The Libra hearings with @davidmarcus are streaming live right now. Face to face with the Financial Services Committee with @RepMaxineWaters
Rep Waters started off by pointing to her draft bill, the “Keep Big Tech Out of Finance Act.” 🤔
This is pretty bald faced regulatory capture, isn’t it? Big tech presents problems to society, but does big finance need the protection of the government? 🔨
Rep Sherman seems to misunderstand that crypto is far more traceable than the way terrorism and drug dealing is enabled today: giant blocks of $100 bills in cash.
He also seems to misunderstand that Libra and Collibra will be different entities.
Rep Davidson points out lack of proper regulatory clarity is forcing crypto innovation overseas and that’s a lost American opportunity. 👌
Rep Gottheimer points out that Libra Association is in Switzerland because there was not regulatory clarity. He is leading the Token Taxonomy Act to keep American innovation at the forefront.
Forward thinking.
Rep Budd namechecks @coincenter which is awesome. This set of reps really get it.
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