Ripple’s idea is extremely better for the world than the Facebook stablecoin project according to the magazine writer and crypto influencer Cory Johnson who is also an editor at SLAM, Vibe, and TheStreet.com. Let’s see what he thinks further in the Ripple XRP news today.
Johnson believes that Ripple’s XRP is the only crypto that you can actually report about while when it comes to other cryptocurrencies in the industry, it is merely guessing. He tweeted in a response to the Libra issue inspired by the post on the Bloomberg TC anchor Joe Weisenthal. On October 24, Weisenthal stated on his Twitter page about having Katharina Pistol who is the author of ‘’The Code of Capital’’ book on his show ‘’What’d You Miss’’ to discuss Libra and apparently in the light of Zuckerberg’s testimony to the US Congress.
Earlier today, U. Today wrote about Weisenthal’s anti-bitcoin tweets and eToro’s chief analyst, Mati Greenspan, publishing an open letter to him in response. Katharina Pistol explained that Libra can bring much danger of corporations getting control of the new payment system saying that Facebook is conducting the pro-Libra campaign which means that the social media giant will be the decision-maker when it comes to the cryptocurrency and not the Libra Association.
Having explained that, Pistol admitted that the current system of transnational payments has been seemingly old and that the banks have to upgrade it in order to keep up. Pistol’s recent tweets also suggest that her attitude towards Libra and to any other similar payment system is very suspicious. Judging by the tweet that Johnson posted that Ripple’s idea is better than Libra, it is possible that he suggests that XRP can be the answer to the current issues of the transnational payment systems.
As a reminder, Ripple has been testing the new On-Demand Liquidity product recently formerly known as xRapid, and MoneyGram on the largest Mexican exchange Bitso. Also, Ripple has set up an office in Washington DC for a better dialogue with the financial regulators regarding cryptocurrencies and blockchain technology. The entire industry is now under heavy regulatory scrutiny so we can only expect to see more.
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.”
Libra Network Logged 30+ Projects In The Past 2 Months Of Testing
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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