The cryptocurrency community is in a special situation when it has to protect Facebook Libra from the US government.
Van Ekk's digital asset strategist, Gabor Gurbach, recently went on Twitter to express his concern about a letter sent to the US Senate by Stripe (one of the former members of the Libra Association).
> This is the type of letter executives at @stripe, @Mastercard and @visa (former @Libra_ members) have received.
> Many executives may have chosen not to experiment and innovate in order to avoid regulatory pressure! Sad!
> America can do better!
> Source: https://t.co/M36bkEKJU9 pic.twitter.com/kF3AXf9Xvd— Gabor Gurbacs (@gaborgurbacs) October 12, 2019
The letter describes the risks associated with Facebook's foray into cryptography. Libra, according to US lawmakers, can destroy the global financial system and help finance terrorist activities.
Bitcoin-hating Congressman Brad Sherman, whose campaign is receiving donations from credit card companies, said Libra could be worse than 9/11 when Facebook Blockchain boss David Marcus appeared within the walls of Congress.
Gurbach says he was "depressed" when he saw the US Senate threatening private companies like Stripe with regulatory action for simply being linked to Facebook. His followers agreed that such actions were typical of authoritarian regimes.
Conveniently, the letter arrived just a couple of days before Stripe, eBay, Mastercard and Visa officially announced about leaving the Geneva Libra Association, which was created by Facebook earlier this year.
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