"We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight."
Sen. Josh Hawley told Yahoo Finance it sounds like Facebook is "Expanding their monopoly" with its new cryptocurrency project.
"I don't trust Facebook with anything," he said.
"Facebook's new Libra blockchain project has the potential to be a big step forward towards a more global and inclusive financial infrastructure," said U.S. Congressman Darren Soto, Co-Chair of the Congressional Blockchain Caucus.
"They're not the first company to launch a crypto payment solution, but they do have immense reach obviously through their Facebook platform," said NAB's business banking chief.
Don't get why the crypto community shitting on Facebook and Libra.
"Facebook's initiative, with the Libra cryptocurrency at the center of the project, will have a significant impact on the financial industry and global economies from both a medium and long-term perspective," he wrote.
"It is no surprise that Facebook Inc.'s ambitious plan to roll out its own cryptocurrency - Project Libra ran into immediate political opposition in Europe, with calls for tighter regulation of the social-media giant," reflected Robin Matze, Blockchain Lawyer and Advisor to the German Government.
"AML laws usually take a risk-based approach. Therefore, Facebook would have to take reasonable measures in order to mitigate that risk." Matze offered a potential solution to this nebula of risk and regulations, though it may not be what Facebook wants to hear "The easiest way to be compliant to various jurisdiction is - a fortiori - to apply the strictest regime. This approach is definitely not the cheapest for each jurisdiction but the easiest to manage on a global level."
Crypto traders when the US government and Facebook start fighting over Libra pic.
'I Don't Trust Facebook With Anything:' The World Reacts to Facebook's Libra
Published on Jun 19, 2019
by Coindesk | Published on Coinage
The ultimate bull case for Bitcoin: what could push it beyond a trillion-dollar market cap?
As said by industry executives like Xapo CEO Wences Casares, many investors in the crypto sector believe that Bitcoin will either hit zero or surpass a trillion-dollar market cap in the long term.
LocalEthereum Adds Bitcoin as LocalBitcoins Bows to Finland Regulators
One of the main competitors of P2P Bitcoin exchange LocalBitcoins has taken even more of its market share as the Finnish company seeks regulatory compliance.
Bitcoin's 'Demise'? Google, Bailed-Out Citi Unveil Checking Accounts
In an interview with the Wall Street Journal last week, Google had revealed plans - devised under a project code-named Cache - to launch consumer checking accounts in partnership with Citigroup.
Willy Woo: $8K Bearish Bitcoin Price in 'Unique Setup' Before Halving
Bitcoin barely managed to maintain $8,000 support on Nov. 19 as analysts warn the outlook for markets is increasingly bearish.