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Bitcoin Noticeably Absent From Senate Hearing on Facebook's Libra

Jul 16, 2019👎Bearish

For a panel about a proposed cryptocurrency, Tuesday's Senate Banking Committee hearing was notably light on crypto talk.

Bitcoin was barely mentioned during the two-hour session and most of the lawmakers seemed far less concerned with the technology than with who was planning to leverage it: Facebook.

“The volatility of bitcoin … means it won’t be put in widespread use. While [Libra] is supposed to be put into wide use,” Van Hollen said.

And though he grilled Marcus on data sharing and consent, Sen. Pat Toomey (R-Pa.) sounded bullish on blockchain in general.

“We shouldn’t prevent what can be a tremendous financial innovation. There is a big potential in blockchain technology,” Toomey said.

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