Libra Just Got Its First Major Supporter in Congress

[CryptoBry]

And this good news for Facebook's Libra even if there is only one showing up with the party. Mark Zuckerberg is hoping that an avalanche of support from legislators can suddenly and magically appear right before his eyes...

Amid a sea of scorn, one U.S. Senator is praising Libra.Sen. Mike Rounds (R-S.D.) wrote a letter to Libra Association member Anchorage, a South Dakota-based trust company, endorsing the Facebook-led project and citing it as an example of a technological advance he feels is needed to aid U.S. consumers.

Rounds also pushed back against a more “ominous” letter penned by Senators Brian Schatz (D-Hawaii) and Sherrod Brown (D-Ohio), warning the CEOs of Mastercard, Visa and Stripe that they may come under increased regulatory scrutiny should they continue participating in Libra. (All three, alongside PayPal, eBay, Mercado Pago and Booking Holdings, later quit the project.)

“Technologies like Libra … have the potential to help unbanked and underbanked consumers right here at home...”


Read more of this here...

Well, its good to see that a good senator is bucking the trend. From time to time, it is also nice to hear a different opinion, conviction and conclusion in relation to the launch and subsequent operation of the Libra coin platform which Mark's minions are hoping can be done as soon as possible. Maybe Mark and Marcus can conduct an information and PR campaign to convince more members of Congress and Senate to allow Libra operate maybe provisionally before they make a conclusion that it can severely affect the traditional systems of the land.

Assuming that you are in the big shoes of Mark Zuckerberg, what are the changes you plan to execute with Libra to make it more digestible and palatable with the angry regulators and legislators?

[SamboNZ]

Centralized coin will be supported by crooks in fancy suits/clothing.
Libra wont help the crypto-industry, it only promotes centralized coins and encourages banks to do the same.

[tabas]

We're about to see the balance between them and the government. But whether they'll get support from a senator it won't change the fact that they are centralized.
This will add more exposure to Libra as the launching is getting at hand.

Libra wont help the crypto-industry, it only promotes centralized coins and encourages banks to do the same.

And will also collect our data.

[ðºÞæ]

So a private company (Facebook) can see every transaction/payment of another private company (lets say Jeff's Locksmith) or private person (judge, solicitor, clerk, cashier, officer....... ), but (Jeff's Locksmith) cant see payments the other private company (Facebook) makes.

It the same as playing poker, one player holding the cards facing him, and the other player must have his cards face up.
That is a rigged game by any standard, a scam, the one with the face-up cards can not possible win.
A company, player par-taking in this game is not worth anything.

[shaheer001]

I think Libra will not fully support the crypto market it will firstly support centralized banking system and maybe it cause a negative effect on the crypto market, it is m own opinion maybe I am wrong.

[ecnalubma]

Cryptocurrency is already helping the unbanked, we don’t need Libra anymore its like Paypal 2.0 so centralized. I don’t think he can convince big companies to jump in even it is praised by a Senator now. The government scrutiny is not over yet.

[NathanJB]

It is indeed good to hear a different voice. This will not balance the equation of course. There is an avalanche of politicians who are against libra. But at least, this will somehow open the other side for those who really think that libra has something to offer positive to the world, especially regarding the new way of doing commerce. Perhaps some politicians out there are just timid to come out supporting libra because everybody is against it. I am expecting a better debate on the project.

[uray]

Assuming that you are in the big shoes of Mark Zuckerberg, what are the changes you plan to execute with Libra to make it more digestible and palatable with the angry regulators and legislators?

The major change Mark and the entire team will do is to lobby the regulators and legislators and they will pay them good to change their views and to support their project, he just got a major supporter in congress and how do you think he changed his views, lobbying and $igns . We can expect more people supporting them in the end of this year as they will target the decision makers.

[ivakar]

after Libra project left mastercard, visa, amazon I think facebook decided to buy some support from government
what known in some country as corruption, in us called lobby 
but the point is the same, business pays money to a politician in order to do something in favour of business
I guess that means that something went wrong and facebook goes to plan B 

[Bttzed03]

~
Assuming that you are in the big shoes of Mark Zuckerberg, what are the changes you plan to execute with Libra to make it more digestible and palatable with the angry regulators and legislators?

No other way but to prove to them that they have a better system to  improve the payment industry in the US.

Here's from another article:

The Senator points to the people’s Republic of China, where 80% of consumers used mobile payment systems last year, compared to only 10% in the U.S. According to the Senator, the payment industry in the U.S. is still in its infancy and it is therefore bewildering that his colleagues would react with such hostility to the creation of Facebook’s Libra stablecoin.

[SamboNZ]

I don't know why these guys supporting that project, Libra is no difference like the other coins out there. Why not support Bitcoin? If they just legalize bitcoin in their country like the German, we may already see BTC price in the currency chart every day.

Bitcoin is legal in the U.S.probably they would get free money out of thin air. Just like Bitfinex creating millions of tether.
Problem with centralized coins they can create and possibly hide those money.

[DarkDays]

Glad to see that Rounds is actually thinking about Libra for what it should be, rather than what it might grow into. As a stablecoin, Libra has the potential to allow people around the world to cheaply remit money without having to worry about ridiculous middleman and remittance fees. It could grow to disrupt the global remittance industry that essentially sees the governments of third world countries steal a fraction of money moved across borders.

