Libra Hurt By Facebook’s “Deficit Of Trust” Charge Ripple, Ethereum Leaders

<p>XRP uses 100 billion Ripple-created tokens to speed and lower the cost of cross-border transactions.</p><p>Ripple’s web site claims XRP ensures instant settlement, lower exchange fees and more efficient use of working capital.</p><p>Garlinghouse said Ripple owns 56 percent of the tokens</p><p>He said if he were Securities and Exchange Commission Chairman Jay Clayton, he would look at stablecoins as Exchange Traded Funds (ETFs).</p><p>“(They’re) baskets of currency,” the Ripple leader said.</p><p>He predicted stablecoins are here to stay,</p><p>“There are going to be more and more of them,” said Garlinghouse.</p><p>Ethereum’s Lubin boasted of it as financial plumbing for the emerging digital economy.</p><p>He warned the overall economy could spring a leak soon.</p><p>Lubin said he is seeing movement toward a recession that will be hard for central banks around the world to prevent or contain since they don’t have a lot of dry powder left to lower interest rates since they are low already. </p><p>Looking at Ethereum, he said a three-part roll out of 2.0 should start in January and be completed by the end of 2020.</p><p>He said like Microsoft operating systems, 2.0 Ethereum will be around for a while. </p><p>Lubin said a goal of 2.0 is to turn Ethereum’s base trust layer into something more powerful</p><p>On Monday, Commodity Futures Trading Commission Chairman Heath Tarbert told the gathering he expects the Commission will approve an Ethereum futures contract in six months to a year.</p><p>During the session, SEC Chairman Clayton said a lot of people across the political landscape, including regulators and members of Congress are realizing stablecoins have the potential to be a transformative technology.</p><p>Clayton told the gathering the agency is seeing fewer examples of blatant violations of securities laws in the crypto space.</p><p>“We were seeing a ton of that,” said the SEC chief.</p><p>.He said he is pretty confident in the authority the SEC has and the way it is using it for cryptocurrency related products.</p><p>But he said there maybe room to take a fresh look of crypto regulation in international payments as stores of value.</p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p><p><br></p>”>

Libra has been hurt by Facebook’s “deficit of trust,” Ripple CEO Brad Garlinghouse and Ethereum Co-Founder Joe Lubin charged Wednesday.

Lubin called Facebook “a weapon of mass societal manipulation.”

“What Libra and Facebook got wrong is the foundation of any financial services is trust. (Mark) Zuckerberg admitted Facebook has a deficit of trust, particularly with governments, the Ripple chief claimed.

In taking another swipe at the Facebook founder, chairman and chief executive officer, Garlinghouse chastised him for telling Congress Libra is a way to extend America’s financial leadership:

“Last I checked it is based in Switzerland.”

At the same time, he asserted he is not anti-Libra.

He added he is long on Bitcoin, but it is not going to solve the payments problem.

Garlinghouse claimed Ripple XRP is thousands of times cheaper and thousands of times faster than Bitcoin for payments.

However. he said he doubts a mass scale by anyone replacing a dollar at the Starbucks down the street is going to happen any time soon.

XRP uses 100 billion Ripple-created tokens to speed and lower the cost of cross-border transactions.

Ripple’s web site claims XRP ensures instant settlement, lower exchange fees and more efficient use of working capital.

Garlinghouse said Ripple owns 56 percent of the tokens

He said if he were Securities and Exchange Commission Chairman Jay Clayton, he would look at stablecoins as Exchange Traded Funds (ETFs).

“(They’re) baskets of currency,” the Ripple leader said.

He predicted stablecoins are here to stay,

“There are going to be more and more of them,” said Garlinghouse.

Ethereum’s Lubin boasted of it as financial plumbing for the emerging digital economy.

He warned the overall economy could spring a leak soon.

Lubin said he is seeing movement toward a recession that will be hard for central banks around the world to prevent or contain since they don’t have a lot of dry powder left to lower interest rates since they are low already.

Looking at Ethereum, he said a three-part roll out of 2.0 should start in January and be completed by the end of 2020.

He said like Microsoft operating systems, 2.0 Ethereum will be around for a while.

Lubin said a goal of 2.0 is to turn Ethereum’s base trust layer into something more powerful

On Monday, Commodity Futures Trading Commission Chairman Heath Tarbert told the gathering he expects the Commission will approve an Ethereum futures contract in six months to a year.

During the session, SEC Chairman Clayton said a lot of people across the political landscape, including regulators and members of Congress are realizing stablecoins have the potential to be a transformative technology.

Clayton told the gathering the agency is seeing fewer examples of blatant violations of securities laws in the crypto space.

“We were seeing a ton of that,” said the SEC chief.

.He said he is pretty confident in the authority the SEC has and the way it is using it for cryptocurrency related products.

But he said there maybe room to take a fresh look of crypto regulation in international payments as stores of value.

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