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Facebook Should Halt Development On Its Upcoming Crypto Project ‘Libra’ – U.S. FSC.

 In line with recent ‘official tweets‘, Member of the U.S. House of Representatives’ Financial Services Committee named ‘Rep. Maxine Waters’ has requested that Facebook should halt its development on its upcoming crypto project ‘Libra’.

Within her statement, Rep. Waters added:

“Given the company’s past troubles, i’m requesting that Facebook agrees to a moratorium on any movement its thinking to take forward on developing a cryptocurrency till Congress as well as the regulators have examines the associated issue’s and considerably take any required actions.”

In response, Rep. Patrick McHenry, also of the Financial Services Committee, stated the following:

“It is incumbent upon us as policymakers to know Project Libra. We need to go beyond the rumors and speculations & offer a forum to assess this project and its potential new impact on the international monetary economy system.”

The implications of these statements though stay unclear for now, as does their significance for the Facebook and its Project Libra.

This news comes the same day when Facebook released the white-paper for its new upcoming crypto project, as ‘reported‘ yesterday.

Recently, Facebook has been meeting new investors into its “Libra Association,” who’s who of leading payment and tech. firms willing to invest around $10 Mln each into its ‘Libra’ project.

Earlier last month, the Financial Services Committee passed a resolution to form the Task Force on Monetary Technology. The Task Force’s mission is to “examine the present legal framework for fintech, how fintech is employed in lending & the way customers interact with fintech.”

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