• Thu, 05 Dec 2019, 09:43 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

US Senator comes out in support of Facebook’s crypto, finds hostility towards Libra “puzzling”

Sen. Mike Rounds (Image Via YouTube)

Fri, 18 Oct 2019, 11:22 am UTC

A US lawmaker has condemned the letter sent by Senators Brian Schatz and Sherrod Brown in which they warned Visa, Mastercard, and Stripe “to proceed with caution” over their involvement in the Libra project.

In a letter to Libra Association member Anchorage, Sen. Mike Rounds hailed Facebook’s cryptocurrency Libra, saying that it has the potential to help unbanked and underbanked consumers.

Commenting on the letter penned by Schatz and Brown, Rounds said:

“It is profoundly disappointing that my colleagues chose to address your peers in such an ominous tone, which I fear may put a chill on innovation in the long run.”

It can be recalled that Mastercard, Visa, eBay, Stripe, and Mercado Pago followed the steps of PayPal to withdraw their support from Facebook’s Libra Association.

Further noting the advancements made in countries such as Africa and China, Rounds said that the U.S. is falling behind in the cryptocurrencies and digital payments space.

“With the payments industry still in its infancy in our country relative to the rest of the world, it puzzles me that my colleagues would react with such hostility to the creation of Libra,” Rounds said.

He further said that he shares the concerns about various risks posed by digital currencies, including money laundering, financing of terrorism, and criminal activities, among others. However, Rounds also underscored the struggles numerous companies have to face due to the “archaic and inflexible” regulatory and legal system in the United States and are compelled to move their base to other countries.

While Rounds stressed that the members of the Libra Association should follow the rules for the development of Libra, he said that the demands from “a few of [his] colleagues] is “not healthy for innovation and, fundamentally, is not how our republic should work.”

He further appreciated the “slow and deliberate approach” taken by the Libra Association, adding:

“While the Association is still in the process of standing up its governance framework and its operating rules, it would be a shame to lose the progress you have already made in creating Libra.”

Earlier this week, the Libra Association charter was signed by a total of 21 organizations. Despite the departure of major backers, Bertrand Perez, chief operating officer and interim managing director of the Libra Association, told CNBC that he is confident that the association will reach its target of 100 members by the time Libra launches. He said that companies including “banking and financial institutions” have expressed interest in joining the project.

On Oct. 23, Facebook CEO Mark Zuckerberg is expected to testify before the House Financial Services Committee to defend the cryptocurrency.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,398.54 (+1.27%)
  • Ethereum (ETH) $148.68 (+0.74%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $212.15 (+0.60%)
  • Litecoin (LTC) $44.89 (-1.13%)
  • Bitcoin (BTC) $7,398.54 (+1.27%)
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:49
Crypto Technicals: LTC/USD pauses downside, bullish RSI divergence raises scope for upside
10:43
U.S. financial regulators call for continued monitoring of digital assets and DLTs
10:10
Crypto Technicals: IOT/USD retraces above 0.20 handle; recovery lacks traction
09:38
Samsung Blockchain Keystore to be soon available in six more European countries, says TRON CEO Justin Sun
08:15
KT and China Mobile team up to commercialize blockchain-based roaming charge system
07:13
Crypto Technicals: XRP/USD capped below 5-DMA, on track to test trendline support at 0.1995
06:44
France to launch CBDC trial by end of Q1 2020
06:35
Crypto Technicals: BTC/USD finds selling pressure at highs, bias remains bearish as long as 21-EMA resistance holds
06:25
OneConnect seeks to raise $500M for its upcoming IPO amidst global expansion of parent company Ping An
06:17
China’s Hainan announces new measures, $142M fund to support blockchain industry
05:25
Sean Neville to step down as Circle co-CEO
05:02
Bakkt CEO Kelly Loeffler appointed as U.S. senator by Georgia governor Brian Kemp
04:58
Gemini burns GUSD bringing total supply to 4.1 million
04:46
Crypto Technicals: ETH/USD recovery capped at 200H MA, break below 78.6% Fib (141.35) to knock prices lower
03:59
Poloniex users could lose fund, account if they fail to withdraw tokens by Dec. 16, Circle warns
03:36
North Korean hacking group may be behind near-undetectable macOS malware
Dec 4, 2019 (Wednesday)
13:46
BOJ Governor Haruhiko Kuroda sees no public demand for CBDC at the moment
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft