US Rep. Maxine Waters asks Facebook to take a "moratorium" developing Libra

18 Jun, 2019
by David Borman
Update
US Rep. Maxine Waters asks Facebook to take a moratorium developing Libra

It has been reported by CNBC that mere hours after Facebook revealed the forthcoing "Libra" cryptocurrency to the world, United States Congresswoman Maxine Waters released a statement asking for Facebook to not only temporarily halt forward progress on the Libra, but also to appear before Congress to provide testimony on concerns tied to this endeavor.

It's no secret that today's big news has been that Facebook's long anticipated cryptocurrency was finally revealed to the public. Already many online are debating what this currency could mean for both Facebook users as well as crypto enthusiasts. However it seems to have come as a wake up call for the US Congress. Representative Maxine Waters today released a statement calling for a "moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action."

Rep. Waters also mentioned how it is time for Congress to pay attention:

"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."

The statement ends with the assertation that "Facebook executives should also come before the Committee to provide testimony on these issues." In the article, an unnamed spokesperson for Facebook is quoted:

"We look forward to responding to lawmakers’ questions as this process moves forward."

Rep. Waters was by no means the only one in government voicing concerns. Senator Sherrod Brown took to Twitter to share the following:

Of course, some on Twitter took the opportunity to poke fun at the Libra:

Though it looks like Facebook and its new crypto is the main target, this could bring a slew of new regulations in the United States, depending on what regulators determine. Will it ultimately be good for Bitcoin? Or will the Libra just drag all of crypto down? Stick right here with Chepicap for all updates!

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