Today’s Libra Senate hearing actually began on a bullish note for bitcoin. According to congressman Patrick McHenry,
“The world that Satoshi Nakamoto…envisioned, and others are building, is an unstoppable force. We should not attempt to deter this innovation,
and governments cannot stop this innovation, and those that have tried already failed.”
The second day of Facebook Libra’s Senate hearing was more focused on the distinction between Libra and a typical cryptocurrency and unlike yesterday, a few congresspersons actually made mention of bitcoin.
As expected, the testimony of Libra’s CEO, David Marcus was particularly made cumbersome with the technical questions and issues raised by the Senators. Although not much was said about the issue, few lawmakers expressed issues from yesterday’s hearing on the accounts of Facebook’s data leakage propensity and privacy policies.
Is Libra A Cryptocurrency?
David Marcus constantly water after each difficult question put to him. With few congresspersons coming to show-off their understanding of a typical cryptocurrency and how Libra’s anatomy goes in a slightly different design, Congressman Gonzalez was the first to raise the question. According to Gonzalez, the whole idea behind Libra is great but the idea of central governance makes it different from a typical cryptocurrency. That only begged the question
