The congressional hearings revealthat several politicians are not convinced about the safety aspects related tothe cryptocurrency project. They havegrilled the social media giant by questioning them on privacy and trust-relatedissues. However, Facebook has beenstating that Libra is ready to work in compliance with regulators and that theyare prepared to discuss the possible framework.

A draft bill titled, “Keep BigTech out of Finance” has come out recently. The document read: “A largeplatform utility may not establish, maintain, or operate a digital asset thatis intended to be widely used as medium of exchange, unit of account, store ofvalue, or any other similar function, as defined by the Board of Governors ofthe Federal Reserve System.” The bill, according to experts, is a stuntmove towards the Libra.

Another question that hasrecently come up is whether the US government has the power to prevent thecoming of Libra. The regulatory movementin the US is currently very hostile towards Libra.

The coming of Libra is a threat to their sovereign currencies and a celebration to smaller cryptocurrencies like the TCAT tokens.

Sen. Sherrod Brown stated, Librais a "recipe for more corporate power over markets and consumers."

Tech giants are now lobbyingspenders. Despite the scrutiny, thebusiness operations have continued to be intact of note, Facebook's $5bn finefrom the FTC.

Stylianou stated, “A complete banlike the one proposed by the bill is an extreme and untimely measure.”

There are other laws which placea structural and non-structural separation between banking and non-bankingactivities. This cannot be applied to Libra as in the first place; it is notclear about the kind of financial instrument the Libra is set to be.

William McCormick, CEO at PureKnot stated, “The last couple of years of cryptocurrency development hasprovided a blueprint for Facebook to follow and it is up to them if they takeit on board.”

John Todaro, director of researchat Tradeblock, stated, “Facebook is still heavily subject to government lawsand regulations around data collection, privacy, and taxation. “

Kris Marszalek, stated, “It seemsthere is only one thing the US Gov and Facebook agree on: cryptocurrency is thefuture.” The CEO further noted that hewas confident about Facebook capturing this opportunity in complete compliance.

Lawmakers are eventuallyincreasing the pressure on Facebook to halt their Libra operations. It now seemsthat the government needs to understand the crypto before the launch.