Rep. Soto Statement on Facebook’s New Cryptocurrency: “Potential Opportunity for Financial Inclusion”

June 18, 2019
Press Release

U.S. Congressman Darren Soto (FL-09), Co-Chair of the Congressional Blockchain Caucus, released the following statement today after Facebook’s announcement of “Libra,” a new cryptocurrency venture powered by Blockchain technology:

“Facebook’s new Libra blockchain project has the potential to be a big step forward towards a more global and inclusive financial infrastructure. We are encouraged by the possibility of increasing access to mobile and digital payments, which will ultimately benefit our society and become a driver of economic growth. While it is yet unclear how this new technology will be regulated, it is crucial Congress continues to protect consumers and the financial well-being of investors, while simultaneously promoting innovation for these virtual currencies.”

 

“In the Congressional Blockchain Caucus we are working in a bipartisan manner to educate and maximize Blockchain technologies’ potential for the U.S. economy. We applaud the thoughtfulness behind the Libra Association. If efforts to achieve this multi-level cryptocurrency coordination is successful – one that protects consumers and prioritizes user privacy – this could be a significant advancement for the 21st Century economy.”

 

 

Congressman Soto, who serves on the U.S. House Energy and Commerce Committee with jurisdiction over consumer protection and financial technology, introduced the Token Taxonomy Act of 2019 (H.R. 2144) and the Digital Taxonomy Act (H.R. 2154) as the leading legislation to provide jurisdiction and regulatory certainty for businesses, entrepreneurs, and regulators in the United States’ blockchain economy.

 

The Senate Banking Committee has noted potential regulatory issues raised by Facebook’s announcement. Recently, Rep. Soto and Rep. Hollingsworth penned a letter to the White House encouraging the Trump Administration to promote Blockchain in its national initiatives on emerging technologies.