Facebook is failing to win over lawmakers and regulators who say they are far from ready to allow Libra plans to move forward
Facebook is botching its dream of becoming a new powerhouse in finance, failing to win over lawmakers and regulators who say they are far from ready to allow the social media giant’s ambitious cryptocurrency plans to move forward.
The void has been filled with calls by House Financial Services Chairwoman Maxine Waters for Facebook to delay its plans, a surprise Twitter attack by President Donald Trump, who said the currency will have "little standing or dependability," and warnings by Federal Reserve Chairman Jerome Powell that Libra may pose serious risks to the financial system.
"The time between now and launch is designed to be an open process and subject to regulatory oversight and review," Marcus said. "In fact, I expect that this will be the broadest, most extensive, and most careful pre-launch oversight by regulators and central banks in FinTech’s history." Rep. Patrick McHenry the top Republican on the Financial Services Committee, said Thursday he had not yet met with Facebook but expected a "courtesy call" with Marcus this week. Like other lawmakers and aides, McHenry said he had also not heard from Facebook's partners who will help establish the currency as part of the Libra Association.
Established advocates for Bitcoin and other decentralized cryptocurrencies have tried to get ahead of the coming backlash by telling Congress in recent weeks that Libra, which will be backed by various financial instruments, is a different animal and should be treated as such. The backlash against Facebook was swift. Zuckerberg was hauled up to Capitol Hill to testify solo at a series of tense hearings.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. proposes barring big tech companies from offering financial services, digital currenciesA proposal to prevent big technology companies from functioning as financial ins...
Read more »
Facebook vows Libra currency will wait for approval as U.S. airs worriesFacebook Inc said on Monday it would not proceed with the launch of its Libra cr...
Read more »
Olivia Culpo shares emotional photos showing her battle with depression, personal strugglesModel Olivia Culpo got candid in a lengthy and vulnerable post about her personal struggles with depression.
Read more »
Facebook crypto chief says company does not expect 'to make money at the outset' with Libra currencyIn his prepared testimony for Tuesday's Senate banking committee hearing, Facebook's David Marcus tells lawmakers that the Libra currency will be secure.
Read more »
How Party Streaming Platform Cercle Hosts Shows at the Eiffel Tower, a Remote Bolivian Salt Flat & MoreSince 2016, the Paris-based event organizer and broadcasting group has hosted Solomun, FKJ, Nina Kraviz and more at some truly unique locales.
Read more »
S&P trades near flat as Citigroup results weigh on bank stocksThe benchmark S&P 500 index struggled for direction in choppy trade on Monday as...
Read more »