A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB)

FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/File Photo

  • South Dakota Sen. Mike Rounds got here out as Libra’s first main supporter in Congress on Thursday.
  • Senator Rounds wrote a letter to Libra Affiliation member Anchorage praising the corporate’s “entrepreneurial spirit.”
  • Different Libra backers together with PayPal, Mastercard, and Visa not too long ago backed out of Fb’s cryptocurrency mission.
  • Go to Enterprise Insider’s homepage for extra tales.

South Dakota Sen. Mike Rounds has change into the primary main supporter of Libra, Fb’s enterprise into cryptocurrency.

On Thursday, Rounds despatched a supportive letter to Libra Affiliation member Anchorage, a San Francisco-based firm that describes itself as a “digital asset custodian.” Anchorage tweeted the letter, saying that it’s dedicated to persevering with to work with Libra.

Rounds positioned Libra as a vital improvement that may enable US tech firms to proceed competing with Chinese language firms. He wrote that he sees a future in cryptocurrencies and digital funds, so he would not perceive his colleagues’ “hostility.” In line with Rounds, greater than 80% of Chinese language shoppers used digital funds within the final 12 months, in comparison with fewer than 10% of US shoppers.

Rounds additionally addressed the significance of regulation from Congress for Libra shifting ahead and helps increasing US anti-money laundering regulation to cowl cryptocurrency, however he slammed the “archaic and inflexible nature of our regulatory and legal system” that drives firms to include internationally.

Learn extra: Fb CEO Mark Zuckerberg is attempting to construct a legacy amid scandals and criticism

In a press release to Enterprise Insider, an Anchorage spokesperson wrote: “Anchorage is grateful to Senator Rounds and the state of South Dakota for their support of entrepreneurship and innovation. Along with the Libra Association’s other Founding Members, Anchorage welcomes regulatory feedback and remains committed to working closely with policymakers, at home and abroad. We respect the critical role that regulators will play in Libra’s launch. We hope that Libra’s ambitious mission will inspire them as much as it has inspired us.”

Fb and Rounds’ workplace didn’t instantly reply to Enterprise Insider’s requests for remark.

Rounds wrote that it was “profoundly disappointing” that different lawmakers responded so negatively to the cryptocurrency, which he fears may “put a chill on innovation in the long run.” In July, 5 members of the Home Monetary Providers Committee wrote a letter to Fb CEO Mark Zuckerberg and different executives to place Libra plans on maintain till Congress and regulators had an opportunity additional look at the cryptocurrency. Zuckerberg is scheduled to testify about Libra earlier than Congress on October 23.

That elevated scrutiny might have scared off greater than 1 / 4 of the mission’s backers, together with Mastercard, PayPal, Visa, and eBay. 

SEE ALSO: JPMorgan and Goldman Sachs reportedly rejected any involvement in Fb’s Libra cryptocurrency due to fears it might be utilized by criminals

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A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB)
A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB) A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB)
A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB) A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB)
A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB) A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB)
A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB)

A Republican senator simply gave Libra its first voice of help in Congress after its rocky begin with regulators and companions (FB)

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