The Senate’s hearing on Facebook’s Libra with David Marcus is the talk of the town. Brad Garlinghouse, CEO of Ripple, is the latest to give his views on the hearing. Garlinghouse said that the debate was necessary for the crypto-industry to mature.
“I’m heartened by the (largely) thoughtful dialogue from this week’s congressional hearings on @Libra_ . Committee members are supportive of blockchain and “payments innovation in the U.S., but skeptical that Facebook is the right steward given the history of broken trust.”
He added that the crypto-industry needs to mature and it would only happen if tough questions are asked, ensuring that the crypto-industry is “battle-tested” with proper regulatory oversight to protect investors and customers.
The Senate is today acknowledging the existence of cryptocurrencies and blockchain technology that is taking the world by the storm. This hearing comes after President Donald Trump sent out a slew of tweets outlining his negative views on Bitcoin.
Congressman Patrick McHenry was also one to add fuel to this fire, stating,
“Whether Facebook is involved or not, change is here. Digital currencies exist. Blockchain technology is real… So the question then becomes – what are American policymakers going to do to meet the challenges and the opportunities of this new world of innovation?”
One particular word that keeps popping up in the hearing and with the SEC is ‘innovation.’ While regulators and policymakers are trying their best to make regulations happen, it has been a slow ride. SEC commissioner Hester Peirce said it best when she said that the SEC might be driving innovation to other places. However, she reiterated that the SEC wants it to be a “safe harbor” approach.
A Twitter user, @XRPCryptoWolf, commented,
“I kept telling everyone since the beginning of the year that 2019 is the year that we finally get regulatory clarity on #Crypto & #Blockchain from many countries around the world Also Brad has been tweeting a lot of threads lately so I’m guessing this is a bullish sign for 2019?”
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