Our take | Senate hostile towards Libra, Facebook suggests regulators must act or risk losing US dollar dominance to Bitcoin

Senate hostile towards Libra, Facebook suggests regulators must act or risk losing US dollar dominance to Bitcoin

By Mitchell Moos@MitchellMoos • 7 min read

The focus of the hearing between Facebook’s David Marcus and the Senate on the Libra cryptocurrency was trust—or the lack thereof. Marcus, the head of Calibra, strongly suggested that if the U.S. doesn’t act quickly, Bitcoin could jeopardize the dollar’s dominance. Meanwhile, the Senate Committee was hostile …

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