US to freezes the Libra Project

U.S. is now intervening to stop the development of Facebook’s Libra project. An open letter was sent to Facebook last Tuesday from the House of Representatives calling for the suspension of the Libra project while the Financial Services Committee and it affiliated subcommittees discussed how it would operate and ascertain the user privacy that will be implemented.

The following signed on the letter addressed to Facebook CEO Mark Zuckerberg, COO Sheryl Sandberg and Calibra CEO David Marcus:

  • Representatives Maxine Waters (D-CA)
  • Chairwoman of the House Financial Services Committee
  • Carolyn Maloney (D-NY)
  • Chair of the Investor Protection
  • Entrepreneurship and Capital Markets Subcommittee
  • William Lacy Clay (D-MO)
  • Chairman of the Housing
  • Community Development and Insurance Subcommittee
  • Al Green (D-TX)
  • Chairman of the Oversight and Investigations Subcommittee
  • Stephen F. Lynch (D-MA)
  • Chairman of the Task Force on Financial Technology

The letter speak of;

 “It appears that these products may lend themselves to an entirely new global financial system that is based out of Switzerland and intended to rival U.S. monetary policy and the dollar. This raises serious privacy, trading, national security, and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers, and the broader global economy,”

The lawmakers also added to the letter;

“While Facebook has published a ‘white paper’ on these projects, the scant information provided about the intent, roles, potential use, and security of the Libra and Calibra exposes the massive scale of the risks and the lack of clear regulatory protections. If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability. These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.”

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