Congress Demands Facebook Halt Work on the Libra Cryptocurrency

High-ranking legislators in Congress have issued a thundering rebuke to Facebook’s cryptocurrency ambitions, demanding that the Mark Zucker-berg led firm “immediately cease” work on Libra until the government says otherwise.

In a letter published on July 2, Maxine Waters and other Democrats on the House Financial Services Committee ordered Facebook to halt the release of Libra until Congress can hold public hearings to assess the risks – and benefits – of the cryptocurrency.

“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.”

Non-profit organizations ranging from Americans for Financial Reform to Public Citizen and Consumer Reports had called for a moratorium on Facebook’s Libra in a Citizen.org petition, arguing that the government must determine whether Libra is “too dangerous” to be released into the wild.

Reference: https://www.ccn.com/crypto/congress-facebook-libra-crypto/2019/07/03/

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