Congress DEMANDS Facebook STOP Crypto!

you know the more stupid congress is the

more bullish i get about crypto because

it means we haven't hit the peak pricing

yet

well folks the government is striking

again the government's boomers are after

the crypto world and if you're a boomer

but you're interested in crypto because

you're watching this video i respect you

okay folks listen to this first we know

that last month coinbase was going to

launch a product called lend they were

going to offer interest on

stable coins but the sec the security

and exchange commission came out and

said that they will sue coinbase if

coinbase does that despite the fact that

other companies offer interest on

cryptocurrency stable coins like block

fine which you can get by going to

metkevin.com bf

but anyway so coinbase then ended up

with drawing their plans to basically

offer the lend program kind of killing

their competitiveness in the space which

is kind of weird because block fi is

licensed in most states just like

coinbase is i think new york is kind of

the leftover one that everybody kind of

has problems with but anyway

i don't see how different block files

from coinbase and block file is good but

coinbase isn't right anyway so coinbase

gets threatened this leads the ceo brian

armstrong of coinbase to freak out on

twitter well now the senate's taking

their turn freaking out this time at

facebook take a look at this dear mr

zuckerberg zuck gets demanded

to stop dealing with crypto from the

senate take a look at this policymakers

are once again facing a scandal

involving reports about facebook's

relentless relentless pursuits of

profits at the expense of customers most

recent allegations detail facebook's a

knowing

use of algorithms that harm adolescents

in t and teens particularly girls

facebook has repeatedly shown itself

indifferent to the harms its products

cause as a result

we right to voice our strongest

opposition to facebook's revised effort

to launch a cryptocurrency and digital

wallet now branded neom and navi

in october 2019

there were individuals associated with

originally facebook's planned stablecoin

or cryptocurrency libra who expressed

deep concerns about the risks libra

proposed or posed to consumers in the

financial system after they got so much

backlash that is after facebook got so

much backlash facebook killed libra and

then they basically rebranded it kept

the project going in the dark well now

the senate is quoting facebook saying

that

here we go you said in a house financial

services committee hearing in october

2019 that facebook quote would not be a

part of launching the libra payment

system anywhere in the world unless all

u.s regulators approve it more recently

david marcus the executive overseeing

facebook's digital currency effort said

quote we are definitely not going to

launch without proper regulatory

framework well

thanks for the verbal contract is

essentially what the senate is saying

now because the senate is saying dear to

your facebook hey you know here you are

trying to pursue a digital currency on

an aggressive time frame and you've

already launched a pilot for a payments

infrastructure network providing the

citations here from specifically the

verge of this citation here digital

wallet pilot program payments dm right

uh and take a look at this

now uh they reference the federal

reserve saying that stable coins are

kind of like money funds like bank

deposits and they're growing incredibly

fast but without proper regulation this

is where they're tying together that hey

facebook you said you weren't going to

do anything until we have regulation now

here you go being being you know getting

out of line again even though

technically facebook just said hey we're

not going to do it until you guys

regulate

i mean

i can't really blame facebook because

congress is super freaking slow at

actually doing anything so here you have

i think it's like five senators throwing

this letter together and basically

saying we urge you to immediately

discontinue your pilot

and commit that you will not bring diem

to market what it's worth here's the

verge article from yesterday facebook's

digital wallet finally launches without

dm cryptocurrency facebook is finally

starting to roll out a small pilot of

navi the digital wallet today in the us

and guatemala more than two years after

it was first announced the pilot will

let users send and receive money

instantly securely and with no fees

using the paxos stablecoin in

partnership with coinbase

which will be serving as the custody

partner according to facebook's david

marcus the pilot is meant to quote test

the core features and functions and

operational capabilities of customer

care and compliance in addition to

trying to demonstrate the viability of

stablecoins most notably though it is

the fact that novi is launching without

its biggest feature the facebook-backed

cryptocurrency dm that was meant to be

the cornerstone of the project diem was

formerly known as libra and now if

you're confused don't worry so is

congress i'm going to clear it up for

you

libra was supposed to be facebook's

cryptocurrency

rebranded now as diem facebook is not

launching diem so libra diem those are

not happening like facebook promised

facebook is launching a digital wallet

now congress thinks facebook is

launching a stablecoin but they're not

launching a stablecoin

facebook is using an existing stablecoin

created by the company called paxos

which does a lot of actual zero like t

plus zero settlement really cool work

the folks over at paxos do i'd love to

invest in paxos if i could if anybody

knows how i can invest in paxos please

reach out to me on instagram or twitter

but anyway

this

facebook pilot here is just facebook

issuing or opening up the wallet like a

meta mask

and once again folks

this here

is a big catalyst to show us how

freaking clueless our regulators are now

i don't profess to be the almighty most

knowledgeable person about

cryptocurrency but i'll tell you this

i'm researching and learning about it

every single day and i can see here that

our folks in congress

aren't

let me know what you think about this in

the comments down below check out my

programs on building your wealth linked

down below and folks we'll see in the

next one and go to mackevin.com bf for

those yields

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