Facebook Unveils Libra… The U.S. Government Pitches a Fit
Facebook and its new cryptocurrency Libra dominated the headlines yesterday as it unveiled its whitepaper.
If you want the details, check out my article from yesterday.
Less than 24 hours after Facebook unveiled Libra we heard from U.S. lawmakers… more details below.
Rep. Maxine Waters, who chairs the House Financial Services Committee, had this to say:
"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."
"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."
Rep. Maxine Waters wants Facebook to halt its Libra project until Congress and regulators address her issues.
This is going to be interesting.
How do you think it plays out? I really have no idea at this point.
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