Bitcoin is Unstoppable Force, NC Congressman Tells US Congress

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The asset that noted economist Nouriel Roubini rubbished as “mother and father of all scams” is now receiving praises in the US Congress.

North Carolina Representative Patrick McHenry today called bitcoin an unstoppable force. The ranking member of Financial Services Committee said during a congressional hearing stated that Satoshi Nakamoto envisioned bitcoin as an independent entity which would not bow down before regulatory roadblocks or government interferences.

“We should not attempt to deter this innovation,” added McHenry. “Those who have tried have already failed.”

An Undemocratic Alternative

The comments appeared in the wake of the scrutiny of Facebook executive David Marcus about their controversial cryptocurrency firm the Libra Association. The social media giant registered the association in Switzerland to develop a blockchain-based payment service, which would include a digital wallet called Calibra that would store a cryptocurrency named Libra. The project’s technical paper stated that Libra would be a stablecoin backed by a pool of fiat money and other sovereign-backed assets.

The US Congress took notice of the underlying risks posed by Facebook’s project. While Maxine Waters, a California Democrat who chairs the House Financial Services Committee, demanded the company to halt their developments, issues got escalated further when the US President Donald Trump himself launched a verbal attack against the Libra cryptocurrency.

Marcus, who heads the Calibra project, appeared before the Senate Banking Committee on Tuesday to answer their concerns. He also attended a congressional meeting held Wednesday to discuss how Facebook and its partners plan to launch Calibra under both political and regulatory watch.

Majority of lawmakers, including New York Representative Alexandria Ocasio-Cortez (AOC), disagreed with Libra. AOC questioned Marcus over their claims of making the Libra blockchain a permissionless ledger, given Facebook had earlier handpicked the partners – that would eventually govern it – via an undemocratic process.

“We are discussing a currency controlled by an undemocratically-selected coalition of largely massive corporations,” the Democrat said.

You Cannot Kill Bitcoin

Rep. McHenry called Libra a ripoff of bitcoin, adding that governments could the Facebook cryptocurrency any moment. He also stated that agencies would not be able to do the same to bitcoin.

“I’m not saying you you will shut down Bitcoin, it will exist somewhere, and be sort of in a dark web kinda situation, but it would effectively make it difficult for the mainstream to use it,” he said.

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