New bill would make Facebook’s cryptocurrency a security under the law

[Hallmader]

The government have been trying to regulate the bitcoins too , they are gonna add bitcoins in the law which protects the investors against frauds , same they are doing for the libra , I think it is a bad thing to do since slowly by slowly the corruption will soon sweep in the cryptocurrencies too like the normal Fiat money but on the other hand they are not really blocking it but we should understand that this way they would become centralized till an extent and I don't know if that would work or not.
Let's see what happens.

given that they dont block crypto like what you said  , it makes me feel positive  . this is better than compare to they will ban cryptos just because they think they cannot do anything to control it  .

regulating crypto do also provide some benefits to like people are protected from potential crime's related to crypto use and that is of course with the help of  kyc/aml  .  beside's crypto is still a crypto after all these implementations an its still far from a real fiat .

Regulation per se is neither good nor bad. It is neutral. But it will become good if it is done properly. In the same way that it will also turn out bad if it is done wrongly. If crypto is regulated, it is only welcome for as long as it is being regulated within the correct bounds, definition, and classification. If cryptocurrency is being regulated and is defined wrongly, it will turn out detrimental instead of beneficial to the growth of crypto. It does not help.

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[kotik085]

Zuckerberg will certainly do everything according to the law and Libra will enter the top positions of the cryptocurrency market. I believe that Libra will be in that on the CMC market.

[Getmon]

Zuckerberg will certainly do everything according to the law and Libra will enter the top positions of the cryptocurrency market. I believe that Libra will be in that on the CMC market.

Libra is already on the CMC market even if it is still an idea. That is how influential Libra is and that is also an indication of how it could really become a very influential stable coin. It does not have a price yet nor a volume nor a market cap but it has already hit the list of the famous coinmarketcap. But now, it will be of no use because it will not be launched soon.

[huige007]

Zuckerberg will certainly do everything according to the law and Libra will enter the top positions of the cryptocurrency market. I believe that Libra will be in that on the CMC market.

Libra is already on the CMC market even if it is still an idea. That is how influential Libra is and that is also an indication of how it could really become a very influential stable coin. It does not have a price yet nor a volume nor a market cap but it has already hit the list of the famous coinmarketcap. But now, it will be of no use because it will not be launched soon.

If the coin was supposed to release by the end of 2019, there were maximum chances that it would have created a lot of hype with countless numbers of investors. The launching is expected by April or may of 2020 I guess and by then halving is also expected. At that time market will be full of competition but right now Libra would have not faced any serious competition since bitcoin is in down phase.

[hello_good_sir]

And if this does pass, then FB will be in deep trouble.

Their coin is already under a lot of scrutiny already and it's hard to see that the situation would get any better with the passing of this law, which essentially will lead to many tax ramifications I'm sure will be detrimental to the long term growth of Libra.

And there is no way for them to go around it because they're a centralized entity and is prone to these types of attacks.

[justdimin]

This is both amazing for us but also very terrifying as well. With this bill there is a chance facebook actually publishes Libra but it also means that there will be a lot of regulations and a lot of eyes on Libra and facebook will be carefully audited as well and whoever owns Libra will be notified to government as well. So there is absolutely no data that will be hidden from USA government and I am not 100% sure people would like that.

There will be a lot of people who won't mind it, hell facebook is known for getting breached and all data lost yet millions of people still use it so of course there would be people who use Libra even if that means every single cent you spent will be watched like a hawk by million different entities but is that what we really imagined when we first heard about Libra?

[aamirsuh]

Facebook is releasing a new coin. Libre. We're already used to that name. But which laws will be released under. This would be an advantage in bitcoin if the Libra is officially recognized. Bitcoin can prevent Libra from dominating. There can be a great struggle.

[Yaunfitda]

Facebook is releasing a new coin. Libre. We're already used to that name. But which laws will be released under. This would be an advantage in bitcoin if the Libra is officially recognized. Bitcoin can prevent Libra from dominating. There can be a great struggle.

I don't understand when people see's Libra as a threat to BTC. In my opinion, it won't be easy for Libra to just challenge bitcoin's dominance here.

And just look at the backlash in from of it. Even if they are going to be released or go production next year, still it will be a struggle and I doubt that crypto investors are simply going to shift on Libra. Each one has its own set of investors and Libra is more focus on remittance services as far as I can understand.

[Xxmodded]

Facebook is releasing a new coin. Libre. We're already used to that name. But which laws will be released under. This would be an advantage in bitcoin if the Libra is officially recognized. Bitcoin can prevent Libra from dominating. There can be a great struggle.

I don't understand when people see's Libra as a threat to BTC. In my opinion, it won't be easy for Libra to just challenge bitcoin's dominance here.

And just look at the backlash in from of it. Even if they are going to be released or go production next year, still it will be a struggle and I doubt that crypto investors are simply going to shift on Libra. Each one has its own set of investors and Libra is more focus on remittance services as far as I can understand.

