Ryan Selkis: The US government sees Libra as a "bona fide threat"

14 Jul, 2019
by Richard Allen
Ryan Selkis: The US government sees Libra as a bona fide threat

According to the founder and CEO of Messari, Ryan Selkis, Facebook’s Libra is a “bonafide threat” to the US dollar because it’s going to be pegged to the value of several international currencies. As such, the US government sees structuring it this way as an effort to decouple the Federal Reserve’s influence over the dollar.

During an interview with Bloomberg, Selkis stated, “It seems like Libra should continue to draw most of the attention in ire” because its “on the wrong side of the political cycle” but also because Facebook has just announced a $5 billion settlement with the Federal Trade Commission over privacy violations – only adding to the government’s uneasiness about Facebook’s debut into the financial sector.

Selkis’ comments come just a day after US President Donald Trump took aim at Libra, Bitcoin, and cryptocurrencies in general. President Trump tweeted that he’s “not a fan” of cryptocurrencies. Additionally, he said Facebook will receive no special treatment from the US government.

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other banks, both National and International,” he said.

As Chepicap reported, a proposed bill titled “Keep Big Tech Out of Finance Act,” if passed, would see large tech conglomerates with annual revenue of more than $25 billion being barred from developing and launching their own cryptocurrencies.

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