Blockchain

Libra Gets First Major Political Backer in US Congress

Libra Gets First Major Political Backer in US CongressLibra Gets First Major Political Backer in US Congress

Libra, the underfire planned cryptocurrency led by Facebook (NASDAQ:FB), has been dominating headlines in the world of crypto for all the wrong reasons. Regulators on both sides of the Atlantic have been staunchly opposed to the development of the coin, labeling it a threat to the economic and monetary sovereignty of nations. However, in a rare show of political support for Libra, Republican Senator for South Dakota Mike Rounds has written to Anchorage to endorse the project.

Anchorage, a South Dakota-based trust fund, is one of the 21 founding chartered members of the Libra Association, the non-profit organization that will oversee the project. Rounds described the project as an example of a technological advancement that he feels is needed to aid US consumers. “Technologies like Libra … have the potential to help unbanked and underbanked consumers right here at home […] It would be unfortunate to shun a new solution that could connect more of the most vulnerable Americans to our financial services system,” wrote Rounds.

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