{"id":390052,"date":"2019-07-16T20:00:50","date_gmt":"2019-07-16T20:00:50","guid":{"rendered":"https:\/\/ktsl888.com\/?p=390052"},"modified":"2019-07-16T15:27:20","modified_gmt":"2019-07-16T15:27:20","slug":"facebook-libra-distrust-crypto","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/facebook-libra-distrust-crypto\/","title":{"rendered":"The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto"},"content":{"rendered":"<p>Today, the United States Senate Committee on Banking, Housing, and Urban Affairs held an <a href=\"https:\/\/www.banking.senate.gov\/hearings\/examining-facebooks-proposed-digital-currency-and-data-privacy-considerations\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">open session<\/a> to conduct a hearing on Facebook\u2019s <a href=\"\/tag\/libra\" rel=\"nofollow\">Libra<\/a> &#8211; a hot button topic across the crypto industry and financial space currently.<\/p>\n<p>Recently, Libra has sparked an interest in not only just Facebook\u2019s first foray into digital but it&#8217;s also caused governments to begin to take a closer look into <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> and other cryptocurrencies, and thus far, the response <a href=\"https:\/\/ktsl888.com\/2019\/07\/16\/us-committee-plans-to-ban-facebook-cryptocurrency-libra\/\">hasn&#8217;t been positive<\/a>.<\/p>\n<h2>United States Senator: Facebook is Dangerous, and Disruptive<\/h2>\n<p>In his opening statements in his testimony, Senator Sherrod Brown (D-OH) began with the phrase \u201cFacebook is dangerous.\u201d You can imagine the tone for the rest of his testimony, if he\u2019s starting with a bold, defining statement as that.<\/p>\n<p>The senator and committee member clarifies that while the Zuckerberg-led firm didn\u2019t intend to be dangerous, \u201cthey don\u2019t respect the power of the technologies they are playing with,\u201d and compared them to a toddler playing with a book of matches who burned down his or her own house.<\/p>\n<p>The tirade went on, calling attention to \u201cits version of disrupting\u201d the newspaper industry and how <a href=\"\/tag\/facebook\" rel=\"nofollow\">Facebook<\/a> siphons revenue away from the media outlets and journalists offering unbiased coverage, and is instead using its algorithms to <a href=\"https:\/\/www.forbes.com\/sites\/kashmirhill\/2014\/06\/28\/facebook-manipulated-689003-users-emotions-for-science\/#2e5f4d51197c\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">manipulate human behavior<\/a>. He says what Facebook is doing isn\u2019t \u201ccreative disruption, it\u2019s just disruption.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">You guys gotta watch this.  He is going HAM on Facebook <a href=\"https:\/\/t.co\/zbkl0hZDEn\" rel=\"nofollow\">https:\/\/t.co\/zbkl0hZDEn<\/a><\/p>\n<p>&mdash; Alan Silbert (@alansilbert) <a href=\"https:\/\/twitter.com\/alansilbert\/status\/52355842?ref_src=twsrc%5Etfw\" rel=\"nofollow\">July 16, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Brown also points out the abundance of \u201cfake news,\u201d preying on Facebook users biggest fears and uncertainties, and how Facebook\u2019s newsfeeds were used to spread propaganda, or potentially sway the results of political campaigns.<\/p>\n<p>The senator used the examples as reasons to deter Facebook from ever launching its Libra cryptocurrency.<\/p>\n<p>\u201cThey don\u2019t seem to understand why their intention to run their own currency out of a Swiss bank account\u2026 has been met with such fierce opposition.\u201d He explained.<\/p>\n<blockquote><p>&#8220;Facebook has demonstrated through scandal after scandal that it doesn\u2019t deserve our trust, it should be treated like the profit-seeking corporation it is.\u201d<\/p><\/blockquote>\n<p>Facebook\u2019s controversial <a href=\"https:\/\/ktsl888.com\/tag\/libra\/\">Libra cryptocurrency<\/a> has put a magnifying glass on the crypto industry and it while it was initially met with optimism, its since caused governments across the globe to step up and take an increased interest in cryptocurrencies as an asset class, and the comments aren\u2019t positive.<\/p>\n<h2>Libra Turns the Tide on Bitcoin and Crypto<\/h2>\n<p>This week, <a href=\"https:\/\/ktsl888.com\/2019\/07\/12\/trump-blasts-bitcoin-for-illicit-use-as-ny-college-is-hit-with-2m-ransomware\/\">President Donald Trump tweeted about Libra, Bitcoin, and crypto<\/a>, commenting on their use in \u201cunlawful\u201d activities such as cyber crime or money laundering. His comments were echoed by Steven Mnuchin, US Secretary of Treasury.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/2019\/07\/15\/us-treasury-crypto-warns-unlawful\/\">US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses<\/a><\/strong><\/em><\/p>\n<p>Their comments kicked off a week of hearings on Facebook\u2019s Libra, the beginnings of what looks like powerful regulation hitting the crypto industry, and may have caused Bitcoin\u2019s recent bullish trend to reverse.<\/p>\n<p>Facebook\u2019s Libra may never see the light of day, but even just its announcement may be enough to disrupt the crypto industry, and like Senator Brown said, Facebook doesn\u2019t just disrupt creatively, it just disruptive to be destructive.