Peter Van Valkenburgh, director of analysis at Coin Middle, explains the importance of all of the governmental exercise round crypto within the final week — the President’s tweets, the Treasury Secretary’s and Fed Chair’s remarks and naturally the Congressional hearings about Libra. We focus on whether or not Fb’s baggage might hurt regulation of the area broadly, simply what Libra is and who controls it (particularly in comparison with decentralized networks like Bitcoin and Ethereum), and the way which may require totally different regulatory approaches. We additionally coated how the shortage of partisanship within the line of questioning might have an effect on Libra’s prospects, the chances that the draft invoice to maintain tech out of finance will undergo and whether or not the thought of a Fb-created digital forex might spur curiosity in central financial institution digital currencies. Plus, we speak about what we thought have been probably the most memorable moments of the Congressional hearings, and why we each felt that, amazingly, the hearings appeared to show Congress in regards to the deserves of decentralized networks like Bitcoin and Ethereum.
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Episode hyperlinks:
Coin Middle: https://coincenter.org
Peter Van Valkenburgh: https://twitter.com/valkenburgh
President Donald Trump’s tweets about Bitcoin, cryptocurrencies and Libra: https://twitter.com/realDonaldTrump/standing/1149472282584072192?s=20
Federal Reserve Chair Jerome Powell’s testimony about Libra: https://www.nytimes.com/2019/07/10/know-how/fed-chair-facebook-cryptocurrency-libra.html
Treasury Secretary Steve Mnuchin’s information briefing on cryptocurrencies: https://www.cnbc.com/2019/07/15/treasury-secretary-mnuchin-will-hold-a-news-conference-on-cryptocurrencies-at-2-pm-et.html
Senate hearings on Libra: https://www.youtube.com/watch?v=xUQpmEjgFAU
Home hearings on Libra: https://www.cnet.com/information/facebook-libra-cryptocurrency-hearings-with-congress-day-2-watch-here-live/
Rep. Sean Duffy questioning David Marcus about who can transact in Libras: https://twitter.com/crypto/standing/1151531255550230529
Rep. Warren Davidson citing a time period that has not but been heard within the halls of Congress — “sh*tcoin”: https://twitter.com/bitstein/standing/1151586640307064833
