In an article from the WLF Legal Pulse, shareholder Daniel Alter of the firm’s FinTech & Blockchain Practice reviews the recent developments of the U.S. Congress regarding its response to the planned wallet services for Libra, a Facebook-backed cryptocurrency projected to launch in 2020.
Mr. Alter writes, “In the past several weeks, cryptocurrency has engendered its greatest Congressional response.” He also notes that the concerns expressed by Chairman Powell of the Federal Reserve Board on the potential for the Libra network to quickly become a systematically important financial institution with the power to affect global financial stability.
While the regulation of cryptocurrency in the United States falls principally to state authorities, Mr. Alter contends that “federal law must now take seriously the broad implications of blockchain technology and cryptocurrency and regulate them responsibly.”
The WLF Legal Pulse is a publication of the Washington Legal Foundation. Prior to Murphy & McGonigle, Daniel Alter served as General Counsel for the New York State Department of Financial Services.
To read the full article, click here: https://www.wlf.org/2019/07/24/wlf-legal-pulse/any-press-is-good-press-libra-and-the-regulatory-awakening/