Congressman Tom Emmer Nailed It In The Senate Hearing: Criticizes Libra & Supports Bitcoin

  • The dollar has proven to be the largest means of illicit behavior
  • Facebook already has data on people and now they want their money too

During the hearing on Capitol Hill about Facebook’s Libra and cryptocurrencies, Congressman Tom Emmer came in support of Bitcoin and what exactly Facebook is doing wrong.

Opening with the acknowledgement to the delay in response from Congress as it’s been a decade since Bitcoin has been in the market, he did concede that it’s still a positive thing that they have finally decided to pay attention to the technology “that could again just like the Internet, upend the way we do everything in our lives.”

However, some he says want to “unnecessarily restrict it or even ban it” because they fear change.

Congressman Emmer feels this hearing “presents an incredible opportunity for everyone on this committee to learn more about actual cryptocurrencies.”

Facebook Already Has Data on People and Now They Want Their Money Too

The congressman said the same approach should be taken to understand the breadth and depth of cryptocurrency as of Libra, “merely learning more about an understanding Libra does not have to include opposing it.”

Libra, he says, doesn’t represent cryptocurrency and head of Calibra David Marcus and the company is approaching this undertaking with the same level of “ignorance and misunderstanding as those who wish to quell any new developments in cryptocurrency.”

He further pointed out how people already have concerns with the amount of data Facebook has on them and now “you want their money too.”

The Dollar Has Proven To Be The Largest Means Of Illicit Behavior

Emmer touched upon many hot points such as money laundering and criminal activity that is the serious concern of regulators. However, in a true crypto-enthusiast style, he stated how “the dollar in all fiat-backed currencies have been proven to be the largest means of illicit behavior and money laundering.”

This is why he says we shouldn't suppress individual freedom as individuals will continue to create open networks that is not centrally controlled and excludes the middlemen.

But Libra is not designed to eliminate middlemen rather it relies on them.

Emmer further shared his disappointment in Libra by saying he was optimistic of the involvement of such a major company in this “revolution” to learn new innovation but turns out, “they have decided to entrench themselves in the fear of the unknown and the fear of change.”

Libra, he says has done nothing to allay these fears rather argues that the bill to ban the company's actions have “no constitutional basis let alone a basis in logic and that no one is willing to actually put their name on this proposal to ban private innovation.”

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