The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin, Ethereum and XRP Are Real Crypto Assets – But Libra Is Not, Warns US Lawmaker

by Daily Hodl Staff
October 24, 2019
in Regulators

A US lawmaker is drawing a line between true cryptocurrencies and Facebook’s digital asset Libra.

At a hearing on the future of Libra on Wednesday, lawmakers grilled the company’s CEO Mark Zuckerberg.

Republican Rep. Ted Budd of North Carolina used his time to separate Libra from crypto assets, warning that Washington should work to avoid stifling innovation in the blockchain technology.

“It’s crucial that members of this committee be able to differentiate between Libra, which is really not a cryptocurrency, and actual cryptocurrencies like Bitcoin, Ethereum and XRP, before we discuss draft legislation.

Many of the proposals would stifle financial innovation and if we’re to remain as a world leader in financial technology, it’s vital that this committee not embrace reactionary laws against cryptocurrencies.”

Although Bitcoin, Ethereum, XRP and Libra are all built on open-source code, the Libra ledger is corporatized and does not allow anyone in the world to run a node and power the network.

Instead, a group of hand-selected companies will power the Libra network, increasing the digital asset’s centralization and potential for censorship.

At a separate hearing on Libra back in July, CoinShares chief strategy officer Meltem Demirors compared and contrasted Libra with BTC to highlight some of the major differences.

“Imitation is the most sincere form of flattery, but it is important to distinguish that Libra is not a cryptocurrency. There is a clear line separating Libra, Facebook’s self-styled ‘cryptocurrency’ from Bitcoin and other cryptocurrencies…

Bitcoin is decentralized, which is an esoteric metric, but in practice, it means no one entity or group of individuals has the ability to block or reverse transactions.

In contrast, Libra is highly centralized. It is a project that was conceived, designed, and launched by the Facebook corporation and its employees, which proposes to keep a multi-billion dollar fund to back the currency, and to manage the code for the network and control access via a consortium that currently consists of 28 entities. Note that some of these entities in Libra’s governing body are investors in other members of the eight consortium, large owners of Facebook shares, or otherwise commercially affiliated with Facebook and its executives. In Libra’s proposed design, this consortium will have the ability to block and censor transactions.”

While several members have dropped out of the Libra Association, the structure of the platform and the project remain distinctly different from Bitcoin. Meltem also pointed to the fact that unlike Libra, Bitcoin is its own asset and not backed by other assets; Bitcoin is not run by a for-profit association; Bitcoin allows anyone to run nodes without needing permission; Bitcoin supports thousands of companies that are not handpicked by a corporate giant like Facebook.

The full six-hour hearing is below.

[the_ad id="42537"] [the_ad id="42536"]
 
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 losses 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

Industry Announcements

  • MultiBank Group To List MBG Token on Gate.io and MEXC During Official Token Generation Event
    July 18, 2025
  • GSR Leads $100 Million Private Placement Into Nasdaq-Listed MEI Pharma To Launch First Institutional Litecoin Treasury Strategy Alongside Charlie Lee
    July 18, 2025
  • KuCoin Launches xStocks, Delivering a One-Stop Access Point to Top Global Tokenized Equities
    July 18, 2025
  • PlayW3 Unleashes ‘Be the Boss,’ a New On-Chain Business Model That Turns Creators Into Owners – Over $320,000 Already Paid Out
    July 17, 2025
  • Streamex (BSGM) CEO Henry McPhie Highlights BSGM Merger and RWA Tokenization Strategy in Live TV Interview
    July 17, 2025
  • Numerai Announces $1 Million Strategic Buyback of NMR
    July 17, 2025
  • Bit Origin Secures $500 Million Equity and Debt Facilities To Launch Dogecoin Treasury
    July 17, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$118,677.80
$118,677.80
0.33%
Ethereum
$3,769.60
$3,769.60
5.91%
BNB
$749.11
$749.11
2.39%
Solana
$181.36
$181.36
2.45%
XRP
$3.52
$3.52
3.03%

Spotlight

  • Fold CEO Warns Altcoins To Remain Speculative, Says Bitcoin’s Market Dominance ‘Something That Can’t Be Reversed’
    July 13, 2025
  • Merrill Lynch Financial Advisor Banned From Industry After Allegedly Draining $2,580,000 From Former NFL Player’s Account: Report
    July 13, 2025
  • World’s Largest Gambling Company Discloses Hack Affecting 800,000 Users – IP Addresses, Emails and Online Activity Exposed
    July 13, 2025
  • Bitwise CIO Says ‘Unrelenting Demand’ for Bitcoin Could Boost BTC Closer to $200,000 by End of 2025
    July 13, 2025
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.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

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

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl