
The House financial Services Committee said the “systemic risks” posed by Facebook’s cryptocurrency platform “are even more obvious in light of Facebook’s troubled past, where it didn’t perpetually keep its users’ data safe.”
House lawmakers are formally requesting that Facebook put an end to
its cryptocurrency efforts—at least for now. in a
letter sent to Facebook chief
executive officer Mark Zuckerberg , COO Sheryl Sandberg , and
Calibra chief executive officer David
Marcus , the House Financial Services
Committee asked Facebook and its partners to “immediately comply with a moratorium on any
movement forward on Libra—its proposed cryptocurrency
and Calibra—its proposed digital wallet.”
Citing the cryptocurrency’s “intention” to rival U.S. monetary policy and therefore the dollar,”
Law makers said the proposed monetary system “raises serious privacy, trading, national security, and monetary policy concerns for not solely Facebook’s over 2 billion users, however also for investors, consumers, and the broader world economy.”
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