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Facebook Has An Uphill Battle With The Hill

by icosuccess
, Facebook Has An Uphill Battle With The Hill

Libra, Facebook’s venture into cryptocurrency, has caused quite a stir since its launch announcement in June 2019. To date, U.S. lawmakers have asked Facebook to immediately halt their plans until the Congress has an opportunity to examine the risks that Libra coin poses to consumers. In an open letter to top Facebook executives, the House Financial Services Committee urged them to “immediately agree to a moratorium on any movement forward” on Libra. The lawmakers cited Facebook’s prior controversies on privacy, trading, security, and monetary policy concerns.

The open letter states that Facebook’s Libra is a threat to U.S. monetary policy and the USD. “If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger U.S. and global financial stability.” It added, “Failure to cease implementation before we can do so, risks a new Swiss-based financial system that is too big to fail.”

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