As U.S. lawmakers wrestle with what to do with Facebook’s Libra, they are being forced to confront another digital currency that they’ve been trying to avoid like the plague – bitcoin. Unfortunately, the longer lawmakers wait, the more left behind the U.S. becomes as crypto innovation goes elsewhere. Even Facebook chose Switzerland for its Libra coin.
Many thanks to Chair @RepMaxineWaters, Ranking Member @PatrickMcHenry, and the rest of the House Financial Services Committee for devoting so much time to discuss Libra today. We will take the time to get this right.
— David Marcus (@davidmarcus) July 17, 2019
Crypto fund manager Brian Kelly worries that it might already be too late. He pointed out on CNBC that while traveling the world, he can’t help but notice that “other countries are way ahead of the U.S,” saying:
“The U.S. may have already lost the race…It’s very concerning to me. Asia is eating the U.S.’ lunch. The U.S. is the center of finance. We should take the lead in it.”*
He may be right. While the Libra hearings have forced Congress to confront crypto, policymakers clearly haven’t changed their archaic approach to the market. How do they plan on forming a regulatory framework for the industry? By creating more committees and taskforces, of course.
“It is inevitable that the Bitcoin ecosystem will continue to grow and contribute to the economy. The question is: where?”
— Jameson Lopp (@lopp) July 17, 2019
Crypto Committee Overload
CoinShares Chief Strategy Officer Meltem Demirors testified before the U.S.