US Senator: Libra Will Allow Corporations To Gain Even More Power Over The Country’s Finance System
- After today’s House committee hearing, Sen. Sherrod Brown told a number of media outlets that Libra needs to be examined carefully before it can be let loose into the US finance market.
- The Senator believes that the US needs to come up with a ‘comprehensive privacy law’ in order to protect its people from big tech players such as Facebook, Amazon, etc.
According to a recent tweet issued by US Senate Banking Committee (SBC) member Sen. Sherrod Brown, Libra presents large corporations with an all new way of gaining more power over the country’s various finance sectors. Not only that, it is also worth pointing out that these comments came just a few hours after the SBC conducted one of its many hearings in regards to Facebook’s upcoming Libra crypto-currency.
Brown has been quite vocal with his apprehensions about Libra. In his opinion, the much-hyped stablecoin has the potential to disrupt the US finance engine as well as destabilize the country’s national currency (USD). On the subject, he was quoted as saying:
“What happens when Facebook forces businesses to quit accepting your credit card or your debit card? You could be forced to use Facebook's new Monopoly money. What about small business owners, forced to use it or lose access to Facebook's millions of users?”
In closing out this piece, we need to remember that a number of other politicians such as Libertarian Presidential nominee Ron Paul too have spoken out against governments across the globe being against the idea of monetary decentralization. For example, in a recent interview with CNBC, Paul stated:
“…governments aren’t very tolerant of competition, and they’re not even tolerant with using the Constitution to compete with the fiat dollar. Because gold and silver, you can’t use it.”