Congresswoman Waters: we cannot allow Libra to compete with the US dollar

Member of the US House of Representatives Maxine Waters for the second time stated that Facebook should suspend the development of the Libra digital currency so that US regulators can understand the nature of the new network. She announced this on CNBC.

“They must stop immediately so that we can sort it out.” We must protect our customers. We cannot allow them to go and go to Switzerland along with their partners and start competing with the dollar, ”said Waters.

Congresswoman added that she was more worried about Facebook itself and not about its digital token. In particular, the Federal Trade Commission (FTC) is currently conducting an investigation into the social network, trying to detect violations of user data confidentiality. At the same time, the US Department of Housing and Urban Development also filed a lawsuit against the company for violating the laws on leasing and selling real estate.

"We are going to act and we will act very aggressively with respect to this cryptocurrency, and also very quickly," concluded Waters.

Note that on July 16, a hearing will be held at the US Senate Banking Committee, at which lawmakers discuss Libra with representatives of Facebook. Probably among those invited to the hearing will be Calibra CEO David Marcus.

At the same time, Ohio State Senator Sherrod Brown said that Facebook had already become too powerful and too big.

"We can not allow them to manage the new cryptocurrency from the Swiss bank account without any supervision," - said Brown.

Meanwhile, the head of Australia’s central bank, Phillip Law, stressed that there are a lot of questions on the part of regulators regarding Libra, so it’s too early to draw any conclusions.

In Switzerland, the responsible departments, in particular FINMA, are now communicating with representatives of the Libra Association to determine whether the organization’s activities and the digital currency itself should be regulated in accordance with their norms.

Recall, on June 18, Facebook introduced the concept of a global digital currency Libra based on the blockchain, in which the members of the Libra Association will act as node operators who have invested $ 10 million in the provision of a new coin. More information about the project can be found here.

Regulators around the world have already expressed outrage at the actions of the social network. French Finance Minister Bruno Le Mayr said that Libra could not be a sovereign currency, and Chairman of the State Duma Committee on the Financial Market, Anatoly Aksakov, stressed that Russia is not legalizing a new digital currency.

“In theory, we should be talking about the possibility of organizing all sorts of exchanges, exchange sites and the sale of such currencies. We, I believe, will limit or prohibit the creation of such sites. And who wants at their own risk and risk, using foreign legislation, to acquire these tools is their business, ”he said of potential restrictions on the purchase of Libra.
Added by: 24-06-2019, 10:43
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#1 saroj adhikari

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