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Here's the Real Reason Why Stripe, Visa, and eBay Have Abandoned Facebook's Libra

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    Stripe, Visa, eBay were pressured into abandoning Facebook's Libra by the US Senate

Here's the Real Reason Why Stripe, Visa, and eBay Have Abandoned Facebook's Libra
Cover image via u.today

The cryptocurrency community has found itself in a peculiar situation where it has to defend Facebook against a bigger evil — the US government. 

Van Eck's digital asset strategist Gabor Gurbacs has recently taken to Twitter to express his concerns about a letter that was sent to Stripe, one of the former members of the Libra Association, by the U.S. Senate. 

The letter describes the risks that are linked to Facebook's foray into crypto. Libra, according to the U.S. lawmakers, could wreck havoc with the global financial system and facilitate the funding of terrorism-related activities.

As reported by U.Today, Bitcoin-hating congressman Brad Sherman, whose campaign receives donations from credit card companies, alleged that Libra could be worse than 9/11 when Facebook's Blockchain boss David Marcus appeared within the walls of Congress. 

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Gurbacs says that he was "dispirited" to see the US Senate threatening private companies in the likes of Stripe with regulatory actions for simply being associated with Facebook. His followers agreed that such actions were typical of authoritarian regimes.  

The letter conveniently came just a couple of days before Stripe, eBay, Mastercard, and Visa officially announced that they were leaving the Geneva-based Libra Association, which was created by Facebook earlier this year.

    

Should the U.S. government let Facebook's Libra slide? Share your take in the comment section!   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies

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    Holding Bitcoin as a collateral is the next big use case for the top cryptocurrency

Crypto Expert Says Bitcoin and Ethereum Are 'Formidable' Collateral Economies
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Contents

According to cryptocurrency influencer Chris Burniske, both Bitcoin and Ethereum already represent formidable collateral economies.

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Moving beyond a medium of exchange

In his earlier tweet, Burniske also predicts that holding Bitcoin as a collateral could eclipse its medium of exchange (MoE) use case.  

He even goes as far as claiming that Bitcoin could morph into an off-chain collateral for the world. 

Burniske states that Ethereum has already created a burgeoning collateral economy around it. Apart from extending its utility beyond a pure MoE, this could also drastically decrease the coin's volatility because of all DeFi use cases.   

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The next big thing in crypto

As reported by U.Today, Genesis Capital, a subsidiary of Digital Currency Group (DCG) that rules the roost in the cryptocurrency lending sector, had a record-breaking third quarter with a whopping $870 mln in new originations. 

In Q3, Bitcoin remained the best collateral for crypto with fiat money and altcoins breathing down its neck. The share of USD loans increased by 25 percent quarter-over-quarter.

However, a group of Wall Street traders made a dire warning about crypto lending, claiming that the breakneck speed of its growth could result in another crypto bubble. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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