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American Lawmakers Want Facebook to Put Brakes on Libra

American Lawmakers Want Facebook to Put Brakes on Libra

Facebook’s Libra token is already facing a legal threat, with senior American parliamentarians asking the social network to cease “momentum going forward” while they probe the project – and take their fight to the greater cryptocurrency industry.

Per an official statement from Maxine Waters, chairwoman of the House of Representatives’ Financial Services Committee, and a letter to Walters from fellow committee member and representative Patrick McHenry, it appears that some key American lawmakers take a dim view of Libra – and cryptocurrencies in general.

The social network unveiled its white paper yesterday, but it took politicians just a short time to respond.

Waters wrote:

“Given The Company’s Troubled Past, I Am Requesting That Facebook Agree To A Moratorium On Any Movement Forward On Developing A Cryptocurrency Until Congress And Regulators Have The Opportunity To Examine These Issues And Take Action.”

She also added that Facebook had “repeatedly” shown “disregard” for customer data privacy and that it had “exposed Americans to malicious and fake accounts from bad actors, including Russian intelligence and transnational traffickers.”

And in a broader swipe aimed at cryptocurrencies in general, she added:

“The Cryptocurrency Market Currently Lacks A Clear Regulatory Framework To Provide Strong Protections For Investors, Consumers, And The Economy. Regulators Should See This As A Wake-Up Call To Get Serious About The Privacy And National Security Concerns, Cybersecurity Risks, And Trading Risks That Are Posed By Cryptocurrencies.”

McHenry, meanwhile, wrote in his letter, a scan of which was posted in a tweet by CNN reporter Brian Fung:

“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.”

As previously reported, leading thinkers have reacted with a mix of positivity and concern following Facebook’s Libra announcement – and you can check out the best of both here

20 Jun 2019
The views and opinions expressed in blogs are those of the authors and are not the official policy or position of ICObench. Any content provided by our bloggers or experts is of their opinion and they are fully responsible for it. ICObench is not legally responsible for the blog's content.

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