Greetings from Washington, D.C. The price of bitcoin took a slight hit this week, after Facebook’s David Marcus testified at two hearings on Capitol Hill about the social media giant’s plans for Libra. Mr. Marcus, whom we profiled this week, fielded questions on a variety of topics, from how Facebook would stop Libra from being used for money laundering and terrorist financing to how the Libra Association, which will oversee the cryptocurrency, would be regulated.
It’s clear that Congress intends to push back on Libra, but its actual response is still up in the air. Two separate bills have already been drafted that seek to kill Libra, one by Rep. Maxine Waters, a California Democrat, and one by Sen. Brian Schatz, Democrat from Hawaii. We discuss those developments below. Plus, check out some exclusive funding news about Bitwise Asset Management, which creates crypto investment products for institutions.
