“The US should not let Facebook cryptocurrency compete with the dollar.”
The US House of Representatives chairman of the Financial Services Commission repeatedly demanded that Facebook stop developing the “Libra” blockchain project.
Maxine Waters re-affirmed his position on CNBC, calling for a “moratorium” (suspension) on Libra development.
“It is very important for Facebook to stop what is going on now. That way we can have administrative rights. We must protect consumers. We can not let them go to Switzerland with their associates to compete with the dollar. “
Mr. Waters has asked that Facebook had previously caused customer information disclosure problem, and that cryptocurrencies are not subject to appropriate regulations for investor and consumer protection, so the Libra project should be discontinued until a hearing is held.
Waters’ interview clearly shows that his concern is not Facebook’s cryptocurrency project, but Facebook itself. He stressed that the Federal Trade Commission (FTC) is in the process of investigating Facebook’s possible privacy breach of consumer data. Waters also said that the Department of Housing and Urban Development (HUD) accused Facebook of violating the Fair Housing Act.
“While we were doing this, they moved on to the development of cryptography. We are now following, but we will be aggressive and moving very fast, looking at what is going on with cryptocurrency.
The hearing on the Facebook Cipher Project announced on Wednesday is not solely required by Waters. The US Senate Finance Committee foresaw a hearing on Libra on July 16. US technology media Buzz said that David Marcus, head of Facebook blockchain, is expected to attend the hearing on Thursday.
(source: The Coin Desk korea, 2019.06.21 )
