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4 months ago

US Lawmakers call for Hearings that may temporarily halt Facebook’s Libra project


Just yesterday, June 18, 2019, a ranking member of the Senate Banking Committee, Senator Sherrod Brown, said via a twitter post: “Facebook is already too big and too powerful, and it has used that power to exploit users’ data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight.” Other voices of the law have spoken of their similar opinions and concerns, now, US Lawmakers have called for Hearings on Facebook’s Crypto.


Facebook unveiled its cryptocurrency Libra yesterday but it is still in the Testnet stage according to prior news, till it becomes fully launched early in 2020. Following the call for hearings, this Launch may be halted as the head of the U.S. House of Representatives Financial Services Committee wants Facebook to stop developing its new Libra cryptocurrency network – at least temporarily.

A letter was written to Congresswoman Maxine Waters by her Republican counterpart, Representative Patrick McHenry and consequently, she asked Facebook to halt development of the Libra Network until hearings can be held. Rep. McHenry wrote, “We know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework,” and added: “It is incumbent upon us as policymakers to understand Project Libra. We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system.”

Congresswoman Maxine said, in a statement, “with the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users.” added in her statement was that currently, there is no “clear regulatory framework to provide strong protections for investors, consumers, and the economy,” when it comes to cryptocurrencies. There is already a small group of lawmakers expressing concerns about the Libra project as pointed out earlier and this is inclusive of Congresswoman Maxine and Rep McHenry.

The only direct response confirmed is from a Facebook spokesperson, “We look forward to responding to lawmakers’ questions as this process moves forward,” the spokesperson said.



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Credits - Nikhilesh De


Anita O.

Lover of tech and blockchain.

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