• Loading stock data...
PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Technology » House Democrats To Facebook: Stop Libra Plans

House Democrats To Facebook: Stop Libra Plans

Al Restar by Al Restar
July 3, 2019
in Crypto, Technology
2 min read
42
0
House Democrats To Facebook: Stop Libra Plans

Photo: BTC Keychain | Flickr | CC BY 2.0

Facebook is once again facing new, and apparently stronger roadblock against its cryptocurrency ambition, Libra, as House Democrats sent the company a letter telling them to stop its plans for the digital money.

“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger the U.S. and global financial stability,” said a letter from Democrat congresspersons on Thursday.

The letter to Facebook Chief Executive Mark Zuckerberg, CFO Sheryl Sandberg and David Marcus, CEO of Facebook’s Calibra digital wallet, was signed by committee chair Maxine Waters, D-Calif., along with and Reps. Carolyn Maloney, D-N.Y., Lacy Clay, D-Mo., Al Green, D-Texas, and Stephen Lynch, D-Mass.

“The scant information provided about the intent, roles, potential use, and security of the Libra and Calibra exposes the massive scale of the risks and the lack of clear regulatory protections,” the letter read. “These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.”

Facebook announced last month that in the early quarters of 2020, the California-based tech company would start rolling out its digital currency known as Libra, which they said is different and more secure than existing cryptocurrencies as it is backed by a group of companies supporting the money and it is banked on real currencies and government certificates.

This is not the first legislative roadblock faced by Facebook’s Libra. Last month, European officials were very adamant of Libra, citing that there could potentially be a disruption in the global financial system following the release of Libra and it could rival central banks. Other officials also pointed out the potential of the Libra to be used as a tool to evade global sanctions and to launder money.

Meanwhile, Facebook’s stocks closed Tuesday with a 1.04% rise to $195.

Al Restar

Al Restar

An idealist straight from business school who works as a content marketer, digital branding consultant, and graphic designer. Outside work, he spends his time taking care of his cacti and painting watercolors.

Related Posts

Trump Retweets Richard Grenell’s Call to Ban Microsoft from Federal Contracts
Technology

Trump Retweets Richard Grenell’s Call to Ban Microsoft from Federal Contracts

June 12, 2020
155
Tiktok named its new CEO Kevin Mayer
Social Media

TikTok Named Kevin Mayer as its new CEO to Lead its U.S. Operations

May 19, 2020
153
Virgin Galactic
Technology

Richard Branson to Sell More Than a Fifth of Virgin Galactic Shares

May 12, 2020
116
Uber removes 3,700 employees or 14% of its global workforce
Technology

Uber Slashed 14% of its Global Workforce to Compensate COVID-19 Pandemic Losses

May 6, 2020
135
Airbnb Job Cuts COVID-19 Pandemic
Technology

Airbnb Cuts 1,900 Jobs to Compensate Losses

June 18, 2020
123
Sheryl Sandberg said that learning from their mistakes in the past prepared Facebook for crisis like COVID-19.
Technology

Facebook COO says they are ready for crisis because they learned from their mistakes

April 1, 2020
121
Currently Playing

Subscribe To Our Newsletter

Ad

PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2020 PublicWire.com

Navigate Site

  • About
  • #96576 (no title)
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • #370 (no title)

© Copyright 2020 PublicWire.com

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Public Wire Logo

Hello please subscribe to our newsletter to get up to date news weekly!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.