NC Representative: Libra Hearing Is An Attack On American Innovation

The NC Representative (North Carolina) Patrick McHenry, explained in an interview that the Libra hearing is a ‘’trial’’ for American innovation by the policymakers and we are about to find out more in the Libra coin news today.

After a few weeks of waiting, Mark Zuckerberg who was trailed by some of the world’s top regulators finally appeared on the Hill to talk about Libra with the Financial Services Committee of the house. While the hearing had an innocuous premise of trying to slow down the digital criminal activity and protecting the traditional fiat system from violent disruption, the NC Representative posed the idea that Zuckerberg’s attendance in Washington D.C is an attack on innovation.

If you have been following the crypto news this period you know that the regulators are not really pleased with Libra.
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They have done everything in their power to cut down the project’s growth with the predicate that if the crypto project does not launch in the current form, everyone will be better off. While this idea gained much traction, there have been some detractors.
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In an interview before Zuckerberg’s hearing on Wednesday, the Republican Representative of North Carolina Patrick McHenry explained that his ‘’fear’’ is that the crusade against Libra is a de-facto ‘’trial’’ for American innovation by the policymakers in Washington because they do not understand it. He added that Facebook has created a huge company, the regulators are ‘’pouncing on them’’ thus sending a signal to innovation all across America.

In other words, Zuckerberg was grilled on Capitol Hill and this was also seen as a sign by innovators in Silicon Valley or elsewhere that innovation is not really tolerated. In other comments, McHenry was quoted saying that Washington would be remiss to try to kill an idea rather than becoming more informed.

McHenry didn’t explain the exact downsides of stemming innovation, namely fintech but in the planned testimony for Zuckerberg, it was mentioned that without Libra the US could lose the financial hegemony to China, millions of disadvantaged individuals will suffer and the American people will lose a chance to extend democracy values across the world.