blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
Bet Now
blockchainreporter
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise
No Result
View All Result
blockchainreporter
Bet Now
No Result
View All Result
Bitcoin
BTC
1d:
7d:
Ethereum
ETH
1d:
7d:
Polkadot
DOT
1d:
7d:
Solana
SOL
1d:
7d:
Ripple
XRP
1d:
7d:
Shiba INU
SHIB
1d:
7d:

Libra News: Facebook’s Crypto Ambition Hits a Major Snag as Lawmaker Wants the Firm to Suspend Project Libra

Ogwu Emmanuel by Ogwu Emmanuel
June 20, 2019 - 6:00 am
in blockchain news
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
  • Rep. Maxine Water has urged Facebook to pause the development of Libra until authorities investigate potential risks
  • Maxine says it’s essential to properly scrutinize the firm’s Libra crypto project due to its troubled past
  • Bank of England Governor Mark Carney says Facebook must be ready to scale the highest regulatory hurdles

Barely 24 hours after Facebook released the whitepaper for its much-talked-about Project Libra, it appears the tech giant’s “crypto dream” may not become reality anytime soon, as the chairwoman of the United States House Financial Services Committee, Rep. Maxine Waters has mandated Facebook to halt the project, citing the firm’s compliance issues, reports The Verge on June 18, 2019.

Maxine Rocks the Libra Boat

Per sources close to the matter, just when Mark Zuckerberg and his Facebook team have decided to release more details about Libra, the United States lawmakers have made it seem like a bad idea.

Specifically, Rep. Maxine Water, chairwoman of the House Financial Services Committee, has called for Facebook to suspend the development of its distributed ledger technology (DLT) based cryptocurrency until a proper investigation is carried out by the relevant authorities.

Maxine’s comments stem from the fact that Facebook has gotten itself into several user data privacy scandals in recent times and the lawmaker now believes that the firm may not have enough consumer protection measures in place in its crypto project.

Maxine said:

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of the masses. 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 the issues and take the necessary action.”

More Battles Ahead

Elsewhere, Mark Carney, the Bank of England Governor has made it clear that Facebook’s Libra cryptocurrency will face strict regulatory scrutiny, and such the team behind Libra must be ready to answer all the questions when the time comes.

In his words:

“Any project that works in this world will become instantly systemic and will have to be subject to the highest standards of regulation. We will look at it very closely and in a coordinated fashion at the level of the G-7, the BIS, the FSB and the IMF. so open mind, but not open door.”

Earlier in June 2019, Facebook made it clear that all prospective node partners must cough out $10 million to gain access, a move that has been criticized by blockchain technology proponents across the globe.

The firm’s whitepaper has also revealed that Libra Blockchain will first start off as a permissioned distributed ledger, making it open to only a select few.

Interestingly, cryptocurrency big whales including Binance’s Changpeng Zhao (CZ) have also taken to Twitter to condemn Project Libra.

Facebook Libra coin don't need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like… They know you more than yourself. And now your wallet too. Best AML!

— CZ 🔶 Binance (@cz_binance) June 18, 2019

 

Tags: Facebook
ShareTweet
Ogwu Emmanuel

Ogwu Emmanuel

Ogwu is a Nigeria-based blockchain analyst focussing on the regulatory implications of governments in the cryptocurrency industry. He writes regularly for several cryptocurrency-focussed news sites.

Recommended For You

Blockchainreporter Weekly News Roundup

by Umair Younas
February 5, 2023 - 2:29 pm
0
crypto

Blockchainreporter has compiled a bunch of important news from this week covering all happenings related to FTX and other exchanges.

Read more

Moonpay Allocates $555k to Advance DAO Ecosystem and NFT Programs

by Umair Younas
February 5, 2023 - 7:43 am
0
MoonPay Celeb

The respective capital allocation by Moonpay is targeted at backing projects engaged in expanding innovation and development in DAO and NFTs.

Read more

My Blockchain Account is Locked – How to Recover Locked Wallet

by Mushu Butt
February 5, 2023 - 5:42 am
0
blockchain

My blockchain account is locked, how to recover it? If you are looking for answers to this, then you’re at the right place. Here is a complete guide!

Read more

Crypto App Abra Raises $55M in Series C Led by Ignia and Blockchain Capital

by Mushu Butt
February 4, 2023 - 10:24 am
0
abra

Crypto wallet raised $55m in series C funding led by Ignia and Blockchain Capital. Abra aims to grow its net worth and institutional sales products.

Read more

Shibonk Ends the Week with Multichain Adoption

by Kester Odero
February 3, 2023 - 9:03 am
0
shibonkcoin

The Shibonk team recently announced the transition of the asset into a Multi Chain asset. The token is set to feature in three new exchanges.

Read more
Next Post

Here's the Best Binance IEO to HODL for Summer (MATIC)

PARTNERS LIST

PRESS RELEASE

Game Space Powers Web3 Gaming With the Launch of Player One Tournament, Aligns Partnership with Splinterlands, Gods Unchained and Big Time

by Max Clark
February 3, 2023 - 12:00 pm
0

For Player One Tournament, Game Space will continue to cooperate with more public chains, various gaming guilds, Web3 Infra, Web3...

Metacade presale investment rockets past $5 million as GameFi investors hurry to buy remaining MCADE tokens

by chainwire
February 2, 2023 - 3:38 pm
0

London, United Kingdom, 2nd February, 2023, ChainwireThe Metacade presale is selling out fast with stage 3 coming to a close...

Snowfall Protocol

Joe Biden Reveals Game-Changing Crypto “Roadmap” after $2 Trillion Bitcoin (BTC) and Ethereum (ETH) Crash! Snowfall Protocol (SNW) Still the Top Pick for 2023

by Josh Fernandez
February 2, 2023 - 9:23 am
0

A perennial problem that has dogged the crypto world – and one that Snowfall Protocol (SNW) aims to address –...

Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps

by chainwire
February 1, 2023 - 5:44 pm
0

Seattle, Washington, 1st February, 2023, ChainwirePeer today announced the hiring of a specialist team of engineers from Zenly to develop...

BlockchainReporter is a trusted name in the cryptocurrency and blockchain technology news space, keeping its readers abreast of the latest and most significant trends in the industry.

Here at BlockchainReporter, our team of global writers is dedicated to providing price analysis on leading cryptocurrencies and covering the latest developments pertaining to bitcoin news, altcoins news, blockchain news, NFT news and cryptocurrency adoption news from around the world.

News

  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • Adoption
  • NFT
  • DeFi
  • Metaverse

Info

  • Education
  • Glossary
  • Market
  • Press Release

Company

  • About Us
  • Terms & Conditions
  • Advertise
  • Sitemap
  • Contact

@2022 – Blockchainreporter.net. All Right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Bitcoin
    • Blockchain
    • Ethereum
    • Adoption
    • NFT
    • DeFi
    • Metaverse
  • Education
  • Glossary
  • Advertise

@2023 - Blockchainreporter.net. All Right Reserved.