The US doesn't charge remittance fees as far as I'm aware, except perhaps from sanctioned countries, so overall it should be of a huge benefit to US citizens.

[jets567]

I don't know why these guys supporting that project, Libra is no difference like the other coins out there. Why not support Bitcoin? If they just legalize bitcoin in their country like the German, we may already see BTC price in

The only factor I see why they support Libra coin instead of Bitcoin is that they can have a full control over it and they can take advantage of for their own self-interest. I'm not totally against the Libra coin because it could help to raise awareness about Bitcoin globally though I'm not sure if Facebook will let Bitcoin to be tradeable under their platform in the future.

[cryptoknightt]

even though libra has such support I feel it is still lacking to attract investors to buy and participate in fundraising for the development of the Libra platform. hopefully large companies can accept libra and support the development of libra.

[BlackFor3st]

And this good news for Facebook's Libra even if there is only one showing up with the party. Mark Zuckerberg is hoping that an avalanche of support from legislators can suddenly and magically appear right before his eyes...

Amid a sea of scorn, one U.S. Senator is praising Libra.Sen. Mike Rounds (R-S.D.) wrote a letter to Libra Association member Anchorage, a South Dakota-based trust company, endorsing the Facebook-led project and citing it as an example of a technological advance he feels is needed to aid U.S. consumers.

Rounds also pushed back against a more “ominous” letter penned by Senators Brian Schatz (D-Hawaii) and Sherrod Brown (D-Ohio), warning the CEOs of Mastercard, Visa and Stripe that they may come under increased regulatory scrutiny should they continue participating in Libra. (All three, alongside PayPal, eBay, Mercado Pago and Booking Holdings, later quit the project.)

“Technologies like Libra … have the potential to help unbanked and underbanked consumers right here at home...”


Read more of this here...

Well, its good to see that a good senator is bucking the trend. From time to time, it is also nice to hear a different opinion, conviction and conclusion in relation to the launch and subsequent operation of the Libra coin platform which Mark's minions are hoping can be done as soon as possible. Maybe Mark and Marcus can conduct an information and PR campaign to convince more members of Congress and Senate to allow Libra operate maybe provisionally before they make a conclusion that it can severely affect the traditional systems of the land.

Assuming that you are in the big shoes of Mark Zuckerberg, what are the changes you plan to execute with Libra to make it more digestible and palatable with the angry regulators and legislators?

So there is still hope for Libra to continue it's launch even if not sooner but maybe later as Libra will need more than Mike Rounds to be able to launch their project.

If this will continue and others will start to support Libra like avalanche of support as what Mark Zuckerberg is hoping then this project will surely be well known if it can successfully launch. Let's see if what will happen next, whether other will side the ideals of Mike Rounds or not.

[DaMut]

Centralized coin will be supported by crooks in fancy suits/clothing.
Libra wont help the crypto-industry, it only promotes centralized coins and encourages banks to do the same.

Absolutely true, Libra is a stable coin and it will not crypto-industry by any means. They might monopoly the digital transaction if they are allowed to, with his style of doing things. I would not be surprised to see a mass fud coming for cryptocurrency in the future.

after Libra project left mastercard, visa, amazon I think facebook decided to buy some support from government
what known in some country as corruption, in us called lobby 
but the point is the same, business pays money to a politician in order to do something in favour of business
I guess that means that something went wrong and facebook goes to plan B 

It was Mastercard, Visa and Amazon left Libra not Libra left them. Just like in the movie, a villain survives until the end of the film.
do not be surprised to see another major supporter in congress show up helping Libra.

[Wintersoldier]

after Libra project left mastercard, visa, amazon I think facebook decided to buy some support from government
what known in some country as corruption, in us called lobby 
but the point is the same, business pays money to a politician in order to do something in favour of business
I guess that means that something went wrong and facebook goes to plan B 

Let's think of the reason why a government official needs to support libra coin, well, in my perception, there's no reason why he needs to support libra coin. Government doesn't need it, they can create their coin and call it their own, there's something fishy in here. In this case, we can still control the market, let us invest in bitcoin and let libra perform and see if it can surpass known altcoins.

[judeafante]

It's going  to happen they have a lobby power since they have the funds and they have the resources they are now moving, because of the recent break away by some members of their group, they are going to do a lot of things and they will rally all the people that can make an impact on their project before their launch they coin, so we will see many more of this news.

[Jating]

I wouldn't actually call this support though, he is just voicing his opinion on the subject here. And you know what? Libra has hired someone to lobbyist for them and I'm sure this is the result of such move from Facebook. So we might see some Congressman out there changing their tunes or still some of them are against Libra because they are afraid of the power that Facebook can have in the future.

There's no backing from Mark Z, he is all out and wanted his project to be on production next year, regardless of US government opposition or some of their partners deciding to leave them at this time.

[AliMan]

It's going  to happen they have a lobby power since they have the funds and they have the resources they are now moving, because of the recent break away by some members of their group, they are going to do a lot of things and they will rally all the people that can make an impact on their project before their launch they coin, so we will see many more of this news.

As per review on what has been stated here, the Senator who supported this Libra project was expecting huge outcome for this project. Even if PayPal, eBay, Mercado Pago and Booking Holdings had quit on this project, it doesn't hinder them to push their motivations towards Facebook Libra. As the support goes strong, some sectors find it wasn't good to continue supporting Libra, but the situation goes break even due positive responses coming from government side; most specially Sen. Mike Rounds whose the one praises Libra.