I think this is one of the most important processes for the blockchain to be part of the real world. Blockchain hasn't been in the legal system and institution so far. Since blockchain was apart from the legal system and institution, regulations and laws were suppressing the whole industry. With the series of the legal, and political process that Libra is gonna get through, blockchain can be part of the real world.
"The U.S. House Financial Services Committee will host a hearing on Facebook’s libra cryptocurrency next month, one day after the Senate Banking Committee holds its previously announced hearing.
Maxine Waters, chair of the powerful House committee, announced the hearing Monday, The Hill reported, after calling on Facebook to suspend development of the project multiple times last week. The hearing is scheduled for July 17, and no witness list has yet been released." - Coindesk
the legalism and political process indeed will help blockchain to be adoption by the world wide but remember they government wants blockchain to be centralized and they can control it. There will be no decentralized system again and that will be disappeared.
They can only impose a centralized blockchain on newer projects or some existing ones that are under their control or jurisdiction, and the only way they can actualize that is just to declare a decentralized blockchain illegal. But it is already too late to pronounce that on bitcoin again. Bitcoin is a decentralized system that has been created, and there is absolutely nothing they can do to change whatever has been written in bitcoin.
Satoshi who has the codes is not known and nowhere to be found for them to force him into re-writing the bitcoin technology into being a centralized one. The only new coin I see dancing to their tune is that of Facebook, and I am still having this believe that the governments are the one sponsoring this Libra coin, but just using Facebook to run it, being that they have the largest database of social media user worldwide.
