With Congress Fixated On Facebook, China Has Taken The Cryptocurrency Lead

Just as the European Union bypassed the United States on data protection, China is poised for the great leap forward on cryptocurrency. Once again Congress is behind the curve on financial technology, craving self-serving media coverage before election season over understanding the trends and technologies shaping America’s financial future. While policymakers may have their grievances with Mark Zuckerberg and Facebook, they must look objectively at cryptocurrencies, including Libra. Regardless of what path Congress decides to take, Americans are counting on Congress to make an accurate assessment of the technology without politicizing it. Moreover, Congress’ continued fixation on Facebook is holding back the innovation of the larger cryptocurrency community.