Crypto lobbyists are trying to convince lawmakers that efforts to slow or stop Facebook’s virtual coin shouldn’t apply to bitcoin and other older digital currencies.
for being light on details. The lawmakers also linked Libra to other Facebook missteps from the past several years.
Dante Disparte, the Libra Assn.’s head of policy and communications, said in a statement that the group believes “financial inclusion, regulatory compliance, and consumer protection are not competing objectives, but rather work in lockstep” with the goal of offering a simpler global currency to billions of people.
Supporters of digital currency worry that some of the proposed legislative measures would quash more digital currencies than just Libra. Bitcoin, its backers argue, is less a currency than a store of value because its price can move up or down. But so-called stable coins, such as USD coin and tether, have a fixed price and could be hit by legislation such as Schatz’s proposal.
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