- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum continues hinting at rally following reduced long liquidations
Ethereum has continued showing signs of a potential rally on Tuesday as most coins in the crypto market are also posting gains. This comes amid speculation of a potential decline following FTX ETH sales and normalizing ETH risk reversals.
HBAR price jumps 75% as BlackRock tokenizes Money Market Fund on Hedera
Archax, Ownera and The HBAR Foundation have enabled the first tokenization of BlackRock’s money market fund (MMF) on Hedera. Last year Hedera Council member abrdn’s successfully tokenized its MMFs on Hedera.
Bitcoin price holds above $66K as Morgan Stanley files prospectus to add BTC ETF exposure in two of its funds
Bitcoin (BTC) price remains range-bound, holding above the $63,000 level, while its upside is capped below $68,000, going against or delaying the assumption that the fourth halving would be a 'sell-the-news' outcome.
Crypto community reacts as BRICS considers launching stablecoin for international trade settlement
BRICS is intensifying efforts to reduce reliance on the US dollar after plans for a stablecoin effort surfaced online on Tuesday. Most people expect the stablecoin to be backed by gold, considering BRICS nations have been accumulating large holdings of the commodity.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?