U.S. lawmakers have been skeptical about Facebook and the libra coin and some of the Libra Association look to distance themselves from the project.
Facebook has recently hired Susan Zook, a former aid to the chairman US Senate Banking Committee to work on lobbying Facebook’s Libra cryptocurrency project.
Mark Zuckerberg has made it clear that Facebook will not launch its Libra crypto until all the regulators have been brought on board and every regulatory issue resolved satisfactorily.
While a majority of investors said that they aren’t interested in Libra (with many preferring Bitcoin instead), some also said that unlike the decentralized cryptocurrencies, Libra doesn’t give them the financial freedom from governments.
The crypto community is on a wait-and-see mode awaiting regulation hearings by the Senate Banking Committee expected to shape the future of the nascent crypto industry with more regulations introduced.
Even though Congress tried to inflict damage on Big Tech in hearings related to user data, antitrust concerns and Facebook’s Libra, it seems it has failed. That leaves Silicon Valley with little incentive to change.
Today’s the second day of Libra hearing. Amid questions of safety, compliance and consumer protection, Marcus kept stressing that Libra project would seek proper approval and registrations with the relevant authorities.
Receiving no attention at the senate hearing on Tuesday, Bitcoin price tanked over 10% on Tuesday. There’s little to no positive response from the US lawmakers for Facebook’s Libra which has created an overall negative sentiment around Bitcoin as well.
Popular crypto bulls and co-founders of Gemini Exchange, the Winklevoss Twins, have predicted that in two years, all the FAANG companies will follow Facebook’s footsteps and launch their individual cryptocurrency ventures.