Libra Just Got Its First Major Supporter in Congress

[NathanJB]

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.

One senator is not enough. If Libra makes a community of supporters even in the US congress I think they will likely push through with their project earlier. But if not, their 2020 planned launching is probably not going to happen. They are more than aware themselves that pushing through despite the warnings and objections of the US government will only lead them in a suicidal situation. They need to look at Telegram's project for example.

[BonfireBob]

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.

That is a good point, but don't you think that in order to make Bitcoin global we need some centralized coins??

I am not defending Libra, and I am not encouraging its usage. I just think if more companies show trust in bitcoin it will have more influence in general.

[protEr]

Thought Zack and his Libra coin are under pressure from everywhere thanks to his other products breaching the  privacy of its users and have support from one congressman does not reflect the views of the majority, maybe the problem with this crypto is because it has a face!

[knuckey]

That support means nothing and will not affect or change the regulations which currently hamper the development and launch of Libra.

And will also collect our data.

Collected and leaked as happened last time.

[Mianae]

If Libra was decentralized it could've gotten all the decentralisation support it could've needed to scale. Issues with centralization is institutional bodies and corporate individuals seem to support when they're favoured and if they ain't favoured they in turn easily backs out.

[Pearls Before Swine]

That senator either has some balls for writing that letter or hasn't been bought off by Visa and Mastercard's and the big banks' lobbyists.  I do have a suspicion that the reason why Libra is getting so much grief by the gov't is precisely because of big business's lobbying tactics.  Facebook is a huge corporation but it's a new one compared to the established payment processors and banks and I don't think facebook wields much power among politicians.

In any case, I'm watching these developments with interest even though I could not care less whether Libra ever gets released.  I don't think the world needs another stable coin and certainly not from a privacy hijacker like facebook.

[tenakha]

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?

Good support for Libra. But if this support were for the crypto market, not just Libra, it would be more gratifying news. Libra is good for adoption, but it will also be for a while. I do not know, it sounds like a game to me. I think they are making another plan on the sidelines.

[Eclipse26]

Well that's a good news for Libra and Mark to have a government support after a lot of companies already pulled out from libra. But as for me, even how many influential supporters would share their thoughts about Libra, if the public and market don't give really much attention to it, it's still somehow worth less.

Let's just see how well Libra  will do in the market for the next few years

[aioc]

They should not dip their fingers to this issue and let the SEC has a say on the future of Libra Coin, the best way to ruin a project is when you have politics getting into the scene and hugging the limelight, these are politics they have an interest of their own, US already had an agency that deals with this,  if there's an investigation these politics will be bias.

[masulum]

Libra wouldn't get attention from the majority of Crypto enthusiast. Especially for people who don't like Facebook and Centralized crypto. Privacy is the biggest concern and it more enough for them to stay away from Libra. Another problem is, if Libra used as payment gateway on their service such as Whatsapp, FB and Instagram without limitation, I think many countries who don't support crypto would be blocked all of service under Facebook Inc.

[SaShiRaJaVu]

Thought Zack and his Libra coin are under pressure from everywhere thanks to his other products breaching the  privacy of its users and have support from one congressman does not reflect the views of the majority, maybe the problem with this crypto is because it has a face!

The problem is that if the authorities allow them to start their stable currency then many companies will come up with their version of the coin and that will become another problem for the authorities, it is really interesting to see how the authorities will be dealing with the Libra project and how many countries will be supporting their centralized coin.

but don't you think that in order to make Bitcoin global we need some centralized coins??

It is not a bad idea either to have a stable currency, i really do not trust USDT and other stable currencies in the market right now and we need to have a trusted stable coin.

[BigBoy89]

The Libra game is much bigger than a simple crypto-currency launch.
There are giant amounts of Money, Interests, Politics, and Connections.

While I don't like the centralized coins, I'm happy about the whole media coverage about Libra, as there is no bad advertisement. More and more people are hearing of crypto every day.

[target]

That's one point for Libra. We need more people in the government who will support crypto or we will be seeing US exchanges closing everytime.
Its very true the pushbacks is really not healthy for innovation when we see this kind of projects are certainly what people need. When we oppose libra development are also blocking the new progress which we look forward to when it comes to adoption.

[oxgroth]

This wont help them. Big firms are lefting the project

[mintme.com]

Remember the opening scene in the Godfather part two; the party. When Michael Corleone met the corrupt senator and how the senator spoke praising Michael in the microphone? this feels awfully similar, this senator won't be publicly supporting Libra if he wasn't getting something in return.

[Darooghe]

Libra is an alternative to the Fiat system. You could argue that it could be better than the Fiat-System. However there is just one true decentralized currency that you should hold. Libra either succeeds and introduces a billion people to Crypto Or it fails and proves the need for truly decentralised Crypto.

I have the vision that in the future, governments have their currency to play with but the people will keep their wealth in secure currencies that aren't played with. Bitcoin is already changing the way we think about money. For me it's not anymore about how much money did you make with BTC, it turned into how much should I put in Bitcoin in order to protect myself for a financial collapse.

[tabas]

And will also collect our data.

Collected and leaked as happened last time.

Yeah, don't forget about that hearing where Mark was called for that issue.

This wont help them. Big firms are lefting the project

The big ones have left but there's still a quite good number of big company supporters for this project. We don't know if they will leave or announce their departure to the project within a few days. But if there's no announcement, means that they will stay.

[andika2018]

Indeed cryptocurrency technology should help people who have not been touched by the bank because of access. Only with the internet, anyone can do financial transactions easily. The Libra Project does have a good idea because with social media, people can connect and transact very easily, hopefully regulations will not hamper it because if Libra is approved, the cryptocurrency market will be excited

[dimonstration]

This wont help them. Big firms are lefting the project

Still they are hoping many will take consideration due to this. I think this news can attract somehow new investors who are avid fan of success of Facebook and stablecoins. Though Libra is facing big rocks since bigger companies are withdrawing their partnership but who knows there will be next to that first known supporter.

[matchi2011]

The Libra game is much bigger than a simple crypto-currency launch.
There are giant amounts of Money, Interests, Politics, and Connections.

While I don't like the centralized coins, I'm happy about the whole media coverage about Libra, as there is no bad advertisement. More and more people are hearing of crypto every day.

In it's consolations, this libra media exposures gives many hits in regards to crypto currency. People are now hearing different sides of this industry and for sure attentions that being brought to this market, with more news to follow, more people will think about it and chances that will look to much deeper information about this industry. In regards to this gentleman who shows support it can be a good thing to create more advertisement about crypto industry.