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.
Paxos Ups Its Stablecoin Bet: Launches MAS-Compliant USDG
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24