A Republican senator just gave Libra its first voice of support in Congress after its rocky start with regulators and partners

Business Insider | 10/17/2019 | Mary Meisenzahl
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South Dakota Sen. Mike Rounds came out as Libra's first major supporter in Congress on Thursday.

Senator Rounds wrote a letter to Libra Association member Anchorage praising the company's "entrepreneurial spirit."

Libra - Backers - PayPal - Mastercard - Visa

Other Libra backers including PayPal, Mastercard, and Visa recently backed out of Facebook's cryptocurrency project.

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South - Dakota - Sen - Mike - Rounds

South Dakota Sen. Mike Rounds has become the first major supporter of Libra, Facebook's venture into cryptocurrency.

On Thursday, Rounds sent a supportive letter to Libra Association member Anchorage, a San Francisco-based company that describes itself as a "digital asset custodian." Anchorage tweeted the letter, saying that it is committed to continuing to work with Libra.

Rounds - Libra - Development - US - Companies

Rounds positioned Libra as a necessary development that would allow US tech companies to continue competing with Chinese companies. He wrote that he sees a future in cryptocurrencies and digital payments, so he doesn't understand his colleagues' "hostility." According to Rounds, more than 80% of Chinese consumers used digital payments in the last year, compared to fewer than 10% of US consumers.

Rounds also addressed the importance of regulation from Congress for Libra moving forward and supports expanding US anti-money laundering law to cover cryptocurrency, but he slammed the "archaic and inflexible nature of our regulatory and...
(Excerpt) Read more at: Business Insider
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