- Facebook Libra’s year so far
- What is to come for Libra in the year 2020
The year 2019 has been rough for the cryptocurrency industry and the ambiguous regulatory situation in the U.S ascertain this statement. Several crypto enthusiasts globally are unsure of what the year 2020 will bring.
Kristin Smith, the executive director of the Blockchain Association believe that though severe regulation might not occur in 2020, there will be in-depth dialogues about the crypto sphere, especially against the backdrop of Presidential elections. In a just-concluded episode of “The Scoop” podcast, Smith stated:
“We’ll see some targeted legislation at Libra in the House. But, yeah, we’re able to have a deeper conversation.” Smith stated that she thinks all the policymakers are interested in is how to get reelected and “nothing about the policymaking in DC.” This statement echoed a similar statement made by Ripple’s CEO Brad Garlinghouse, who has previously stated that Facebook’s proposed stablecoin termed Libra sparked a lot of Crypto conversation, although most of the conversations were negative.
Expatiating on the issue, Smith added, “I don’t think we’ll see anything enacted into law. It is a presidential year coming up, and so policymaking in D.C.–even at the agency level, not that there’s anything live going on at the agency level right now–but it almost entirely shuts down, especially as we get sort of past the first quarter, the second quarter of the year.”
What is to Come for Libra in the Year 2020
According to Kristen, the newly appointed junior senator from the state of Georgia, Kelly Loeffler might be to the advantage of the crypto industry. She tagged it as “a huge boon for the crypto world.”
After the announcement of Libra in June, regulators have been going back and forth in an attempt to address the stablecoin ecosystem. The “Keep Big Tech out of Finance Act” bill that was issued toward Facebook claimed that if a company has more than twenty-five billion dollars of revenue in tech, then the company cannot also partake in finance.
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Commenting on the issue, the exec stated, “Congress is not allowed to write legislation that specifically calls out a company’s name. I don’t know where that is in the rules, but there’s this idea that you can’t pass a bill that says Facebook can’t do this.”
In the same light, another bill tagged “Managed Stablecoins are securities act” was published. The publication defines the term “managed stablecoins,” which claimed that only those “coins that have an issuer who plays an active managerial role in adjusting the composition of assets that back the coin guarantees its stability.”