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Facebook?s Libra hearings in Congress are free entertainment


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Banking Regulations
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cryptocurrency?In
Donald Trump
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Mark Zuckerberg
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The New York Times
SOURCE: https://www.theverge.com/2019/7/15/20692263/facebook-libra-cryptocurrency-hearings-congress-trump-bitcoin
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Summary

Filed under:Who needs comedy when we have cryptocurrency?In an unusually coherent series of tweets, President Donald Trump came out against cryptocurrency, generally, and bitcoin and Facebook’s nascent Libra cryptocurrency project, specifically. While Facebook has provided some answers about how they are thinking about regulation, there has been nothing so far on how the Libra Association will be regulated, says Jerry Brito, the executive director of Coin Center, an organization devoted to bitcoin policy. (So can the US dollar.) With respect to “thin air:” all money, cryptocurrency or otherwise, is based on trust, which is thin air indeed.The second tweet is where the actual action is, policy-wise, if the Twitter account of the president of the United States of America can be taken seriously. (Facebook, for what it’s worth, has denied that Libra will operate as a bank.) If every provider of a cryptocurrency wallet or trading platform is suddenly regulated as a bank, friends, we are looking at chaos. The ideology of bitcoin (and pretty much all cryptocurrency, even the maybe-not-actually-cryptocurrency Libra) is that it is money for people who hate the government, especially government regulation.

As said here by Elizabeth Lopatto