Libra cryptocurrency catches major congressional snag


When someone tells you that cryptocurrency is about to go mainstream, it just feels a little off, doesn’t it?

That’s like hoping your moonshine guy goes legit, despite that taxes, regulation, and overall dumbing down of the finished product.

But still, Facebook finds themselves barreling down the road toward world domination.  They are already the number one data harvester on the planet, with a valuation in the billions of dollars backed up by their massive troves of user data alone.  Now, as they plan to launch Libra, their cryptocurrency, they really do seem to be eying the title of masters of the universe.

Trending: Texas: Jury Rules Against Dad Fighting 7-Year-Old Son’s Gender Transition

Not so fast, says Congress.

take our poll - story continues below

Will Hillary Clinton enter the 2020 race for president?

  • Will Hillary Clinton enter the 2020 race for president?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Freedom Outpost updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

Facebook’s ambitious plan to create a financial eco-system based on a digital currency faces questions from lawmakers, as it’s shadowed by negative comments from President Donald Trump, his treasury secretary and the head of the Federal Reserve.

Congress begins two days of hearings Tuesday on the currency planned by Facebook, to be called Libra, starting with the Senate Banking Committee. Meanwhile, a House Judiciary subcommittee will extend its bipartisan investigation of the market power of Facebook, Google, Amazon and Apple.

Trump tweeted last week that the new currency, Libra, “will have little standing or dependability.” Both Treasury Secretary Steven Mnuchin and Fed Chair Jerome Powell have expressed serious concerns recently that Libra could be used for illicit activity.

The main concern, as it has been with the bevy currently available cryptocurrencies, is that these clandestine cash-adjacent transactions could be used to finance drug dealers, gun runners, and terrorists.

Facebook, who is not exactly known for their corporate maturity or ethics, could be opening a Pandora’s box by jumping feet first into a game already dominated by ne’er-do-wells…something that Congress and the Treasure Department are going to hope to prevent.

Don't forget to Like Freedom Outpost on Facebook and Twitter, and follow our friends at RepublicanLegion.com.

You Might Like
Previous Ocasio-Cortez, Omar & Pressley Refuse To Condemn Antifa Attack On ICE Center
Next Man Who Attacked ICE Facility Used AOC-Like ‘Concentration Camp’ Rhetoric, MSM Silent

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the ∨ icon to the right of the comment, and report it as spam. Thank you for partnering with us to maintain fruitful conversation.