TON Issuer. The SEC’s co-director of Enforcement claimed in the release that it is doing this to “prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold.” Stephanie Avakian added that the company, in the eyes of the SEC, has “failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.”

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