Many discussion about Libra coin on BTCitcoin tread because we don't know about how Libra platform when launching to public, become like cryptocurrency or not because they only give label and name with their investment and not give detail specification at the future how Libra coin are working, until today Libra not giving information about their coin continue for launching to public or not.

[NathanJB]

Whatever classification this new law will assign to Libra, it is already moot because Libra is not even in existence. Libra is not a thing for now so there is really no point classifying what is not here. Congress seems paranoid. And their classification is not going to change anything. They just want to believe what they want to believe. The rest of the people are beyond their control on what they will also believe.

[AniviaBtc]

The government have been trying to regulate the bitcoins too , they are gonna add bitcoins in the law which protects the investors against frauds , same they are doing for the libra , I think it is a bad thing to do since slowly by slowly the corruption will soon sweep in the cryptocurrencies too like the normal Fiat money but on the other hand they are not really blocking it but we should understand that this way they would become centralized till an extent and I don't know if that would work or not.
Let's see what happens.

given that they dont block crypto like what you said  , it makes me feel positive  . this is better than compare to they will ban cryptos just because they think they cannot do anything to control it  .

regulating crypto do also provide some benefits to like people are protected from potential crime's related to crypto use and that is of course with the help of  kyc/aml  .  beside's crypto is still a crypto after all these implementations an its still far from a real fiat .

Regulation per se is neither good nor bad. It is neutral. But it will become good if it is done properly. In the same way that it will also turn out bad if it is done wrongly. If crypto is regulated, it is only welcome for as long as it is being regulated within the correct bounds, definition, and classification. If cryptocurrency is being regulated and is defined wrongly, it will turn out detrimental instead of beneficial to the growth of crypto. It does not help.

It should be do CORRECTLY, because if it is not, we're the one who will still suffer in the end. Regulation must be always executed properly to prevent harm to others and for cryptocurrency to continually use and promotes. Cryptocurrency has a lot of advantages to observe because it will surely grow the economy. But first, they just need to make a security out of it.

[smyslov]

Congress want to ban libra in any way

Well, obviously. When you have something disruptive to your monetary industry which offers control over other people, analogous to a religion, you would want to remove it as quickly as possible.

It's clear.

Makes sense but in the case of Libra Coin, it will not and cannot be remove like that, Facebook has been known for it's lobbying power, their only option is to regulate it, and to impose a lot of limitations so it will become restricted, now we will know what LIBRA can do and do not once it is launch.

[ecnalubma]

Characterize as security or not Facebook’s Libra could still penetrate the whole crypto market because of the platforms popularity. The regulators are just doing job and won’t make it easy for Facebook to make easy money by launching their crypto brand.

[airdnasxela]

Of course Facebook is a big company and the government wouldn't just let Libra pass without them involving themselves in the said project. Government want a big tax from it. But if ever, with this strict regulations from the government, when Libra finally got launched, people might also have second thoughts using it because we know that the government is watching them.

[ice098]

Why go to another bill just so the government could still control it.
They are giving Mark a lot of hard work and something to think.

There is a faster solution to it. Put it in the garbage and close it. Wait for the dump truck to take it then bury it. 
They are putting too much efforts into something that could also jeopardize their financial system.

Actually the libra coin will be a big help to their economy and its not gonna jeopardize their financial system. We are all using the facebook social media application and I think after the libra coin will be launched, more facebook user will support and buy these coin. So it will be a big helo and income to the team and also for the government

[enhu]

Why go to another bill just so the government could still control it.
They are giving Mark a lot of hard work and something to think.

There is a faster solution to it. Put it in the garbage and close it. Wait for the dump truck to take it then bury it. 
They are putting too much efforts into something that could also jeopardize their financial system.

Actually the libra coin will be a big help to their economy and its not gonna jeopardize their financial system. We are all using the facebook social media application and I think after the libra coin will be launched, more facebook user will support and buy these coin. So it will be a big helo and income to the team and also for the government

The government however will want more control over it. They are giving facebook hope for its launch which is why they didn't really kill it but will just want more laws that can hold facebook before it can control them instead. Facebook had done more damage since the last election of US which put Trump there, they are not allowing facebook to have more authority than the US gov.

[Arkann]

After war USA and IRA will continue for delay launching Libra coin for public because United State government looks serious with their problem by giving legal payment for Libra coin and allowed use in United State, they will keep focus for bigger problem in war whit Iran than have publish about their allowed for Libra coin.

Apparently, the US government is trying by any means to compromise the project and make Facebook dance to the music of the US government.  But speaking of my personal opinion, I don’t have much confidence in the Libra project, especially considering the Multiple facts of the leak of personal data of users on Facebook almost every year until today.  I can not trust the quality of this project, although the US government has completely different arguments regarding the danger of the Libra project.