US Govt Sees Libra as a Bigger Threat than Bitcoin: Messari CEO

Facebook is on the wrong end of a political cycle which could weaken the standing of its cryptocurrency project Libra, believes Ryan Selkis of Messari.

The CEO said Libra is a “bonafide threat” to the US dollar because Facebook wonders about structuring the greenback with a basket of international currencies. The move, to the US government, is an effort to decouple a sovereign fiat currency from the influence of its central bank.

“It seems Libra should continue to draw most of the attention in ire,” Selkis told Bloomberg, adding that Facebook has just reached a $5 billion settlement with the Federal Trade Commission over privacy violations which makes the US government more doubtful about the firm’s foray into the financial world.

Bitcoin Lesser a Threat

The comments came a day after the US President Donald Trump criticized both Facebook Libra and Bitcoin in the same breath. The world’s most powerful politician tweeted on Thursday that he is not a big fan of either of the cryptocurrencies and that they should not expect special treatment from the US government when it comes to regulations and policymaking.

If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International, he said.

Trump held back from saying the same about bitcoin, which remains more a protocol than a brick-and-mortar company with an addressin the US. His criticism of the cryptocurrency repeated what the bitcoin skeptics have been saying for years: it’s volatile and does not have an intrinsic value. The comments further failed to cause any trouble in the bitcoin market, as the cryptocurrency kept maintaining its grip on the prevailing bullish bias.

“With bitcoin, there is no CEO, there is no headquarters. You cant send a letter and call someone for a hearing,” said Anthony Pompliano, founder & partner with Morgan Creek Digital. “So I think the complete decentralized nature of the asset is what makes it compelling.”

That is the same Selkis attempted to explain, hinting that the US government’s hitlist included companies they actually hurt or submit into complying, such as Facebook. He said:

“Libra is a stable store of value that could truly be an alternative to the mass market overnight.”

Schiff: Fed will Come after Bitcoin

Gold bull Peter Schiff believes that Federal legislative bodies would eventually launch a crackdown against bitcoin. He said on Thursday:

“I wonder if Trump’s tweet about his not being a Bitcoin fan, and his specific reference to unlawful behavior, drug trade, and other illegal activity, is a precursor to a Federal legislative crackdown on Bitcoin and other cryptocurrencies? Ignore this risk at your peril!”

The post US Govt Sees Libra as a Bigger Threat than Bitcoin: Messari CEO appeared first on NewsBTC.

14.07.2019 / 06:50 45
Andreas: Every Libra Transaction Will Be A Confirmation of A Dying Democracy Andreas: Every Libra Transaction Will
Andreas M. Antonopoulos a Bitcoin promoter and educator has come out very strongly against Facebook’s Libra. He has broken Facebook’s reference of
Why Winklevoss Twins Approve Libra as Crypto Despite Concerns Why Winklevoss Twins Approve Libra as
In a further show of support for Facebook’s crypto asset Libra, the Winklevoss twins waded into the discussion by giving their backing to the
China Issuing Digital Currency ‘Will Drive Bitcoin Adoption’ China Issuing Digital Currency ‘Will
Bitcoin proponents predict that Chinas decision to create its own digital currency will ironically drive massive BTC adoption. China: Libra Dollar
China Feels the Facebook (Libra) Threat notwithstanding the Digital Wall China Feels the Facebook (Libra) Threat
You cannot overstate the excitement and furor surrounding the proposed Facebook cryptocurrency, Libra. Indeed, this is different because of the sheer
Facebook’s Crypto Already Embroiled in Political Turmoil Facebook’s Crypto Already Embroiled in
Facebook Goes Crypto For the longest time, social media giant Facebook has been rumored to be involved in the crypto and blockchain industry. But on
Facebook announces Libra coin and Calibra Wallet App in Global Money Pitch Facebook announces Libra coin and
Facebook has announced Libra, its cryptocurrency its says is reinventing money Sending money will be a simple as sending a message or photo for users
Comments (0)
Add a comment
Comment on