{"id":15829,"date":"2019-07-19T00:00:00","date_gmt":"2019-07-19T00:00:00","guid":{"rendered":"https:\/\/crypto-economy.com\/ceo-ripple-xrpregulators-facebooks-libra\/"},"modified":"2019-07-19T00:00:00","modified_gmt":"2019-07-19T00:00:00","slug":"ceo-ripple-xrpregulators-facebooks-libra","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/ceo-ripple-xrpregulators-facebooks-libra\/","title":{"rendered":"The CEO of Ripple [XRP] believes that US regulators didn\u00b4t take the time necessary to address the doubts with Facebook’s Libra"},"content":{"rendered":"
\u201c<\/em>There is a huge opportunity to change the way financial system work that is very beneficial to consumers and businesses. But it\u2019s not competing with the banks.\u201d<\/em> Ripple<\/strong> CEO Brad Garlinghouse<\/a><\/strong> give his talk on Libra, Facebook\u2019s controversial planned cryptocurrency.<\/span><\/span><\/p>\n He said that for these technologies to be used well and to take advantage, we have to make things happen in a plan regular way. We cannot expose more risk by allowing someone to use digital assets without any regulation and check and balance. The precautionary measure should be taken to stop terrorist funding and money laundering. “I think arrogance is a good question. The conversation regulators started with Facebook some time ago and I think they had heard loud and clear about some of these reservations. They (regulators) didn’t take the time to address some of them.” Facebook faced intense questioning from US lawmakers over its cryptocurrency project Libra. They are concerned about the tech firm trying to enter the banking world that has suffered through many privacy scandals.<\/span><\/span><\/p>\n The Facebook executive David Marcus<\/a> <\/strong>was grilled for more than five hours on Wednesday by the members of the US House financial service committee. They investigate Facebook’s plan to protect users’ data and how the firm will be able to bring banking services to the underserved population. <\/span><\/span><\/p>\n
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\nIn answer to a question about arrogance, he said, <\/span><\/span><\/p>\n
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\nThere exist a huge opportunity to change the way financial system work that is very beneficial to consumers and businesses.<\/p>\n