U.S. Lawmakers Halt Facebook Currency Rollout

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Only weeks after the initial announcement by Facebook, the U.S. government is already raising issues with the future Facebook cryptocurrency and requesting Facebook put the project on hold.

The United States House Democrats have formally requested Facebook halt development of its proposed cryptocurrency called Libra until Congress and regulators have enough time to investigate the possible risks this new digital currency could have on the global financial system.

“If products and services like these are left improperly regulated and without sufficient oversight, they could pose systemic risks that endanger the U.S. and global financial stability,” Water writes. “These vulnerabilities could be exploited and obscured by bad actors, as other cryptocurrencies, exchanges, and wallets have been in the past.” - Maxine Waters chairwoman of the House Financial Services Committee

“We look forward to working with lawmakers as this process moves forward, including answering their questions at the upcoming House Financial Services Committee hearing,” a Facebook spokesperson told The Verge Tuesday.

See what others are saying: TheVerge

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