Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
OR
Please fill out the required fields Please fill out the required fields Please fill out the required fields
Get Into Cryptocurrency Trading Today
During the first day of testimony in the US Senate, it quickly became clear that the United States' Senate Banking Committee is very skeptical of Facebook trying to create a new currency. In contrast, there did not seem to be too much protestation against cryptocurrencies in general.
Committee chair Rep. Maxine Waters, is leading the hearing, labeled "Examining Facebook's Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System." She was the representative that spoke out candidly against Libra on its official announcement.
Walters, in Day two of the hearing, also reiterated many of Facebook's past indiscretions, stating that Facebook: "demonstrated pattern of failing to keep consumer data private on a scale similar to Equifax."
Facebook has faced the US Senate before, primarily over issues of data protection. Their failings in this regard have enough of a tangible link as to be relevant to dealing with a financial tool.
Walters even brought up allegations that Facebook allowed malicious Russian state actors to purchase and target ad which purportedly influenced the 2016 US presidential elections.
Part of the legislative power behind Walter's and the senate is a recently surfaced bill called "Keep Big Tech Out of Finance Act." The goal of this bill would be to prevent large tech companies like Facebook from creating their own digital assets.
The draft reads:
"A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as a medium of exchange, a unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System."
After this opening grilling by the senate, David Marcus, CEO of Facebook's crypto wallet Calibra, stressed that the social media giant would not launch the cryptocurrency project before they address all regulatory concerns.
Some of these regulatory concerns involve major financial issues, such as AML (anti-money laundering), and KYC (Know Your Customer). In the publications thus far from Facebook, there is no mention of how these will be dealt with in using the new cryptocurrency.
These are fundamental regulatory concerns that any financial institution would need to get right before launching, but with Facebook's stature and public image, these gaping holes in regulatory preparedness are only magnified.
Furthermore, even though Marcus promises to comply fully before the launch of Libra, this senate hearing has outlined a bevy of regulatory hurdles that are still in the way of Facebook and its cryptocurrency project.
Yosef Eliyahou Az Will affect the Bitcoin price? 3 years ago from Israel
0 Reply
Emma Great post thks! 3 years ago from France
1 Reply
Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
ALL
TRENDING
WATCHLIST
Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
{[{ marketcap }]} {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H) {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H)
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting allthe data fromseveral exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current priceand the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Bitcoin Triumphs Over Banking Crisis and Regulatory Pressure with Third Consecutive Month of Gains
1 hour ago | The Currency Analytics
Binance Under Investigation: CFTC, SEC, DOJ, IRS Digging Deeper
1 hour ago | CoinPedia
How IOTA Smart Contracts Could Skyrocket the Value of MIOTA?
1 hour ago | CryptoTicker
Decentraland Price Prediction 2025: How High Can MANA Price Go?
1 hour ago | CoinPedia
JustBit Casino Review
JustBit Casino, which specializes in virtual currencies, is easy to use because withdrawals are expl...
Huobi Token General Overview
Is Ripple The Cryptocurrency of 2021? - In Depth Review of Ripple XRP
Ethereum Classic Review
Monero General Overview
XBO
XBO.com cryptocurrency exchange redefines how you interact with crypto. Designed to make the benefit...
Bithumb
Understanding Bithumb This article highlights what is Bithumb and where it is located. It also di...
Bitstamp
Bitstamp's continued success in the crypto market This article highlights what Bitstamp is. I...
Bitfinex
Bitfinex general overview delves deep into its operations since its inception in 2012 up to date. It...
FTXUS
Introduction to the FTXUS Trading Platform FTXUS is a type of cryptocurrency derivatives exchange...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Cryptopay.me
Updated, Apr 04, 2020 Cryptopay is a revolution for Bitcoin users. This platform offers its custo...
Mycelium
MyCelium is an application for Mobile that offers many possibilities of security and confidentiality...
US Senate Libra Hearing Proves More Distrust In Facebook Than Cryptocurrency
During the first day of testimony in the US Senate, it quickly became clear that the United...
Scandal in Spain - Laundering €3m Into Cryptos
A recent case in Spain has shown funds illicitly obtained as a result of the facilitation of...
8 Most Well-Known Types Of Cryptos
Digital currency is a trending form of exchange, and is any form of currency or money-like asset...
Walmart Uses Blockchain Technology For Storing Payment Data
Retail giant Walmart is looking to adopt Blockchain technology to store payment data. Indeed,...
Bitcoin Price Tumbles as Majority of Market Goes Red
The price of Bitcoin is once again tumbling after a period of parallel trading. The major...
Are we going towards a definitive ban on cryptocurrency trading in India?
Following the decision of the Reserve Bank of India (RBI) to ban cryptographic banking services,...
Is Algorand a good investment?
Algorand is one of the newly listed altcoins that shows a lot of potential in the crypto market....
What are the top 10 Altcoins?
Contrary to popular belief, bitcoin is not the only cryptocurrency. New cryptos have been...
VeChain and Mastercard Back Australia-China Supply Chain
VeChain and Mastercard show support for the Asia Pacific Provenance project. The council has...
Beechat: Instant Messaging For Cryptocurrency
For those who think that cryptocurrency has reached its peak, it might be time to think again....
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Cryptopay.me
Updated, Apr 04, 2020 Cryptopay is a revolution for Bitcoin users. This platform offers its custo...
Mycelium
MyCelium is an application for Mobile that offers many possibilities of security and confidentiality...
COMMENTS (2)