Apparently, everyone in Washington is
Finally, we seem to have a bipartisan consensus in Washington. Both parties are terrified of new private money and they want to regulate it out of existence. The near universal fear and loathing by government officials to these so-called cryptocurrencies is all the more reason they should exist.
A cryptocurrency is a privately sponsored and operated form of money that is not supplied by government. Bitcoin has already been traded for years, but the new leading horse is the multi-billion dollar Libra, that Facebook is creating.
The Wall Street Journal’s headline last week expressed worries of government officials: “Facebook Faces Broad Resistance to Crypto Plans.”
Last week’s congressional hearing on crypto-currencies revealed broad agreement that U.S. regulators and policymakers must force cryptocurrency companies to comply with as the WSJ put it, “a panoply of regulations governing risks, money laundering, terrorism financing and evasions of sanctions.”
Meanwhile, the European Union officials say that private money could risk igniting “financial instability” in global markets. The White House has also voiced skepticism.