LOGO_CRYPTO_SIGHT

House Financial Services Committee Chairwoman Requested Facebook to Cease Crypto Project

By Katelyn James | June 19, 2019
house-financial-services-committee-chairwoman-requested-facebook-to-cease-crypto-project
House Financial Services Committee Chairwoman Requested Facebook to Cease Crypto Project

Maxine Waters – a representative from the House Financial Services Committee of the U.S – has recently asked Facebook to put a hold on the progress of building its new digital coin project – the Libra.

Reported via Twitter of CNN journalist Brian Fung on June 18th, due to a number of incidents involving Facebook in the past, the chairwoman has raised concerns, and requested the social media giant to cease its development, until the authority finish assessing the project.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action”

“It is incumbent upon us as policymakers to understand Project Libra. We need to go beyond the rumours and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system.” Rep. Patrick McHenry of the Financial Services Committee also agreed with Waters’ request.

It is still uncertain what these statements imply, or how they can significantly impact project Libra or Facebook.

The statements was made right when Facebook made public their white paper for the crypto project.

Tags: , , , , ,

Comments