Libra:US Congress Asks Facebook to Pause Its Crypto

Time to investigate cryptocurrency and its potential impact

The US Congress has asked Facebook to pause the development of its cryptocurrency until lawmakers have had more time to investigate the ramifications of the company’s shares. In other words, lawmakers and regulators of all kinds can want to verify their safety for the global financial balance.

Maxine Waters was already at the origin of a first warning addressed to Facebook a few weeks ago. On June 18, she announced that she hoped that the congress would have the time to examine Libra in detail before any operational launch (which will be remembered as being planned for the first half of 2020).Now, she has written a letter

In the letter to Mark Zuckerberg, Sheryl Sandberg (COO) and David Marcus (Libra Project Leader), House Finance Committee Chair, MP Maxine Waters, and officials from its subcommittees, lawmakers are asking the company to “immediately stop implementation plans”. The American woman is particularly worried about the potential risks that this company would cause the US economy.

The letter says:

“Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,”.

“During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. Failure to cease implementation before we can do so risks a new Swiss-based financial system that is too big to fail.”

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