{"id":151591,"date":"2019-07-16T10:59:39","date_gmt":"2019-07-16T14:59:39","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=151591"},"modified":"2019-07-16T05:56:00","modified_gmt":"2019-07-16T09:56:00","slug":"facebooks-congress-hearings-show-u-s-lawmakers-know-cryptocurrencies-are-the-future","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/07\/facebooks-congress-hearings-show-u-s-lawmakers-know-cryptocurrencies-are-the-future\/","title":{"rendered":"Facebook\u2019s Congress hearings show U.S. lawmakers know cryptocurrencies are the future"},"content":{"rendered":"
July 16, 2019<\/div>
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By George Prior<\/strong><\/p>\n

The U.S. governmental hearings on Facebook\u2019s new cryptocurrency will boost the crypto sector and underscores that digital currencies are now mainstream.<\/p>\n

This is the bullish assessment of the CEO and founder of one of the world\u2019s largest independent financial advisory organizations, deVere Group.<\/p>\n

Nigel Green\u2019s comments come as the social media giant prepares to defend its cryptocurrency project, Libra, on the Hill.<\/p>\n

The Senate hearing will take place today (Tuesday), with the House panel holding its hearing on Wednesday.<\/p>\n

Mr Green affirms: \u201cThe high-profile scrutiny of this new cryptocurrency must be championed as cryptocurrencies are already part of the global financial system.<\/p>

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\u201cThey are here to stay. And their influence is set to grow exponentially.\u00a0 As such, they should face the same scrutiny and meet the same standards and requirements as the rest of the financial system.<\/p>\n

\u201cThis is a step in the right direction for establishing a robust global regulatory framework for the wider crypto market.\u201d<\/p>\n

Regulation is necessary, believes the deVere Group CEO, as it will provide further protection for the growing number of people using cryptocurrencies, the less likely it will be that criminals will use these digital payment methods, the less potential risk there will be for the disruption of global financial stability, and the more potential opportunities there will be for higher economic growth and activity in those countries which introduce it.<\/p>\n

He continues: \u201cWhatever you think about Facebook’s Libra as an individual cryptocurrency, these top-level U.S. governmental hearings underscore again that, as a concept, digital, global, borderless currencies are now a part of mainstream finance, and increasingly so.<\/p>\n

\u201cThis is why most major financial institutions, tech giants, and of course institutional and retail investors are increasingly involving themselves in the burgeoning sector.\u201d<\/p>\n

The deVere CEO goes on to add: \u201cLast week President Trump raised the issue of Bitcoin, with the effect of making cryptocurrencies become a presidential issue.\u00a0 The hearings this week will make them a global policy issue.<\/p>\n

\u201cThis all adds to greater awareness and acknowledgement of digital currencies that will further boost mass adoption and push up prices across the sector.\u201d<\/p>\n

Following the President\u2019s Bitcoin comments last week, Mr Green commented:\u00a0 \u201cI agree with Mr Trump that Facebook\u2019s new Libra project should be scrutinized.<\/p>\n

\u201cBut, being the social media monolith that it is, it is surely expecting this level of scrutiny.\u00a0 I would suggest that it is prepared for it, has the resources for it, and will welcome it, as it will make its cryptocurrency stronger.\u201d<\/p>\n

Nigel Green concludes: \u201cFacebook\u2019s Libra will likely get through these hearings on Capitol Hill in a stronger position. The scrutiny, which could advance the cause of regulation, will be welcomed by crypto investors as it provides more confidence.<\/p>\n

\u201cBut whatever happens with the social media giant\u2019s crypto project, it is clear from the top-level hearings that the U.S. government now understands that, whether they like it or not, people and institutions across the world are increasingly using a combination of sovereign and non-sovereign digital currencies.\u201d<\/p>\n

About:<\/strong><\/em><\/p>\n

deVere Group is one of the world\u2019s largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.\u00a0 It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.<\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

By George Prior The U.S. governmental hearings on Facebook\u2019s new cryptocurrency will boost the crypto sector and underscores that digital currencies are now mainstream. This is the bullish assessment of the CEO and founder of one of the world\u2019s largest independent financial advisory organizations, deVere Group. Nigel Green\u2019s comments come as the social media giant […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-151591","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151591","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=151591"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151591\/revisions"}],"predecessor-version":[{"id":151592,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/151591\/revisions\/151592"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=151591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=151591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=151591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}