4 US lawmakers join call to stop Libra development
After Maxine Waters – chair of the U.S. House of Representatives Financial Services Committee – called for a moratorium on Facebook’s cryptocurrency project, several other members of Congress decided to show their support for their counterpart. Five members of Congress, including Waters, signed a letter to Facebook CEO Mark Zuckerberg asking him to pause development.
The document says that the Libra system is aimed at rivalry with US monetary policy and the dollar: “Hence, there are serious concerns about privacy, trading, national security and monetary policy not only for more than 2 billion Facebook users, but also for investors, consumers. and the wider global economy “.
Legislators also admit that Libra, if not properly monitored, can become a tool for illegal activities and money laundering. They were pushed to this conclusion by the information contained in the white paper of the project..
To justify their doubts, the authors of the letter point to the scandal around Cambridge Analytica. During the proposed moratorium, they intend to hold hearings, during which they will try to find solutions to the described risks at the legislative level..
“If implementation is done before we can do it, there will be risks of a new Swiss financial system – too big to fail,” Congress officials warn..
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