Blockstream chief strategy officer Samson Mow pulled no punches with Facebook’s much-hyped crypto, Libra.
Finished watching the entirety of the Senate Banking Committee hearings today.@Libra_ is so screwed.
— Samson Mow (@Excellion) July 17, 2019
He is not the first industry insider to criticize the planned crypto launch, both industry experts and lawmakers are voicing concerns over the security of the open-source currency, and the potential censorship issues that come from the way it is being led.
Regulatory concerns with Libra
Cryptocurrencies have been attractive to users because of their permissionless nature, and the ability for those who use the currencies to avoid censorship put in place by governments and other agencies. Libra’s website states that its digital currency will “gradually transition to a permissionless state” implying that at the outset this will not be the case.
Mow was not the first industry expert to voice concerns, in an interview with Bloomberg on July 11 Ethereum’s co-founder Mihai Alisie said he is extremely concerned about the impact Facebook’s stablecoin would have on the wider crypto industry.
“This has implications on so many areas, from the economic to the political to the technological to surveillance and data privacy […] It [Facebook] is actively manipulating the behavior of people on a global scale.”
Now, the hearing is providing a platform for members of Congress to voice their concerns about the regulation of cryptocurrency on a larger scale, beyond simply targeting Libra. Prominent crypto commentator Nathaniel Whittemore has praised the fact that the scrutiny Libra is facing from the government is putting regulatory concerns in the spotlight. Paraphrasing a comment made by Tom Emmer he tweeted “cryptocurrency is incredibly important,