Republican Senator Mike Rounds has defended cryptocurrency in light of Mark Zuckerberg’s recent hearing on Libra.

Rounds published a letter claiming that “there is promise in cryptocurrencies and digital payments” and that “it is here to stay”.

In spite of mounting regulatory pressure and scrutiny surrounding Libra, he wrote: “I write regarding concerns recently expressed by a number of my colleagues about involvement in the Libra Association. It is profoundly disappointing that my colleagues chose to address your peers in such an ominous tone, which I fear may put a chill on innovation in the long run.”

We should be encouraging innovation in cryptocurrency, not discouraging it. Mobile payments and cryptocurrency are here to stay – and have the opportunity to give consumers more & cheaper banking options. #AmericanInnovation #FreeEnterprise https://t.co/EECzMbWkOQ — Senator Mike Rounds (@SenatorRounds) October 24, 2019

The Libra association has been criticised for its decision to base the company in Switzerland as well as the potential threat it poses to the US Dollar.

But Rounds believes it would be foolish to “walk away from innovation” simply because good regulatory process isn’t in place.

He went on to claim that “it is clear that the United States is falling behind in this space” in light of China’s proposed launch of a cryptocurrency next month.

Aside from concerns about the viability of Libra from a regulatory standpoint, the hearing also detailed a series of issues raised with Facebook itself, with Alexandria Ocasio-Cortez grilling Zuckerberg over the platform’s political ad policy.

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