Senator Mike Rounds praised the trust company for sticking with Libra following the exodus of seven of the project's partners.
Following much hostility from US Legislators and the withdrawal of seven companies from the so-called Libra Association (the organization of backers for Facebook’s global cryptocurrency project), one US Senator has stepped forward to show support for Libra.
Indeed, US Senator Mike Rounds (R-SD) sent an open letter to Anchorage, a trust co0mpany based in his home state, praising the company for its decision to stay in the Association: “your willingness to take risks in an effort to improve the lives of Americans and our neighbors across the globe is one of the hallmarks of what makes our country great,” he wrote.
In the Anchorage letter, Rounds said that “it is profoundly disappointing that my colleagues chose to address your peers in such an ominous tone, which I fear may put a chill on innovation in the long run,” and expressed concerns that the US was lagging behind in the global digital economy.
Specifically, Rounds referred to the fact that by 2022, Payments made from digital wallets “will comprise less than 10 percent of U.S. consumer in-person point of sale payments,” while Africa already had “100 million active mobile money accounts” in 2017. He also noted that mobile payment transaction volume in the US is dwarfed by China’s.
Rounds also said that he found the negative reaction to Libra to be “puzzling” due to the age of US securities laws: "that law was written more than half a century before computers and the internet were created, more than two decades before Hawai'i was admitted to the Union, a decade before the jet engine was developed, and in a period of time in which 90 percent of rural America lacked electricity," he wrote.
Letter from Schatz and Brown warned Libra Association members that they may be liable for Facebook’s shortcomings
However, Senator Rounds’ letter did not directly address some of the concerns that Schatz’ and Brown’s letter contained regarding Facebook’s integrity.
The letter, which was shared on Twitter by Gabor Gurbacs, digital asset strategist/director at VanEck, said that “Facebook is currently struggling to tackle massive issues, such as privacy violations, disinformation, election interference, discrimination, and fraud, and it has not demonstrated an ability to bring those failures under control.”
The letter warned Libra Association members that they may be liable for Facebook’s shortcomings: “you should be concerned that any weaknesses in Facebook’s Risk Management systems will become weaknesses in your systems that you may not be able to effectively mitigate.”
The letter also alleges that Facebook is attempting to act as an unregulated financial arbitrator, and that the social media giant “is attempting to accomplish [this] objective by shifting the risks and the need to design new compliance regimes onto regulated members of the Libra Association like your companies,” the letter from Schatz and Brown reads.
However, Rounds’ letter does specifically address Schatz’ and Browns’ concerns regarding compliance with anti-money laundering laws and anti-terrorist financing measures but said that it was the responsibility of the federal government to ensure that companies like Libra are adequately complying with these kinds of regulations.
“Expanding the federal government’s anti-money laundering and crime-fighting jurisdictions to include digital currencies would be a sensible way to resolve fear about anti-money laundering controls,” he wrote.
Rounds’ efforts to urge Anchorage to remain with the Libra Association also follow the exodus of seven companies from the organization: PayPal, eBay, Mastercard, Visa, Stripe, Booking Holdings Inc., and Mercado Libre Inc.
Following much hostility from US Legislators and the withdrawal of seven companies from the so-called Libra Association (the organization of backers for Facebook’s global cryptocurrency project), one US Senator has stepped forward to show support for Libra.
Indeed, US Senator Mike Rounds (R-SD) sent an open letter to Anchorage, a trust co0mpany based in his home state, praising the company for its decision to stay in the Association: “your willingness to take risks in an effort to improve the lives of Americans and our neighbors across the globe is one of the hallmarks of what makes our country great,” he wrote.
In the Anchorage letter, Rounds said that “it is profoundly disappointing that my colleagues chose to address your peers in such an ominous tone, which I fear may put a chill on innovation in the long run,” and expressed concerns that the US was lagging behind in the global digital economy.
Specifically, Rounds referred to the fact that by 2022, Payments made from digital wallets “will comprise less than 10 percent of U.S. consumer in-person point of sale payments,” while Africa already had “100 million active mobile money accounts” in 2017. He also noted that mobile payment transaction volume in the US is dwarfed by China’s.
Rounds also said that he found the negative reaction to Libra to be “puzzling” due to the age of US securities laws: "that law was written more than half a century before computers and the internet were created, more than two decades before Hawai'i was admitted to the Union, a decade before the jet engine was developed, and in a period of time in which 90 percent of rural America lacked electricity," he wrote.
Letter from Schatz and Brown warned Libra Association members that they may be liable for Facebook’s shortcomings
However, Senator Rounds’ letter did not directly address some of the concerns that Schatz’ and Brown’s letter contained regarding Facebook’s integrity.
The letter, which was shared on Twitter by Gabor Gurbacs, digital asset strategist/director at VanEck, said that “Facebook is currently struggling to tackle massive issues, such as privacy violations, disinformation, election interference, discrimination, and fraud, and it has not demonstrated an ability to bring those failures under control.”
The letter warned Libra Association members that they may be liable for Facebook’s shortcomings: “you should be concerned that any weaknesses in Facebook’s Risk Management systems will become weaknesses in your systems that you may not be able to effectively mitigate.”
The letter also alleges that Facebook is attempting to act as an unregulated financial arbitrator, and that the social media giant “is attempting to accomplish [this] objective by shifting the risks and the need to design new compliance regimes onto regulated members of the Libra Association like your companies,” the letter from Schatz and Brown reads.
However, Rounds’ letter does specifically address Schatz’ and Browns’ concerns regarding compliance with anti-money laundering laws and anti-terrorist financing measures but said that it was the responsibility of the federal government to ensure that companies like Libra are adequately complying with these kinds of regulations.
“Expanding the federal government’s anti-money laundering and crime-fighting jurisdictions to include digital currencies would be a sensible way to resolve fear about anti-money laundering controls,” he wrote.
Rounds’ efforts to urge Anchorage to remain with the Libra Association also follow the exodus of seven companies from the organization: PayPal, eBay, Mastercard, Visa, Stripe, Booking Holdings Inc., and Mercado Libre Inc.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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