Facebook’s David Marcus got a warmer reception from the House yesterday than he did in the Senate on Tuesday. Not that it was friendly, but the questions focused more on the power Facebook would gain from its Libra cryptocurrency, and getting Marcus to commit to working at the pace of Washington, D.C., not Silicon Valley.
Facebook is in for a rough ride with its Libra cryptocurrency project. If that wasn’t clear from the president’s anti-cryptocurrency Tweets last week and Treasury Secretary’s comments on Monday that they are “a national security issue,” it was very obvious after the Facebook executive spearheading its Libra payment system was treated like a bipartisan punching bag in a hearing before the U.S. Senate Banking Committee on July 16.
The U.S. Senate Commerce, Science and Transportation Committee voted to approve the Blockchain Promotion Act of 2019 on July 12, giving the Commerce Department one year to come up with “a recommended definition of the distributed ledger technology commonly known as ‘’blockchain technology.’”
Treasury Secretary Steven Mnuchin called cryptocurrencies a “national security issue” that threatens to enable drug dealers, human traffickers, and terrorists during a press conference Monday.