Coinbase CEO calls Libra scrutiny 'un-American'

Elected officials are worried about Facebook's proposed Libra cryptocurrency, and Brian Armstrong thinks that's downright un-American. 

The Coinbase CEO expressed his frustration with senators Brian Schatz and Sherrod Brown on Sunday, writing that letters of caution penned by the two and sent to Stripe, Visa, and Mastercard went a step too far. Specifically, the senators warned the companies — at that point Libra backers — that Facebook had failed to satisfactorily demonstrate how it will prevent the cryptocurrency from being used to, among other things, facilitate terrorist financing.  

"You should be concerned," read the letters in part, "that any weaknesses in Facebook's risk management systems will become weaknesses in your systems that you may not be able to effectively mitigate." Read more...

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✍ Credit given to the original owner of this post : ☕ Mashable

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