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Most of the commentators of yesterday’s David Marcus’s hearing agree that Libra is here to stay. The fact that it has been one of the most important discussions on the state level – says that cryptocurrencies are indeed becoming part of everyday life.
Facebook‘s plan to launch Libra has succeeded in uniting central bankers and financial regulators from around the globe, along with Donald Trump and his Democratic opponents in Congress — all of whom are dubious about the idea.
Calibra’s CEO David Marcus yesterday was boiled and grilled in front of the Congress members who tried to prove that Libra is a “threat to national security”. However, did they succeed?
President Trump recently said that he is totally against any crypto calling it “based on thin air” but it seems not everybody agrees that Bitcoin or Libra have hegemonic aspirations.
Addy Crezee, Founder and CEO of BlockShow said that Trump’s tweet on Bitcoin as well David Marcus hearing in front of the US Congress is nothing other than a direct message to the whole community that governments don’t know how to deal with our industry and control it. He said:
“They will continue putting on pressure until they find how to control it — and there are definitely ways of doing that. Not as easy as keeping them centralized in the bank, but you still can trace the network and divide the chain to black and white. This will slow down the development for sure. However, it will take a long time until most of the people start using crypto. What we are seeing now is just the beginning. Now the real game starts, the game of governments.”
Commenting Marcus’s hearing, senior market analyst at eToro Mati Greenspan said that what he finds most fascinating is the improved level of knowledge, and overall understanding of the issues, displayed by the US Senators.
“This was a vast improvement over the Zuckerberg hearings we saw last year and it shows the vast progress the US government is making in these matters. Marcus held up to the fire storm as well as could be expected given the circumstances but it’s very clear there’s a large gap of trust that needs to be filled before this project can go through.”
Nigel Green, the CEO and founder of one of the world’s largest independent financial advisory organizations, deVere Group, said that the high-profile scrutiny of this new cryptocurrency must be championed as cryptocurrencies are already part of the global financial system.
“They are here to stay. And their influence is set to grow exponentially. As such, they should face the same scrutiny and meet the same standards and requirements as the rest of the financial system.This is a step in the right direction for establishing a robust global regulatory framework for the wider crypto market.”
He added that whatever we may think about Facebook’s Libra as an individual cryptocurrency, these top-level U.S. governmental hearings underscore again that, as a concept, digital, global, borderless currencies are now a part of mainstream finance, and increasingly so. He said:
“Whatever happens with the social media giant’s crypto project, it is clear from the top-level hearings that the U.S. government now understands that, whether they like it or not, people and institutions across the world are increasingly using a combination of sovereign and non-sovereign digital currencies.”
Twitter community also went wild commenting:
Biggest irony of the Libra hearing today : Executives from Amazon, Apple, Google and Microsoft were asking themselves why they weren’t innovative enough to be hauled in front of the Senate 😂
— Vinny Lingham (@VinnyLingham) July 16, 2019
Rockstar performance by @davidmarcus at the senate hearing just now.
Demonstrated badly needed patience and articulation in the questioning.
It’s clear that Libra is a Facebook issue, no matter how much they try to mitigate that with their consortium… but I remain bullish.
— Jeremy Gardner (@Disruptepreneur) July 16, 2019