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today, the United States Senate Committee on Banking, Housing, and Urban Affairs held an open session to conduct a hearing on Facebook\u2019s Libra &#8211; a hot button topic across the crypto industry and financial space currently. Recently, Libra has sparked an interest in not only just Facebook\u2019s first foray into digital but it&#8217;s also caused governments to begin to take a closer look into Bitcoin and other cryptocurrencies, and thus far, the response hasn&#8217;t been positive. United States Senator: Facebook is Dangerous, and Disruptive In his opening statements in his testimony, Senator Sherrod Brown (D-OH) began with the phrase \u201cFacebook is dangerous.\u201d You can imagine the tone for the rest of his testimony, if he\u2019s starting with a bold, defining statement as that. The senator and committee member clarifies that while the Zuckerberg-led firm didn\u2019t intend to be dangerous, \u201cthey don\u2019t respect the power of the technologies they are playing with,\u201d and compared them to a toddler playing with a book of matches who burned down his or her own house. The tirade went on, calling attention to \u201cits version of disrupting\u201d the newspaper industry and how Facebook siphons revenue away from the media outlets and journalists offering unbiased coverage, and is instead using its algorithms to manipulate human behavior. He says what Facebook is doing isn\u2019t \u201ccreative disruption, it\u2019s just disruption.\u201d You guys gotta watch this. He is going HAM on Facebook https:\/\/t.co\/zbkl0hZDEn &mdash; Alan Silbert (@alansilbert) July 16, 2019 Brown also points out the abundance of \u201cfake news,\u201d preying on Facebook users biggest fears and uncertainties, and how Facebook\u2019s newsfeeds were used to spread propaganda, or potentially sway the results of political campaigns. The senator used the examples as reasons to deter Facebook from ever launching its Libra cryptocurrency. \u201cThey don\u2019t seem to understand why their intention to run their own currency out of a Swiss bank account\u2026 has been met with such fierce opposition.\u201d He explained. &#8220;Facebook has demonstrated through scandal after scandal that it doesn\u2019t deserve our trust, it should be treated like the profit-seeking corporation it is.\u201d Facebook\u2019s controversial Libra cryptocurrency has put a magnifying glass on the crypto industry and it while it was initially met with optimism, its since caused governments across the globe to step up and take an increased interest in cryptocurrencies as an asset class, and the comments aren\u2019t positive. Libra Turns the Tide on Bitcoin and Crypto This week, President Donald Trump tweeted about Libra, Bitcoin, and crypto, commenting on their use in \u201cunlawful\u201d activities such as cyber crime or money laundering. His comments were echoed by Steven Mnuchin, US Secretary of Treasury. Related Reading | US Treasury Increases Regulatory Pressure on Crypto, Warns of Its Unlawful Uses Their comments kicked off a week of hearings on Facebook\u2019s Libra, the beginnings of what looks like powerful regulation hitting the crypto industry, and may have caused Bitcoin\u2019s recent bullish trend to reverse. Facebook\u2019s Libra may never see the light of day, but even just its announcement may be enough to disrupt the crypto industry, and like Senator Brown said, Facebook doesn\u2019t just disrupt creatively, it just disruptive to be destructive.<\/p>\n","protected":false},"author":517,"featured_media":390054,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[6664,1985,2752,3821,48171],"class_list":["post-390052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-crypto","tag-facebook","tag-libra","tag-senate","tag-sherrod-brown"],"acf":[],"yoast_head":"\n<title>The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto<\/title>\n<meta name=\"description\" content=\"The United States sentate committee for banking today addressed Facebook&#039;s Libra crypto asset and spoke of how the company shouldn&#039;t be trusted with money.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ktsl888.com\/news\/facebook-libra-distrust-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto\" \/>\n<meta property=\"og:description\" content=\"The United States sentate committee for banking today addressed Facebook&#039;s Libra crypto asset and spoke of how the company shouldn&#039;t be trusted with money.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ktsl888.com\/news\/facebook-libra-distrust-crypto\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-16T20:00:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-16T15:27:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2019\/07\/facebook-crypto-libra-shutterstock_1053127601.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"6016\" \/>\n\t<meta property=\"og:image:height\" content=\"4016\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \\\"The Bull,\\\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.\",\"sameAs\":[\"https:\/\/coinchartist.io\/\",\"https:\/\/www.instagram.com\/coinchartist_io\/\",\"https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC\",\"https:\/\/www.youtube.com\/@coinchartist_io\"],\"url\":\"https:\/\/ktsl888.com\/author\/tonymspilotro\/\"}]}<\/script>\n","yoast_head_json":{"title":"The United States\u2019 Distrust in Facebook Libra Is Spilling Into Crypto","description":"The United States sentate committee for banking today addressed Facebook's Libra crypto asset and spoke of how the company shouldn't be trusted with 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