Facebook’s Libra Hearings Pose a Threat to Mass Crypto Adoption

Facebook’s Libra Hearings Pose a Threat to Mass Crypto Adoption

August 11th, 2019   |   BlockPublisher

Crypto-related hearings starting with Libra have brought the attention of the lawmakers in the U.S. towards the broader cryptocurrency space. After Facebook’s blockchain lead explained the workflow of its crypto Libra to the lawmakers, United States Congress also called in a hearing specifically dedicated to cryptocurrency world that included major crypto personalities such as the Circle’s CEO, Jeremy Allaire.

Kyle Asman, the founding partner at BX3 Capital recently got in touch with BlockPublisher. Kyle is of the view that intense regulation with policy-making centered around companies like Facebook will likely lead to innovation getting slowed down as new incoming projects might find it hard to find their path through the regulatory net. And stated;

The downside is that members of Congress aren’t turning this into a crypto issue: they are turning it into an issue of controlling Facebook and slowing down the other large tech companies from becoming monopolies. The policies they are developing are set to impact big tech—not support the thousands of entrepreneurs who are trying to start businesses in the industry.