Not Good To Walk Away From Cryptocurrency Innovation Due to Lack of RegulationOctober 25, 2019
Mike Rounds, the US Senator, defended the cryptocurrency. He felt that it was essential to encourage blockchain innovation in the US. He published a letter that supported the cryptocurrency after the testimony from the Facebook founder before the congress was supposedly considered to have failed.
In his letter, he stated that the cryptocurrency would face stifling regulatory pressure. He clarified his belief in the cryptocurrencies and about how he thought there were promise in digital currencies and the cryptocurrencies payment processes.
Senator Mike Rounds tweeted: “We should be encouraging innovation in cryptocurrency, not discouraging it. Mobile payments and cryptocurrency are here to stay – and have the opportunity to give consumers more & cheaper banking options.”
He stated that it was not a good thing to walk away from innovation just because we do not have a good regulatory process in place. The senator said that it is now essential to update statutory laws related to the digital currencies, which will eventually have the United States become the innovator in the blockchain technology as opposed to allowing some other country overseas becoming the innovator.
Jack Dorsey, CEO of Twitter, stated “hell no” when he was questioned about joining Facebook’s Libra “cryptocurrency.” He noted that the project was popularly controversial.
Jack Dorsey founded the Square, which is a well-known payments company. When Dorsey was questioned about his intention to come up with their cryptocurrency, he stated, “I don’t know if it’s a gimmick…but a cryptocurrency wasn’t necessary to make that work.” He further clarified that the cryptocurrency is not consistent with what he believes and that it is not something that he wanted their company to stand for.
However, Dorsey sees Bitcoin and other cryptocurrencies as an integral part of the online world.
Mark Zuckerberg recently testified before the US congress, and he attracted a lot of criticism in this regard. He is considered to have failed in the process as he was not able to answer specific questions about the outbreak of fake news on the internet.
There is a lot of regulatory scrutiny happening now, and despite that, Facebook has sustained the view that they are forever open to working with regulators. Ultimately, Zuckerberg went to the extent of stating that he would put the project on hold until regulatory concerns regarding the project were addressed appropriately.