US Congresswoman Wants Facebook To Pause Its Crypto Plans

The long awaited cryptocurrency by Facebook, the Libra Project, was officially announced yesterday. As the Libra whitepaper showed, the cryptocurrency would be launched in the first half of 2020. However, the latest cryptocurrency news show that a US Congresswoman does not like the plans that Zuckerberg has with Libra – and apparently wants to pause the entire project.

As reports from BBC featured in the altcoin news showed, the US House of Representatives’ Financial Services Committee wants the social media giant to put the plan on hold. We are talking about Rep. Maxine Waters (D-CA) who is the Committee’s Chairperson, arguing that the social media giant should wait for the legislators to examine the asset before making any new announcements.

The full report by the US Congresswoman Waters reads the following:

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action.”

Right now, Waters’ fears are warranted. In times when Facebook has a torrid history over its privacy and information handling performances, the CEO of the company Zuckerberg and the COO of Facebook Sheryl Sandberg had to appear before the Congress last year for questioning.

The past that Facebook has, mixed with the US Congresswoman’s intentions, may definitely halt the very long-awaited project and send shivers down the spine of the crypto community. Right now, it is clear that the Congress wants the social media giant to take things slow.

Other lawmakers also said that they need more information regarding the project. The US Congresswoman and Chair Waters and her sentiment shows the following in a letter sent to the Rep. Patrick McHenry, who is another member of her committee:

“It is incumbent upon us as policymakers to understand Project Libra. We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the global financial system.”

We don’t know if Facebook responded to this letter. But as the coming altcoin news show, even if they did – lawmakers now want to hear more details about the Libra project.