Cryptocurrency | Rep. Waters opens a Libra session

MPs at the US House of Representatives' Financial Services Committee met to discuss the possible impact of Facebook's proposed Libra cryptocurrency project on the financial system.

Chairperson of the Committee Rep. Maxine Waters opened the trial on charges of Facebook behavior in the past. Waters said that there was a pattern of failing to maintain personal consumer data on a scale similar to Equifax, and also said that Facebook "allows evil Russian state actors to buy and target advertisements,"

The committee will discuss distancing major technology from financial law. Then a draft law emerged, the aim of which was to prevent large companies from creating their own digital assets

"Large platform utilities may not build, maintain or operate digital assets intended to be used extensively as media exchanges, account units, value stores, or other similar functions, as defined by the Board of Governors of the Federal Reserve System. "

The House of Representatives followed one in the Senate holding a hearing, where MPs roasted David Marcus Facebook about Libra. Amid the questions of safety, compliance and consumer protection, Marcus stressed that the Libra project would seek approval from various relevant authorities.

Source: cointelegaph

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Cryptocurrency | Rep. Waters opens a Libra session Cryptocurrency | Rep. Waters opens a Libra session Reviewed by sheffter on July 22, 2019 Rating: 5

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