Facebook's cryptocurrency project Libra could appeal to some progressive lawmakers
Crypto

Facebook’s cryptocurrency project Libra could appeal to some progressive lawmakers

Four other US lawmakers are making a formal call to Facebook to stop all development of their Libra cryptocurrency. This through a new letter sent to the executive partners of the giant in social networks.

This Tuesday, the Democrats of the House of Representatives of the United States, addressed an open letter to Facebook, calling for a moratorium on all development of Libra. Meanwhile, the Financial Services Committee and affiliated subcommittees held hearings to determine how it will work and what protections will be implemented to protect the user’s privacy.

Libra was unveiled in June, although it was rumoured that the social networking giant had been developing the project for months. The company joined 27 partners for its launch, including the Coinbase exchange house. In addition, it intends to have at least 100 members for the Libra Association, who will act as a governing council for the cryptocurrency, once the token is activated.

The first public hearing to examine Libra, by the Committee of Domestic Financial Services, has already been scheduled for July 17. Just one day after the hearing of the Senate Banking Committee on this same topic is maintained.

Since the formal announcement of this project, regulators and government entities worldwide have expressed caution or alarm. Members of the G7 have formed a working committee to investigate the project and several ministries have called on Facebook to share more details, or otherwise cease their developments.

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Dennis Payne
Dennis Payne is a cryptocurrency maven who wows our readership with his research abilities, writing skills and in-depth knowledge of the crypto world. His stories prove to be eye-openers for us all, and therefore make for recommended reads for you.