US Senator defends Facebook’s crypto project Libra since the cryptocurrency has flown under the radar of the governments. In the Libra Coin news today, we see that nearly for a decade the majority of the politicians in the western world have chosen not to talk about the subject matter regarding cryptocurrencies.
This changed a lot when Libra was launched and Facebook’s crypto and blockchain project that has never missed a headline of every single large publication on the planet since its launch.
But this changed with the launch of Libra, Facebook’s crypto and blockchain project that has no graced the headline of nearly every single large publication on planet Earth. Some of the most powerful people in the world and here including US President Donald Trump have not commented on Libra. The sentiment that was held by these prominent commentators has been widely bearish. Trump, for example, trashed bitcoin and said that the cryptocurrency is widely used in criminal activities before adding that Libra is not a real form of money in the US. However, not all of the politicians are bearish. In fact, one US Senator defends Libra.
In a letter from October 17th, Senator Michael Rounds from south Dakota defended Libra. He sent the letter to Nathan McCauley which is the President of Libra partner Anchorage Trust company and stated his support of the project and even explained how disappointed he is in his colleagues not approving the innovation. Rounds explained that he sees promise in cryptocurrencies and digital payments but has seen the United States fall behind in this area. He wrote:
“By 2022, digital wallets […] will comprise less than 10% of the U.S. consumer in-person payments.’’
While this is not something to worry about, Rounds asserted that with the payments industry still in infancy relative to the rest of the world, he is confused about how his colleagues reacted with such hostility to the creation of Libra. He did admit that he is concerned that cryptocurrencies can be used to do crimes but he remarked that Libra should continue to preserve and improve the lives of many Americans and the neighboring countries as well. This will be done by creating a cryptosystem that will allow the unbanked to be more integrated in the 21st century.
Galaxy Digital Blames Libra For $68 Million Loss In Q3
“Whether one points to Trading’s OTC market share gains and entry into the structured and derivative product markets, Asset Management’s launch of the new bitcoin funds, Advisory Services’ successful work on two IPOs on the NYSE and Nasdaq, or our Venture and Principal Investment teams’ continued and acute focus on portfolio management and positioning, the second half of 2019 has seen the company leverage our relationships and insights to improve our standing in the digital assets, cryptocurrency and blockchain technology industry.”Galaxy trashed Facebook's crypto project Libra suggesting that the stablecoin’s influence on the market sentiment damaged the entire investment ecosystem and even reduced the market activity. Mike Novogratz believes that this could be attributed to several factors including a geopolitical and regulatory uncertainty stemming from Libra as it was reported for months before.
US Lawmakers Want To Classify Stablecoins As Securities Including Libra
“Managed stablecoins, such as the proposed Libra, are clearly securities under existing law. This legislation simply clarifies the statute to remove any ambiguity.”The co-sponsor of the bill, Rep. Gooden, also explained the sentiment that the Congress will take the lead in shaping the legal landscape for all cryptos and the digital space overall. According to Gooden:
“It’s the responsibility of Congress to clarify the regulatory framework that will apply to stablecoins, especially now that mainstream institutions are offering them to consumers.”The Libra association commented on the proposed bill and Dante Disparte, the head of policy and communications noted:
“We maintain that responsible financial services innovation and regulatory oversight are not in contest. The Libra payment system is designed from the ground up to serve as a payment infrastructure that can empower billions of people left on the margins of today’s networks. The Libra Coin is simply a proxy for an instantaneous payment system that is low friction and high trust.”
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Libra Crumbles As Facebook Launches Its Alternative Payments Platform
“Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from the Calibra wallet which will run on the Libra network,” the social media giant noted.Jake Chervinsky who is known as the General Consul at Compound Finance also had his say:
“Facebook Pay sounds an awful lot like an admission that Libra is dead in the water.”All of this confirms that Libra crumbles and Facebook is trying to get in the mind of its potential customers with new innovations. As the billionaire Zuckerberg and head of the company said, Libra is not the threat - China's proposed crypto yuan may do a lot more damage to global finances and dollar domination.
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