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President of House Financial Services Committee requests stop at Facebook's Crypto Project



Rep. Maxine Waters, President of the United States Financial Services' House of Representatives, requests that Facebook halt the development of its cryptocurrency, Libra, as reported by CNN Tech Reporter Brian Fung in a series of tweets 18. June.

In his statement, Rep. Waters:

"Given the company's troubled past, I request that Facebook agrees with a moratorium on any progress in developing a cryptocurrency until Congress and Regulators have the opportunity to investigate these issues and take action"

As replies, rep. Patrick McHenry, also from the Financial Services Committee, said:

"We, as politicians, understand Project Libra. We must go beyond the rumors and speculations and provide a forum to assess this project and its potential unseen so far implications for the global financial system. "

The implications of these statements remain unclear, as are their significance for Facebook and Project Libra.

This news comes the same day, when Facebook published the White Paper for its new crypto project, which Cointelegraph reported.

Recently, Facebook has gathered investors in its "Libra Association", one of the largest payment and tech companies willing to invest $ 1

0 million each for Project Libra.

Only last month, the Financial Services Committee adopted a decision to form the Financial Technology Task Force. The task force is tasked with "examining the current legal framework for fintech, how fintech is used in lending and how consumers deal with fintech."


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