US Congressman Of The Financial Services Committee: You Can’t Get Rid Of Bitcoin At Libra Hearing
- American lawmakers associated with the FSC and other similar regulatory bodies are currently in the process of conducting hearings in regards to FBs much-hyped Libra token.
- It is predicted that the social media juggernauts upcoming stablecoin offering could have an adverse affect the performance of the US Dollar.
Following a tweet from President Trump recently in which he publicly slandered Bitcoin, the global crypto community now has its eyes set on an upcoming Senate hearing that will see the American legislature discuss some of the niche aspects of Libra and how it can potentially affect the country’s finance market.
In the midst of all this ongoing regulatory panic, a number of people are claiming that a massive sell off is incoming. However, US Congressman, Patrick McHenry (R-N.C.) — who is also a ranking member of the Financial Services Committee — was recently quoted as saying that while there still exists a tremendous amount of uncertainty surrounding this burgeoning domain, there is definitely “no capacity to kill Bitcoin.”
— Squawk Box (@SquawkCNBC) July 17, 2019
In McHenry’s view, despite repeated attempts made by governments all over the world to ban crypto, they have been largely unsuccessful. On the subject, he then went on to add:
“Even the Chinese with their firewall and extreme intervention in their society could not kill Bitcoin.”
The aforementioned statement came in response to a question posed to the congressman by CNBCs Josh Lipton who wanted to know whether the American ruling class would ever allow the crypto sector to flourish — especially since the asset class associated with this domain did not make use of a regulatory framework that was also being used to administer traditional fiat money.
McHenry is of the opinion that since BTC makes use of a fully decentralized ledger (and was also the first digital currency to enter this space), it cannot be stopped by third-party miscreants.
In a similar vein, when talking about other altcoins, the US policy maker was quoted as saying that since these “new iterations of” Bitcoin are simply trying to mimic the flagship crypto asset, they are susceptible to a variety of external threats.