US Govt tells Facebook: "Libra must stop!", CEO Shapeshift Erik Voorhees reacts
Today the US House of Representatives Committee on Financial Services wrote Facebook a letter telling them to stop all work on Libra, their new cryptocurrency that they announced last week.
CEO of Shapeshift Erik Voorhees reacts to the news and explains why Libra threatens Banks and the US Govt.
"We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra ... It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and
intended to rival U.S. monetary policy and the dollar."
For an explanation of Libra, see my video:
Thanks for the post. This was the first place I heard about the letter from the house financial services committee. Interesting development, to say the least!
I have included a link to your post in my recent article, Science and technology micro-summaries for July 8, 2019, and set a beneficiary so that you'll receive 5% of the rewards when that post closes.
Awesome, thanks so much for watching!!
It will be really interesting to see if Facebook does push ahead with libra regardless and I agree its sort of a necessary evil, I am no fan of centralised exchanges and fiat to crypto exchanges in any case and I think Libra will eat into a lot of their business too.
I wouldn't want to use it to trade but to exchange my money for libra easily to get other crypto is surely something I'd be keen to do.