US Lawmaker Warns That Bitcoin, Ethereum, And XRP Are Real Digital Assets Unlike Facebook’s Libra

It’s been reported that a US lawmaker just drew a line between real digital assets and Facebook’s Libra project.

During a recent hearing on the future of Libra, lawmakers have grilled Facebook’s CEO, Mark Zuckerberg.

There must be drawn a line between real crypto and Libra

According to the latest data coming from the Daily Hodl, Republican Rep. Tedd Budd of North Carolina separated Libra from crypto assets in his discourse and warned that Washington should be working to avoid stifling innovation in the blockchain tech.

“It’s crucial that members of this committee be able to differentiate between Libra, which is really not a cryptocurrency, and actual cryptocurrencies like Bitcoin, Ethereum and XRP, before we discuss draft legislation,” he said.

He continued and explained that “Many of the proposals would stifle financial innovation, and if we’re to remain as a world leader in financial technology, it’s vital that this committee not embrace reactionary laws against cryptocurrencies.”

BTC, ETH, XRP Vs. Facebook’s Libra

The first three digital assets on CoinMarketCap and Libra are all built on open-source code, but the Libra ledger is corporatized, and it doesn’t allow anyone in the world to run a node and power the network.

The Libra network will be powered by a bunch of selected companies, and this will definitely increase Libra’s centralization and the potential for censorship.

We recommend that you head over to the Daily Hodl’s original article in order to learn more.

Libra has a hack of trust in the crypto space

Libra was in the spotlight not too long ago when Ripple’s CEO Brad Garlinghouse talked about what he believes triggered such scrutiny on Facebook’s new project Libra.

He’s blaming the social media giant for all the backlash that this project is getting these days.

Ripple’s CEO also said that he is worried that regulators will hurt the crypto space due to their challenges and distrust of Facebook and the Libra project.

He said that the recent testimony of Zuckerberg only managed to expose his trust deficit.


People Mentioned

Brad Garlinghouse
Brad Garlinghouse

Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.

Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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