The Congressional Blockchain Caucus Is Optimistic on Facebook’s New Cryptocurrency

As Facebook’s new cryptocurrency comes under fire from some prominent lawmakers, a few have spoken out with optimism on its future. The Co-Chair of the Congressional Blockchain Caucus recently put out a statement says that Libra will likely benefit our society and lead to robust economic growth.

Positive Sentiments

Darren Soto (D-Fl), speaking on behalf of the caucus, said that he “applauds the thoughtfulness behind the Libra Association.” He argues that if the government can ensure consumer protection and privacy, then it could be a “significant advancement for the 21st-century economy.” Ultimately, Soto stresses that the promise behind Facebook’s Libra is to expand our existing infrastructure for payments. The increase in access to mobile and digital payments can only further boost growth. However, Soto and the caucus also stress that, being a new technology, regulation is key to its success. The Blockchain Caucus is known as being the leading voice for the cryptocurrency industry within the U.S. government.

Libra Still Controversial to Most

Soto’s comments are in contrast to the recent comments made by the Senate Banking Committee on the Libra. In a recent letter written to Mark Zuckerberg, the committee asked the Facebook founder to clarify the function of the Libra. The letter poses 9 questions for Zuckerberg to answer so that the committee can take the appropriate steps. Overall, the tone of the letter is skeptical. Currently, the Congressional Blockchain Caucus is pushing for bipartisan support to maximize innovation in this growing sector. Congressman Soto, for one, has introduced both the Token Taxonomy Act of 2019 and the Digital Taxonomy Act, both leading legislations on this topic. Overall, the biggest hurdle for the cryptocurrency space in the United States is regulatory uncertainty. Do you believe that the Libra will be able to work around these regulatory difficulties and be released by 2020? Let us know your thoughts below.