House Dems Call For Facebook To Put Libra Plans On Pause

Law360 (July 2, 2019, 10:04 PM EDT) -- House Financial Services Committee Democrats urged Facebook on Tuesday to agree to halt its Libra cryptocurrency project until further study can be given to its policy implications, warning that steaming ahead would risk “a new Swiss-based financial system that is too big to fail.”

In a letter sent to Facebook CEO Mark Zuckerberg and other top executives, Rep. Maxine Waters of California and four of her Democratic colleagues expressed concerns about the potential for the Libra coin and Calibra digital wallet unveiled by the social media giant last month to upend the international financial order and give rise to a new...

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