U.S. Regulators Want to Hear from Facebook Before Crypto Work Continues

There was a lot of fanfare and buzz surrounding Facebook’s Libra white paper but U.S. lawmakers were showing skepticism towards the social media giant; “Given the company’s troubled past, 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 these issues and take action,” Congresswoman Maxim Waters said according to American banker; members of both parties said Facebook should come before congress to answer questions about the scope and scale of Libra; data privacy issues has also raised alarms as the company has been embroiled in a number os scandals over the last few years. Source.

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