US lawmaker wants Facebook to halt its Libra cryptocurrency project

CNET | 6/18/2019 | Queenie Wong
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Chairwoman of the House Financial Services Committee Rep. Maxine Waters.

Facebook's plans to launch a new cryptocurrency in 2020 is already raising the eyebrows of US lawmakers. Rep. Maxine Waters, who chairs the House Financial Services Committee, on Tuesday called on Facebook to pause its development of a new digital coin called Libra, citing the company's seemingly endless list of scandals.

Company - Partners - Libra - Wallet - Messenger

The company is working with 27 partners to launch Libra, which is expected to be released along with a new digital wallet that works with Messenger and WhatsApp. Users will be able to use Libra to purchase products, send money across borders or make donations.

"With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users," Waters said in a statement.

Cryptocurrency - Market - Framework - Protections - Investors

"The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies," she added.

The lawmaker's remarks highlight some of the regulatory hurdles the social media giant could face as it moves forward with its plans to launch Libra.

Waters - California - Democrat - Facebook - Disregard

Waters, a California Democrat, said Facebook "has repeatedly shown a disregard for the protection and careful use of this data." The social media company could face...
(Excerpt) Read more at: CNET
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