Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

US Senate Grills Facebook’s Crypto Chief As JP Morgan Chase Dismisses Threat From Libra

by Daily Hodl Staff
July 16, 2019
in Blockchain
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
‎‎‎ ‏‏‎

Libra’s David Marcus just faced the US Senate in the first of two consecutive hearings where lawmakers grilled him about Facebook’s foray into the financial services industry as well as the company’s tarnished past with respect to user data and Russian interference in the 2016 US presidential election.

Marcus was also questioned on how the social networking giant would handle a transaction using Libra that was executed by an individual from a sanctioned country.

While Marcus assured the panel that Libra will be registered with the Financial Crimes Enforcement Network (FinCEN) and will uphold its anti-money laundering standards, he gave less than a direct response when asked if Facebook’s platform would freeze the assets of a sanctioned individual.

According to Marcus,

“It would be the role of the custodial wallets to block access to funds for those addresses.”

The Facebook hearing highlights the fact that corporations issuing digital assets lack the censorship-resistance of decentralized cryptocurrencies such as Bitcoin which do not operate under the auspices of a government or centralized authority.

Meanwhile, CEO of JP Morgan Chase Jamie Dimon says he doesn’t see Facebook’s Libra project as a near-term threat. During a conference call with analysts, Dimon dismissed the notion that Facebook could build a new blockchain-based global financial structure that would challenge the status quo, reports CNBC.

Says Dimon,

“To put it in perspective, we’ve been talking about blockchain for seven years and very little has happened. We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it.”

Dimon, who leads the largest bank in the US, is currently developing JPM Coin, a corporate digital currency that is pegged to the US dollar and designed to leverage blockchain technology to settle transactions quickly.

The idea that Facebook should be able to launch a bank-like platform that allows its 2.5 billion registered users to enjoy financial services outside of the regulated banking industry doesn’t make sense to Dimon. He says, however, that the bank doesn’t mind competition.

“The request is always going to be the same: We want a level playing field. And governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place. No one wants to aid and abet terrorism or criminal activities.”

Follow us on Facebook            Join us on Telegram            Follow us on Twitter


Check Latest News Headlines


ADVERTISEMENT


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • Unifi Farms Beta Launches on Unifi Protocol to Pioneer No-Stake Farming
    February 26, 2021
  • Bang Bang: Critical Factors Fueling Rise of the Retail Investor
    February 25, 2021
  • How Traders Make Money in Both Bull and Bear Markets on BigoMex
    February 25, 2021
  • Student Coin Found New Ways to Use Crypto
    February 24, 2021
  • Everest Receives Crypto Custodian Approval
    February 23, 2021
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$48,378.00
$48,378.00
8.14%
Ethereum
$1,539.15
$1,539.15
12.73%
Binance Coin
$255.88
$255.88
21.39%
Polkadot
$35.42
$35.42
14.23%
Cardano
$1.28
$1.28
2.58%
XRP
$0.436000
$0.436000
4.81%
ADVERTISEMENT

Spotlight

  • Lark Davis Urges Launch of Ethereum 2.0 Amid ‘Crazy’ Fees, Exodus to Binance Smart Chain
    February 22, 2021
  • Coinbase Reveals It Has Executed $1,000,000,000 Crypto Buys for Some of the Largest Institutions in the World
    February 26, 2021
  • Top Crypto Analyst Says One Altcoin Will Recover Stronger and Faster Than the Rest
    February 24, 2021
  • Crypto Trader Lark Davis Lists Top Six Altcoins To Buy in March
    February 28, 2021

DON’T MISS A BEAT

Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options

By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.

Check your inbox for confirmation email.

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2021 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

×
We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.