U.S. Senator Mike Rounds Defends Cryptocurrency, Says It's Here to Stay

  • Senator Mike Rounds published a letter defending cryptocurrency following Mark Zuckerberg's libra testimony before Congress.
  • The Senator stressed the need to update regulatory laws and encourage blockchain innovation in the US.

Republican Senator Mike Rounds has published a defense of cryptocurrency following Facebook CEO Mark Zuckerberg’s testimony before Congress concerning the digital currency Libra. 

In a letter addressed to the Anchorage Trust Company, Senator Rounds defended cryptocurrency and expressed concern over the stifling of innovation that will accompany further regulatory pressure. 

I write regarding concerns recently expressed by a number of my colleagues about involvement in the Libra Association...It is profoundly disappointing that my colleagues chose to address your peers in such an ominous tone, which I fear may put a chill on innovation in the long run.

He continued, saying he believes that "there is promise in cryptocurrencies and digital payments." Regardless of how these technologies are viewed, he added, "it is clear that the United States if falling behind in this space."

The Congressman appeared on CNBC Oct. 24 to discuss his position on cryptocurrency and clear the air around libra. 

Sen. Rounds stressed a “lack of information” around crypto-assets contributing to the negative perception and mistrust by lawmakers and warned the US was falling behind in blockchain adoption. 

He said,

I don’t think you walk away from innovation because you don’t have a good regulatory process.

The senator said he was in favor of updating regulatory laws regarding digital currencies and wants to see the United States become an innovator in blockchain rather than allowing it to move overseas. 

Featured Image Credit: Photo via Pixabay.com