RATE Group | Congress Drew a Fine Line Between Libra and Crypto – That’s a First
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Congress Drew a Fine Line Between Libra and Crypto – That’s a First

28 Jul Congress Drew a Fine Line Between Libra and Crypto – That’s a First

Posted at 22:05h in Cryptocurrency News by

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Congress might actually get crypto.

That was a key takeaway from last week’s contentious hearings in on Facebook’s Libra project in Washington, D.C.. While giving Facebook executive David Marcus the third degree, lawmakers took pains to distinguish between the social network’s project and the broader cryptocurrency ecosystem.

For example, Sen. Brian Schatz (D.-HI) asked Marcus to explain why Facebook specifically had to build a cryptocurrency, and not just argue what the benefits of a cryptocurrency network could be in general. Rep. Denver Riggleman (R.-VA) hammered Marcus on the security implications of using the RUST programming to implement Libra. And Rep. Warren Davidson (R.-OH) famously asked CoinShares chief strategy officer Meltem Demirors to explain the difference between bitcoin and “shitcoins.”

“Whatever their thoughts on Facebook and Libra, they didn’t paint their thoughts of bitcoin and crypto with the same brush,” said Omer Ozden, CEO of…

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