With much hostility from the regulators and exodus of seven firms from the Libra Association, Facebook’s crypto project seems to stand in an upsetting spot. However, it has achieved its first support from a US Senator, Mike Rounds.
Rounds, indeed, came forward to support the Libra Association and praised Anchorage, the trust company, for its decision to stay as a patron for Libra. The senator sent an open letter to the firm, writing, “your willingness to take risks in an effort to improve the lives of Americans and our neighbors across the globe is one of the hallmarks of what makes our country great.” Anchorage is a company based in rounds’ home state.
The open letter from Mike follows another letter that was sent to other members of the Association by Brian Schatz and Sherrod Brown, the respective Democratic senators of Hawaii and Ohio. In the letter to Anchorage, Mike also mentioned the Ominous tone used in the letter sent to others. He wrote, “it is profoundly disappointing that my colleagues chose to address your peers in such an ominous tone, which I fear may put a chill on innovation in the long run.”
Rounds also stated his concerns regarding the US lagging in the global digital economy and defined the adverse reactions towards Libra as “puzzling” as the laws were written ages before the internet and technology did not exist.
