Coinbase CEO defends Libra, calls regulatory scrutiny un-American

Coinbase CEO, Brian Armstrong in a series of tweets, lashed out on senators who publicly wrote letters to three backers of Libra and warning them to proceed with caution. Brian called this move "un-American." Senators wrote letters to Visa, MasterCard, and Stripe on October 8th, and the companies pulled out from the project on October 11th

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.

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.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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