Posted on 06/18/2019 4:55:45 PM PDT by 2ndDivisionVet
Democratic Rep. Maxine Waters, chair of the House Financial Services Committee, on Tuesday requested that Facebook pause its development of Libra, an upcoming cryptocurrency that the company plans to release in 2020.
“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,” Waters said in a statement on Tuesday.
Facebook and a consortium of partners on Tuesday unveiled Libra, its much-awaited blockchain project that the company has been working on over the past year. Libra is an open-source digital currency that people will be able to use to transfer money to peers or merchants over the internet. Facebook is also introducing a digital wallet, Calibra, for users to store and exchange the currency.
Rep. Patrick McHenry, the ranking Republican on the committee, had requested Waters to call the hearing earlier in the day. “While there is great promise for this new technology in fostering financial inclusion and faster payments, particularly in the developing world, we know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework,” he wrote. “We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the financial system.”
(Excerpt) Read more at cnbc.com ...
A. Facebook is not well known for it’s airtight security and maintenance of confidential customer information.
B. Most people make the assumption that Facebook (and other main social media sites) will sell access to personal data to various advertisers.
C. Facebook is known to be openly (even proudly!) biased against conservatives, gun owners, gun shop owners , Christians, and those who believe in strong borders for our country. I would not wish to trust Facebook with data concerning the majority of my financial assets, be they liquid or otherwise.
D. This planned currency could work if Facebook had some reliable agency overlooking their procedures. Some agency not invested or otherwise beholden to Facebook or their Board of Directors.
Mark Zuckerberg was heard laughing all the way in Denver.
That’s what I was thinking.
Let me translate for since I speak Maxine. “You all need to give me my share of the new money!” “My husband did not get into banking to be put out of business by an upstart, SO PAY THE MONEY OR ELSE.....”
Mad Max, The FACE of the NEW DNC !!!!!
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