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Facebook’s Cryptocurrency faces congressional backlash

Libra Cryptocurrency

Facebook’s Cryptocurrency faces congressional backlash

Representatives Maxine Waters and Patrick McHenry of the House Finance Subcommittee want to scrutinize Facebook's new cryptocurrency, Libra. Representative Waters requested that Facebook put the project on pause "given the company's troubled past. I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action."

Representative McHenry, the ranking Republican on the committee also supports further inquiry into the project stating, "We need to… assess this project and its potential unprecedented impact on the financial system."

Democratic Senator Sherrod Brown tweeted, "Facebook is already too big and too powerful, and it has used that power to exploit users' data without protecting their privacy. We cannot allow Facebook to run a risky new cryptocurrency out of a Swiss bank account without oversight."

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