Recently in the United States, the U.S. House Financial Services Committee held a contentious hearing regarding Libra, which is a digital currency that Facebook hopes to launch next year. During this hearing, a number of government regulators expressed concern about the currency. At the same time, though, many legislators are expressing positive sentiments of the blockchain technology that lies under cryptocurrencies such as Libra. They are also making moves to support the technology's adoption in the country.

Just a few days before the Libra hearings, the U.S. congress, with broad bipartisan support, passed the Blockchain Promotion Act, which to many signaled the government's intention to develop a legislative framework that would encourage the use of blockchain technology in public sector projects.

Some in the U.S. Congress also have positive feelings toward digital currencies as well. Rep. Patrick McHenry (R-NC) is the ranking Republican member of the U.S. House Financial Services Committee, and he has described Bitcoin as being an "unstoppable force" during a recent committee hearing. At this same hearing, he encouraged government regulators to support the country's burgeoning cryptocurrency industry.

McHenry further asserted during the hearing that the desire of some individuals in government to tightly regulate the cryptocurrency industry was a symptom of a broader desire to stifle innovation. He said that it would be wrong for innovators to have to get permission from the government in order to innovate.

The congressman has also expressed support for Libra, or at least a willingness to give it a fair chance. During a television interview, he decried the "knee-jerk" reaction that many in congress have against the proposed digital currency. He also said that if Facebook can comply with existing laws, they should have the opportunity to bring their product to the market without government interference. McHenry further spoke positively about Libra's ability to provide banking services to the unbanked and its ability to dramatically reduce the cost of cross-border payments.

What remains to be seen is whether's McHenry's views are adopted by the majority of legislators and whether cryptocurrencies will receive the same broad support that blockchain technology currently has.