US Congressman speaks about Libra saying Facebook should have added Bitcoin to Calibra instead of creating Libra.
US Congressman speaks about Libra and regulatory tussle
Warren stated that Libra has only accumulated the problems faced by Facebook. Speaking in an interview with the Noded Bitcoin podcast, the Congressman expressed his ideas about Facebook’s stablecoin project.
Davidson believed that the hearings devoted to the stablecoin have compounded the pressure Facebook is already under due to its past activities. He highlighted that during those Congressional hearings many questions were not even related to Libra.
He said that Facebook’s decision to create a stablecoin has put a regulatory focus on its other operations as well. The creation of a global-scale stablecoin is bound to receive a regulatory spotlight but it was not expected that focus would also shift towards the company’s other activities.
He highlighted that Facebook already filters content and while some people may consider it a good thing other people do not. This leads to the question that “… do we want filtered speech or free speech?” He then added that the company is likely to take a similar approach with its blockchain project. “So do we want filtered transactions or free transactions?”
Podcast host argued that the hearings have been the catalyst for spreading Bitcoin awareness to the public. He said that through them people have realized the errors and issues in centralized projects such as Libra.
Davidson agreed to a certain extent as he acknowledged the effect of the hearing. However, he stated that the hearings have only cemented their negative stance against decentralized technologies.
You can listen to the podcast here.