Senators Brian Schatz and Sherrod Brown wrote letters to Stripe, Visa, and MasterCard, suggesting them to proceed with caution with their involvement in Facebook’s crypto project. Coinbase CEO feels that this a step too far. He tweeted, “something feels very un-American about this.”
He called the letters from senators as intimidation tactics. He further added that it does not matter what you think of Libra, and if it is not a useful tool or innovation, people will not use it. As reported earlier, despite all the regulatory scrutiny, Facebook has decided to move ahead with the crypto project.
Do we want to have a centrally planned economy, or let 1,000 ideas be tried in a free market to see which ones break through and deliver real value? Breakthroughs are by definition contrarian ideas, otherwise they would have already have been tried.
— Brian Armstrong (@brian_armstrong) October 13, 2019
Coinbase CEO questioned the need for a centrally planned economy, or we should let different ideas be tired in the free market to see which ones breakthroughs and deliver real value. It seems like the companies took the letters seriously as they dropped out of the project just a few days later.