U.S. Rep. Darren Soto: Libra could be "a significant advancement"

23 Jun, 2019 | Updated: 23 Jun, 2019
by David Borman
News
 U.S. Rep. Darren Soto: Libra could be a significant advancement

It has been reported by the Orlando Political Observer that United States Congressman Darren Soto just released a statement that endorses what Facebook has revealed with their Libra cryptocurrency. He acknowledges challenges with regulation, but overall thinks that the Libra can be a "big step forward towards a more global and inclusive financial infrastructure."

Congressman Soto serves on the U.S. House Energy and Commerce Committee and was responsible for the Token Taxonomy Act of 2019 (H.R. 2144) and the Digital Taxonomy Act (H.R. 2154). His statement concerning Facebook's Libra is as follows:

"Facebook’s new Libra blockchain project has the potential to be a big step forward towards a more global and inclusive financial infrastructure. We are encouraged by the possibility of increasing access to mobile and digital payments, which will ultimately benefit our society and become a driver of economic growth. While it is yet unclear how this new technology will be regulated, it is crucial Congress continues to protect consumers and the financial well-being of investors, while simultaneously promoting innovation for these virtual currencies.

In the Congressional Blockchain Caucus we are working in a bipartisan manner to educate and maximize Blockchain technologies’ potential for the U.S. economy. We applaud the thoughtfulness behind the Libra Association. If efforts to achieve this multi-level cryptocurrency coordination is successful – one that protects consumers and prioritizes user privacy – this could be a significant advancement for the 21st Century economy."

While the statement does refer to the issues still looming over regulation, generally it seems to be quite supportive. It sounds like Soto thinks the Libra can issue in an era of greater economic inclusivity, though it is notably sparse on any technical observations or concerns over Facebook's recent controversies over data handling.

As Chepicap has previously reported, the US Senate has set a date of July 19 to hear testimony on the Libra, which could very much shape sentiment and therefore regulatory policy moving forward.

Will the Libra find its place in regulation? Stick with Chepicap for all updates!

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