With Facebook’s Libra cryptocurrency project now the focus of both Presidential tweetstorm anger and Congressional scrutiny from the Financial Services Committee in the US House of Representatives, as well as possible national security implications being voiced by the Executive Branch itself, OG crypto wealth networks like Bitcoin, Litecoin, and Ethereum could have seen a disastrous outcome. We came so close to a game over.
Rushed and headline hungry politicians here in the District could have gone full CCCP banhammer on beautiful decentralized crypto, at a time when the leading cryptos are finally flourishing — with Bitcoin, Ether, and Litecoin now all accepted at major US merchants, including Starbucks and Whole Foods, through the Flexa app. (The app works much like Google Pay or Apple Pay, and has received the support of the billionaire Winklevoss twins’ Gemini exchange.)
Instead of Bitcoin going the way of the 8-track, members of Congress showed a surprising level of blockchain competence, distinguishing in a number of televised interviews between decentralized, mineable Bitcoin — which they have no problem with — and the centralized, Geneva-based proposed Libra, which could centralize too much financial power in the hands of the few, namely Facebook and its partners.
This level of knowledge on the Hill is due, in large part, to unsung heroes like Perianne Boring. A former Miss District of Columbia pageant contestant with Congressional aide experience, Boring’s Chamber of Digital Commerce has been a key catalyst in keeping crypto misinformation from seeping into Congress’ way of thinking.
We’re pleased to report the official wrath here in DC is almost entirely focused on Facebook and other Big Tech players who have given the perception they are beyond the reach of federal overview. That probably won’t end well for Facebook and others of interest to the Financial Services Committee on the Hill.
Chamber of Digital Commerce — Twitter
Congrats to Perianne Boring and other East Coast blockchain leaders, including Digital Currency Group’s Barry Silbert in New York, whose admirable thought leadership on Twitter has kept the crypto deniers at bay through this whole bizarre Libra news cycle.