The House Financial Services Committee will hold a hearing today focused on Facebook’s new cryptocurrency, “Libra.” The hearing will consider the cryptocurrency’s impact on consumers, investors and the U.S. financial system as a whole.
CEI senior fellow John Berlau said:
"Because of heavy-handed regulation that often serves to protect entrenched banking firms, the financial services sector is one of the least competitive in the U.S. The US is virtually alone among nations in not allowing well-run non-financial firms to obtain charters for banking units. America should welcome competition in the financial sector with simple rules to allow Facebook, Walmart, and any other firm — big or small — that wants to serve consumers and savers to do so."