House Democratic Lawmakers Request ‘Moratorium’ on Facebook Cryptocurrency Project

Democratic members of the House Financial Services Committee sent out an open letter on Tuesday requesting that Facebook halt any forward movement on its cryptocurrency and digital wallet projects. “We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra—its proposed cryptocurrency and Calibra—its proposed digital wallet,” the letter reads. “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.” The committee also stated the projects could pose “serious privacy, trading, national security, and monetary policy concerns… for the broader global economy.” Towards the end of the letter, the committee also addressed Facebook’s “troubled past” in not keeping user information safe—specifically noting the Cambridge Analytica scandal.

Read it at The Verge>

SOURCE: The Daily Beast – Julia Arciga