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Congress Demands Facebook Not Launch Libra Cryptocurrency

w.f staff | Wed, 03 Jul 2019

“It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy,” the U.S. House on Committee on Financial Services wrote to Facebook.

Facebook’s Libra cryptocurrency is off to a rocky start. After announcing Libra last month, U.S. lawmakers were none too thrilledgiven the social media giant’s dubious track record with privacy. Now, the U.S. House Committee on Financial Services is calling on Facebook to halt its plans.

Led by Representative Maxine Waters, the committee wrote a letter addressed to Facebook CEO Mark Zuckerberg, CEO David Marcus, and COO Sheryl Sandberg, asking for an immediate moratorium on Facebook’s plans to implement its Libra cryptocurrency and Calibra digital wallet.