Rep. David Schweikert: Lose the "disdain for Facebook" and see Libra as an opportunity

  • Most members of the Senate expressed their dislike for Facebook and its questionable history.
  • Libra is stable and allows you to do microtransactions of pennies: Schweikert.

The co-chair of Blockchain Caucus Rep. David Schweikert has told the United States lawmakers to stop focusing so much of Facebook’s shortcomings lest they miss the opportunity that Libra presents. His remarks come after Facebook’s head of Calibra David Marcus spent time answering questions in both the Senate and the Congress regarding the proposed Libra cryptocurrency and Calibra the technology.

Most members of the Senate expressed their dislike for Facebook and how the company is not trusted when it comes to user privacy. Besides, Facebook has been accused of regulatory violations on several accounts in the past. Therefore, most lawmakers find it difficult to trust that Facebook should be the one behind a project of such potential impact around the world.

“I’m a little heartbroken by my fellow members about what they have said about the Libra concept. My fear is that a lot of members of the Senate particularly are conflating their disdain for Facebook. With the Libra, the foundation and those things; respect the technology in what it can do and worry about the business practices separately because they will be separate.”

He added:

“Something like the Libra concept where it’s a crypto but it’s linked to a basket of assets therefore, it has a very stable value. It allows you to the microtransactions for pennies, actually for less than a penny.”

Whether the lawmakers will take his advice into consideration is something that remains to be seen.


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